You are hereBlogs / Stephen Lendman's blog / Secret FDIC Plan to Loot Bank Accounts

Secret FDIC Plan to Loot Bank Accounts


By Stephen Lendman - Posted on 09 April 2013

 

Secret FDIC Plan to Loot Bank Accounts

 

by Stephen Lendman

 

It shouldn't surprise. It's already policy. Market analyst Graham Summers explained. Depositor theft is coming. Europe is banker occupied territory. So is America. 

 

Finance is a new form of warfare. It's more powerful than standing armies. Banking giants run things. Money power has final say. 

 

Economies are strip-mined for profit. Communities are laid waste. Ordinary people are impoverished. Even their bank accounts aren't safe.

 

Cypriot officials agreed to tax them. Canada, New Zealand, and Euroland member states plan doing the same thing. So does America.

 

Officially they're called "bail-ins." It's code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, depositor funds will keep them operating.

 

Money printing madness can't go on forever. Regulators, like FDIC, haven't enough money to insure depositors. It's simple mathematical logic.

 

Ordinary people and richer ones have trillions in bank accounts. It's low-hanging fruit. It's a treasure trove begging to be looted. Legislative shenanigans legitimize it.

 

It's happening offshore. It's approved in Canada. It's coming to America. "What happened in Cyprus isn't a 'one-off,' " said Summers. When systemic crisis hits, things happen "FAST and FURIOUS."

 

Cpyriot bailout talks continued for months. "And then the entire system came unhinged in one weekend."

 

Banks closed. Capital controls were imposed. People couldn't write checks. They lost access to their money. Limited amounts only were permitted. Insiders were tipped off. They exited early. Others uninformed now suffer.

 

Think it can't happen here? Think again. It's coming. Proposed FDIC legislation lets it "TAKE CONTROL OF BANKS IT DEEMS SYSTEMATICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS (AND OTHER BANK ACCOUNTS) AS PART OF THE BAIL-IN."

 

Dodd Frank financial reform capitulated to Wall Street. It did so at the expense of the economy, states, local communities, and ordinary people hit hardest.

 

It's wrongheaded. It provides a veneer of regulatory cover. It's a scam. It's laden with false diagnoses and fatal flaws. It lets Wall Street continue business as usual. 

 

It's secret provision permits looting depositor bank accounts. Four months ago, formal strategy was drafted. It's ready when America's next crisis hits. Graham outlined three steps:

 

(1) Designate systematically important banks.

 

(2) Control those deemed at risk of default.

 

(3) Write-down depositor savings in value. In other words, loot them. Money thought safe is gone.

 

Few Americans understand. It's not publicly acknowledged. Legislation already was drafted. FDIC implementation rules are ready. Eventual crisis is virtually certain. Only its timing is unknown. 

 

Now's the time to protect assets too important to lose. Forewarned is forearmed.

 

Stephen Lendman lives in Chicago. He can be reached at lendmanstephen@sbcglobal.net. 

 

His new book is titled "Banker Occupation: Waging Financial War on Humanity."

 

http://www.claritypress.com/LendmanII.html

 

Visit his blog site at sjlendman.blogspot.com. 

 

Listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network.

 

It airs Fridays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

 

http://www.progressiveradionetwork.com/the-progressive-news-hour

 

http://www.dailycensored.com/secret-fdic-plan-to-loot-bank-accounts/

Speaking Events

2016

War Is A Lie: Second Edition
Book Tour

May 19, Sarasota, FL, 7:00 p.m. Fogartyville Community Media and Arts Center 525 Kumquat Court, Sarasota, FL

May 20, Jacksonville, FL, 7:00 p.m., Florida Christian Center Auditorium, 1115 Edgewood Ave S, Jacksonville, FL 32205, (904) 381-4800.

May 21, Gainesville, FL
7:00 p.m.
Unitarian Universalist Fellowship of Gainesville, Florida
4225 NW 34th St, Gainesville, FL 32605
(352) 377-1669
Sign up on FB.


May 28, San Francisco, CA
11 a.m. to 1 p.m., David Swanson interviewed by Daniel Ellsberg, at San Francisco Main Public Library, 100 Larkin Street.
Sign up on FB.

May 28, Marin County, CA
4 to 6 p.m., David Swanson in conversation with Norman Solomon, at Book Passage, 51 Tamal Vista Blvd., Corte Madera, CA
Sign up on FB.

May 29, Oakland, CA
3 to 4 p.m., David Swanson interviewed by Cindy Sheehan, at Diesel: A Bookstore, 5433 College Avenue at Kales (near Manila), Oakland, CA
Sign up on FB.

May 29, Berkeley, CA
7:30 to 9 p.m., David Swanson and Cindy Sheehan at Berkeley Fellowship of Unitarian Universalists, sponsored by the Social Justice Committee and Cynthia Papermaster, 1606 Bonita Ave. (at Cedar), Berkeley, CA
Sign up on FB.

May 30, Fresno, CA
2 to 4 p.m., David Swanson and Cindy Sheehan at a Peace Fresno event
Community United Church of Christ
5550 N. Fresno Street
Fresno, CA 93710


June 11 St. Paul, MN, 6 p.m. at Macalester Plymouth Church Social Hall 1658 Lincoln, St. Paul, MN.
Sign up on FB.

June 12 Minneapolis, MN, 9 and 11 a.m. at St. Joan's 4533 3rd Ave So, Minneapolis, MN, plus peace pole dedication at 2 p.m.
Sign up on FB.


Other Events Here.

CHOOSE LANGUAGE

Support This Site

Donate.

Get free books and gear when you become a supporter.

 

Sponsors:

Speaking Truth to Empire

***

Families United

***

Ray McGovern

***

Financial supporters of this site can choose to be listed here.

Buy Books

Get Gear

The log-in box below is only for bloggers. Nobody else will be able to log in because we have not figured out how to stop voluminous spam ruining the site. If you would like us to have the resources to figure that out please donate. If you would like to receive occasional emails please sign up. If you would like to be a blogger here please send your resume.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.