The Destruction Of The Middle Class Is Nearing The Final Stages

zerohedge.com ^ | 12/23/2014 | Tyler Durden

[dontreadthis]

The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed.

At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank.

The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place. FDIC insurance will have to pay out these funds but it has no where near enough money to pay the more than 300 trillion in losses that will be suffered in a banking crisis. That means any depositor has little hope of getting anything back. In order for depositors to get anything back massive money printing would have to take place making any payout amount to only pennies on the dollar.

[1010RD]

I don't believe any money anywhere is safe; some maybe a little moreso than others.

Send it all to me, then. FReepmail me your bank account and routing number.

[1010RD]

Remember how Clinton was destroying the middle-class? Yet, here we are.

[E. Pluribus Unum]

Thanks for sharing.

[VRW Conspirator]

Ann Barnhardt is calling for a return to the Stone Age. She’s likeable, but her strategy sounds like something out of the Islamic State.

She is half genius, half nut-cake, and 100% entertainment. I do no think she is calling for the stone age, but regardless of what we end up with, there will be a financial collapse.

[Aliska]

Send it all to me, then. FReepmail me your bank account and routing number.

Ha ha, got me. Nothing doing. I was talking in absolute terms. Everything is relative; there is always the unexpected. I have most of it in a credit union.

I'm really stymied, don't know what is safest for my money, what's going to be left of it after I do some things I've been putting off.

[familyop]

E. Pluribus Unum wrote:
"What does any of that have to do with anything I said?"

I don't know anything about Miss Barnhardt except the following from a quick search.

Barnhardt
http://www.barnhardt.biz/contact/

Judica me, Deus, et discerne causam meam de gente non sancta...Latin Rosary...I don’t actually live in a Van Down By A River. That is just a more humorous way of saying that I have “gone Galt”. I am with dear friends, traveling around and seeing all kinds of things that I never thought I would be able to see, much less while still young and in my prime...I aspire to janitorial work, but also realize that might not be the plan. I just don’t know.

[familyop]

My comments are relevant to most bankrupt business and/or government administrators or regulators who would attempt to live in a remote area without amenities from utility companies (fall of the middle class) for at least three years (for any who would try it for less time and give useless advice to others). These comments are also more relevant to the article posted above this thread and the general economic situation (fall of the middle class).

What real, tangible, useful things can most members of the contemporary middle class build, make or repair? The answer is next to nothing. Very few of them are technically capable at building anything other than script-kiddie-like software.

Some people like myself are very technically inclined, have much experience and are sometimes very generous with information and physical help. I can build and repair just about anything useful (to codes) several miles from the nearest power lines in one of the harshest climates in our country or elsewhere.

Some people respect those capabilities. Others disrespect us and gossip spite at our abilities, even as their vainglorious, counterproductive Rome fails yet again to become much of an empire.

[Jane Long]

1. “G20 says banks own deposits, not the the depositors.”

So what (assuming this is even true)? Has no effect on U.S. banks without legislative change.

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FR “Search” feature is your friend....

WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments
http://www.freerepublic.com/focus/f-news/3227765/posts

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2. “The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place.”

Assuming the first part is true, is the second part actually true? Would love to see a reference.

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Here’s your “reference”....again....FR Search is your friend....

New Law Would Make Taxpayers Potentially Liable For TRILLIONS In Derivatives Losses
http://www.freerepublic.com/focus/f-news/3234786/posts

[E. Pluribus Unum]

You really enjoy babbling to yourself, don't you?

Keep it up, then!

[catnipman]

None of those links are credible sources of financial information.

[kiryandil]

Being able to make and repair actual things is going to be useful when the .gov pension Ponzis implode.

[familyop]

That’s true. Bond holders won’t take haircuts by themselves. The overspending on pensioners and employees could even be cut to stave off a bond collapse for a little longer. I was a little surprised that spending wasn’t cut even more in Greece, before so many bond holders and real taxpayers were cheated.

[familyop]

On making and repairing things, the low was -18, F, this morning. -16 now. Temperatures usually go down into the minus-30s at times in January and February. I’m at a high elevation on the Rockies, just where many preppy preppers say that they want to be. This winter, that would be nice, because it’s warmer and much less windy than usual so far.

But propane goes very quickly here and gets very expensive—about 2,000 gallons per year for most residents in small houses in the area. Last year, propane more than doubled in a short run price trial. Forced air heating would use monstrous amounts of power (electricity) from a home PV solar plant. It’s a situation, where building something unorthodox to use sunlight and/or smaller amounts of wood can be very important.

There are no quick, conventional fixes. Such necessities are complicated and require much thought, planning and designing in advance.

Gardening is also a technical challenge, although it can be done by someone willing to solve a few problems and do extra work. There are sometimes freezes during summer nights, high winds, intense hail storms in July and more. Because of NIMBY policies for decades here and no farming in the past, the soil is hard packed and sterile. Precipitation evaporates immediately. A lower elevation in a warmer place would be much easier.