New Banking Rules – As Your Money Becomes Theirs In The Next Crisis

During the next banking crisis, any ‘money’ that you and I have in the bank may be ‘bailed-in’ after a financial collapse. If you think that your money is protected with your bank account’s FDIC backing, think again.

During the recent G20 meeting (mid-November), the member nations decided that your bank deposits will become property of the bank if a crisis takes it down.

This means that the bank will be able to pay off their creditors first (if there’s any left to pay) and the money will no longer be yours. The new rules essentially change the status of you as a depositor (of your money) to that of an investor in the bank. And as with any investor in the stock market (for example) you will be subject to losing your money.

The rules have completely changed…

 
Apparently, the depositors are now responsible for bailing-in the banks for any losses during a banking crisis (can you say, ‘derivatives’?).

Note: The derivatives exposure is said to be (at a minimum) $300 Trillion. That’s with a ‘T’. Under the new rules (for example), if the derivatives bubble begins to burst and you rush to the bank to withdraw your money (or assume that you will be protected by FDIC insurance), now apparently there are rules in place whereby your money (deposits) will no longer really be YOUR money.

Under the FDIC, US deposits that are less than $250,000 are protected by federal deposit insurance. HOWEVER, the insurance funds are entirely inadequate to handle a major collapse. The insurance money set aside for banking collapse is apparently just $25 billion, a teeny tiny fraction of what would be needed. Even if only one major (too big to fail) bank fails, there will be nowhere near enough insurance money. And if the $300 trillion derivatives market unwinds, the money is not even a speck of the overall enormity.

Within the ‘Executive Summary’ of the (IMF) International Monetary Fund paper, “From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions“, we find one definition of ‘bail-in’ as follows:

Emphasis added:

bail-in, which is a statutory power of a resolution authority (as opposed to contractual arrangements, such as contingent capital requirements) to restructure the liabilities of a distressed financial institution by writing down its unsecured debt and/or converting it to equity. The statutory bail-in power is intended to achieve a prompt recapitalization and restructuring of the distressed institution.

A few points of note:

What was formerly called a “bankruptcy” is now a “resolution proceeding.” The bank’s insolvency is “resolved” by the neat trick of turning its liabilities into capital. Insolvent TBTF banks are to be “promptly recapitalized” with their “unsecured debt” so that they can go on with business as usual.

“Unsecured debt” includes deposits, the largest class of unsecured debt of any bank. The insolvent bank is to be made solvent by turning our money into their equity — bank stock that could become worthless on the market or be tied up for years in resolution proceedings.

The power is statutory. Cyprus-style confiscations are to become the law.

Rather than having their assets sold off and closing their doors, as happens to lesser bankrupt businesses in a capitalist economy, “zombie” banks are to be kept alive and open for business at all costs — and the costs are again to be to borne by us.

– OpEdNews

During bank failure, creditors will have first priority for any funds which may be available for pay out. Since bank depositors money is now considered to be ‘unsecured debt’, the deposits will essentially be converted to bank equity – which means that the depositors will become last to be paid out. And there might not be any money left to be paid out.

Even though the FDIC isn’t there to support a derivatives failure, the FDIC insurance does not and will not (ever) have even a tiny portion of the $300 trillion among the banking losses of a derivatives crisis. And if you think that all it will take is for the government to print the money (enough to save the banks) – all that will be left (after currency devaluation due to massive printing) will be a small fraction of what your dollar was once worth.

You might ask, why did the rules just change at the recent G20 meeting?

Answer: because the banking system is a private entity which will do whatever it can to transfer the wealth from YOU to THEM during a crisis. And they did it right under your nose. No mainstream press. No mainstream media coverage. No nothing.

Do the banking elites suspect a meltdown in our future?

 
What are we to do with this new information? I suppose if you have no money in the banking system, then you will not be directly affected by a banking collapse (other than the probable horrible follow-on consequences of an entirely collapsed economy).

Throughout history, when a banking crisis has unfolded, depositors rush to the bank to get their money. They are almost always too late. Tangible assets become the things of real value. These tangible assets vary for everyone.

Maybe it’s time to become your own banker…

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I have direct deposit of my payroll check. First thing every payday I remove MY money from the bank. I earned it I will do with it as I see fit.

Ever heard of “bank holiday”? Good luck getting “your” money out if the bank is closed, ATMs turned off and no one will accept a check. Happened last in 1933.

