Money is Not Safe in the Big Banks

[snappyturtle]

Last edited Tue Sep 17, 2013, 06:12 AM - Edit history (1)

I posted the FDIC-BOE document a few months ago. That post
got little response. If you must, research it yourself. It exists
just as presented in this video. I am so pleased to have come
across it this evening. Please take the few minutes needed to
watch this video....I really think it is financially important.

For those who do not believe, at the 1:20:00 mark, around there,
Richard Wolff talks about this topic...

&feature=share&list=UUB-5u8VgFc_TI1aAj8_SmDA

[dixiegrrrrl]

1. Couple of things

A few of us have posted about this topic, people really do not seem to want to believe it, despite evidence to the contrary.

And, perhaps you would consider a cross posting in the Economy group?
Lots of forlks there are very tuned into this issue.

Thanks for this video...

[snappyturtle]

2. Good idea! Will do.

[xfundy]

3. I guess if I had any money, I'd be worried.

Lucky me.

[HatTrick]

4. Suspicious about this clip

First I agree, anyone who still has money in the big banks these days is nuts. We shouldn't reward the crooks who brought down out economy.

This video has me suspicious. I've seen people on DU posting libertarian material, but what really gets me is the sinister background music and when you look at this clip on youtube it's showing other clips for things like WWIII and other doomsday stuff.

May be totally legit material, but the way it was make seem to me like it was made has me suspicious. I didn't see anything about the Public Banking Institute or the Pennsylvania Project on wikipedia.

[snappyturtle]

5. Then BE suspicious. Geez...LOOK it up. This is NOT

a hoax. I have read the douments and they took some time
to understand...once I learned some definitions it became
very clear. I just think this video explains it soooo well
that really makes understanding easier. Do as you please.

[dixiegrrrrl]

9. I have to agree that the production elements of the video

are a bit cheeesy.
The content is not, tho.

All one has to do it Google "bank bail-in plans".

It so happens that, as explained in the video, the FDIC and the Bank of England have signed an agreement, written in very proper banking language, which outlines how a bail-in would work.
It can be found here:
http://www.fdic.gov/about/srac/2012/gsifi.pdf

Meanwhile, USA and Canada have signed an "action Plan" agreement which also includes a bank bail-in.
http://www.budget.gc.ca/2013/doc/plan/budget2013-eng.pdf

I have read them both.

It is not only the bail-in that will be the problem.
People need to remember that Cyprus locked the banks on a Friday night, with no word of warning,
announced the theft of ALL depositor's money on Sat. and it was not until Monday that the state agreed to modify which group fo depositors it would steal money from.
Meanwhile, ALL ban customers were unable to use the banks.
Worse yet, the banks remained closed for over a week, and then imposed "capital controls", which were rules preventing all but 200.00 could be withdrawn, no accounts could be closed, and people could not leave the country with more than 2,000.
Businesses could not clear receipts to pay staff or buy supplies.
household bills could not be paid.

the agreements are already in place, per above.
There is no reason to write the agreements unless there is a strong potential that the need for a bail in will happen.
.

[snappyturtle]

13. Thanks dixiegrrrl! I had to get some sleep...been up since

3 AM....so I was getting a bit snarky.

See my edited op....another video...this one with R.Wolff
whotalks about Cyprus and how the taking of deposits
happened there and how it is in place here to happen
'if needed'.

[99th_Monkey]

10. "A diverse group of American educators, entrepreneurs and businesspeople, local gov't officials...

Apparently this group is rather new, founded in early 2011, as was reported in a blog linked below. There are oblique references to Quaker background of some of the founders, suggesting some kind of spiritual moorings to the endeavor (but not in an off-putting way for me).

"A diverse group of American educators, entrepreneurs and businesspeople, local government officials and civic leaders, economists, writers, lawyers and others think they have identified the central problem.

They have banded together to form the Public Banking Institute (PBI), a not-for-profit educational organization that hopes to explain to the American people how a national network of publicly owned banks can revive the American economy."

MUCH MORE: http://blog.p2pfoundation.net/launch-of-a-u-s-public-banking-institute/2011/02/17

Here's their website. I see nothing very nefarious going on here; AND I think public banking IS the way to go, is our future. That and keeping Credit Unions as well. They have an active campaign to promote public banks at local level, according to an article on their home page. http://publicbankinginstitute.org/home.htm

[snappyturtle]

12. Thank you! See my edit on the op...R.D.Wolff explains. nt

[99th_Monkey]

18. Awesome. Wolff dovetails nicely with the other video. nt

[snappyturtle]

19. I was so lucky. I remembered him talking about

the FDIC-BOA document and just guessed which video it
was...of course I had to re-listen to make certain....could
have taken hours but....lady luck helped me out.

