Secret FDIC Plan to Loot Bank Accounts
It shouldn't surprise. It's already policy. Market analyst Graham Summers explained. Depositor theft is coming. Europe is banker occupied territory. So is America.
Finance is a new form of warfare. It's more powerful than standing armies. Banking giants run things. Money power has final say.
Economies are strip-mined for profit. Communities are laid waste. Ordinary people are impoverished. Even their bank accounts aren't safe.
Cypriot officials agreed to tax them. Canada, New Zealand, and Euroland member states plan doing the same thing. So does America.
Officially they're called "bail-ins." It's code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, depositor funds will keep them operating.
Money printing madness can't go on forever. Regulators, like Federal Deposit Insurance Corporation (FDIC), haven't enough money to insure depositors. It's simple mathematical logic. Ordinary people and richer ones have trillions in bank accounts. It's low-hanging fruit. It's a treasure trove begging to be looted. Legislative shenanigans legitimize it.
It's happening offshore. It's approved in Canada. It's coming to America. "What happened in Cyprus isn't a 'one-off,' " said Summers. When systemic crisis hits, things happen "FAST and FURIOUS."
Cpyriot bailout talks continued for months. "And then the entire system came unhinged in one weekend." Banks closed. Capital controls were imposed. People couldn't write checks. They lost access to their money. Limited amounts only were permitted. Insiders were tipped off. They exited early. Others uninformed now suffer.
Think it can't happen here? Think again. It's coming. Proposed FDIC legislation lets it "TAKE CONTROL OF BANKS IT DEEMS SYSTEMATICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS (AND OTHER BANK ACCOUNTS) AS PART OF THE BAIL-IN."
Dodd Frank financial reform capitulated to Wall Street. It did so at the expense of the economy, states, local communities, and ordinary people hit hardest.
It's wrongheaded. It provides a veneer of regulatory cover. It's a scam. It's laden with false diagnoses and fatal flaws. It lets Wall Street continue business as usual. It's secret provision permits looting depositor bank accounts. Four months ago, formal strategy was drafted. It's ready when America's next crisis hits. Graham outlined three steps:
(1) Designate systematically important banks.
(2) Control those deemed at risk of default.
(3) Write-down depositor savings in value. In other words, loot them. Money thought safe is gone.
Few Americans understand. It's not publicly acknowledged. Legislation already was drafted. FDIC implementation rules are ready. Eventual crisis is virtually certain. Only its timing is unknown.
Now's the time to protect assets too important to lose. Forewarned is forearmed.
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Stephen Lendman lives in Chicago. He has devoted his time and efforts to progressive causes and organizations, all involved in working for a more humane and just world for all people everywhere, but especially for the most needy, disadvantaged and oppressed. His efforts since summer 2005 have included writing on a broad range of vital topics ranging from war and peace; social, economic and political equity for all; and justice for all the oppressed peoples of the world like the long-suffering people of Haiti and the Palestinians. He also co-hosts The Global Research News Hour, gives occasional public talks, and appears frequently on radio and at times television. He is a Research Associate of the Centre for Research on Globalization. Also visit his blog and listen to The Lendman News Hour on RepublicBroadcasting.org Monday - Friday at 10AM US Central time for cutting-edge discussions with distinguished guests on world and national issues. All programs are archived for easy listening. His new book "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War" can be ordered HERE. He can be reached at lendmanstephen@sbcglobal.net.
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Image: ABC News. URL: http://www.a-w-i-p.com/index.php/2013/04/09/secret-fdic-plan-to-loot
