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For the Love of Money Is the Root of All Evil
We asked, How can we have even momentary hyperinflation when people have so little income, job security or savings, and non-performing government credit guarantee programs and hidden taxes are trusted less and less?
He mentioned he had basically cleaned out his bank’s dollar reserves by requesting his bank account balance in cash. We noted we had been asked for our Name, Address, Phone, Occupation, Purpose of the withdrawal and Tax ID and had to wait a day, when we withdrew our cash. As yet, cash is not a crime, although $3000 or more in withdrawals or $10,000 or more in deposits is now reported to the US Treasury in Washington DC, where 93% of Federal Reserve Notes were found to have cocaine residue.
http://en.wikipedia.org/wiki/Bank_Secrecy_Act
http://www.irs.gov/businesses/small/article/0,,id=148821,00.html
http://www.guardian.co.uk/world/2009/aug/17/cocaine-dollar-bills-currency-us
So much for our money. Courts have held cash deposits are the property of the bank, not the depositor.
In other words, only the first people in the bank line may get their money back in the event of another widespread default and bank run.
The $250,000 FDIC guarantee was supposed to revert to $100,000 with the New Year but was extended until 31 December 2013. The unlimited bank account FDIC guarantee was extended from the end of 2009 until 30 June 2010.
http://www.fdic.gov/deposit/Deposits/insured/index.html
Of more interest is due to deposit insurance rate increases, with Berkshire Hathaway getting out of the business, Bank of America, Chase, Citicorp and Wells Fargo just dropped out of FDIC coverage above $250,000.
The Federal Deposit Insurance Corporation is, like most government agencies and banking institutions, upside down, over-obligated and owes more than it owns or has reserves.
