Do you think your bank account deposits are safe? Don't bank on it.
That's according to Lowell Ponte, former editor of Readers Digest and think tank futurist.
According to Ponte, last month, Stephen Cotton walked into London-based giant HSBC to withdraw about $10,000 dollars. But the bank refused to let Mr. Cotton have money from his own account.
Why? Because they said Mr. Cotton couldn't provide the bank with a satisfactory explanation for what the money was to be used for. Of course this enraged Mr. Cotton since he was asking for his own money.
But Lowell Ponte said Mr. Cotton was mistaken about just whose money it was. According to new banking laws, your deposits belong to the bank. All you 'own' is a deposit receipt, or an IOU.
American politicians have watched how some European countries are getting away with raiding the bank accounts of their citizens and since U.S. lawmakers are desperate for more money they are considering new ways to grab their 'fair share' of the $20 Trillion now in private U.S. retirement accounts - bringing fresh meaning to Obama's proposed "MyRA" program!
Ponte says U.S. and other Western governments have agreed that future bank crises will be handled not by taxpayer bail-outs but by "bail-INS" that first seize a banks' "unsecured assets" to pay the government. Ponte said, "If the government seizes your bank's funds, you can kiss your assets goodbye."
But, you may ask, "What about the FDIC? It says right on my bank window that they guarantee my money.
Here's a scary fact: The FDIC has only $27 Billion, less than one percent of what might be needed to cover more than $7 Trillion of deposits that could be lost in a national financial panic and storm.
Remember the recent financial panic in Cypress when depositors woke of to find their bank accounts frozen? That happened just months after the FDIC and Bank of England signed a joint document allowing government to seize customer deposits as part of a bank's property.
So, what's to stop that from happening in the United States? Nothing.
And it doesn't stop with banks. Cash deposits are only the beginning. IRAs and other retirement accounts are in the crosshairs for consideration as alternative sources to pay down government debt.
Ponte reminds us how in 2008 Argentina replaced its citizens' cash savings with government bonds, valued at only 27% of its currency. Americans also might soon be forced to by trillions and trillion in Federal debt.
All of this and more are covered in Lowell Ponte's new book, "The Great Withdrawal," which he is making available for free for the asking as a public service, courtesy of Swiss America.
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