This is the kind of mutation it had to make to make it a real threat.
Aren’t we just pushing it into formerly-rich parts of the world?
Jimmy Fallon and Jay Leno:
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.
It always seems like the people who struggled are the most generous, aren’t they? This really made me smile:
Powerball winner Pedro Quezada is hosting a rent party — for his entire block.
A close friend of the newly minted megamillionaire said Quezada promised to temporarily cover the housing costs for residents in the Passaic, N.J., neighborhood that housed his bodega.
“He said he’s going to pay the rent for everybody here on this block for at least a month or two months,” the friend said Saturday outside Quezada’s Apple Deli Grocery. “He’s such a good guy.”
Word of Quezada’s magnanimous gesture left several of his neighbors stunned.
“God bless him, and thank you,” crowed Richard Delgado, 45, after learning of the pledge.
John Koblarz’s eyes lit up when he heard Quezada had offered to cover his neighbors’ rents.
But then the 78-year-old landlord came to his senses.
“Oh, he can’t afford to pay mine,” Koblarz said. “Mine is $20,000. I own the building!”
William Greider on how Krugman got it very, very wrong.
That nasty piece of work is trying to make life even harder for the poor. Yes, people who are deathly ill can wait until next week when the clinic on wheels will be here!
A state employees’ union and several Department of Health nurses and Democratic state lawmakers are suing Gov. Tom Corbett’s administration over a plan to close nearly half of the state’s 60 community health centers.
The lawsuit was filed Monday in Commonwealth Court.
Department of Health officials say they can do a better job treating public health problems and reaching more people by making community health nurses more mobile. They say the centers have expensive leases and are underused by the public.
The lawsuit says the plan violates a 1996 law that requires legislative approval before closing any centers.
The union says 26 nurses will lose their jobs, while closing the centers runs the risk of slowing the detection or prevention of outbreaks of communicable diseases, particularly in rural areas.