Your Bank Account does not belong to you alone!*
By Dave Hodges
According to Naomi Wolf’s New York State Supreme Court complaint, she first discovered
… “unexplained activity” on her three Washington Mutual (WaMu) checking accounts in 2005. The prominent feminist author claims that she diligently sought to “monitor the activity of her accounts.”
However, Wolf was blocked in her own self-monitoring efforts when WaMu stopped sending her monthly statements and denied her access to her online account. The net result of WaMu’s alleged actions is that Wolf alleges that more than $300,000 was stolen from her three accounts and this resulted in her filing a law suit against the bank. What happened to Naomi Wolf is going to be played out all across this country. And we are not going to have to wait too long for all of us to realize that we are Naomi Wolf.
“. . . the game itself changed. By raiding the depositors’ accounts, a major central bank has gone where they would not previously have dared. The Rubicon has been crossed.” – Eric Sprott and Shree Kargutkar, “Caveat Depositor”
America, we now live in a thugocracy. The banksters are using the power of government to steal from Americans. These banksters control the Congress, the President and the judges. There is seemingly nobody who is beyond their sphere of influence as these criminals are the poster children for the old adage which states that “Every man has his price”.
This is the part of the article where the reader would be advised to hang on every word that is written, because the following will have a devastating effect on the financial well-being of every American.
Most Americans Think That Their Deposits Are Safe
Some readers have written to me and have dutifully reminded me that the FDIC is at their bank standing guard over their deposits. How woefully and depressingly ignorant is that statement?
The FDIC does not have the money to cover your deposits as it has only $25 billion in its deposit insurance fund. By law, the FDIC is required to keep a balance equivalent to only 1.15% of insured deposits on hand. Yes, America, that means that less than 2% of your deposits are covered.
Others have pointed out to me that the Dodd-Frank Act (Section 716) now bans taxpayer bailouts of most speculative derivatives activities. You remember the derivatives don’t you? They were the imaginary wealth that was built upon more imaginary wealth but were guaranteed with hard assets backed by the banks. When this house of cards collapsed, it pulled the banks down and led to the series of bailouts which has devastated our economy. Before continuing in this analysis, we need to review one very important detail.
Therefore, when your bank defaults, and it will, the depositors as well as the banks will turn to the FDIC for relief. The FDIC will have no choice but to draw upon its credit line in order to cover a BofA, Wells Fargo and JPMorgan derivatives bust which has been co-mingled with savings account funds. The resulting effect is that this will require a taxpayer bailout to cover the credit line. This will negate the safety from the bailouts that the public thought that they were receiving under the Dodd-Franks bill of no more bailouts.
What very few people are talking about, and as is the case with all credit lines, this money will have to be paid back. Therefore, the coming default of the FDIC, used to cover the derivatives debt, will become the excuse for another taxpayer bailout. And on and on it goes.
When the last instrument has been looted and then deflated, where do you think that will leave you and your computerized digits that represent the bulk of your self-built financial empire?
All of your life, most of you have worked for banker backed interest in some capacity and now, these banksters are stealing back the pittance they paid you in the first place. Where’s Karl Marx when you need him? Bank depositors of the world, unite!
The International Monetary Fund is suggesting that countries tax the rich to fix the deficit. This proposal is a Trojan Horse. The rich will not be taxed more, you will be. On the surface, this sounds like a wonderful idea. However, this proposal will allow the banks to reach further into your pocket. And the best thing of all for the banksters is that no false flag attack is required in order to keep on stealing from us.