Bank holiday happened in Cyprus just a year or so ago. Followed by a “haircut” of any deposits over 100,000 Euros.

@Beano – and we’ll see the same thing happen in the U.S. The only question is WHEN will it happen?

My SS check is DD also. I am there early morning to withdraw it.
I only leave about $10 in checking. All utilities/bills are paid in cash and the mortgage is only bill paid through husband’s checking.

Important bills should always be paid by cheque that way there is a money trail. The top two are rent and mortgages. In my opinion utilities should also be paid by cheque. If you pay by cash it is easy for the payee to say that you have not paid. I know of cases where this has happened.

You should always get a signed and dated receipt whenever using cash…that’s your paper trail…👍

It has started. I received a notice from my credit union with notice of change to funds available to withdraw money. The notice came in a four page letter which was printed in very small lettering. You need to have a business degree to understand all this. What I understand is you will only be allowed to withdraw a certain amount of money, and if you want more you need to contact them at least seven days notice prior withdrawal.They may refuse your withdrawal if they ( credit union) feels it is a security risk or undo hardship to the credit union. I will be withdrawing my money out as fast as possible

ok this is the first im reading about…this is the credit union new rules. what is the limit? and then where do you put it…under the bed or the back yard buried. i think there is a limit how much the bank has on hand to give out per each person. gong to say Max #10T
feed back would be helpful.

I so agree with you and I too have direct deposit and I too withdraw my money.

any idea if this is the same for Canada?

After the Cyprus incident,they did the same thing in Canada ,as most other Western nations,.In Canada if you have money in any bank you are protected up to $100,000.00 .Other than that ,given a collapse,you will be robbed.

If you have money in a Credit Union I believe the rules are different.You might want to check this out.

The Caisse Populaire that I deal with is insured through a provincial system.

Another thing that you might want to consider ,the Caisse Populaire does not have much more money lent out than what they have as assets.

The US fdic insurance fund has between 50-80 billion. US deposits total 10 trillion. Like all our money, it is leveraged to the hilt. Good luck collecting when the shtf

I asked my credit union about removing cash from my savings. I was told I could remove only $500 in a 24 hour period. I can also remove $500 from the ATM. This tells me this restriction is prevent the credit union from running out of liquid cash. This was a wake up to me because I thought credit unions were different somehow. They Len money and use your savings to do it. They don’t gamble like banks but liguidity is the issue not gambling. They too will close. Maybe even faster than big banks because they are at the bottom of bailout help. I’m taking my saving out. My Social Security and Pention will still go in. I have major bills auto removed so those people will get paid like car payment, car insurance and Verizon. So I don’t lose my car because I can’t access money. If I can’t pay rent then no one will be paying rent. Oh well. Utilities will have to wait too. Living in my car that’s being paid for is important

Interesting, don’t have much in the bank anyway but may have to rethink on some savings outside of the bank as well as gold and silver, paper money may become worthless never know.

I already know what the G20 central banks declared the money we account holders have in their accounts is not our money. Banks have been practicing this from my experience since 2007.

When banks sell their assets to another bank, they keep it secret and will withhold your money, denying your transactions and bouncing your checks because they want their assets to be the same at agreement of sale to the closing sale date. I know this because it happened to me. I closed my account there and went to a local hometown bank and I don’t keep savings in any bank institution. Watch out for Chase and BofA banks refusing withdraws, it has already started.

I now only keep operating capital in my account now.

When it became a requirement to have automatic deposit of our Social Security checks, I began online bill paying as soon as the money was there in my account, and then go to the bank the following morning and withdrawing my cash. It hasn’t been safe to keep money in a checking or regular savings account for a number of years now. It just got a whole lot less safe.

I think it may be one of the ways our government plans to use to get back money they’ve “paid” us. (yes, I know, they haven’t really paid us, it’s our money they are returning to us, and I’ll not live long enough to collect all that I’ve paid in.)

(see bank holiday, above)

The $303 trillion in derivitives risk was also laid on the backs of the US taxpayer in the just passed Cromninus Bill. The section was written by Citibank and placed in the bill as a recission of the Dodd-Frank bill verbage by the Republicans. Such true fiscal conservatives (LMFAO).

BTW, there is not $303 trillion on the whole planet. In fact, I am not sure if you could sell the Earth to aliens for over $200 trillion.

Yeah Ken, those are great visual aids.

