Cyprus, New Zealand...Possibly the US...But Are Credit Unions Still a Safe Bet?

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posted on Mar, 21 2013 @ 07:07 PM
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That's my question. Are Credit Unions Still a Safe Bet?

I've been watching Cyprus unfold from the beginning and so many of us here knew where it was going. In fact, I remember about a year ago when many of us were called crazy because we said this was going to happen. No idea at that time of where or how (Why) but the fact that the Govts. were going to come for our money was never in doubt.

I will have to say that Cyprus being very small on the World scale was a logical start to the thefts...and the fact that many people didn't even know it existed let alone being able to point it out on the map. Especially in the West. Many I've talked to in my circle state almost the same thing. "It's small...This happens all the time...I'm glad I don't live over there"...and mostly..."It can never happen here."

I can also say that it was a complete shock to hear the rumblings of NZ so close behind. Cyprus is only really getting started I believe. And yet, NZ is starting to make it look like this theft will spread to the West quicker than previously thought.

And now we have Bernanke speaking up about the US possibly being susceptible (inevitable?) to all of this. Maybe
www.abovetopsecret.com...
Thanks to:
OptimusSubprime

At 3:18 PM EST Bernanke was whether a seizure of deposits could happen to US depositors as in Cyprus, if the economy gets worse? Beranke’s translated response: Only if the Cyprus event or another event in Europe were to become contagious and the people lose confidence in the US dollar. While QE to infinity will be pursued as long as possible, the entire Cyprus fiasco is now officially on the table when it comes down to it if unlimited counterfeiting fails. (and gold revaluation which is the next tool in Bernanke’s toolbox)


Now we all know that if/when it comes down in the US, it ain't gonna be pretty. At least I hope that people just don't lay down and accept it as easily as all of the other crap coming down these days. And if it does make it to the US, Canada will either be next or get robbed at the same time I believe.

But enough of the rambling.


My question is of the Credit Unions. Will they be safe from all of this? I ask here because there are many more knowledgeable than myself and I also think that many more want to know the same answers.

Credit Unions are Community owned. I compare them to the new Icelandic system after they kicked out the criminal bankers and went to their own people to prop up and gain from their banking independence.

So what do people think? Is a Credit Union truly immune to all of this or should those people with accounts in them be taking it out and keeping the bare minimum, going for some gold, silver etc?

Peace


edit on 21-3-2013 by jude11 because: (no reason given)




posted on Mar, 21 2013 @ 07:22 PM
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I think I am going to move back into physical metals and tangible assets again. This whole deposit seizure is just crazy, and it proves that your money isn't protected anywhere except in your own safe. Too bad really for the banks, because this is just going to make more people resort to sticking their savings under the mattress, or in mason jars like they used to do in the old days rather than deposit it in the banks out of fear that the government will help themselves to it.

To answer your question I think Credit Unions are more protected than traditional banks, but are not immune to something like what is happening in Cyprus and New Zealand.



posted on Mar, 21 2013 @ 07:26 PM
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Originally posted by SpaDe_
I think I am going to move back into physical metals and tangible assets again. This whole deposit seizure is just crazy, and it proves that your money isn't protected anywhere except in your own safe. Too bad really for the banks, because this is just going to make more people resort to sticking their savings under the mattress, or in mason jars like they used to do in the old days rather than deposit it in the banks out of fear that the government will help themselves to it.

To answer your question I think Credit Unions are more protected than traditional banks, but are not immune to something like what is happening in Cyprus and New Zealand.


Good Move.

I've been telling people for 2 years that putting ALL of your life's savings behind 3 feet of concrete and steel when we don't have the keys is just plain foolish.


PEace



posted on Mar, 21 2013 @ 07:58 PM
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Not so sure if they are or not.
A safe in your house would be your best bet.
Ask those who went through the great depression.

But,now days,most companies require you to do an electronic direct deposit of your pay check.

There has been this story going through the interwebs that in about 60 days,banks will be putting limits on how much you can withdraw and cutting bank hours.
Don't know how true it is,but I wouldn't doubt it.

Sure,they have here in the US the FDIC,or federal deposit insurance,expired this year.


Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same IDI. Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered IDI.


www.fdic.gov...



posted on Mar, 21 2013 @ 07:59 PM
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reply to post by jude11
 

You might want give this a read as after i did i got a very strong urge to buy
a big safe.


Far more worrying for American and British depositors though is this paragraph Golem XIV brings up from a joint Bank of England and FDIC paper from 2012 which points to the possibility of using deposit insurance funds to bail out illiquid banks:

"The U.K. has also given consideration to the recapitalization process in a scenario in which a G-SIFI’s liabilities do not include much debt issuance at the holding company or parent bank level but instead comprise insured retail deposits held in the operating subsidiaries. Under such a scenario, deposit guarantee schemes may be required to contribute to the recapitalization of the firm, as they may do under the Banking Act in the use of other resolution tools. The proposed RRD also permits such an approach because it allows deposit guarantee scheme funds to be used to support the use of resolution tools, including bail-in, provided that the amount contributed does not exceed what the deposit guarantee scheme would have as a claimant in liquidation if it had made a payout to the insured depositors.2

Of course, if deposit insurance money is used as a resolution tool to bail out a bank which then goes on to fail anyway (as we have already seen multiple times since 2008 — a bank receives a large liquidity injection, and goes onto fail anyway) depositors could end up moneyless.


