They have already set legal precedence here in the U.S. with the Sentinel case, haven’t they??
Effectively turning all depositors into shareholders in the institutions where they deposit their money.
According to a federal appeals court ruling, Thursday, Bank of New York Mellon’s secured loan will be put ahead of customer segregated accounts held by Sentinel—a landmark ruling that turns individual segregated accounts into the property of a third party under circumstances of duress. In other words, if a financial institution fails, clients, depositors and pension funds may not get some or all of their money back in a bankruptcy.
In essence, under the ruling, Securities Investor Protection Corporation (SPIC), Federal Deposit Insurance Corporation (FDIC) and other insurance programs no longer will/can protect customer funds, leaving millions of investors, depositors and retirees unaware that they are no longer account holders of their own funds, per se, but, instead, have suddenly become stockholders of the institution with which they have deposited their money.
http://dl.dropbox.com/u/32961642/SentinelRuling.pdf
http://nesaranews.blogspot.com/2013/03/us-bank-depositors-set-up-for-slaughter.html
So, if the bank fails you can lose everything? Can FDIC cover everyone?
Understanding the genuine risk of keeping your money in a bank is critical to accepting a((n) additional) tax on your savings.
Or, the people can demand the return of the power to create money.