Big Banks Will Take Depositors Money In Next Crash -Ellen Brown

USAWathdog ^ | 12/10/2014 | Ellen Brown

[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.”

[SZonian]

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...

[faithhopecharity]

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

smile
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[laplata]

Thank you.

[Lazamataz]

Jokes on them!!!

I'm broke!!!!

LOOOLLLLLLL!!!!

[grania]

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.

[CivilWarBrewing]

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

[free from tyranny]

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

[Red Badger]

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

[cableguymn]

Gold to trade with..

lead to protect the gold.

[impimp]

So be it.

[Disambiguator]

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.

[cableguymn]

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

[cableguymn]

easier to hide and transport.

[Bloody Sam Roberts]

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.

[Ben Ficklin]

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

[MoJoWork_n]

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.

[Buckeye McFrog]

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.