Gone Concern

Gone concern?  Really?

Cypriot banks bailed-in segregated customer deposits (PERSONAL CHECKING AND SAVINGS ACCOUNTS) in order to recapitalize (restore their own empty accounts) a while back. 

Now the Federal Reserve is encouraging and expecting the largest US banks (JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley, Goldman Sachs, General Electric Capital which operates as Ally Bank, US Bank, and many of the other “too-big-to-fail” banks) to adopt policies and procedures that would enable them to do just that to every account-holder. 

The problem is that the only people that will be impacted by such a bail-in will be people with money in the bank –  middle and high income people.  This is an involuntary forced capitalization wherein we will be forced, by keeping funds in these accounts, to buy long-term bonds in exchange for this liquid capital during the next financial crisis.  The “house” is gambling with their own money and wants to use your money to cover their losses not if but when they occur. 

You will get no say.  They will freeze your account so you can’t withdraw any of your available funds just as in Cyprus.

You will get no vote.  This decision will occur by politically-connected people who will be given political cover since these banks are supposedly too big to fail.

You will get no recourse.  The powers that be will claim that you have been made whole with the long term bonds now in your name supposedly.

This is insanity. 

This is fascism.

No consider this.  The rule of law is an illusion.  The illusion only exists as long as the law-abiding presume the law-givers to be lawful people.  Once that illusion falls, and if this ever happens, it will, then the law-abiding no longer have to abide by the social contract, and unlike Cyprus this nation is armed to the teeth.

 

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