A few years ago the ISDA (International Swaps and Derivitives Association) reworked their numbers since the total Derivs were at $1.4 quadrillion. They thought the number was “too scary” for the common folk, so they adjusted in half to roughly $744 trillion.
LOL.

BTW, I have a couple extra Zimbabwe $100 trillion bills left from last Xmas and would be more than happy to pay off the US debt.

Hi Cossack55: Just recently, I was listening to someone that had added up ALL the Debt the US owed….including absolutely everything….712 Trillion.

I cannot say with absolute certainty, but the rules are significantly different for credit unions. My credit union, for example, makes everyone an owner of shares in the operation, and the more money you have in it, the bigger your slice of the pie. The board is made up of elected regular folks who are required to hold accounts at the credit union. In addition, our CU cannot take on any debt of any kind without a vote of all it’s members. Also, if the board makes an un popular decision, we can override them as long as it doesn’t trigger some statutory thing or another.

As a not for profit entity, salaries of board members and officers is severely capped, meaning there is no real way to “loot” the vault. As much as I would like to see banking as it currently exists disappear, it won’t. Keeping a bunch of cash at home would have me constantly worried, and burying it wouldn’t make me feel much better, so I use the CU because it’s the next best thing.

Agreed! Credit Unions are MUCH safer than banks in my opinion. They are not beholden to the same ‘system’ that banks are held to (and controlled by).

Here, here! I switched exclusively to credit unions and applauded the big Occupy Wall Street movement to withdraw funds from Chase and B of A.

Most of my money is in the bank safe. Will they confiscate that???

They can not confiscate my jewelry and my property titles/pink slip/bonds.

My 401 is safe. that where most of my money is.

I read when I signed up for direct deposit from my employer that they can go and retrieve monies they deposited. I’m opening a different bank account for them. away from my savings acct.

Is the bank safety box exempt?

Down.

I closed my Bank safety box last week. I was told that a bank representative would have to watch me remove all my items “to make sure I did not leave any items”. Fortunately, I had only paper in my box. No hard assets. I wonder what would happen if I had hard assets.

Whoa! So much for privacy! Good thing it wasn’t stuffed full of cash, or silver, or gold – you may have been reported to the ‘authorities’ 😉

never heard of this “they have to watch”…sounds a bit dodgy…..

I’ve never heard of a case where the bank required someone closing a safe deposit box to have a bank employee observe the process; indeed that is entirely contrary to how it used to be.

Also, safe deposit boxes are no longer guaranteed private. Given a good reason (i.e. a court judgment or the IRS wants to), the bank will open the box and give the contents to whoever.

The bank DOES NOT open the box and give the contents to whoever as you wrongly state.

I closed two deposit boxes a few months ago. I was left alone, but when handing the boxes back to the bank employee, he opened and made sure they were empty.

However, there was a bit of a scandal in our town several years ago. Women would go to the bank to get their jewelry for an event and a bank employee would inform a thief partner who would then make sure to steal the jewelry before they had time to return it to the bank. They were caught.

That’s why when you want to close your safe deposit box, you clean it out the week before you close it. When I closed mine, it was an empty box.

My 401 is safe!!!???!!! I am still laughing!!!

California has been seizing deposit boxes for two years now. If it is in a bank, it is not yours. Also, if the bank is closed, how will you access the box?

My understanding (but I’m not sure) is that whatever is in a bank’s safety deposit box may become the bank’s assets during a banking collapse. Plus, as you say, you won’t be getting into your safety deposit box during a banking collapse…

What is inside the safe deposit box that you rent is your property, not the banks. The bank has no legal claim to it.

They used to be seizing safe deposit boxes that were deemed abandoned under the then current law.

Hey Beverley Hills, your 401k is safe? That’s pretty funny. The brokerage firms where so many 401k’s are held are probably at more risk than the banks. Think of all the equities in today’s 401k’s. If the derivatives implode, EVERYTHING’S going down the toilet. Game over.

Most 401k’s are probably held with mutual fund companies (Vanguard, Fidelity etc…). They are not loaded with derivatives like the banks.

