Get ready to be swindled by stiff bank regulations that will greatly reduce your bank account balances.
‘President’ Obama agreed with G-20 global leaders that you no longer own your bank accounts. The United States considers your bank account as an asset that, in effect, belongs to your bank and can be seized by the government to pay bank debts and obligations.
As banks fail, your deposits are considered liabilities, according to US Banking Law, then converted into equity, or stock shares in the company. Once converted to equity, you are regarded as a “shareholder” NOT a depositor… AND NOW you are no longer insured by the FDIC and therefore, as the banks fail, so do your deposits. (FDIC is bankrupt. The most it could insure is $250,000 and that can be paid back in a 90 year time frame – what good is that?)
Unfortunately, the banks we used to trust to safeguard and protect our deposits and bank accounts are becoming the RISKIEST places to store money.
Greece and Australia have taken measures to ensure that, if banks fail, bank accounts are on the hook to help assist with “bail-ins” which Obama gladly embraces.
In addition, a new political scheme to tax bank accounts, according to the Australian Financial Review, might be locked in place in Australian banks as soon as January 1, 2016. This could quickly be copied by other tax-hungry welfare states, including ours.
Like many modern taxes, this planned tax on bank accounts is being framed as a tax on the banks, not on individual customers. Its cost, however, will be passed on to depositors in the form of higher fees or lower interest paid on their accounts.
This tax on bank deposits is projected from its start to raise around $500 million each year, purportedly for a “Financial Stabilization Fund” to help protect banks from collapse in future financial crises.
Is it any wonder why so many people are turning to smarter, safer, and more secure ways of protecting their money?
Since WHEN have the people been told ANY thing truthful? BE ON GUARD with your exchanges and your bank accounts.