It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
In a speech titled "Regulating Large Financial Institutions" Stein made something very clear: if and when a TBTF fails, and since this time is not different, and a failure is only a matter of time, depositors will lose everything (courtesy of some $300 trillion in gross unnetted liabilities which once there is a counterparty chain failure, suddenly become very much net and immediately marginable - a drain of cash), which now that Cyprus is the template, is to be expected. Not only that but Stein makes it all too clear that part of the Dodd-Frank resolution authority guidelines, a bailout is no longer an option.
Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. The FDIC is an insurance company funded by premiums paid by private banks.
Originally posted by Templeton
This is ridiculous! It is nearly impossible to not use a bank. Even just to send checks to pay bills. I would not even know where to drive the cash to. They have us bent over a barrel. What options do we have? Perhaps an offshore account?
The banks can kiss my a$$
Hell, you guys are lucky then. Here in the States, if you refuse to pay property taxes on your home, they put a lien on your property, and they take it while you LIVE.
Originally posted by PuterMan
reply to post by Lil Drummerboy
The banks can kiss my a$$
I am sure they will .... and go away with the $$ leaving you with only a...............
Then will come the attachment of your property. They are already talking about that. Not sure how that would work but I just don't see how they have the right to take part of your property value. Actually they are already doing it with the Property Tax here in Ireland. If you refuse to pay it it gets added as a lien on your property and the State can then take it then when you die.
None of us outright own our land (paid for or not)... the countries we live in do. We're just paying the SOB's rent for the privilege of living on it.