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Letter to the Editor: Bank worries

— Bank worries

To the editor:

I have been following the latest banking situation in Cyprus and have concerns that it will happen here.

I have learned of a joint paper signed by the US-FDIC and Bank of England, dated Dec. 10, 2012, called the FDIC-BOE Agreement Resolving Globally Active, Systemically Important Financial Institutions, also known as the Open Bank Resolution.

Did you know that under this agreement, the same confiscation scheme that has occurred in Cyprus has been written into law here in these United States?

Did you know that your bank considers your funds on deposit at their institution not your money but theirs and as such are counted as unsecured and that derivatives counter parties are counted as secured?

Did you know that when this Open Bank Resolution takes effect, your funds on deposit will be replaced with an IOU or “shares” in the bank?

Additional references to this Open Bank Resolution are in the 2005 Bankruptcy Law revisions.

I am asking the following questions of officers where I do my banking:

Is your bank a part to the FDIC-Open Bank Resolution?

Does your bank engage in any financial speculation activities, either directly or indirectly?

Does your bank engage in any investment banking, either directly or indirectly?

Does your bank engage in any derivatives trading, either directly or indirectly?

Adrienne Burton-Jones

The Dalles

Comments

waverider 1 year, 5 months ago

This is what I've learned from a financial newsletter called Gains, Pains, & Capital:

1) U.S. regulators don't have the money to actually insure deposits that they claim. (Banking deposits are in the trillions of Dollars and most deposit insurance entities only have a few billion dollars in funds.)

2) Politicians realize that people are fed up with the public funding bank bailouts... so they're targeting individual savers in the banks that are in trouble. Their thinking is that if you can't steal a little from everyone, you might as well try to steal a lot from a few people.

So could this happen in the US?

You better believe it. In fact, the FDIC has already put forth a proposal to do EXACTLY this in the event of a Crisis. Just four months ago, the FDIC drafted a formal strategy in which it suggested that during the next Crisis, it can...

1) Decide WHAT banks are systemically important.

2) Take control of any "systemically important" bank that it deems at risk of default.

3) Once in control of the bank, YOUR savings deposits can be "written down" in value (meaning you LOSE money you thought was yours) as part of the bank bailout.

Sadly because of the corrupt main steam media, less than 99% of Americans realize this is the case, but the legislation allowing this is already IN PLACE and the FDIC has already written out the rules for what will happen.

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