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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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Comment #41 Removed by Moderator

To: Farmer Dean

If the banks take my money and then say that I still owe them and then come for my house...I suspect that there are millions of folks across this land that will not stand for that.

The bankers will probably be out of the country watching as the Nation descends into chaos and anarchy as a result of their theft...


42 posted on 12/11/2014 11:59:17 AM PST by SZonian (Throwing our allegiances to political parties in the long run gave away our liberty.)
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To: F15Eagle

your mattress needs more Lumps, to be credible on this issue...

smile
smile
smile


43 posted on 12/11/2014 12:00:01 PM PST by faithhopecharity ((Brilliant, Profound Tag Line Goes Here, just as soon as I can think of one..))
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To: DoughtyOne

Thank you.


44 posted on 12/11/2014 12:01:03 PM PST by laplata ( Liberals/Progressives have diseased minds.)
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To: GilGil
Jokes on them!!!

I'm broke!!!!

LOOOLLLLLLL!!!!

45 posted on 12/11/2014 12:01:52 PM PST by Lazamataz (It's insanity to support those who hate us, no matter they call themselves Democrats or Republicans.)
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To: redgolum
I don't worry about money being available to retirees, in some form. The gov will just print more of the stuff. It's already being confiscated in effect from seniors with the near-zero interest rates on savings. Seniors have to choose whether to risk it in stocks, get an annuity (both choices with risks) or take out "x"% of savings a year and hope not to run out. Reverse mortgages further destroy that equity.

It seems intentional that future generations ie: the baby boomers and beyond won't be inheriting much and will never get out of debt with college loans and job instability.

46 posted on 12/11/2014 12:04:13 PM PST by grania
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Comment #47 Removed by Moderator

To: free from tyranny

Time to run up the credit card balances. They can EAT THAT, too.


48 posted on 12/11/2014 12:06:47 PM PST by CivilWarBrewing
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To: CivilWarBrewing

That’s what I’m talking about!!!
Run them up on food, basics, and ammo!!!


49 posted on 12/11/2014 12:13:21 PM PST by free from tyranny
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To: GilGil

I would sooner trust the Mafia with my money.
At least they are honest.....................


50 posted on 12/11/2014 12:18:27 PM PST by Red Badger (If you compromise with evil, you just get more evil..........................)
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To: Steely Tom

Gold to trade with..

lead to protect the gold.


51 posted on 12/11/2014 12:19:46 PM PST by cableguymn (We need a redneck in the white house....)
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To: Ben Ficklin

So be it.


52 posted on 12/11/2014 12:19:51 PM PST by impimp
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To: Ben Ficklin
So if they change it, the safest place is in the mattress, or a safety deposit box.

Safe Deposit boxes belong to the banks. They can and will raid them. The mattress or a large, heavy safe (that you have in your possession) is better.

53 posted on 12/11/2014 12:20:03 PM PST by Disambiguator
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To: Kartographer

once you deploy the beans stink bombs come free right? :)


54 posted on 12/11/2014 12:20:33 PM PST by cableguymn (We need a redneck in the white house....)
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To: F15Eagle

easier to hide and transport.
55 posted on 12/11/2014 12:21:45 PM PST by cableguymn (We need a redneck in the white house....)
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To: GilGil
when a crisis comes it is now legal for the banks to take depositor cash to use as they please without repaying.

If that happens, anyone seen wearing a suit will become a target.

56 posted on 12/11/2014 12:23:01 PM PST by Bloody Sam Roberts (Laws that forbid the carrying of arms disarm only those who are not inclined to commit crimes.)
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To: Disambiguator

Bury it in the back yard with the guns and ammo?


57 posted on 12/11/2014 12:28:39 PM PST by Ben Ficklin
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To: Steely Tom

Just search “budget bill bank bailout”

You’ll see results like this one:

http://www.businessinsider.com/congressional-budget-makes-room-for-big-bank-bailouts-2014-12

What was originally intended to be a protection for small depositors, it’s proposed here that FDIC should be re-purposed to cover bets on derivatives made by big banks’ investment divisions.

excerpt:

Congress has agreed to use federal deposit insurance, which was designed to protect the savings accounts of consumers, to cover risky trading by the nation’s biggest banks.

In a small provision in the budget bill, Congress agreed to allow banks to house their trading of swaps and derivatives alongside customer deposits, which are insured by the federal government against losses.


58 posted on 12/11/2014 12:28:52 PM PST by MoJoWork_n (We don't know what it is we don't know)
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To: GilGil

In a way this is good. It will force people to start examining the stability and solvency of their bank before they put any money in there.


59 posted on 12/11/2014 12:31:46 PM PST by Buckeye McFrog
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Comment #60 Removed by Moderator


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