THIS scares me: from Jonathon Turley's website [View all]

[snappyturtle]

http://jonathanturley.org/2013/03/31/could-the-banksters-grab-your-bank-deposits/


Could the Banksters Grab Your Bank Deposits?
Published 1, March 31, 2013 Congress , Constitutional Law , Courts , International , Justice , Uncategorized139 Comments


Respectfully submitted by Lawrence E. Rafferty- Guest Blogger

The recent news about Cyprus banks confiscating depositor’s funds sent chills throughout the financial world here and abroad. I couldn’t believe that the plan in Cyprus hinged on the idea that the bank could just steal customer’s funds to balance the bank’s books. I muttered to myself when I read the story that something as crazy as that couldn’t possible happen here in the United States. Unfortunately, I learned that the plan to pull a Cyprus type grab here was already in the works.

“A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds. ” NationofChange

snip.....

To be clear, this joint FDIC-BOE plan would need enabling legislation to be passed before it could become the law of the land. However, the bankruptcy laws have put unsecured creditors, which depositors would be labeled under the plan, lower in seniority to the claims of derivative counterparties which would mean that the very parties who are causing the bank to fail, could collect before the innocent depositors.

snip....

This type of bank bail out is an end run on depositors and on the American public. I can only guess why the corporate owned mass media has not been carrying this story. I do not think that I would every put any money in any of the big multi-state banks in light of this potential nightmare of a bailout. I would love to see the Senate hold a hearing to question FDIC officials on this joint plan. While the wealthy use the banks, a good portion of their wealth is in other investment vehicles and therefore the brunt of the bailout could be borne by you and me. Of course the banks will claim that we would receive stock in lieu of the confiscated funds, but can you pay your mortgage bill with stock from a failing bank?

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I trust Jonathon Turley therefore I trust his guest blogger. What do you think? With everything that has gone on in the last decade I worry that this scenario of banks seizing deposits could happen.

Edited for clarity of my own words not the author's.

2nd edit: For better understanding read:
http://www.nationofchange.org/it-can-happen-here-confiscation-scheme-planned-us-and-uk-depositors-1364735979

This link is on the Turley website in the above article....it answers much.