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WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments
Economic Policy Journal ^ | NOVEMBER 13, 2014 | Kenneth Schortgen Jr

Posted on 11/16/2014 7:23:09 PM PST by dontreadthis

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To: Vermont Lt

Anybody open a bank account, savings account, brokerage account — you sign away your rights and allow the bank to hypothecate your money, shares, assets.

Hypothecate

http://legal-dictionary.thefreedictionary.com/Hypothecate

To pledge property as security or collateral for a debt. Generally, there is no physical transfer of the pledged property to the lender, nor is the lender given title to the property, though he or she has the right to sell the pledged property in the case of default.


41 posted on 11/16/2014 8:48:47 PM PST by Usagi_yo (Criticize, marginalize, demonize, criminalize.)
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To: Jet Jaguar; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; Roy Tucker; ...

P!


42 posted on 11/16/2014 8:49:12 PM PST by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: OneWingedShark

I think the inactivity fees are designed to allow the banks to avoid escheatment of funds left over a long period of time.


43 posted on 11/16/2014 8:54:43 PM PST by kvanbrunt2 (civil law: commanding what is right and prohibiting what is wrong Blackstone Commentaries I p44)
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To: batterycommander
Spot gold has jumped up $40 in the last 12 hours. HHHHMMMMMMM...

Can't say for sure, but that spike happened right after the news that Russia had just bought an ass-load of gold.

China and India had been loading up as well in recent years.

44 posted on 11/16/2014 9:03:09 PM PST by AAABEST (Et lux in tenebris lucet: et tenebrae eam non comprehenderunt)
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To: dontreadthis

Article is 100% Crock-O-Shite.


45 posted on 11/16/2014 9:04:42 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Jet Jaguar
The govt + banks are getting their ducks lined up ready for the "Big Crash".

The trouble is that this "news" might in itself trigger a run on the bank. Cyprus was a disaster when the "run" got going. Not only that, large depositors were tipped off and pulled their money way before the average schnooks caught on. A "run" can get ugly real fast.

46 posted on 11/16/2014 9:05:36 PM PST by Scooter100
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To: laplata

I think you’re right. I was off by a magnitude. But the concept is the same.


47 posted on 11/16/2014 9:15:01 PM PST by gawatchman
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To: Vermont Lt

Well-stated.


48 posted on 11/16/2014 9:15:57 PM PST by Rockingham
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To: laplata

In a crunch, the FDIC would get whatever funds it needed via appropriation or reallocation. The real bite is the risk of the FDIC not paying off in full on deposits above the stated maximum.


49 posted on 11/16/2014 9:20:17 PM PST by Rockingham
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To: gawatchman

That’s right.


50 posted on 11/16/2014 9:20:49 PM PST by laplata ( Liberals/Progressives have diseased minds.)
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To: dontreadthis

I cannot find anything in the posted G20 documents that meets the description.


51 posted on 11/16/2014 9:23:04 PM PST by Rockingham
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To: laplata
Yep. The FDIC only has only about $11 billion to cover all the deposits. A drop in the bucket.

But the FDIC's big daddy has trillions of dollars, and the ability to step on the buck, should that prove insufficient.

52 posted on 11/16/2014 9:31:49 PM PST by cynwoody
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To: Rockingham

The real bite is the risk of the FDIC not paying off in full on deposits above the stated maximum.


Scary. I think we’re living on borrowed time. I see something terrible happening before Obama leaves office.


53 posted on 11/16/2014 9:34:08 PM PST by laplata ( Liberals/Progressives have diseased minds.)
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To: dontreadthis

The old saying, “failure to plan is a plan for failure.”

Now the G20 is planning to cover their upcoming failure. Thus ensuring a failure now that their bailout funds are secured.

Planning to fail is a plan to fail.


54 posted on 11/16/2014 9:39:06 PM PST by Organic Panic
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To: Tilted Irish Kilt

Gold Is On Fire

55 posted on 11/16/2014 9:45:42 PM PST by cynwoody
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To: Tilted Irish Kilt

NY Spot gold made its move on Friday.

Went from about 1148 to 1193, a 45 point move.

A lot of hedge funds are short gold, and some huge trades - long trades - went through NY on Friday morning.

The conventional wisdom - short covering by hedge funds, plus a strong rally oil on Friday, which usually trades in tandem with gold.


56 posted on 11/16/2014 9:55:28 PM PST by zeestephen
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To: expat2; All

I will have to look it up but I seem to remember hearing that it is had been restricted to the point of being useless.


57 posted on 11/16/2014 10:36:31 PM PST by Harmless Teddy Bear (Proud Infidel, Gun Nut, Religious Fanatic and Freedom Fiend)
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To: laplata
Even with current policies, the US can manage its federal public finances for at least another decade and probably much longer without suffering major dislocations. The US has tremendous strengths and, with the right leadership and policies, a bright future as well.

We are far better off than China, which is getting old before getting rich. In addition, the worldwide development of shale oil and gas resources and of new forms of nuclear energy -- thorium fission reactors and hot and cold fusion -- offer the prospect of greatly reducing the wealth and power of OPEC and thereby forcing the reform of Islam and its stagnant, toxic societies.

Moreover, the US is likely to remain the world's sole superpower. China lacks the inherent strength, experience, and cultural and political appeal to be a superpower. As has been the case since WW II, a US led global alliance and US supervised international institutions are likely to remain in charge and to prevent a general war while overseeing world-wide prosperity and material progress.

58 posted on 11/16/2014 10:53:53 PM PST by Rockingham
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To: Whenifhow; dontreadthis

pretty funny.

explains why big money individuals were looking to transfer into gold 4-6 weeks ago


59 posted on 11/16/2014 10:54:47 PM PST by sten (fighting tyranny never goes out of style)
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To: Amendment10

Thanks for the education


60 posted on 11/16/2014 11:27:28 PM PST by Pontiac (The welfare state must fail because it is contrary to human nature and diminishes the human spirit.)
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