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Some may lose everything. It's the new normal. Personal savings are up for grabs. Bank bailouts will be borne on the backs of ordinary people.
Think it can't happen here? Think again. There's no place to hide. Ellen Brown explained. Banks legally own depositor funds, she said.
"Our money becomes the bank's, and we become unsecured creditors holding IOUs or promises to pay."
Banks once repaid depositors on demand. A joint December 10, 2012 FDIC-Bank of England (BOE) paper changed things. Plans to loot customer accounts were made earlier.
The Bank for International Settlements originated them. It's the privately owned central bank for central bankers. Major ones have final say.
Looting depositor accounts is policy. Cyprus isn't a one-off. Guaranteed insured deposits don't matter. They're up for grabs like all others. It'll be done clever ways or outright.
Brown said the FCIC-BOE plan involves converting deposits (IOU promises to pay) into bank equity. They get our money. We get bank stock.
Ready cash on demand is gone. Whether it's ever returned, who knows. Take the money and run looks more than ever like policy. Depositors anywhere may be hung out to dry.
Even gold and silver in safety deposit boxes aren't safe. Not in America. Homeland Security told banks in writing. It may inspect their contents on demand.
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