Big Banks Will Take Depositors Money In Next Crash -Ellen Brown

USAWathdog ^ | 12/10/2014 | Ellen Brown

[GilGil]

"... if you had a big derivatives bust that brought down JP Morgan or Bank of America, there is no way there is going to be collateral left for the FDIC or for the secured depositors. This would include state and local governments. They all put their money in these big banks. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but what it does is institutionalizes too-big-to-fail. They are not going to go down. They are going to take our money instead.”

[GilGil]

It seems that the government has nationalized everything and when a crisis comes it is now legal for the banks to take depositor cash to use as they please without repaying. Ain't utopia fun?

[Mr. Jeeves]

Hey, depositors will get a Chase IOU - it's exactly the same as money. They promise. :)

[PGR88]

The corruption of this country began with the corruption of the currency and financial system in 1913 and the establishment of the Federal Reserve.

[free from tyranny]

If the banks take my money....then they will get nothing back in the way of debt repayment......Debt jubilee!!!!!

[Steely Tom]

Too bad I’ve never heard of “Greg Hunter,” or “USAWatchdog,” before in my life.

Sensational predictions require sensational proof.

[GilGil]

Good point!

[GilGil]

The proof is in the G-20 agreements where this is already enacted.

[KarlInOhio]

It's either going to be the depositors or the government. I don't expect Jamie Dimon to come running in with his honeymoon money to pay for withdrawals.

[Steely Tom]

The proof is in the G-20 agreements where this is already enacted.

Mmmkay.

[GilGil]

Canada just enacted the same rules.

[Steely Tom]

So buy gold.

[GilGil]

I am buying as much gold as I can.

[impimp]

Only socialists and Commies believe in FDIC. If you want your money to be secure then you evaluate the risks. I could care less if insolvent banks take depositor money.

[stephenjohnbanker]

” . I don’t expect Jamie Dimon to come running in with his honeymoon money to pay for withdrawals.”

LOL...............no way!

[timestax]

ping

[longtermmemmory]

the FDIC better quintuple the deposit insurance guarantee.

[HereInTheHeartland]

Proof isn’t needed. It’s on the internet so it has to be true.

[Las Vegas Ron]

Bfl

[Steely Tom]

I am buying as much gold as I can.

So? Buy bullets too, and you'll be all set.

[Kartographer]

I into Beans, Bullets and Band aides myself.