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The Destruction Of The Middle Class Is Nearing The Final Stages
zerohedge.com ^ | 12/23/2014 | Tyler Durden

Posted on 12/24/2014 3:11:54 PM PST by dontreadthis

The events of the past few months seem astounding when taken in all at once. The plan to destroy the U.S. dollar and the American middle class is moving at an ever increasing speed.

At the recent G20 meeting the nations agreed that bank deposits would no longer be considered money. These bank deposits become the property of the banking institution and as such can be used any way the bank wants. This means that any money you deposit in a bank now is no longer yours but makes you an investor in the bank and subject to lose that money if a banking crisis takes down the bank.

The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place. FDIC insurance will have to pay out these funds but it has no where near enough money to pay the more than 300 trillion in losses that will be suffered in a banking crisis. That means any depositor has little hope of getting anything back. In order for depositors to get anything back massive money printing would have to take place making any payout amount to only pennies on the dollar.

(Excerpt) Read more at zerohedge.com ...


TOPICS:
KEYWORDS: economy; finance; gold; goldbugs; middleclass; tinfoiledagain; tinfoilery; tylerdurden; tylerdurdenmyass; zerohedge
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To: Hostage

In a “bank run” environment, it is OK. If it is in a no electricity situation...probably not so much.


41 posted on 12/24/2014 3:48:45 PM PST by Vermont Lt (Ebola: Death is a lagging indicator.)
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To: dontreadthis

Anything Congress does it can undo, I figure. Thing is though, they seem to be banking on all of us just rolling over on this instead of holding their feet to the fire. We should be calling, emailing, and lobbying in person every day, to let them know this sort of nonsense is NOT to be construed as business as usual, and therefore OK!


42 posted on 12/24/2014 3:50:28 PM PST by BlackAdderess
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To: Hostage
Is it safe to go to Bitcoin? Seriously

Nope

43 posted on 12/24/2014 3:50:36 PM PST by Jim Noble (When strong, avoid them. Attack their weaknesses. Emerge to their surprise.)
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To: E. Pluribus Unum

... and a Merry Christmas to you too.


44 posted on 12/24/2014 3:52:52 PM PST by RegulatorCountry
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To: Vermont Lt

Concur on the working together but as a hunter and fisherman, food and water is abundant if you know what you’re doing. Money i.e. gold, silver etc is useless when water, fuel, food and even alcohol & clothes becomes far more valuable bartering in a collapsed financial market.

A lot of folks seem to think gold etc is the end all but I’ll take common sense and the above and think I’ll do fine.


45 posted on 12/24/2014 3:59:47 PM PST by maddog55
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To: RegulatorCountry

You didn’t read a word I said, because everything you said was a non-sequitur. Excuse me for actually reading what you said.


46 posted on 12/24/2014 4:05:04 PM PST by E. Pluribus Unum (Any energy source that requires a subsidy is, by definition, "unsustainable.")
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To: yldstrk

Lead


47 posted on 12/24/2014 4:05:32 PM PST by Steven Tyler
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To: dontreadthis
America's middle class has been on the destruction list by our King for many years. It is on the fast track now and we will not have a middle class by the time King Obama gets his ars out of the White House. What is left of the middle class are going so far in debt they will never recover.

Things just might be so bad that there might be no election in 2016 and King Obama will be America's first dictator.

48 posted on 12/24/2014 4:10:14 PM PST by Logical me
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To: Logical me

I am not convinced that he is going to leave.


49 posted on 12/24/2014 4:11:46 PM PST by sport
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To: dontreadthis

I have no choice as my employer forces us to us direct deposit, but since I tend to be broke, chances are my money will probably be spent when they do come after it.


50 posted on 12/24/2014 4:26:35 PM PST by nomad
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To: Alberta's Child

The article makes no sense. I think what is going on is that the stock holders were to be the last paid in case of liquidation, but now it is depositors who will be reimbursed last.


51 posted on 12/24/2014 4:42:20 PM PST by lavaroise (A well regulated gun being necessary to the state, the rights of the militia shall not be infringed)
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To: E. Pluribus Unum

Even Wikipedia didn’t know who Ann Barnhardt is.


