wholesaledirectmetals.com: U.S. Gov’t Ends Bank Bailouts; Will Seize your Accounts to Save the Banks

The following is an excellent article written by Damon Geller on the wholesaledirectmetals.com website titled “U.S. Gov’t Ends Bank Bailouts; Will Seize Your Account to Save the Banks” and I quote:

“U.S. Gov’t Ends Bank Bailouts; Will Seize Your Accounts to Save the Banks”

After the 2008 global financial crisis, the U.S. Gov’t and Federal Reserve spent trillions of dollars bailing out the banks and propping up the markets.  In the process, the national debt exploded to unsustainable levels and the Fed exhausted all its ammo.  So with the U.S. rapidly going bankrupt, something else needed to be done to prevent the entire banking system from collapsing again.  The solution:  Congress enacted laws that give the U.S. Gov’t power to freeze & seize citizen bank accounts in order to save the banks.  But there’s ONE asset that can’t be touched.

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Bank Bailouts Bankrupted the Nation

damon_geller_authorEveryone knows that the 2008 global economic collapse was caused by banks’ unregulated casino-style gambling. Instead of blackjack and slots, the banks bet massively on financial derivatives known as a “credit default swaps,” which Warren Buffett famously called “weapons of financial mass destruction.”

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And when the system collapsed, not a single banker went to jail.  Not a single major bank executive lost his job.  Instead, the U.S. Gov’t and Fed spent trillions of taxpayer dollars bailing out the banks.  This massive enabling of banking corruption drove our national debt to almost $20 trillion and has left us on the verge of national bankruptcy.

Your Deposits Can Now Be Seized

So, how is the gov’t planning to bail out the banks this time?  The simple answer is, they’re not, because the gov’t and Fed are broke.  Instead, the U.S. Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act, which effectively ends gov’t bailouts for banks.  Instead, the banks will be saved by “bail-ins.”

Simply put, bail-ins are capital pooled together from the failed bank’s own stockholders and creditors.  Who are these stockholders?  YOU!  The new law gives the gov’t absolute power to freeze all bank accounts and use all your deposited money over certain limits to pay the bank’s creditors.

Think it won’t happen?  It already has.  Greece enacted a similar law recently.  When citizens woke up one morning to make their normal ATM withdrawals, they discovered that their money had been frozen because of a sudden financial crisis.  Bank depositors lost over 60% of their unprotected savings overnight!

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Legally, Your Deposit Is an Unsecured Loan to the Bank

When you make a bank deposit, don’t think for one second that the bank is merely holding your money for safekeeping.  By federal law, you become a creditor to the bank as soon as you make the deposit.  In other words, the money is now the bank’s to do whatever is legally allowed, and you are not guaranteed to get your money back over certain limits if something goes wrong.

And something will go wrong.  What most people don’t know is that the criminal banks are at it again, once again betting massively on dangerous credit default swaps, to the tune of over $30 TRILLION – 8 times the budget of the United States Gov’t and more than the entire value of the U.S. stock market!

Now that the banks have reopened the casino doors, experts predict that these financial WMDs will take down the global economy worse than we’ve ever seen.  And under the new law, YOUR deposited money will be used to save the banks.  But – you might object – don’t we have federal FDIC insurance to protect our bank deposits?

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FDIC Insurance Is a Ponzi Scheme

Here’s the scary truth about the FDIC:  The current total funds in the FDIC equal $47 billion, but the total deposits in U.S. banks is $10.1 TRILLION!  This means that the FDIC can only cover ¼ of 1% of total U.S. bank deposits!  The system could go bankrupt overnight!  The bottom line:  your money is NOT safe when the global banking system collapses.

So, what about your investment money?  If you thought a 20-30% dip in your portfolio was bad after 2008, try an 80% collapse when the banking system completely falls apart! And this time, The Fed and the U.S. Gov’t won’t be there to prop up the stock market and recoup your gains after just a few years. THIS collapse could be deeper and longer-lasting than any we’ve seen before – even worse than the Great Depression!

The One Asset That Can’t Be Touched

While the new law gives the gov’t absolute power over your bank account when the banks fail, there’s still ONE asset class that the gov’t & banks can’t touch:  gold & silver.  That’s because gold & silver aren’t numbers on a computer screen controlled by governments and banks.  Gold & silver are physical assets that sit outside the banking system and outside the control of governments.  Not surprisingly, after the last global financial meltdown — when almost everyone lost their life savings — gold TRIPLED in just three years.

So ask yourself, are you okay with waking up one morning to discover your bank accounts have been frozen?  Are you okay with the gov’t seizing a huge percentage of your life savings to save the corrupt banks?  If not, then get your money out of the banks.  Now.  And protect your savings & retirement with the one asset class that thrives when governments and banks collapse:  gold & silver.  Do it now, before you have nothing left to protect.

(Call (855) 833-1201 to receive your free copy of Damon Geller’s popular book, “Defend Your Money against Gov’t Confiscation” AND your free Gold & Sliver guide, or fill in the form below)

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(BARNEY FRANK KNOWS WHAT HE IS TALKING ABOUT. THE BIG INVESTMENT BANKS AND WALL STREET ARE BANKRUPTING OUR COUNTRY AND THE WORLD. THAT’S WHAT BERNIE SANDERS WAS TELLING US IN THE DEMOCRATIC PRESIDENTIAL PRIMARIES ALONG WITH SEN ELIZABETH WARREN, WHO SITS ON THE SENATE BANKING COMMITTEE AND HAS GOTTEN US SOME CONSUMER PROTECTIONS BUT THE BIG BANKING LOBBY ARE STILL OVERPOWERING OUR LEGISLATORS BY WANTING LESS BANK REGULATIONS MAKING THE PROBLEMS MUCH WORSE THAN IT IS. SEND THIS ARTICLE TO YOUR ELECTED REPRESENTATIVES AND TELL THEM TO GET REGULATIONS TO PROTECT YOUR MONEY IN THE LOCAL COMMERCIAL BANKS. AFTER ALL, PRES FRANKLIN ROOSEVELT PROVED YOU COULD KEEP THE SYSTEM SAFE. WHY NOT TODAY?

LaVern Isely, Progressive, Overtaxed, Independent Middle Class Taxpayer and Public Citizen Member and USAF Veteran

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About tim074

I'm a retired dairy farmer that was a member of the National Farmer's Organization (NFO). Before going farming, I spent 4 years in the United States Air Force where I saved up enough money to get my down payment to go farming. I also enjoy writing and reading biographies and I write about myself as well as articles and excerpts I find interesting. I'm specifically interested in finances, particularly in the banking industry because if it wasn't for help from my local Community Bank, I never could have started farming which I was successful at. So, I'm real interested in the Small Business Administration and I know they are the ones creating jobs. I have been a member of Common Cause and am now a member of Public Citizen as well as AARP. I have, in the past, written over 150 articles on the Obama Blog (my.barackobama.com) and I'd like to tie these two sites together. I'm also on Twitter, MySpace and Facebook and find these outlets terrifically interesting particularly what many of these people did concerning the uprising in the Arab world. I believe this is a smaller world than we think it is and my goal is to try to bring people together to live in peace because management needs labor like labor needs management. Up to now, that hasn't been so easy to find.
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