A New Year 'Bail-in' Resolution

``Depositors with large cash balances are the worst positioned to face the next banking crisis due to their status as unsecured creditors... The bail-in framework turns the legal regime of bankruptcy on its head. Bankruptcy laws used to protect creditors while letting the failed enterprise disappear. The current bail-in regime does the exact opposite: it protects the failed institution at the expense of the creditor.'' -- This might explain some of the surge of the stock market: many may have opted to park their money in brokerage accounts, mutual funds or even money market funds instead of holding large cash balances...