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1) They can ignore the 54T transfer and REMOVE the FDIC guarantee - which will force immediate collapse of BAC.
2) They can take over BAC and PRINT THE MONEY.
3) They can wait for BAC to collapse on it's own and the GOTO #2 and print even more money.
Originally posted by MidnightTide
People keep on saying move your money to a credit union - why do that?
When this pops, do you think that fiat is going to be worth anything? By all means move your money out of BoA, their time is numbered, but man, make sure you have preps done. Food, water, ammo - get the essentials...then get some precious metals and rare colored diamonds.
Bernanke: Crisis taught lesson for central banks
Bernanke: 2008 crisis taught central banks to control inflation and support banking system
Yes, they are going to try and make the people accountable for the trillions.....good luck with that Ben.
Originally posted by EarthCitizen07
Think about this for a moment: I take out a 30 year mortgage for a new house after I put down an initial deposit to the builder. I sign the promissory note, get my check and give it to the builder. The builder then cashes his check or most likely deposits the amount in his bank account.
This means the bank gave up a huge sum of money to the builder and has to wait 30 years for me to make all my payments in full to collect the principle plus interest. Sure the bank makes anywhere between 100 to 150 percent return on its initial investment but 30 years is a long time.
If the bank has to wait that long to collect, it means it DOES NOT have the money IT GAVE to the builder.
Originally posted by shell69
reply to post by Evolutionsend
That is probably more true than you realize. I was recently employed by the Wireless Industry and the carrier I was employed by included in our performance agreement a metric based on "disconnects", which in the end affected our overall performance rating. This was incredibly unfair, due to the fact that the person approached to assist the customer with that particular transaction NEVER has anything to do with the reason behind the customer's desire to stop doing business with the carrier. To say the least this lead to many a representative stating to the customer "sure, I'll be happy to help you with that", just for the customer to find out later it was never done. I know this to be fact as I've had to deal with these customers who received another billing statement for service they weren't aware they even still had. I never could wrap my head around either the mentality of company and it's unfair practice, or the poor customer service given by the unethical representative
In this case, create money.
Contrary to popular belief, the Federal Reserve does not directly create most of the money *directly* (in usual cases, other than QE), but it does influence the willingness and ability of private banks to create money by changing the profitability of doing so.
In this case, when the bank wrote the check to the builder, it in essence created the money by changing a number on the computer. The money created by this action happens to be legal tender and accepted by other banks as a consequence of being part of the Federal Reserve system. The builder could request the check to be paid in physical currency, and the bank would request those bills from the Federal Reserve and they would get them.
But if you take the money paid to the builder and redeposit in a bank, most of it can be loaned out again, thereby creating more money in the system than existed originally.
If you or I tried to do it, it would be called "counterfeiting" and you would be be visited by large humorless men.