[indie9197]

6. people have their heads in the sand. They are unable to comprehend the changes that are coming.

The end result is inevitable but how long it will take is the question. The hard part for most people is finding a safe place to keep their silver and gold. Banks were very convenient.

[washnwmn]

7. Tip of the Iceberg

I've heard about this from different perspectives, including a speaker to our city/county commissioners, promoting worker owned businesses/co-ops and community banks among other things .
But there is more, a bill before Congress to lift regulations from credit unions that would make them less safe, and most shocking, after some digging around found a list of attendees at the big ALEC fest last month in Chicago. Among them, a national organization for credit unions. Local community banking may the only safe place left.

Might want to check out the Public Banking Institute site to see if your state is working on this issue.

[BillyRibs]

8. That's why Mine is in a Credit Union.

[99th_Monkey]

11. Mine too

and my mom's, as I'm her 'executor/POA".

I'm wondering though, when shit hits fan on that fateful "black Friday" someday,
will Credit Unions be shelling out money to depositors on demand? I'm thinking
pretty much all bets will be off, credit union or no credit union. I almost think
keeping it in cash in a safe deposit box would be safest. It's hardly earning any
interest at today's rates anyway.

[dixiegrrrrl]

16. Cash in a bank box won't help.

Here's how it works:

the FIRST thing they do is close the bank. Lock the doors.
nothing inside can get outside.
ATM's are empty.

Then they announce the bail in.
The banks stay shut closed for a period of days to weeks, while the bank (s) decide ow much of your money they will take,
including any cash in your deposit box.
Then they announce "capital controls"
which means when they re-open the banks, how much money you can take out is limited,
only small amounts of money can leave the state or country, etc.
FDIC does not come into the picture because the banks are not going broke, they just are on holiday.

Before they do all this, of course, the 1% are told ahead of time so THEY can get their money out.

While we ponder that, here is a recent article to give us pause: looks like 2015 is their timeline

http://www.centralbanking.com/central-banking/news/2268042/europes-finance-ministers-inch-closer-to-bailin-framework

[99th_Monkey]

17. So it's down to the mattress, is it?

those evil rat bastards.

[99th_Monkey]

21. Do you think money deposited in a credit union will be secure?

when shit hits fan?

[dixiegrrrrl]

24. Honestly dunno.

Depends on if the existing or future agreements include credit unions, which is to say if credit unions are subject to same banking umbrella rules as banks.
One way to look at it is this:
1.Suppose you are the guy/gal who wants to do the dirty deed closing the banks and grabbing everyone's money.
Think like the Penguin or something...
Would you want credit unions to be exempt?

2.Suppose you are knowledgeable enough to realize/suspect that our gov. ( and Canada and England) have a plan for closing the banks and imposing a theft of your money (remember, the links to those agreements are in this thread).
Would you want to risk that a credit union is NOT part of the plan.?

Depends on how much you trust the 1%/government/ TBTF banks up till now.

[snappyturtle]

15. Be careful as there is an effort afoot to corale credit unions

to make them adhere to regulations of the big banks. I
don't fully understand it...yet...but know some are
warning that these efforts could be very harmful to
credit unions. Just a heads up.

[fasttense]

20. It reminds me of what FDR did

While the banks were on "holiday" (love that word for the total failure of a banking system) they raided everyone's bank accounts. I read where this young woman had worked to save $300 over a 3 year period. When the banks finally finished their "holiday" the young woman had 30 cents left. And FDR and ALL the federal government let the thieving, irresponsible bankers keep 99.9% of their depositor's money. When she tells the story it is 50 years later, and she still gets all angry about it.

FDR was a much more liberal president than Obama ever thought of being and yet he let the banks steal their depositor's money. So, just imagine what Obama would allow.

I have my money in a Credit Union. I hope they don't become like banks are now.

[snappyturtle]

22. Thanks for that report on FDR...never had heard that. nt

[Pharaoh]

14. Credit Unions

Don't work the same as big banks. Are they not a safer place to keep your money?

[snappyturtle]

23. I'm assuming they are safer but.....see my reply #15. nt