| Story Views | |
| Now: | |
| Last Hour: | |
| Last 24 Hours: | |
| Total: | |
Secret FDIC Plan to Loot Bank Accounts
Stephen Lendman
Activist Post
It shouldn’t surprise. It’s already policy. Market analyst Graham Summers explained. Depositor theft is coming. Europe is banker occupied territory. So is America.
Finance is a new form of warfare. It’s more powerful than standing armies. Banking giants run things. Money power has final say.
Economies are strip-mined for profit. Communities are laid waste. Ordinary people are impoverished. Even their bank accounts aren’t safe.
Cypriot officials agreed to tax them. Canada, New Zealand, and Euroland member states plan doing the same thing. So does America.
Officially they’re called “bail-ins.” It’s code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, depositor funds will keep them operating.
Money printing madness can’t go on forever. Regulators, like FDIC, haven’t enough money to insure depositors. It’s simple mathematical logic.
Ordinary people and richer ones have trillions in bank accounts. It’s low-hanging fruit. It’s a treasure trove begging to be looted. Legislative shenanigans legitimize it.
It’s happening offshore. It’s approved in Canada. It’s coming to America. “What happened in Cyprus isn’t a ‘one-off,’ ” said Summers. When systemic crisis hits, things happen “FAST and FURIOUS.”
Cpyriot bailout talks continued for months. “And then the entire system came unhinged in one weekend.”
Banks closed. Capital controls were imposed. People couldn’t write checks. They lost access to their money. Limited amounts only were permitted. Insiders were tipped off. They exited early. Others uninformed now suffer.
Think it can’t happen here? Think again. It’s coming. Proposed FDIC legislation lets it “TAKE CONTROL OF BANKS IT DEEMS SYSTEMATICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS (AND OTHER BANK ACCOUNTS) AS PART OF THE BAIL-IN.”
Dodd Frank financial reform capitulated to Wall Street. It did so at the expense of the economy, states, local communities, and ordinary people hit hardest.
It’s wrongheaded. It provides a veneer of regulatory cover. It’s a scam. It’s laden with false diagnoses and fatal flaws. It lets Wall Street continue business as usual.
It’s secret provision permits looting depositor bank accounts. Four months ago, formal strategy was drafted. It’s ready when America’s next crisis hits. Graham outlined three steps:
(1) Designate systematically important banks.
(2) Control those deemed at risk of default.
(3) Write-down depositor savings in value. In other words, loot them. Money thought safe is gone.
Few Americans understand. It’s not publicly acknowledged. Legislation already was drafted. FDIC implementation rules are ready. Eventual crisis is virtually certain. Only its timing is unknown.
Now’s the time to protect assets too important to lose. Forewarned is forearmed.
Stephen Lendman lives in Chicago and can be reached at [email protected]. His new book is titled How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War. Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening. http://www.progressiveradionetwork.com/the-progressive-news-hour/
2013-04-09 12:16:06
Source: http://www.activistpost.com/2013/04/secret-fdic-plan-to-loot-bank-accounts.html
Source:
WHY I DONT HAVE ONE
If you have savings in any of the 5 largest banks, for your sake get it out If u must keep the absolute minimum $ in your accounts. Look into offshore and other more stable countries to move your assets to. Buy some precious metals, farm land in S. America, guns, anything that will have intrinsic value after the dollar collapse. This is going to happen in the US. It is planned for and inevitable. No fiat currencyhas ever survived a central bank manipulation in the history of the world. Sorry for the bad news but u all need to get ur heads out of the sand. Noone can give an exact time line on these meltdowns, all of the signs are there but it is still a small window of opportunity but it is closing fast.
as of aug 16th 2012 7th circut court of appeals ruled in favor . said all monies are/can be co-mingled an bank can use monies for collateral an to pay off debt.
when you give a bank your money,, you gave the bank your money
Let’s make a deal: you can have all the money in my bank accounts – savings and checking – if you also take my Visa account, student loans, mortgage and my pet monkey (he likes snax).