Skip to comments.Can US & UK become like Cyprus? Yes.
Posted on 04/01/2013 6:59:13 AM PDT by Opinionatedtoday
While you were sleeping, leaders of the so-called free world have been actively transforming their financial systems and now it appears that everybodys bank account is fair game.
Could the U.S. and the U.K. become the next Cyprus where private bank deposits are seized to recapitalize failed banks? According to a report written by the Federal Deposit Insurance Corporation (FDIC) and the Bank of England called: Resolving Globally Active, Systemically Important, Financial Institutions, the answer is yes.
(Excerpt) Read more at canadafreepress.com ...
Glen Beck warned of the global banking problem years ago. They are all tied together one way or another.
In any bankruptcy, the stockholders, investors, bond holders are expected to bear the cost according to their ranking as creditors.
The problem I have is understanding how a depositor gets redefined as an investor and loses his money.
The depositor should be treated as one protected by the rules of fiduciary responsibility and should be paid ahead of every other entity including the federal and state tax collectors.
A depositor does not invest. He gives his money to the bank to keep it for him until he asks for it, thus they have or should be held to the standards of fiduciary trust, just as a trust department or wealth management organization.
The banks should be liquidated and whatever money is generated by that liquidation be divided among the depositors with no one else getting a penny until depositors are repaid in full.
Of course, that might wipe out everyone, depositors, investors alike. So be it.
At least that gets rid of a bank which never should have existed to begin with.
And the bank examiner that allowed the bank to get in such a position should serve time in jail.
The USA has already been like Cyprus and continues to this day.
The only difference is rather than the government directly stealing your money, our government, because they can print more, simply makes your money worth less. Cyprus did not have the advantage of printing more EuroCrap.
One could actually make a case that the people in Cyprus, with smaller amounts in their accounts, are doing better that we are as the confiscation does not take place until some 100K EuroCrap level while in the USA even $20 sitting in the bank is being eroded by inflation, inflation that our government lies to us as to its percentage. The government figures on inflation are not even close to reality.
Your money is being stolen at a monthly rate of
$85 billion / US Money Supply
“Your money is being stolen at a monthly rate of
$85 billion / US Money Supply”
That will eat up retirement savings rather quickly.
At least in Cyprus, if they keep the deposited amount low enough, the government theft does not take place. (For Now)
Already there under Dodd-Frank? No wonder these Rats propose 2000 page bills, but then again we`ll “find out whats in it” after it`s been foisted on the nation.