Posted on 07/12/2015 10:13:43 AM PDT by E. Pluribus Unum
Over the past few days Sera Wilson and I have discussed the dangers of what is happening in Greece and how it could also happen here. Of course, most of our readers already know the U.S. economy is teetering on so much debt that a crisis is, in many ways, inevitable. That said, there is a common belief that thanks to FDIC depositor insurance, all cash held in banks (Under certain amounts covered by FDIC) is safe.
Not so fast.
Not have the FDIC and big banks been working on a way that enables them to circumvent the safeguard, they already have a full plan for it. The plan is downright evil. It essentially allows the banks to “convert” your money, no matter the amount, into stocks. This avoids the banks having to give you access to your cash and it lets the FDIC step away without having to cover the cash.
Let me explain.
The FDIC and big banks have collaborated together to initiate U.S. banking law that basically equates cash deposited as a liability. Meaning, depositors are actually treated as creditors.
ZH explains how it would work.
So… if a large bank fails in the US, your deposits at this bank would either be “written-down” (read: disappear) or converted into equity or stock shares in the company. And once they are converted to equity you are a shareholder not a depositor… so you are no longer insured by the FDIC.
So if the bank then fails (meaning its shares fall)… so does your deposit.
Let’s run through this.
Let’s say ABC bank fails in the US. ABC bank is too big for the FDIC to make hold. So…
1) The FDIC takes over the bank.
2) The bank’s managers are forced out.
3) The bank’s debts and liabilities are converted into equity or the bank’s stock. And yes, your deposits are considered a “liability” for the bank.
4) Whatever happens to the bank’s stock, affects your wealth. If the bank’s stock falls at this point because everyone has figured out the bank is in major trouble… your wealth falls too.
This is precisely what has happened in Spain during the 2012 banking crisis over there. And it is perfectly legal in the US courtesy of a clause in the Dodd-Frank bill.
This is just the start of a much larger strategy of declaring War on Cash. The goal is to stop people from being able to move their money into physical cash and to keep their wealth in the financial system at all costs.
So basically, they can still legally claim your “deposit” legitimately exists, but it was converted into shares within the new reorganized structure of the bank. Yes, even if your account only had $5,000. But instead of having $5,000 in your savings account, you now have $5,000 worth of shares in an FDIC controlled bank that will likely never profit again (Because it failed).
As far as the FDIC or bank is concerned, at that point it doesn’t really matter whether your “shares” ever make money or become worthless. Because the entire point was to write down debt and avoid paying out cash held in deposit accounts. The FDIC wins, the corporate fat cats win, and you lose.
Don’t believe it’s a plan already in place? Of it is. The FDIC published the proposal back in 2012.
This paper focuses on the application of “top-down” resolution strategies that involve a single resolution authority applying its powers to the top of a financial group, that is, at the parent company level. The paper discusses how such a top-down strategy could beimplemented for a U.S. or a U.K. financial group in a cross-border context…
These strategies have been designed to enable large and complex cross- border firms to be resolved without threatening financial stability and without putting public funds at risk…
An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company into equity. In the U.S., the new equity would become capital in one or more newly formed operating entities. …
…Insured depositors themselves would remain unaffected. Uninsured deposits would be treated in line with other similarly ranked liabilities in the resolution process, with the expectation that they might be written down.
So in essence, they wouldn’t need a vote of Congress or an Executive Order. All they need to do is declare an emergency and they can legally convert all deposits into something else to write down their liabilities.
Liberty News has been saying this would happen ‘soon’ since Carter was president
Who knows maybe this time the broken clock will be right
How soon?
Then research what member's of Congress and others have said about Nationalizing Oil Companies...and taking American's IRA's to Federally controlled annuities...because the "market" is too risky.
Explain that noob............
We are all ears...
Buy a cheaper safe and fill it with things that make a little noise and have weight. Fender washers, a few paperbacks, and rocks. Stash your valuables elsewhere. Let ‘em steal the safe. When they get it, it will have done its job and you will still have your valuables.
“We are all ears.”
Too bad all ears, and nothing between them...
Sweet dreams.
LOL!!..
Go away...you are out of your league here.
No, I’m simply not going to waste my time with the latest retarded conspiracy theories.
The first I remember was that zip codes were really nothing more than the numbers of the underground Red Chinese concentration camps we were all about to be put into.
Stanus Floride in our water was a chemical to make us all brain-dead robots following our Russian masters.
The Salk vaccine would make all American women brain dead, sex crazed robots. (Actually, I was hoping that one was true.).....
Alar would kill all our children
and every other one of hundreds of nutty conspiracy theories I have heard ever since.
The latest is that the Army is about to take over Texas.
By the way, I have it on good authority from a retired NASA scientist that all the missing black socks from Earth are actually what sustain Saturn’s rings.
Prove me wrong
LOL! That wormhole opens every time my dryer kicks on--but they only go one at a time, and they aren't all black (diversity and all that, wot?).
bkmk
I was looking at a safe. Costco was having a sale. Then looked at various reviews of safes. It was really discouraging. From the various reviews and youtubes, the ones at costco and similar looked pretty worthless. A hand drill and a pry bar and they were into it.
I supposed coupled with a security system so the police would come(?) before they were able to take the 5 minutes to get into the safe it might be worth it.
It looked like the more expensive ones will do the trick. I recall my dad had one put into our basement floor. They chipped out the slab about 2’x2’ or so, then buried the safe, then poured the slab over except for the door - that was 1’x1’ or something. And then a piece of something over that opening, and then some Christmas ornament boxes over that.
If you’re still using banks I think that you need to talk to a few credit unions.
LOL
I met a gun show dealer in the early eighties that had six large safes wenched out the back wall of his house while on vacation. It isn’t anything new.
I'm cool with that...
I've a lot of missing black socks.........
Stanus Floride and Salk shots may have maxed out where you've lived....
No worries...
Now that is thinking.
this should be no surprise to anybody who keeps up
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