Comments 1 - 40 of 66 Next » Last » Search these comments
Look at all the small banks that have failed over the years, where depositors lost everything. Not just over $250k, e-v-e-r-y-t-h-i-n-g.
NuttBoxer says
Look at all the small banks that have failed over the years, where depositors lost everything. Not just over $250k, e-v-e-r-y-t-h-i-n-g.
Wait, there are failed banks which were FDIC-insured but depositors lost everything? Can we have some examples please?
Eric Holder says
NuttBoxer says
Look at all the small banks that have failed over the years, where depositors lost everything. Not just over $250k, e-v-e-r-y-t-h-i-n-g.
Wait, there are failed banks which were FDIC-insured but depositors lost everything? Can we have some examples please?
For sure. See any of the banks involved in the S&L scandal, and the now defunct FSLIC, replaced by drum roll... the FDIC!
"Depositors were lucky to get 65 cents on the dollar, and even that was expected to take up to 10 years."
Griffin p72(cites US News and World Report, March 25th, 1985).
And, I think all retail banks should be forced into becoming depositor owned credit unions.
But that's not FDIC. Ancient history.
The entire banking system, the concept of money even, is predicated on two things. Value and Trust.
Still waiting for any example of anyone ever losing money in an FDIC insured account.
It has never happened and will never be allowed to happen. Worst case with a banking failure is that you might have restricted access to funds for a short period. But that mostly just means you won’t be able to liquidate entire accounts. Companies will still make payroll, deposits and assets will be sold to other banks and we will move on.
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
GreaterNYCDude says
The entire banking system, the concept of money even, is predicated on two things. Value and Trust.
Let me correct that for you, deception and force. They force you to use fractional reserve debt notes, so the bad money chases out the good, and deceive you that the system is stable, despite the fact that we've had a financial boom/bust cycle every decade since 1913.
Still waiting for any example of anyone ever losing money in an FDIC insured account.
It has never happened and will never be allowed to happen. Worst case with a banking failure is that you might have restricted access to funds for a short period. But that mostly just means you won’t be able to liquidate entire accounts. Companies will still make payroll, deposits and assets will be sold to other banks and we will move on.
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
Eric Holder says
But that's not FDIC. Ancient history.
What do you think will happen when the same situation repeats again?
Just because something gets rebranded, you seriously believe it's different? In that case I guess you believe the USSR really doesn't exist anymore, that Russia was peacefully overthrown, and the old leaders and KGB no longer have any say there...
pudil says
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
pudil You are 100% guaranteed to lose all of the money you have in paper dollars eventually:
Silver fluctuates in purchasing power, but does not ever go to zero, as paper money does.
In addition to the fundamental fraud in banking, SVB exposed another Ponzi Scam: SVB lent to clients that no other bank would lend, on the requirement that the borrower deposit all the company's working funds at the bank.
Here’s the real fucked up thing about those bank failures: they didn’t have to happen!
The Fed is tasked with providing instant liquidity to banks in case of a run where depositors want their money. A short term loan from the Fed would have provided SVB with the cash it needed to operate until assets could be shuffled around. But the Fed declined to provide that short term money. As they also declined to do their job with Signature bank in NY.
Why?
There’s another agenda at play here.
Any bank can just get a short term loan from the Fed at a moment's notice, no strings attached?
We need a stable banking system and mother fuckers need to go to jail.
pudil says
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
pudil You are 100% guaranteed to lose all of the money you have in paper dollars eventually:
Silver fluctuates in purchasing power, but does not ever go to zero, as paper money does.
Yet the silver remains valuable, as it has for thousands of years.
You don't necessarily need to pay for storage, and in fact having someone else store it for you is an additional risk. They might just keep it, or "lose" it.
The point is, any form of value that is not invested will lose money and go to zero over time.
The point is, any form of value that is not invested will lose money and go to zero over time.
being hired to lead a French army to destroy the books of Venetian and Genoese banks,
Still waiting for any example of anyone ever losing money in an FDIC insured account.
But by all means, convert your cash to silver and pay to store it in a safety deposit box. No one is stopping you, we all have that option if you don’t believe in the traditional banking model that has been around for hundreds of years.
Whatever is allowed by law. Obviously, it's not legal for FDIC to not pay out deposits below $250,001.
It's pretty much the same except some private property is allowed and farm workers do have passports. Just like FDIC is almost the same shit as prior to S&L, but nobody with deposits under $250K can be legally forced to take a haircut.
Comments 1 - 40 of 66 Next » Last » Search these comments
Banks lend out almost all of your money to earn interest, duh. Those loans are not for 30 minutes. They often for 30 years.
The bank can't get all depositors' money back instantly. It's impossible. And yet banks promise to do the impossible, knowing full well that they cannot.
When you deposit money in a bank, you are making an unsecured loan to the bank. The bank does not put up any collateral that you can keep, unlike the situation when you borrow money from the bank.
The FDIC exists to reassure people that they can get at least the first $250K back (eventually, not instantly) even if the bank defaults. But even the FDIC has less than 2% of bank assets. If there is a run on more than 2% of FDIC insured deposits, the FDIC itself will fail. They are also lying.
Why the lies? Because the more money the bank can lend out, the more interest it gets. Profit.
The toxxine mandates proved beyond any doubt that the CDC/FDA/NIH are all run by the pharma mafia in the sole interest of that mafia, without regard to public health.
Why would we think banking is any different?
The answer is to openly and clearly mark all deposits as UNSECURED LOANS TO BANKS so that everyone is reminded of this all the time.
https://patrick.net/post/1303173/2017-02-19-patrick-s-platform