FDIC has plan to seize your $$$ just like in Cyprus!

[M S]

this is truly frightening!  the FDIC instead of protecting your $$$, has plans in place to 'rescue' the banking industry in the next banking crisis by seizing your bank accounts jut like in Cyprus.
These plans are already developed and outlined.  Just awaiting the go order.

see http://www.alternet.org/economy/think-your-money-safe-think-again-confiscation-scheme-planned-us-and-uk-depositors

Think Your Money is Safe? Think Again: The Confiscation Scheme Planned for US and UK Depositors

Confiscating the customer deposits in Cyprus banks was not a one-off. It could happen here.

Photo Credit: Tatiana Popova/ Shutterstock.com

March 28, 2013  |  

 

 

Confiscating the customer deposits in Cyprus banks, it seems, was not a one-off, desperate idea of a few Eurozone “troika” officials scrambling to salvage their balance sheets. A joint paper by the US Federal Deposit Insurance Corporation and the Bank of England dated December 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds......



The 15-page FDIC-BOE document is called “ Resolving Globally Active, Systemically Important, Financial Institutions.”  It begins by explaining that the 2008 banking crisis has made it clear that some other way besides taxpayer bailouts is needed to maintain “financial stability.” Evidently anticipating that the next financial collapse will be on a grander scale than either the taxpayers or Congress is willing to underwrite, the authors state:

An efficient path for returning the sound operations of the G-SIFI to the private sector would be provided by exchanging or converting a sufficient amount of the unsecured debt from the original creditors of the failed company [meaning the depositors] into equity [or stock]. In the U.S ., the new equity would become capital in one or more newly formed operating entities. In the U.K., the same approach could be used, or the equity could be used to recapitalize the failing financial company itself—thus, the highest layer of surviving bailed-in creditors would become the owners of the resolved firm. In either country , the new equity holders would take on the corresponding risk of being shareholders in a financial institution.

No exception is indicated for “insured deposits” in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive......

there's more, see article:
 http://www.alternet.org/economy/think-your-money-safe-think-again-confiscation-scheme-planned-us-and-uk-depositors


next time things start looking precarious for the banking system in the US->  take your $$$ OUT!

Maria Selva