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 ...
If they actually take deposits, then the entire ‘due process’ element of the legal agreements banks have with both depositors and debtors will be in real jeopardy.
I could see towns voting on disbanding their police forces and then going to a militia. Bankers would have to come heavy - which takes cash, and people stupid enough to risk their life to take somebody else’s house when the bank probably confiscated the merc’s deposits too.
I don’t see it happening. I can’t believe Jon Corzine is still alive. He did EXACTLY this to his depositors. He went and spent depositor cash when his company’s investment decisions boomaranged.
LOL! I’m pretty sure our paper currency will be worthless. I wonder how much my silver dollars and half dollars will be worth when SHTF?
I’ve got a few Greek & Roman coins too that are pure silver—probably fetch me enough for one meal due to inflation.
what about if you have your mortgage with one of them?....and what about Credit unions...are they safer?
You really should check it out. I have seen several interviews with Greg hunter. They are well done. And he touches on the non MSM topics. Of course only a fool would take everything a guest says as verbatim. But who do you think is more accurate and honest... CNN?
When you think it's time to bury your guns, that's when you'll be needing them.
You could start with Dodd-Frank.
Been thinking about this some more.
If/when this happens, the banking system will end. People won’t deposit anymore (which won’t hurt the banks much, you are not their main customer you are a product). What will happen though is large firms will start parking capital in something other than a bank.
Those firms are the real customers. Not the average Joe. If say, Apple decided to pull all of its funds and investments out of the US, it would crater the banking industry.
The only wild card is if the large banks cut a deal to protect the large firms.
There have already been discussions among Democrats to seize 401(K)s and convert them into “safer” U.S. Treasuries and managed by the SS.
I know, and that’s why I have been bringing that G20 vote with the bankers to light on FR, it explains why it is appearing in the Budget. It became international law in Australia in November....it’s not the doing of the Republicans, it’s Obama who signed it at the G20 Summit.
This is my opinion, if you are staying in the USA, and you have a mortgage.....pay it off with your money and keep enough to pay some taxes for a few years...or the government will get it, and if you can’t pay the mortgage the bank will get the house....no refunds.
ABSOLUTELY!
All the nations leaders at the G20 Summit, it was enough to become international law....the whole world will have people equal...no money, poor, controllable. The great ‘purge’, except for the elite.
There are a lot of free republic people who will not be able to keep their homes, or pay taxes, support family, that seems cold on your part.
What this did was allow FDIC not to be the guarantor of your money anymore, the money is bank capital over a certain amount ....85,000 ? I’m not sure if that was dollars or pounds, etc. Go to zero hedge and read the November 16, 2014 article the ‘day money died’.
If gold and silver are not in your hand, with you, and the banks close or the paper gold sellers disappear....say goodbye to all that wealth.
This is an international thing, it won’t matter in other places as they will be in the same boat. The G20 Summit leaders signed this agreement with major banks....last month in Australia.
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