Thank you G20!
The Cyprus template is now fully implemented in every major economy. Effective 16 NOV 2014:
- Bank deposits are no longer 'money' but paper 'investments' in your financial institution.
- Your asset (CASH) is now a liability (INVESTMENT).
Everyone with ANY cash in a checking, savings, or money market account just had it all stolen.
- Sure, you can still get small amounts of cash from an ATM or at the teller window of your bank, but the new banking rules agreed to across the G20 mean banks no longer consider your deposited money as 'yours' or as 'money' but instead as part of the bank's capital structure...and pretty far from the most senior part of that structure.
Congratulations! We are all now at the end of the line of claimants to recover our 'investment' from a financial institution if/when it fails.
- Maybe a penny on the dollar. Math-wise $1,000 on $100,000 sounds about right.
B-b-b-b-b-but the FDIC! Some may sputter.
- Sure. Right. With $25 billion in the FDIC fund, that covers about 1.15% of "insured" accounts.
The last financial crash was funded by taxpayer bail-outs.
- The next financial crash will be funded by depositor bail-ins.
CYPRUS
Monday, 17 November 2014
All your money are belong to us!................from Rico
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4 comments:
Rico, can you post a link to the background material for this piece? Inquiring minds want to know the details.
link?
Walking Horse, Saw the pic at the blog 90 Miles To Tyranny, but other than that there isn't any background material to link to. I wonder if Café Press has this shirt? Guess I'll go there next and look for it. Rgds, Rico
who needs details. time to get up, get the burning pitchforks and staves gathered up, and get the yoke of tyranny off our backs.
fucking thieves. from the yardarms, and the bridges, hang 'em naked and quite dead.
john jay
milton freewater, oregon usa
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