The main reason for the financial crash of 2008 was because the crooks in the financial industry was bundling risky mortgages as Collateralized Debt Obligations, Derivatives, and then getting them fraudulently rated as Triple A investments so they could be sold to retirement funds (401k accounts and such), foreign governments, etc., etc. Retirement accounts such as 401Ks are required by law to invest only in such safe rated funds. So much for safe investments. Then there’s the bogus credit rating systems. They’re helpful when industry wants to deny a person something, but not worried about them when they can be used criminally by industry to get rich and fleece the public and eventually the tax payers. They were freely giving out mortgages to people who didn’t have incomes, jobs, or assets, people with no credit ratings at all, or bad ones at best. The good old NINJA mortgages and loans (No INcome, Job, or Assets)

Criminal activity at its best, and no one went to jail. Why? Because we have the best government money can buy and it is completely bought and owned by wealthy special interest, such as the financial industry, being one industry of many.

Whenever a politician speaks of, and actually tries working for the everyday citizen, such as Bernie Sanders (like they all should be), they’re called an evil Socialist!

The United States of America has been destroyed over the last 40 years due to Reaganomics, Trickle Down Economics, Free Market Capitalism, the Global Economy, whatever anyone wants to call it, it’s the same thing, a few getting rich by taking everything they can from everyone else.

The disgusting thing is, they don’t give a damn about the damage they’ve done to the country. Just think if people in the police departments and military would wake up and realize they’re protecting the scum bags that are destroying the country they swore to protect. Hopefully that will eventually happen, then some heads are going to roll. Of course by then the country will be in shambles, we’re almost there already.

Fed Up

The writings of a true socialist.

Wake up and see the real history of nature, especially, human nature. To the victors go the spoils has always been the rule. Adversity has always made a species or race stronger in the long run. From the most “uncivilized” population to the supposed most civilized, war (whether it be financial, physical fighting, intellectual, …) has and it seams will always be the way of man.

The worst examples of human degradation occurred under socialism which inevitably led to communism of dictatorship. The same ruination is happening to this country as socialist doctrine destroys personal freedoms because it makes us individuals – but religion, morals, integrity, … get in the way and must be destroyed.

So, if you are so stupid as to take out a mortgage you can not repay, buy a vehicle you can not afford, take out a student loan you will never be able to repay, don’t blame the rest of us responsible hard working population for your troubles.

Sorry for the rant, but many of the problems of this country are brought on ourselves.

Fed Up,
I agree that few, if any, politicians truly put the best interests of their constituents above all else. Beyond that, I agree with almost nothing you’ve written.

The financial melt down was caused by a combination of factors, only one of which was the bundling of poor quality mortgage backed securities. We also had gov regulations allowing banks and investment companies to operate together, and gov requirements to make loans to low income borrowers who were not equipped to repay loans. We had lots of consumer debt, too many investors who thought the markets would never go down, and plenty of construction and business debt as well. Had it only been a matter of the mortgage market the effects would not have been as bad.

The companies that rate bonds and other securities also sell their services to the very entities they rate, a glaring conflict of interest… but completely different from an individual ruining his/her own personal credit worthiness.

And your comments about Bernie being for the people really floors me. He is a self-described democratic socialist, which is not a real thing as far as I know. And while he says he is for the people, his positions are for “government” to pay people, forgive debt, run healthcare, and so on. This is the complete opposite of personal freedom, liberty and individual choices and responsibility. There is no way that benefits individuals! As someone commenting on a preparedness site, I would expect to read about how you want to be more prepared, and have more control of your circumstances, not relinquishing them.

I personally want smaller gov, less involvement and intrusion into my life, and to not pay more in taxes so that my hard-earned money can be redistributed through socialist policies.

hermit you are a true genius.

What you are saying is that if the government/bank/con man lies to you and you put your money in a bank believing those lies and that con man/bank steals or loses your money its your fault? So we just get rid of all rules and laws and let it become a wild west of the soulless/immoral who kill those foolish trusting souls who believe in foundation of this country which is fairness and the rule of law? So if you get a diagnoses of cancer from 3 doctors and later discover that they in fact all lied about your condition only to make money it is your fault for not being able to see through that lie by becoming a doctor yourself? Thus you advocate the US becoming a land of war lords and petty kings where the so called ‘strong’ (drug dealers, rapists,bank crooks) prosper and everyone one else suffers? If that is your dog eat dog utopia then why don’t you move to Somalia? Somalia would be a dream come true for people like you. A land where “To the victors go the spoils has always been the rule.”

Good morning, rather they will confiscate what is in safety deposit boxes is anyone’s guess, but a Federal Marshall or any banking official authorized by the Federal Government can open any box in any bank in America. That is the law. How they will exercise it remains to be seen. Personally, we must admit that any power they have then they will most certainly exercise to our hurt and their gain. God bless and thanks.

