reply to post by sheepslayer247
As I stated in my original post, the money will just "disappear"....just like it did with MF Global. Billions of dollars will be gone, and the
banks will say that some terrorist stole all the money and they have no idea where it went....which is total B.S., as it has to end up
digitally speaking, even if it's in some account in Switzerland, the Cayman or Cook Islands.
With everybody's accounts hit, FDIC will say that they do not have enough in reserves to replace what was stolen from everybody, so they'll say that
we get pennies on the dollar, because that's all they have.
An insurance company can pay some claims, but if every single customer was wiped out, the insurance company would have to admit that they don't have
enough funds to cover what they promised to cover. The FDIC is the same way.
If you had $1000 in your account one day, and the next day it went to zero....and it happened to everybody.....FDIC would perhaps have enough to
replace $50 - $100 in your account, maximum. The rest is your loss, you will never get it back.
This is what freaks me out about this. It could happen so easily, the banks would look like the victims, the government would claim that it cannot
pay everybody back, and all we could do is cry, freak out, run to the grocery stores and steal what we could, or rip off our neighbors.
If you want an apocalyptic scenario, this is a doozy. Then imagine that people, most of live paycheck-to-paycheck, end up not being able to pay their
rent or mortgage. The banks have become much more aggressive in the past 6 months when it comes to mortgages, and I read somewhere that, if somebody
defaults on their primary residence, and they have some land somewhere, the banks will take the paid for land as well.
The ugliness that could result from this scares the crap out of me.