Azizonomics

I dont think anyone money safe anymore no matter what country you live in.


edit on 21/3/2013 by skuly because: sodding colour not working



posted on Mar, 21 2013 @ 08:02 PM
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reply to post by SpaDe_
 


What's to stop another "Gold Reserve Act" all 1934?



posted on Mar, 21 2013 @ 08:06 PM
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The facade is unravelling.

Think about it.

We have gone from hard money (gold & silver) ----> to paper & plastic money ---> to electronic money.

People have become so accustomed to their life savings being represented by 1's and 0's in their electronic banks accounts that they are now faced with the sudden horror that it could be gone at the flick of a switch.

We will go back to hard money as a knee jerk reaction and it will not be pretty. People by the millions will start to look for ways of protecting whatever savings they have left.

Cue the economic mayhem in 3... 2... 1...



posted on Mar, 21 2013 @ 08:11 PM
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Originally posted by kdog1982

Sure,they have here in the US the FDIC,or federal deposit insurance,expired this year.


Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same IDI. Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered IDI.


www.fdic.gov...


I remember posting a thread on this about 6 Months ago...and nobody cared.


But now? I guess we'll have to see what people care about these days.

Peace



posted on Mar, 21 2013 @ 08:14 PM
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Originally posted by 0zzymand0s
reply to post by SpaDe_
 


What's to stop another "Gold Reserve Act" all 1934?


I don't think it'll be as easy this time.

People are not going to willingly give up their gold or silver because the Govt. states it's for the good of all.

Maybe a few foolish ones but not like last time.


Peace



posted on Mar, 21 2013 @ 08:14 PM
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Originally posted by jude11

Originally posted by kdog1982

Sure,they have here in the US the FDIC,or federal deposit insurance,expired this year.


Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same IDI. Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered IDI.


www.fdic.gov...


I remember posting a thread on this about 6 Months ago...and nobody cared.


But now? I guess we'll have to see what people care about these days.

Peace


Yeah,they don't care until it's staring in your face.
Funny how that works out.



posted on Mar, 22 2013 @ 07:13 AM
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I read a blog yesterday (somewhere) that said that the supremes at some point had accepted that according to legal law that a depositor in a bank was considered, again, by law, to officially be a tcreditor to that bank and thus, could have their funds appropriated if it were deemed necessary to pay off the bank's ills.

Does this reflect back on the investors in markets that recently lost billions of dollars when their money was taken from their supposedly secure accounts and unwisely spent? Is that why nothing much was done to Curzone (or whatever his name is)? Are we looking at a last-ditch SOP for banks? If so, then evidently we can expect to eventually be forced to use banks because who would want to use them otherwise?

BTW: A friend told me yesterday that she wrote a $63.00 check to her son by the same last name and her CU refused to cash it when they could not reach her by phone. He was told to go through his own CU/bank which he doesn't have. He had ID.

At every turn, we are getting locked into an iron-clad system with no wiggle room. It is getting more and more like the life of the Chinese masses every day, droneville, where the elite still play. Curiously, when I stop to consider that point, I have to remind myself that the Chinese elite have taken their playbook from capitalism and the common people are still slaves and made even more so by their corrupt system.

Another point most people don't believe: Because of a dispute with the SS admin. a few years ago where it was eventually shown that they were wrong, they told my CU that on a certain date that they would take $5k from my account. The pres. of the CU told me that if that money was not in my account at that time, that they would take it from the CU's funds anyway! The SS sneakily took the money a week before they said they would, and it was a full four years before it suddenly reappeared in my account again without interest and without explanation.



posted on Mar, 22 2013 @ 09:12 AM
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Originally posted by 0zzymand0s
reply to post by SpaDe_
 


What's to stop another "Gold Reserve Act" all 1934?


If they even attempted to do another "Gold Reserve Act" it would be unfortunate because all of my gold would have been misplaced by then. As long as you purchase your gold and silver through third parties and pay in cash there is no record of how much you have.



posted on Mar, 22 2013 @ 11:56 AM
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By the time we hear about something similar to Cypress happening in the USA, it'll be to late. We won't recieve any advance warning.

Credit unions have their own form of deposit insurance similar to the FDIC, so I don't believe they are any safer. If the government wants your money, they'll get it.



posted on Mar, 23 2013 @ 07:46 PM
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reply to post by ConspiracyNutjob
 




People have become so accustomed to their life savings being represented by 1's and 0's in their electronic banks accounts that they are now faced with the sudden horror that it could be gone at the flick of a switch.

This is one of the best statements I have ever read here on ATS and I have been around the block a few times.
I hope the folks here take heed to the above quote.

