From Infowars.
When a banking customer deposits their money into their bank account, the Federal Deposit Insurance Corporation (FDIC) and Securities Investor Protection Corporation (SPIC) are in place to protect the customer from fraud or theft. The ruling from the CCA means that these regulatory systems will not insure customer funds, investments, depositors and retirees who hold accounts in banks. In fact, the banking institution is now legally allowed to use those customer funds deposited as collateral, payment on debts for loans made, or free use on the stock market to purchase investments as the bank sees fit.
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George, a minor addendum on this from Barnhardt.biz-Com
ReplyDeletePer the Q4 2011 FDIC Chief Financial Officer's report to the Board, published on March 30, 2012, the FDIC's Deposit Insurance Fund had a balance of $11.8 billion dollars.
Bank deposits in the United States at the same time are estimated to be between $8 TRILLION and $10 TRILLION. Let's be conservative and say the number is $8TTT.
11,800,000,000 divided by 8,000,000,000,000 equals 0.001475, which I will round UP to 0.0015.
That is read as "fifteen hundredths of one percent". It isn't one percent, it is fifteen hundredths of one percent. That is how much the FDIC is carrying to back all of those little signs on the teller windows that say "Each Depositor insured to at least $250,000. Backed by the full faith and credit of the United States government."
But hey! It could be worse! Back in 2009 the FDIC was completely insolvent - IN THE HOLE. So what they did was to force all of the banks to pay three years worth of premiums upfront in one year, in order to replenish the fund.
Now, let's review some other statistics as of June 30, 2011:
JP Morgan:
Total Assets $1.8 TTT
Total Derivatives Exposure: $78 TTT
Citibank:
Total Assets: $1.2 TTT
Total Derivatives Exposure: $56 TTT
Bank of America:
Total Assets: $1.4 TTT
Total Derivatives Exposure: $53 TTT
Top 25 commercial banks:
Total Assets: $8.3 TTT
Total Derivatives exposure: $249 TTT