Posted on 11/16/2014 7:23:09 PM PST by dontreadthis
This weekend the G20 nations will convene in Brisbane, Australia to conclude a week of Asian festivities that began in Beijing for the developed countries and major economies. And on Sunday, the biggest deal of the week will be made as the G20 will formally announce new banking rules that are expected to send shock waves to anyone holding a checking, savings, or money market account in a financial institution.
On Nov. 16, the G20 will implement a new policy that makes bank deposits on par with paper investments, subjecting account holders to declines that one might experience from holding a stock or other security when the next financial banking crisis occurs. Additionally, all member nations of the G20 will immediately submit and pass legislation that will fulfill this program, creating a new paradigm where banks no longer recognize your deposits as money, but as liabilities and securitized capital owned and controlled by the bank or institution.
In essence, the Cyprus template of 2011 will be fully implemented in every major economy, and place bank depositors as the primary instrument of the next bailouts when the next crisis occurs...
(Excerpt) Read more at economicpolicyjournal.com ...
Fiat money musical chairs..
Givernment inspired legal counterfeiting..
FDIC nis a freaking joke!
Yep. The FDIC only has only about $11 billion to cover all the deposits. A drop in the bucket.
In Soviet America, you pay the banks interest!
I heard that FDIC insurance is only worth up to 30 trillion dollars or so but there are over 70 trillion in unfunded liabilities so when this thing implodes we ain’t gettin our money.
Your comments sound like commie comments. Are you a commie?
Traitor Alexander Hamilton wrongly ignored that his fellow delegates to the Constitutional Convention had dropped the idea of delegating banking powers to Congress when Hamilton pulled the wool over President Washington’s eyes to sign the bill to establish the First Bank of the United States.
The federal Federal Reserve was also wrongly established without the required consent of the Constitution’s Article V state majority imo.
And the major constitutional problem with the corrupt federal government trying to use its constitutional power to negotiate treaties to force US citizens to comply with foreign laws based on powers which the states have never delegated to the feds, banking powers in this case, is the following.
Thomas Jefferson, undoubtedly based on his experience as vice president, and therefore president of the Senate, had clarified, along with the Supreme Court, that federal treaty power cannot be used as a back door to expand the federal government’s powers.
“In giving to the President and Senate a power to make treaties, the Constitution meant only to authorize them to carry into effect, by way of treaty, any powers they might constitutionally exercise.” —Thomas Jefferson: The Anas, 1793.
“Surely the President and Senate cannot do by treaty what the whole government is interdicted from doing in any way.” — Thomas Jefferson: Parliamentary Manual, 1812 .
“2. Insofar as Art. 2(11) of the Uniform Code of Military Justice provides for the military trial of civilian dependents accompanying the armed forces in foreign countries, it cannot be sustained as legislation which is “necessary and proper” to carry out obligations of the United States under international agreements made with those countries, since no agreement with a foreign nation can confer on Congress or any other branch of the Government power which is free from the restraints of the Constitution [emphasis added].” — Reid v. Covert, 1956 .
LOL — What do you think all the “inactivity fees” and “usage fees” really are?
You must realize the top “bankers” in this mess is the federal government, right?
Last time I read anything current on the FDIC, there was something on the order of $8 billion to cover deposits of gargantuan amounts in comparison. IOW, they’d be broke in minutes. The FDIC is a sham.
Basically what will happen is the feds will have to crank up the printing presses to such a degree that when you get your money, it will be worthless anyway.
I think this'll continue as long as we have fiat money — and the only way we're getting rid of that is via Constitutional Amendment; here's what I propose:
| Fiscal Responsibility Amendment |
|---|
| Section I The power of Congress to regulate the value of the dollar is hereby rescinded. Section II The value of the Dollar shall be one fifteen-hundredth avoirdupois ounce of gold of which impurities do not exceed one part per thousand. Section III To guard against Congress using its authority over weights and measures to bypass Section I, the ounce in Section II is approximately 28.3495 grams (SI). Section IV The Secretary of the Treasury shall annually report the gold physically in its possession; this report shall be publicly available. Section V The power of the Congress to assume debt is hereby restricted: the congress shall assume no debt that shall cause the total obligations of the United States to exceed one hundred ten percent of the amount last reported by the Secretary of the Treasury. Section VI Any government agent, officer, judge, justice, employee, representative, or congressman causing gold to be confiscated from a citizen shall be tried for theft and upon conviction shall: a. be removed from office (and fired, if an employee), b. forfeit all pension and retirement benefits, c. pay all legal costs, and d. restore to the bereaved twice the amount in controversy. Section VII The federal government shall assume no obligation lacking funding, neither shall it lay such obligation on any of the several States, any subdivision thereof, or any place under the jurisdiction of the United States. All unfunded liabilities heretofore assumed by the United States are void. Section VIII The federal government shall make all payments to its employees or the several states in physical gold. Misappropriation, malfeasance and/or misfeasance of funds shall be considered confiscation and theft. |
Are you lucid? Are you an idiot? Are you a moron?
Consider the current situation along with the bailout. Regulation is usually not a useful thing but in some cases it is warranted.
I’m not a Libertarian, nor an Anarchist. The Free Market is typically the best answer, but even that can be taken advantage of and in such a situation we have a government who is supposed to keep the playing field level, and whether or not you care to admit it, in the banking/financial sector, the playing field is neither level nor honest, and the shenanigans have almost put the economy of this country and the entire world over the cliff.
A Free Market is desirable, but there are limits that must be imposed to keep the system viable, reliable, and accountable.
The Revolutionary War, IIRC, was fought over a measly 1% tax.
The Feds are a significant part of the problem. They are not doing their job, and are more or less beholden to those who have put our financial sector in such a precarious position at this point in time, IMO.
The government made the rules they are following, and often the mandates are directly hurting the economy.
The Government is complicit in the fraud that has been perpetrated upon the citizens of this country as far as the financial sector goes.
This sounds ominous...
They sounded on the line of the founding fathers to me. Do you remember Jefferson’s commentary on banking?
I heard $11 billion.
You would think that would have happened in the old USSR, but it's actually happening today in the EU. In September, the European Central Bank's Mario Draghi announced negative interest rates on its overnight deposit facility. I wonder how long it will take to spread here...
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