Check out this: http://www.fdic.gov/news/news/financ...8002.html#body
so what does this mean?![]()




Check out this: http://www.fdic.gov/news/news/financ...8002.html#body
so what does this mean?![]()





It means that the FDIC is preparing itself for the day when it is no longer possible to immediately find willing buyers to take over failed banking institutions and continue depositor account service as if nothing had happened (as has typically been the case with recent isolated bank failures).
It means that the FDIC is clarifying its authority to 'freeze' account balances in failed banking institutions, so that FDIC insured depositors and non-FDIC insured depositors alike won't be allowed to withdraw any of their money immediately. The intent of course is to make sure that non-FDIC insured depositors will not be allowed to withdraw any of their money AT ALL, so that whatever remains of assets in the failed banking institution can be directed to pay off FDIC insured accounts first. In a general sense, it means long bureaucratic delays before FDIC insured depositors will actually receive their money !
It means that the FDIC realizes that its total amount of 'insurance' reserve funds is woefully inadequate to pay off FDIC insured depositors immediately should a 'wave' of financial institutions find themselves in trouble at the same time for the same reason (reference to impending bankruptcy of bond / mortgage insurers, and associated rating downgrades and devaluations of worthlessly insured bonds / notes / derivatives forcing banks to write off the devaluations)




so pretty much cash in hand, preferably, in Swiss francs? getting ready for bartering goods and services? lol





the US banking system is almost totally insolvent. the Fed. Reserve is propping the larger banks up, but there is simply no money. minusing out what the Fed's put in, there is like 199 MILLION TOTAL. for banks worth billions on paper, who supposedly can cover billions in deposits made.
and the next bubble is in commodities. this crazy gambler's mentality where 'oh the government will bail us out' is progressing to OUR FOOD SUPPLY. ugh.
"Have you ever been to American wedding? Where is the vodka, where's marinated herring?" - GB
"And do the cats give a shit? No, they do not. Why? Because they're cats."-from The Onion
Originally Posted by Mia M
Call me paranoid, but stuff like this is why I'm a FIRM believer in precious metals... And I DON'T keep my silver and gold in a safety deposit box (nor do I pay anyone else to "store" it for me), because if society collapses, getting to the bank will be nigh impossible, and cash money will be worthless. I have a safe in my house (secured to the floor) with my valuables.
And food storage... Don't forget food storage!
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