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.

[E. Pluribus Unum]

I suppose you never heard of google.

[offwhite]

Given that my credit card balance is greater than my savings account balance, I dare the banks to default.

[SgtHooper]

LOL!!!

[SgtHooper]

“Even” wiki,

Wiki is a liberal disinformation blog. Use it for some sort of access to other more reliable sources. But that’s all. Ann is not there because some libidiot removed her, if she was even there to begin with.

[SgtHooper]

“If that is the case with the people who leave their money in the bank, it will also be the case for those that pull their cash out and store it under their mattress.”

You speak as this would be instantaneous. Those with increasingly worthless paper money in hand are much better off than those who have money tied up and unreachable in the bank. There may be some short period of time where the cash-in-hand has some benefit, albeit brief time.

[familyop]

Most of the speech that comes from politics, especially through television, is socialist disinformation.

[Theodore R.]

Government is the greediest, most corrupt and murderous force on Earth.

Not to the American people who have an unbounded trust in their "gubmint."

[gattaca]

ping

[AllAmericanGirl44]

bkmk

[trebb]

into what

Mattress - of course they will soon change the currency to insure nobody has any "undocumented" cash stashed.

[HotHunt]

The government would have planned and figured this all out ahead of any action they might take if they were intent on looting bank deposits. If they were to declare a bank "holiday" and close them from desperate depositors trying to get their money out, while at the same time calling in all dollar currency and issuing new currency, it could happen literally overnight. Having cash-in-hand might might not be a benefit at all, if the cash is no longer considered good currency. Who would take worthless paper in exchange for something, when they wouldn't be able to spend it themselves?

The fact of the matter is, none of us know what will happen in the future anymore than anybody else does if the world burns to a crisp. I was just expressing my opinion on what might happen.

Merry Christmas.

[kiryandil]

Even Wikipedia didn’t know who Ann Barnhardt is.

Try looking up the dude who became angry with the taxing authority, and arranged a face-to-face with a small plane.

He doesn't exist on Wikipedia. Did it ever really happen? LOL! Our Owners don't want the peasants getting any "ideas".

For that matter, try Googling a Free Republic linked article, and actually getting to the Free Republic discussion thread.

The Google programmers have taken great care to re-direct you to the actual article on the Interwebs. They don't want a whole lot of traffic going to Free Republic - wouldn't want any recurrences of that nasty Whitewater board or the early days of Free Republic...

[kiryandil]

Mattress - of course they will soon change the currency to insure nobody has any "undocumented" cash stashed.

The biggest problem our Owners have is that they, too, use cash to do illegal stuff.

Once they force the currency on to all electronic, then there's a paper/electronic trail.

I'm sure their IT minions are working furiously on a solution to that little issue...

[familyop]

"For that matter, try Googling a Free Republic linked article, and actually getting to the Free Republic discussion thread."

https://ixquick.com/

[familyop]

I don't use Google much but do tend to ignore most political speech that focuses on celebrities and personalities. Haven't watched a television for over 10 years. Without the propaganda noise, one can see things that most political folks don't want others seeing. There's no conservative side in politics. All sides are quite socialist and mostly supported by government debt/revenues.

Heavy Hitters: Top All-Time Donors, 1989-2014
http://www.opensecrets.org/orgs/list.php
American Fedn of State, County & Municipal Employees $60,949,129 [Democrat] 81% [Republican] 1%”

Leviathan (Uncle Sam employs more people than you think)
National Review ^ | 02/03/2011 | Iain Murray
"...nearly 40 million Americans employed in some way by government."

More Than 101 Million Working Age Americans Do Not Have A Job
http://www.freerepublic.com/focus/f-bloggers/3005481/posts

America’s Ruling Class — And the Perils of Revolution
http://spectator.org/articles/39326/americas-ruling-class-and-perils-revolution

The Fragmenting of the New Class Elites, or, Downward Mobility
http://volokh.com/2011/10/31/the-fragmenting-of-the-new-class-elites-or-downward-mobility/

Environmentalism and the Leisure Class
http://www.freerepublic.com/focus/f-news/2835601/posts

The New Upper Class and the Real Reason We Dislike Them
http://www.freerepublic.com/focus/news/2843575/posts

Are you a member of the political class?
http://www.americanthinker.com/blog/2010/08/are_you_a_member_of_the_politi.html

Downton’s Class System — and Ours: We have a ruling class that despises the free market and does...
http://www.freerepublic.com/focus/f-news/3024119/posts

The War on Humans
http://www.youtube.com/watch?v=RWcEYYj_-rg


There aren't many in the true private sector (without government connections) who argue with bipartisan political speech. Most simply ignore it.

Kids need both fathers and mothers. Animals don't have human rights and shouldn't have constitutional rights. People do. There's nothing conservative about a NIMBY or private property rights violations. People who derive their incomes from government are not net taxpayers. Real "makers" work with their own hands in agriculture, mining, energy production, manufacturing and repair. We need new leadership in business, academia and politics. That's conservatism.

[E. Pluribus Unum]

So your political purity/agnosticism allows you to use Wikipedia but not Google?

Interesting.

[familyop]

Follow the citations wherever written while checking research methodologies and physical phenomena. Or follow the herd.

Bandwagon effect (also see “bandwagon approach” elsewhere)
https://en.wikipedia.org/wiki/Bandwagon_effect

[familyop]

This is also related to both the creation and destruction of the current and mostly unproductive middle class. Its influence is very noticeable in political speech today (e.g., celebrity politics).

How Dramatically Did Women's Suffrage Change the Size and Scope of Government?

JOHN R. LOTT Jr.
American Enterprise Institute (AEI) (download links for whole document at bottom of page)

September 1998

University of Chicago Law School, John M. Olin Law & Economics Working Paper No. 60
Journal of Political Economy, Vol. 107, Number 6, Part 1, pp. 1163-1198, December 1999

Abstract:

This paper examines the growth of government during this century as a result of giving women the right to vote. Using cross-sectional time-series data for 1870 to 1940, we examine state government expenditures and revenue as well as voting by U.S. House and Senate state delegations and the passage of a wide range of different state laws. Suffrage coincided with immediate increases in state government expenditures and revenue and more liberal voting patterns for federal representatives, and these effects continued growing over time as more women took advantage of the franchise. Contrary to many recent suggestions, the gender gap is not something that has arisen since the 1970s, and it helps explain why American government started growing when it did.

[familyop]

One of the best ways to stop feeding the commies and fascists in politics and to survive the “destruction of the middle class,” is to become more technically inclined.

The Multimachine
http://opensourcemachine.org/

...or at least bake some cookies or iron some shirts.

[E. Pluribus Unum]

So you think you’re the only one who ever thought of any of that?