Time to Be Your Own Bank

Global Bank Account Pillage is Now Set Up

G20, IMF, Financial Stability Board, and our underinsured FDIC

The FDIC here in the USA has approximately 60¢ of insurance for every $100 in domestic bank accounts. Basically $99.40 of every $100.00 in your bank account is "underinsured".

The Dodd-Frank Act's supposed ban on taxpayer bailouts of most speculative derivatives activities has been repealed by the recent Omnibus bill legislation. So in the next bank implosion, taxpayer bailouts on a Bank of America or JP Morgan Chase derivatives bust is again in play.

Also the next financial crisis most likely will not only be met with bail-outs, it will be met with bail-ins with many bank depositors taking the brunt of their direct bank's losses. Overnight global currency devaluations are also a real possibility, both equities and bonds will not be immune to the next crisis either.

"The G20 solution that has been discussed under-the-table, behind closed doors, which has been strategically further kept hidden behind-the-curtain no less, is a new policy that is the brain child of Christine LaGarde of the IMF. This policy proposal changes the “LEGAL” status of bank deposits placing them on par with paper investments. It takes a legal mind to rationalize this. For in truth, it is actually the correct legal position. If you give your money to a bank, it is really your responsibility to know who you give it to." -Martin Armstrong

The Financial Stability Board (which is sanctioned and literally works out of the Bank for International Settlements building) working within the G20, had this to say in their November 10, 2014 Total Loss Absorbency Capacity proposal about how all G20 banks should have bank deposit bail-in options in the event of bankruptcies or large loss write downs.

They state the following point blank, page 5, 2nd paragraph:

The Key Attributes describe the powers and tools that authorities should have to achieve this objective. These include the bail-in power, i.e., the power to write down and convert into equity all or parts of the firm’s unsecured and uninsured liabilities of the firm under resolution or any successor in a manner that respects the creditor hierarchy and to the extent necessary to absorb the losses."

So now derivative gamblers are 1st line creditors. Joe Public is an unsecured creditor who would be lucky to get some diluted equity shares in a reformed bank as compensation for his lost checking and or savings account.

If you live and bank in a G20 nation... if you have a bank account with a bankrupt bank, you are now officially on the slaughtering line.

But hey, the currency in your bank account has always truly been your liability.

It's just a shame we've been set up to relearn this lesson in a very hard way.

(Federal Deposit Insurance Corporation - source: http://goo.gl/HqTacn)
(St. Louis FED total bank deposit data - source: http://goo.gl/7yLjHY)
(Dodd-Frank Act Section 716 - source: http://goo.gl/cEemyd)
(Martin Armstrong - source: http://goo.gl/8THXcN)

Research provided by James Anderson on behalf of JM Bullion.

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