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Big Banks Will Take Depositors Money In Next Crash -Ellen Brown
USAWathdog ^ | 12/10/2014 | Ellen Brown

Posted on 12/11/2014 11:14:26 AM PST by 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.”

(Excerpt) Read more at usawatchdog.com ...


TOPICS: Business/Economy; Crime/Corruption; Culture/Society; News/Current Events
KEYWORDS: banks; collapse; deposit; dollar; finance
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To: Farmer Dean

If they actually take deposits, then the entire ‘due process’ element of the legal agreements banks have with both depositors and debtors will be in real jeopardy.

I could see towns voting on disbanding their police forces and then going to a militia. Bankers would have to come heavy - which takes cash, and people stupid enough to risk their life to take somebody else’s house when the bank probably confiscated the merc’s deposits too.

I don’t see it happening. I can’t believe Jon Corzine is still alive. He did EXACTLY this to his depositors. He went and spent depositor cash when his company’s investment decisions boomaranged.


61 posted on 12/11/2014 12:35:31 PM PST by RinaseaofDs
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To: Steely Tom
The Confiscation Scheme Planned for U.S. and U.K. Depositors (Greece?)
http://freerepublic.com/focus/f-bloggers/3002030/posts

Obama donors get deal; depositors get ‘stiffed again’ - FDIC eases settlement for bankers
http://freerepublic.com/focus/f-news/2893896/posts


62 posted on 12/11/2014 12:50:35 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: GilGil

Just watch this video:

The Money Masters

https://www.youtube.com/watch?v=Dq9yjt_JbWs


63 posted on 12/11/2014 12:55:19 PM PST by Yollopoliuhqui
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To: GilGil

About Ellen Brown.

http://www.opednews.com/author/author7471.html


64 posted on 12/11/2014 12:55:24 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: F15Eagle

LOL! I’m pretty sure our paper currency will be worthless. I wonder how much my silver dollars and half dollars will be worth when SHTF?

I’ve got a few Greek & Roman coins too that are pure silver—probably fetch me enough for one meal due to inflation.


65 posted on 12/11/2014 12:56:54 PM PST by Roman_War_Criminal
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To: Mr. Jeeves

what about if you have your mortgage with one of them?....and what about Credit unions...are they safer?


66 posted on 12/11/2014 12:57:30 PM PST by cherry
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To: Steely Tom

You really should check it out. I have seen several interviews with Greg hunter. They are well done. And he touches on the non MSM topics. Of course only a fool would take everything a guest says as verbatim. But who do you think is more accurate and honest... CNN?


67 posted on 12/11/2014 1:03:23 PM PST by Revel
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To: Ben Ficklin
Bury it in the back yard with the guns and ammo?

When you think it's time to bury your guns, that's when you'll be needing them.

68 posted on 12/11/2014 1:21:47 PM PST by Disambiguator
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To: Steely Tom

You could start with Dodd-Frank.


69 posted on 12/11/2014 1:23:10 PM PST by Rusty0604
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To: GilGil

Been thinking about this some more.

If/when this happens, the banking system will end. People won’t deposit anymore (which won’t hurt the banks much, you are not their main customer you are a product). What will happen though is large firms will start parking capital in something other than a bank.

Those firms are the real customers. Not the average Joe. If say, Apple decided to pull all of its funds and investments out of the US, it would crater the banking industry.

The only wild card is if the large banks cut a deal to protect the large firms.


70 posted on 12/11/2014 1:23:37 PM PST by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: redgolum

There have already been discussions among Democrats to seize 401(K)s and convert them into “safer” U.S. Treasuries and managed by the SS.


71 posted on 12/11/2014 1:26:47 PM PST by Rusty0604
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Comment #72 Removed by Moderator

To: F15Eagle

I know, and that’s why I have been bringing that G20 vote with the bankers to light on FR, it explains why it is appearing in the Budget. It became international law in Australia in November....it’s not the doing of the Republicans, it’s Obama who signed it at the G20 Summit.


73 posted on 12/11/2014 2:23:07 PM PST by Kackikat
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To: F15Eagle

This is my opinion, if you are staying in the USA, and you have a mortgage.....pay it off with your money and keep enough to pay some taxes for a few years...or the government will get it, and if you can’t pay the mortgage the bank will get the house....no refunds.


74 posted on 12/11/2014 2:27:36 PM PST by Kackikat
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To: PGR88

ABSOLUTELY!


75 posted on 12/11/2014 2:28:06 PM PST by Kackikat
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To: GilGil

All the nations leaders at the G20 Summit, it was enough to become international law....the whole world will have people equal...no money, poor, controllable. The great ‘purge’, except for the elite.


76 posted on 12/11/2014 2:29:50 PM PST by Kackikat
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To: impimp

There are a lot of free republic people who will not be able to keep their homes, or pay taxes, support family, that seems cold on your part.


77 posted on 12/11/2014 2:31:10 PM PST by Kackikat
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To: longtermmemmory

What this did was allow FDIC not to be the guarantor of your money anymore, the money is bank capital over a certain amount ....85,000 ? I’m not sure if that was dollars or pounds, etc. Go to zero hedge and read the November 16, 2014 article the ‘day money died’.


78 posted on 12/11/2014 2:32:43 PM PST by Kackikat
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To: cableguymn

If gold and silver are not in your hand, with you, and the banks close or the paper gold sellers disappear....say goodbye to all that wealth.


79 posted on 12/11/2014 2:33:53 PM PST by Kackikat
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To: redgolum

This is an international thing, it won’t matter in other places as they will be in the same boat. The G20 Summit leaders signed this agreement with major banks....last month in Australia.


80 posted on 12/11/2014 2:35:26 PM PST by Kackikat
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