Passed along by RHT…
Lesson 1: Greece; Lesson 2: Cyprus – Pay Attention
by Tyler Durden on 03/18/2013 – 08:18 Deposit Insurance at a bank, any bank in Europe, is now meaningless.
By now you may know that the citizens of Cyprus just took a big haircut in having their deposits in their bank accounts seized for the common good.
Think it can’t happen here? Think again:
Take a look at the dollar bills in your wallet. See where it says Federal Reserve Note? The online financial dictionary says that a “NOTE” is:
“A contract stating the terms of a loan, such as the principal, the interest rate, and the payment schedule. A loan note states the rights and obligations of both the lender and the borrower. If one party does not fulfill his/her obligations, the other may sue for redress”
In this case your dollar bill is a “note” owned by the Federal Reserve banking system, backed up by the “full faith and CREDIT of the US Government”.
Yeah – ok—so what? You ask.
So what happens when the credit rating of the US Government declines, and the Note is “called in” by the Federal Reserve? You think that green paper stuff in your bank account is YOUR money? [The Matrix: “You think that is air you are breathing now?”]
What happens when – for the good of the collective—the only FAIR thing to do is for all of us to “share the burden equally” and Uncle Sam reaches into your bank account – just like in Cyrus—and confiscates 10%—20 % of your ‘money’?
Think it through and pay attention.
So it is in your interest as a citizen to see to it that your government’s credit rating stays solid, correct?
It’s also a good idea to send bankers who allow mobster money laudering in their banks off to prison … forever … where they can keep company with any government regulators who turned a blind eye.
In my dreams.
Libby, I agree that bankers who launder money should go to jail. I also think that banks that make risky deals to turn a fast buck should be allowed to fail, no more bailouts. On the other side, banks should not forced by government to make bad deals or suffer the consequences. Nobody should, that’s extortion!
One of the best ways to keep our government credit rating strong is to do like you and I must do. Like most good ideas it’s very simple. We live within our means. We do not run up a huge credit card debt that obligates the family for the next 3 generations.
We should live modestly, save our money and we NEVER spend our savings down to the last dollar. Government has a huge income because it’s needs have grown so much in the last 50 years. Government has become its own lobbyist, demanding more from us the middle class taxpayers, yet all the time they are refusing to reform waste, fraud and abuse that has caused shortages. That is wrong on any level you care to look.
Liberals are the codependents in this problem. They are the enablers of a big, fat, wasteful government because they are often the secret benefactors of all that wealth shifting. Conservatives are more often the worker bees, the providers of jobs and taxes, we’re akin to the adults telling the children to eat their vegetables and we get kicked in the butt for it all the time by the spoiled rotten #$%@^ liberals!
There is another leg to the unstable table that is held up by spending and debt and that is money printing. When good ol’ Wilson created the Fed he did the average American no favor. $20.00 bought a twenty dollar gold piece then, today it takes a lot more to buy the same amount of gold…or groceries!
The fed has pumped a lot of dollars into the system on four separate occasions, the last occurring in December:
freedomoutpost.com
That’s four times the government has taken action that devalues the dollar and hence, our buying power.
Please notice, Libby, that our credit rating has gone DOWN…twice…under all of this Obama big government meddling.
Jack you’re right…lefty voters eneable this addiction to spending. I don’t get that the extremists in the progressive wing of the Dem Party would have it any other way!
All we are saying….is give freedom a chance!