UPDATE: Looking around, I see that Ellen Brown is considered to be a bit of a RW conspiracy nut. So, since we have so many real problems to worry about, I think we can leave these hypothetical one alone.
Deposit confiscation is being planned in the U.S. and the U.K.
Just as the New Zealand plan has been in process for a while, so is a similar plan in the U.S. and the U.K. This piece is making the rounds and making waves. It should (again, my emphasis; h/t a must-read DownWithTyranny piece):
It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors
Posted on March 28, 2013 by Ellen Brown
Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. 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 earlierhere); and that the result will be to deliver clear title to the banks of depositor funds. …
Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.
The 15-page FDIC-BOE document is called “Resolving Globally Active, Systemically Important, Financial Institutions.” It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently [the writers anticipate] that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite …
No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive. …
December 10, 2012 was pre-Cyprus. Deposit-confiscation wasn’t something cooked up on the fly. It’s been in the works for a while, by all the international Bigs. Note that the source of the negotiations is “the G20 Financial Stability Board in Basel, Switzerland.” This is indeed international.
This proves three things, I think:
- Major governments exist, in part, to make sure no banker takes a loss anywhere in the world, regardless of risky behavior on the part of the banks. The world and its governments serve the bankers.
- The next banking crisis is anticipated to dwarf the last one, and the Bigs have been making plans to bail it out with depositor funds, not taxpayer funds. Cyprus is just the first implementation.
- Loss of deposit insurance is coming to the U.S.
The Rich vs. the Rest. “All your money are belong to us“ indeed. The outcome has bloodshed written all over it.