I thought we were being treated as unsecured creditors to the banks...ala Cyprus?
I thought we were being treated as unsecured creditors to the banks...ala Cyprus?
Yes, unsecured creditors.
http://www.globalresearch.ca/it-can-...sitors/5328954Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price?
Australian & Canadian depositors are in the same boat: http://barnabyisright.com/2013/07/10...013-14-budget/
I don't keep much $ in the bank.
There is a discussion in title to the money of a depositor in the infamous Senate Document 43 / Contracts payable in gold found here http://www.mediafire.com/view/fe3s3d...LE_IN_GOLD.pdf and Dennis Kucinich brought a bill to reform banking to that of a bailor/bailee relation http://www.mediafire.com/?dks98hkdeaq3mie . Guess he knew what was coming {bail ns/theft} and that retaining title to your money on deposit was a good thing. I believe that the muni funds on deposit aka CAFR account funds are most definitely on deposit as either trust funds or bailed funds and are NOT your run of the mill debtor/creditor deposits.
Last edited by Goldi; 07-31-13 at 08:37 PM.
You might get along fine without the bank account, transacting in lawful money outside the system of false balances (Federal Reserve).
Sample gold contract clause:
http://jesse2012.com/Vieira1.jpg
http://jesse2012.com/Vieira2.jpg
http://jesse2012.com/Vieira3.jpg
http://jesse2012.com/Vieira4.jpg
http://www.youtube.com/watch?v=F6JWIBh6IBU
The Cesti Que Trust - Howard Griswold
Thanks for the link to the video, walter. That was a wonderful conversation.