Regards, Iwinder



posted on Mar, 23 2013 @ 08:14 PM
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Not much safer. I believe they also do fractal based lending ...so...if something tanks, they are overextended just like a regular bank. I do not know if they can leverage as much as mainstream banks ...but...it doesn't matter. If they have 10 million dollars in liquidity and they have loaned out 40 million and 20 million of that goes south...they are still in the hole double their assets..."Oops! Our depositors need a haircut to pay for our screw up!"

The illusion is finally revealing itself in terms the average Joe can understand. The banks loan out many-many more times the money than they actually have...counting on people to pay them back. (This is the creation of money in a computer)...and if someone defaults in a big way....Boom!...it all falls apart.

It should never have been allowed to happen...period. Sure, everyone wanted loans, everyone wanted to buy crap on credit...but no one should be able to lend out money that is not real. This grand illusion is what ruined the system. All for greed. "I only have 1 million dollars liquid capitol to lend out, but if I write loans for 10 million dollars and everyone is a good boy and pays their loan payments on time...I'll make 9 million dollars on air"..this is a huge part of what started the collapse. When one or two people lose their income and cannot be good boys and make their loan payments...the house of hope comes crashing down.

I know a lot of people are huge fans of precious metals. I even fear them. All it would take is a move like has happened in the past and suddenly it will not be possible to buy and sell with gold or silver.

My personal advice to stave off the coming panic attack...




I suggest a well rounded "portfolio"...the new kind.

Stock some cash, some gold and silver. Get a nice cupboard of non-perishable foods and necessities. Get some non-electric hand tools, some booze and some over the counter medications...(peroxide, aspirin, etc).

All of this stuff will be valuable barter items if this shizstorm hits full on.



Just my opinion though.



posted on Mar, 23 2013 @ 09:16 PM
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While I agree that it's wise to have cash and other investments, I really doubt that this would happen in the US. hundreds of banks have gone bust since 2008 and nobody has ever had a problem. Friday night they get taken over and Monday morning they have a new owner/sign at the entrance.

Europe is a land of the slaves. The US is the land of the free and there are too many guns out there to stage something so blatant. In the US it will be the inflation (QE) that will wipe out the savings, then bread or milk will cost $50 or whatever. Anybody still remembers when you could pull up to a diner and get a nice mean for under 50 cents?



posted on Mar, 23 2013 @ 09:50 PM
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reply to post by DarkSecret
 


I'm not going to say it won't happen here, but you're 100% correct that debasement of the dollar is stealing our savings as surely as confiscation/taxation.

I'm not old enough to remember anything larger than a bottled soda for 50 cents, but I am old enough to see the power of inflation over 20 years. When I started working in the early nineties, minimum wage was just under $5 an hour, if you kept your job over a couple of months you got a raise to at or over $5. What could I get for an hour of my labor in '93? I could get 5 gallons of gas with some change back, or two packs of premium brand smokes and a drink, or 2 gallons of milk and 2 loaves of bread, or add a buck see a $2 matinee get a drink and some popcorn. You could get a good used car with reasonable mileage for $2-3000, and you could usually find a decent enough beater for less than a grand. Oh, and even better if you didn't blow all your money on gas, food, cars, and entertainment, you could put it in a bank they would actually pay this thing called interest. You may be familiar with the term due to the "interest" you are charged on your credit card. It's the same thing, but get this, they actually would pay you like 2 or 3% per year maybe more if you had a big enough account. So if you started a savings account with $1000 you would actually earn $30 bucks in a year by parking your savings in a bank.

I think in a lot of ways credits unions might be safer than banks up to a point. They have insurance similar to FDIC, but I'm pretty sure at some level they hold their deposits in some branch of one of the clearing institutions other large financials use.



posted on Mar, 23 2013 @ 11:47 PM
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Possible in the US soon? More like a certainty.

The question is whether or not most of the sheep will be herded into making the wrong choice of the outcome.

Up next on the block to throw their hat in to introduce a system to confiscate wealth at an unlimited capacity is next for Canada if this Budget passes!

Page 144-5 for the goodies.

www.budget.gc.ca...
edit on 23-3-2013 by RevolutionIsASolution because: (no reason given)



posted on Mar, 23 2013 @ 11:55 PM
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If you aren't holding it, you don't own it.

I have already done my bank run, only money in the bank is what is needed to pay the bills. But is it safe to keep fiat currency? Perhaps it would be best to buy necessities - food, water and other items of that nature.



posted on Mar, 24 2013 @ 12:05 AM
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Originally posted by kdog1982

Originally posted by jude11

Originally posted by kdog1982

Sure,they have here in the US the FDIC,or federal deposit insurance,expired this year.


Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same IDI. Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered IDI.


www.fdic.gov...


I remember posting a thread on this about 6 Months ago...and nobody cared.


But now? I guess we'll have to see what people care about these days.

Peace


Yeah,they don't care until it's staring in your face.
Funny how that works out.


Yup. Nobody cares about the rampaging bulldozer in the forest.

Until it comes to your tree.




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