The headline is not a mistake. Yes, you can still go to the ATM and withdraw funds. You can take small amounts of cash out of the bank without the IRS seizing everything you own. However, because of new rules that went into effect this morning, your bank deposits have no insurance and it is a matter of time until they are stolen right from under your nose.
As of this morning all nations belonging to the G20 will immediately submit and pass legislation that will fulfill a new investment program. This new program creates a whole new paradigm and set of rules whereby banks will no longer recognize your deposits as money.
Russell Napier is declaring November 16th as “the day money dies,” and this constitutes today’s Zero Hedge’s headline. According to Zero Hedge, Napier says the G-20 will announce “that bank deposits are just part of commercial banks’capital structure, and also that they are far from the most senior portion of that structure.” Pay close attention America this means that following a bank failure, “a bank deposit is no longer money in the way a banknote is.”
This G20 legislation will formally push down bank accounts through the capital structure to a position of being mere material capital risk in any ‘failing’ institution. In our last financial crisis, deposits were de facto guaranteed by the state, but beginning November 16th holders of large-scale deposits will be just another creditor fighting to regain their share of the assets of a failed bank,” according to Zero Hedge. And how much will your former money be worth when you come to make your claim? For reasons that will become apparent as you weave your way through this article and its conclusions, if you have $100,000 in a bank account, you will take home under $1200! This is why for the past 18 months I have been telling the nation to not deposit your paycheck into the bank. The prudent thing to do is to only put enough money in the bank to pay your basic bills and do other things with the remainder of the money, such as pay off your mortgage or pay off your car loans. If you have not been doing this, then you are almost out of time for the banksters have recently practiced how to steal your bank account.
The theft of the people’s money has already been rehearsed by the powers that be in the banking industry. Regulators from the United States and the United Kingdom got together in a war room to see how they will cope when the next big bank fails.
Treasury Secretary Jack Lew and the UK’s Chancellor of the Exchequer, George Osborne, on this past Monday (11/10), ran a joint exercise simulating how they would prop up a large bank (e.g. Bank of America) with operations in both countries that has landed itself in trouble. Also taking part in the “bank failure drill” was Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation.
If a banking collapse were to be on the near horizon, the banksters are not going to notify you because they would not want to incite a bank run. With only 1.15% of all deposits being insured by the FDIC, your money would be left vulnerable and only the elite would be warned as they quietly transfer their money to a safer haven, such as gold
Gold is not safe either unless it is physical gold. Getting a gold certificate means nothing if banks crash.