Only with a court order can someone else enter your safe deposit box.

When a bank shuts down for any reason, a run on the bank etc. You cannot access your safe deposit boxes. Keep that in mind. Who knows how long it would be before you would be able to, if ever, should it really hit the fan.

Your 401k is not safe. Ask the poles in Poland what a government will do with your supplemental retirement fund. The Polish government “nationalized” every citizens IRA and 401k accounts to pay off their national debt. Bottom line- the Polish government stole the hard assets out it’s own citizens accounts and replaced them with long term government junk bonds.

Safety deposit boxes are not safe either. The state of California has been robbing dormant deposit boxes.

Credit Unions are safer than banks, but I still don’t trust any financial institution. It’s just a matter of time before we’re treated the same way as the Cypriots were.

The Polish government DID NOT “nationalized” every citizens IRA and 401k accounts to pay off their national debt. Poland does not have IRAs and 401ks. Poland took half of the private pension funds. These are not like the voluntary IRAs and 401ks as is common in the U.S. They are more like defined benefit pension plans and Social Security.

Some banks will allow you to put an ACH lock on the account. With an ACH lock in place money can not be deposited nor withdrawn, but you can electronically pay bills as a “push” or manually write checks, make deposits etc. When a bill is paid electronically by an entity taking money it is a “pull”.

The way this helps is have the money auto deposited into the account — say the 1st of the month or the 15th of the month. Make an electronic transfer automatic into a separate account for the amount you know will be deposited. Make sure the account they have access to is not setup to be “covered” from other accounts if over drawn. That way the money isn’t there to take back.

We can’t be there the next morning to make withdrawals and want to

Hi Down and out: Just a few months ago Obama did an Executive Order allowing 401Ks to be used to pay Banks along with several other things. I can’t remember all the plans he authorized to be robbed, it is several! If the Banks get in trouble, and they will, the Bills are to be picked up by you and me. Look into his Executive Order for the true Details. As Larry Edleson says, we are aimed at Depression Times over the next 5 Years!

Might want to read up on the U.S. Gold seizure in the Great Depression. They took gold from safety deposit boxes, unless it was a “collectable”. Get a home safe, it’s a bit better. Still no guarantee.

I would just like to add that in my opinion it is a very good idea to keep a substantial (whatever that means to you) amount of cash at HOME in a SAFE. Given that you are not getting any real interest rate in the bank, you’re better off to keep whatever cash cushion you’re comfortable with – at HOME. In your hands.

Apart from that, it’s about diversification of assets. I like tangibles. Even though the stock market has been going up and up and up (as it must to maintain the proper perception of recovery) – I know that it’s hot air (mostly) and I don’t trust ANY of my money there. I might be proved wrong when the DOW hits 20,000 or more, but who knows how long they can really hold it together. I don’t…

I closed my bank account and took the money in the form of coins. I cut up my credit cards after I paid them off. I owe no creditor. I still have to pay property taxes and federal taxes. My home is paid for. I will pay utilities in cash. Now for my question, have I missed anything or made some kind of mistake somewhere? Appreciate all comments

Having NO debt is not only an INCREDIBLE feeling of freedom, but it is considered ‘dangerous’ to ‘the system’ which NEEDS debt to survive. Like you said, there will always be property taxes and federal taxes (and state taxes depending on where you live), but that is simply unavoidable in today’s modern world.

In my opinion, striving to become as self independent as you can – is an asset in and of itself. Tangibles. Using disposable income to further your self-reliance is a step in the direction of independence. The LESS you need the services of THE SYSTEM, the SAFER you will be during a COLLAPSE. So whatever it is that you might do to accomplish a portion of this (different for everyone), the better off you will be.

The only thing you missed out on was standing in the ‘dumbed out’ line. If everyone had exercised their brain as you most certainly did then we wouldn’t be in the mess we are in today. Thanks for job well done and enjoy your freedom. I thank Christ everyday that my household is debt free too. It is a great feeling to owe no one for anything, except the obvious fleece fee taxes you have already mentioned. God bless and may everyone follow your example.

Roger that! We have been debt free for 12 years and it is a wonderful feeling! I give thanks to the Lord and to my wife who has done such a great job of managing our finances. I just turned 60 a couple days ago. I’m looking with interest at where this whole mess will take us.

Happy New Year. Be safe.

