Thursday, March 28, 2013

Uh-oh: Flaherty's Canadian "Bail-in" Scheme!

Coming to Canadian banks soon?
Think a Cyprus-type confiscation of your money in your bank account can't happen in Canada?  Here's a direct quote from pages 144-145 of our Canadian "Economic Action Plan 2013": "Establishing a Risk Management Framework for Domestic Systemically Important Banks ... The Government proposes to implement a "bail-in" regime for systemically important banks. This regime will be designed to ensure that, in the unlikely event that a systemically important bank depletes its capital, the bank can be recapitalized and returned to viability through the very rapid conversion of certain bank liabilities into regulatory capital. This will reduce risks for taxpayers. The Government will consult stakeholders on how best to implement a bail-in regime in Canada. Implementation timelines will allow for a smooth transition for affected institutions, investors and other market participants." Does this remind you of Cyprus?  Does "certain bank liabilities" mean your hard-earned deposits?  Remember, this "action plan" (budget) was written well before the Cyprus mess!  Unbelievable.

Tuesday, March 26, 2013

Saturday, March 23, 2013

Thursday, March 14, 2013

At Last, God's Representative Confirmed!

And it's Higgs Boson! (from The Daily Beast):  "Scientists Confirm Higgs Boson:  OK, for real this time, guys. On Thursday, March 14th, scientists announced that they are confident that an elementary particle discovered in July 2012 was most likely the elusive Higgs Boson. The European Organization for Nuclear Research’s July 4 announcement of the discovery thrilled the science world, ending a decade-long hunt for what came to be known as the “God particle.” Scientists say a gray area that remains lies in determining whether the particle was the simplest form of Higgs or an “exotic” version. A meeting on the topic in Italy points toward the simply theory. Insert your own pope joke here.?

Friday, March 8, 2013

Oh, Now I Get It (The God Particle)

Daylight Savings Time Paradox

Maybe I should drive!
Apart from messing with sleep cycles, daylight savings time can create some downright unusual situations. Last year, an Ohio man was arrested for drinking and driving twice at the same time on the same day by the exact same police officer.  While it recalls Groundhog Day, the 1993 comedy starring Bill Murray about a man who keeps reliving the same day, it's actually a case of simple math.  The Ohio man was arrested at 1:08 a.m. on Nov. 12, 2012, taken to the police station and released a short time later.  However, at 2 a.m. that morning, the clocks were set back to 1 a.m.  The man was arrested exactly one hour after his initial booking by the same officer, again for drinking and driving.  The time was 1:08 a.m. on Nov. 12, 2012.  His blood-alcohol level, however, was slightly lower.  (from CBC.com)

Wednesday, March 6, 2013