Russell Napier of ERIC has apparently disclosed that the G20 will be announcing a 'bail in' structure for bank deposits.
It is with regret and sadness we announce the death of money on November 16th 2014 in Brisbane, Australia... On Sunday in Brisbane the G20 will announce that bank deposits are just part of commercial banks’ capital structure, and also that they are far from the most senior portion of that structure. With deposits then subjected to a decline in nominal value following a bank failure, it is self-evident that a bank deposit is no longer money in the way a banknote is. If a banknote cannot be subjected to a decline in nominal value, we need to ask whether banknotes can act as a superior store of value than bank deposits? If that is the case, will some investors prefer banknotes to bank deposits as a form of savings? Such a change in preference is known as a "bank run." Russell Napier Declares November 16, 2014 The Day Money Dies