Hi No Joke: Good move….I don’t spend nearly as much now that I do most buying using Cash. Plastic is too easy to use whereas Cash makes you think…do I really need this? Get rid of the Cards and it gets rid of all your 18% buying.

For a little more elaboration on this subject (including avoiding global thermonuclear war) see:

The Outlook for the New Year by Dr. Paul Craig Roberts

http://www.paulcraigroberts.org

Saw this coming… there have been WAY too many PSAs encouraging people to put money in a savings account lately.

I wonder if CDs are *slightly* more secure since you have a written contract saying you get x-amount of $ after an agreed upon time??? I’m sure that’ll be worthless on day 2 of the end of the world. Besides it’ll take 10+ years to get a court case to fight it & by then you’ll be dead so who cares, right?

I’m sure any houses that have mortgages are “assets” to be converted into “equity” as well. “Your house is being seized for non-payment of your mortgage” “But I can’t pay you my mortgage because you locked me out my money!” “You can keep the toaster you got for opening an account with us. Have a nice day.”

but what do you do? The easiest thing is to put it in a credit union, but since they’re FDICed I’m sure that’s a matter of time… Converting to gold or silver is a joke because the gov’t will confiscate it in a collapse (maybe go for copper since you need it for electronics?? the light pole next door sure keeps getting the wire stolen every other week)… of course if there’s a collapse the paper or digital paper won’t mean anything even if the bank gives it to you. If you store alcohol, bullets, or food for more than 3 days worth it’s legally considered hoarding (even though they encourage storing 7 days worth for earthquake – thanks for making all CA residents law breakers!) & if they ever find it you’ll be dead. I doubt bitcoin will be worth anything for a while (& in the case of a EM attack or sun burst it’s worthless). foreign currency? anyone in the G20, UN, NATO & any other acronym is under the same rule… but you might use it at a local gas station to get baby milk at if they don’t know the problem is more wide spread than the US dollar. So, honestly, what’s left? Make best friends with Elon Musk & borrow his space craft & start a new society on the moon until the problems get solved?

maybe my friend’s method of buying Disney products & collectibles is the way to go. Even in a collapse parents still need to buy their kids a christmas present & the elite will be interested, right? ha! 😉

Matt 6:26-30

Your post has too much misinformation.

What I want to know are the trading companies like Scott Trade, TD Ameritrade, E-Trade, Etc. are included in this congressional ruling.

Or does it only apply to companies like Bank of America, JP Morgan-Chase, Citibank Etc….????

This whole Banking thing does get me a bit concerned. We use a savings account to save for tax’s. Its too much money to have just laying around the house. I don’t know, maybe we should keep half at home and half in the bank. If they fail at least we could pay some.

That’s why I only use the first national bank of posterpedic

Haha! That’s pretty funny Bohica, but oh so true! Although paper money will probably be worthless after a few days of collapse. I would suggest obtaining items for barter.

so is there anything WE as the people that are STUCK with this bullshit can do anything about this crap???????????

Kevin…short answer…NO. Get your house in order, get close to your neighbors and friends, find people that believe as you do and most importantly, get into Gods word and seek His Will for your life.

Great Advise….. Rev.7-8 He that overcometh shall inherit all things; and I will be his GOD , and he shall be my son. But the”fearful”, and unbelieving. and the abominable, and murderers, and whoremongers-, and sorcerers, and idolaters, and all liars, shall have their part in the lake which burneth with fire and brimstone: which is the second death.

Probably not, at least before it happens, but afterwards we can slaughter the greedy POS bankers, Wall Street scum bags, and politicians that sold out the public.

So in other words, if a person has any money saved up, there is really no safe place that they can earn interest of any kind. Since the Investment Banks were allowed to merge with the Commercial Banks and Insurance Companies, it’s all a giant screw fest preying on the public. Legalized thievery.

Well….it seems that we missed a golden opportunity a few years ago, to let the economy correct itself when we bailed out the big auto makers that were “too big to fail”.

I would love the author of this article, to post another article about specific details on becoming “your own banker”. This was a good read!

Anon…Yes this applies to Canada too. Bail-in has been passed in parliment. So what do we do? Good question. We are trying a little of everything. Cash, food, several years wood supply, & other survival supplies, helping neighbours so hopefully they will help us, slowly getting family on board, big garden, (already ordered seeds & a few more fruit trees for 2015), buying non-electric tools, being debt free etc. It is hard to do the whole meal deal as we get older. Could get cattle but then we’d need a bailer etc. as Canadian weather doesn’t allow year round grazing. Good thing we are retired as we have more time to think & plan.