52 posted on 12/24/2014 4:57:14 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: maddog55

Funny you say that about the food. I was recently in norther Vt talking to a couple of guys about hunting after a meltdown. They pretty much told me the deer herd would be gone in a month or so, followed by the Turkeys and other fowl.

The only thing not hunted to extinction would be the fish.

And the northeast of VT is about as rural as you are going to get.


53 posted on 12/24/2014 4:59:22 PM PST by Vermont Lt (Ebola: Death is a lagging indicator.)
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To: dontreadthis

Preparations for that may be entering their final stages, but the 60 million or so haven’t been taken down, yet. It probably won’t be long to bond collapse time, though.


54 posted on 12/24/2014 5:00:09 PM PST by familyop (We Baby Boomers are croaking in an avalanche of corruption smelled around the planet.)
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To: yldstrk

>>into what

Silver and lead.


55 posted on 12/24/2014 5:00:54 PM PST by Bryanw92 (Sic semper tyrannis)
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To: E. Pluribus Unum
... and a HAPPY New Year to you. Focus on that, maybe make it a resolution, lol.
56 posted on 12/24/2014 5:02:14 PM PST by RegulatorCountry
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To: Alberta's Child

>>Maybe I’m missing something here, but my take on this is that if the strength of the middle class is contingent upon government guarantees of bank deposits, then the middle class never really existed in the first place.

When “money people” speak of the middle class, they mean small investors and wealthy retirees. They act like wage earners don’t exist and that the only productivity in America is moneychanging.


57 posted on 12/24/2014 5:03:36 PM PST by Bryanw92 (Sic semper tyrannis)
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To: dontreadthis
The article alludes to printing massive amounts of currency to payoff depositors at pennies on the dollar. If that is the case with the people who leave their money in the bank, it will also be the case for those that pull their cash out and store it under their mattress. Hyper-inflation from the printing of ever more worthless paper, backed by the good faith of the US government, who is $18 trillion in debt and flat broke already, will cause the cash under the mattress to be devalued to pennies on the dollar too. Having cash is one thing. But having worthless cash is another.

The purchasing power of inflated, devalued dollars will drop to nil. Eventually the government will issue new currency and your dollar cash, whether in the bank or under the mattress, will be worthless.

Most people will in the same boat when the world goes to a crisp. We'll all be thumbing for a ride down the road to start over from scratch.

58 posted on 12/24/2014 5:09:18 PM PST by HotHunt
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To: dontreadthis

Too many assertions, with not a single one backed up by source material:

1. “G20 says banks own deposits, not the the depositors.”

So what (assuming this is even true)? Has no effect on U.S. banks without legislative change.

2. “The spending bill just passed by congress makes the American taxpayer responsible for any derivatives loses that banks may suffer. These derivative holders now have first priority when any funds are paid out and depositors are relegated to last place.”

Assuming the first part is true, is the second part actually true? Would love to see a reference.

3. “And if you don’t think there is any danger of a banking crisis in America you may want to keep in mind that the Treasury Dept. has recently ordered $200k worth of 72 hr emergency kits for dispersion to every major bank in America. These are known by many as bug-out-bags and are used to support individuals when disaster strikes and they have to care for themselves for the first few days of crisis.”

Is this true? $200,000 doesn’t seem like it would buy very many “bug-out” bags. And what purpose do these “bug-out” bags serve for the “bankers” anyway? So they can flee? Stay to conduct “business” when what exactly has happened? Lights have gone out? Internet down? Zombies?

4. “New legislation now gives pension plans the ability to cut benefits to pensioners in the future making the future welfare of these people uncertain. “

True or not true? And what kind of pensions are supposedly affected? Defined benefit plans, defined contribution plans, IRAs?

5. “The sanctions being placed on Russia are beginning to destabilize the world in many ways.”

Seems like this was just thrown in randomly. Lots of other bad things besides this going on

6. “For the past few years those elite with knowledge of the coming monetary destruction have been putting their fiat dollars into any hard assets they can find.”

Let’s see some actual proof, you know, some numbers, some examples, some specifics.


59 posted on 12/24/2014 5:46:39 PM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: catnipman

Perhaps you would be more comfy over at fogbow ... you don’t appear to know shyte about what is actually happening in Amerika, and appear to be proud of your ignorance, proud enough to deride someone trying to give you a few clues.


60 posted on 12/24/2014 6:01:31 PM PST by MHGinTN
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