The great Cypriot bank heist could soon be coming to the west as Canadian financial institutions along with the Canadian government have outlined their plans for a Cyprus styled bail in regime in the Economic Action Plan of 2013. Your money is officially no longer safe in any of the major Canadian banks. As we've witnessed in Cyprus the Canadian government will be looking to loot the accounts of depositors in the event that one or more of the "too big to fail" banks depletes its capital to the point of no return. The failed system of fractional reserve lending has proven disastrous and the time has come to protect your assets from being stolen by the government.
Chris Horlacher is a practicing Chartered Accountant providing management and project consulting services to large and mid-sized companies. Chris also sits on the Board of Directors of the Ludwig von Mises Institute of Canada, an international economics and public policy research centre.