I need to see some real evidence that these so called “rules” exist. Citing some paper from the IMF is not evidence that these rules exist for US banks. Can you cite a legitimate source that these “rules” are coming to US banks?

Your answers are out there. Use any online search engine. But you won’t find it on ABC, CBS, NBC, CNN.

I like startpage.com and duckduckgo.com for search engines. They are anonymous.

Does anyone know how safe/accessible safe deposit boxes in banks will be? If banks close, can customers still access their safe deposit boxes? If money is kept in a safe deposit box could it be taken?

If the bank is closed you will not be able to access your safe deposit box. In the case of a financial crisis it is unlikely that the banks will be closed for more than just a few days. Our economy is too big and dependent on the banking system for it to be shut down for long. However if the U.S suffers a nuclear strike then all bets are off.

Simple solution, stop using bank services, with the exception of extremely few.
They are set up to be of a service to us, if you haven’t been using these services you will be burned.
Prime this morning is 3.5%. Couldn’t you do any better than that on your own ?
I have 1 mo. earnings in savings and as little as needed in checking as needed to pay regularly used expenditures.
Where is the Media on the Wall Street article last week about a possible drop in the DOW to 6000, followed by another to 3000.
To me it all sounds like some scares from some “Bears”.

So Today I checked my online banking info and my savings account is gone. I Talked with someone who works there and she said to talk with her tomorrow. ( Normal business hours) She said it was just a glitch. Better be.. And I am not talking hundreds I am talking thousands.

If a currency collapse does occur, what happens to the price of the Common
Shares of Regional Banks?

Proverbs 27:1 KJVS
[1] Boast not thyself of to morrow; for thou knowest not what a day may bring forth.

I have two Safety boxes at my large bank, one with jewelry the other with Collector Silver Coins and gold coins, if the bank shuts down, can I still go into my safety boxes to take out what I bought & paid for, I have the receipts of the coins. Plus I lost out on the gold coins since gold went from $1800/oz to under $1200/oz. also, can I just withdraw all my thousands of savings, where would I put it? I don’t own any property, just renting. Property is to expensive in CA.

Any one knows a good place in Europe to put my savings? Or should I invest in gold and silver bullion or put my dollars in a credit union? Help! Anyone…..

@ Nanasg
From other discussions here on MSB, I believe the consensus is your probably not going to be ably to “physically” get into your SDBs until the bank actually opens the doors again. If the Bank “locks down” I’m betting your cant get to them. Most likely you need to ask your actual bank. But don’t count on it. Now there is a lot of other discussion on the “banks” actually taking your possessions, that’s anyone’s guess, BUT I’m not one that trust the banks, OR the government, to not take anything/everything if they can.

Your “money” is not your money if you have it in a bank, it is now classified as an “unsecured loan” to the bank that they do not have to pay back if the banks crash. Personally I don’t keep more that $100 in any bank. again I do NOT trust them.

I’m not so sure Europe is any better off than the states. Good luck with that one.

Lastly, on a personal note, get the HELL out of California. When (not if) the SHTF that’s going to be a very very bad place to be. A job or any other reason you can come up with is not worth the risk.

NRP

I would like to know if this recent Bail-In law applies to a current account. It seems to refer to deposit accounts or savings accounts, which is the same thing. A current account should mean the funds I have in that account are not at risk as the bank has not been given any permission by me to invest these funds and put them at risk. So I presume this is still safe and not affected by the new bail in law?

I look forward to factual replies.

Anthony: Everything I have read indicates that funds in current accounts would be used in the “bail-in”.
You may see my own inquiry earlier above where I am uncertain as to CDs with a bank and if they would be part of the “bail-in”.
There is just so much wrong with the new laws. May be things may change with the new administration.

Hello… Credit Union folks.

Does anyone know if a “bail-in” would extend to include CDs with a bank?

So if I withdraw all of my money, and then they deem the dollar as obsolete? Where do I put my money? Gold? Food? They can take everything. Think USSR

@K-1,
Diversify assets. Sure, some Gold and Silver for general wealth protection. However think about your own self-reliance, self-sufficiency (if that’s appealing to you). The things you can do for yourself to be less dependent upon “the system”. Prices of “things” (including consumables) pretty much always go up, not down. Think about your protection and security. Eliminate your debt. It’s all very personal – there are lots of ways to diversify one’s paper currency into other assets.