Two weeks ago, on June 28, 2015, banks in Greece were forced to shut their doors.
As of today (July 10), they have not reopened.
Citizens therefore cannot access their own money, transactions cannot be made and safe deposit boxes are strictly off-limits. In fact, Greek Citizens are limited to ATM withdrawals of a mere 60 euros per day.
Their personal savings’ are being withheld from them, by their own government. Meanwhile, behind the closed doors, government accountants are taking stock of how much of this depositors’ money is in their vaults fully knowing they can seize the money if they choose.
How can they do this you ask? -- How soon a complacent citizenry forgets.
Just two years ago (March, 2013) in Cyprus – another Mediterranean “sovereign” country – the same thing happened. We all heard about it in the news - but probably 99 out of every 100 Americans didn’t care, didn’t pay attention, and didn’t have a clue about the ramifications of that wealth confiscation either. Most Americans are Zombies – “asleep at the switch” -- too lazy and too comfortable to change channels -- preferring to be anesthetized by the “Real Housewives,” or “American Idol,” or The Kardashians and their new Matriarch – Bruce “Caitlyn” Jenner.
I have one simple question for you...
WHEN (not if) this happens, in the United States – perhaps next year – next month – or maybe tomorrow … would you be prepared?
Do you even know what is being done to the hardworking middle-class not just in “those” countries – but right here to you and to your neighbors?
My guess is, you probably have no clue about what the current Greek or the previous Cyprus crises mean to us here in America. Don’t take offense to that because it’s not your fault. You’re not supposed to have a clue – the US government, their puppet masters in the Federal Reserve, and their lap-dog media establishment go to great lengths to ensure that you remain in the dark – because that’s how they are able to set you up to be robbed – of your labor, your savings, and your property.
Stop living with blinders on – Stop allowing yourself to be duped by a corrupt government and banking system -- Stop allowing your children’s future to be ROBBED from them.
STOP “Chasing the Rabbit”
How Banks and the Government Intend to Steal Your Savings
On March 15, 2013, the small Mediterranean island nation known as the Republic of Cyprus found itself on the brink of financial collapse. Cypriot banks became overleveraged (having taken on too much debt) to their investments in local property companies and because of their involvement in the Greek debt crisis. On this day two of their major banks, the Laiki Bank and the Bank of Cyprus, abruptly closed until further notice. As a consequence of credit downgrades from both Moody’s and Fitch, they were disqualified from issuing bonds as collateral for access to credit from the European Central Bank. Unable to benefit from an American-style bailout from taxpayers, they instead conducted what has been called a bail-in.
This basically consisted in confiscating their depositors’ money. In other words, individuals who in good faith put their savings into these banks woke up one morning to learn that their bank was now authorized to take their money in order to cover the banks’ bad debts. Depositors in those banks flooded the streets, trying to access ATM machines and bank branches in order to withdraw their money before it was seized only to find the banks had been closed for business.
What happened next was that depositors themselves were forced against their will to bail out Cyprus’s largest bank. Their deposit accounts were raided in a so-called bail-in via the confiscation of 47.5 percent of their savings for account balances exceeding 100,000 euros.
Do you think this can’t happen here in America? --- Guess Again:
It was the IMF (International Monetary Fund) together with the European Central Bank and the European Commission that came up with the mechanism for this bail-in as the means to rescue Cyprus. And where did they get the idea?
Three years earlier in 2009, the G20 Financial Stability Board in Basel, Switzerland, (as part of the Bank for International Settlements) asked the IMF to suggest ways through which the financial sector might be able to contribute to its own bailouts.
In response, the IMF released a study in 2010 that proposed several types of new taxes—a levy on financial institutions to create a pool of bailout funds and a tax on financial transactions. Most interesting is that these and the IMF’s other suggestions had been implemented several months earlier in the United States via the 2010 Wall Street Reform and Consumer Protection Act, also referred to as the Dodd-Frank Act . It was Martin Gruenberg, the head of the FDIC (Federal Deposit Insurance Corporation) who co-authored the Cyprus bail-in plan.
Raiding your Bank Account
On December 10, 2012, two years after this initial IMF study was released, there emerged another study called the FDIC-BOE Plan (Federal Deposit Insurance Corporation—Bank of England Plan). Therein are the policies that allow bank accounts in the United States and United Kingdom to be taken over in the same fashion as the Cypriot banks’ so-called bail-in. This plan added provisions to deliver clear title to funds from unsecured creditors. What most people do not realize is that legally as soon as you deposit your money in the bank, the bank owns your funds. Your money becomes the bank’s liability, and you become the bank’s unsecured creditor, holding nothing more than an IOU from the bank for your money on deposit. For US bank account holders, the FDIC insures your IOUs against loss. Under FDIC-BOE, however, your IOUs would be converted into equity shares in the bank in exchange for your deposit in the event of the bank’s insolvency. In this case, the bank’s equity would be virtually worthless, so your money would be exchanged for worthless shares in a bankrupt financial institution.
In the United States, the FDIC-BOE plan has language calling for “no exception to the seizure of deposits.” This means that there is no amount of funds that would be protected by FDIC. Since your savings would be converted into equity shares of the defunct bank, those shares would no longer be covered under the FDIC deposit insurance, and they could then be wiped out. In other words, when all of your cash deposits are converted into worthless stock in bankrupt banks, none of it will be covered by the FDIC insurance system. The potential for losing every nickel in your bank’s savings account is a very real possibility.
The precedent for this kind of wealth confiscation in the United States has already been established when on April 5, 1933, FDR signed executive order 6102. This order criminalized possession of monetary gold and gold bullion and authorized the forced confiscation of sound money in exchange for fiat Federal Reserve notes under penalty of law. At the time FDR’s gold confiscation was implemented, the price of gold was fixed and defined by the US Constitution as $20.67 per ounce. Weeks after FDR’s confiscation was completed, the treasury re-priced the dollar at $35 per ounce. Treasury retained convertibility of Federal Reserve notes to gold at that rate only for foreign exchange banks, giving the US government a 75 percent windfall—all at the expense of American citizens who had exchanged their gold for paper money at the lower exchange rate in the preceding months.
The US Government’s overt and criminal theft of the wealth created by American labor has been going on unabated since at least the Roosevelt administration.
The Countdown to Confiscation
What event might trigger a Cyprus-style confiscation of savings in the United States?
A rapid rise in interest rates may be all it would take. The availability and vigorous flow of credit is essential to the functioning of our debt-based system. The higher interest rates go, the more economic activity will be constricted. As this process continues, the cost of capital rises, and it becomes more expensive for federal, state, and local governments to borrow money. It will also be more expensive for companies and businesses to borrow money to fund operations. The interest payments on the national debt will increase. Unemployment will rise. Consumer debt and mortgages will become much more expensive, and fewer people will qualify for home loans. Consequently, the housing market will crash again.
But even these are child’s play compared to what awaits. What very few in America see coming is that there is a good chance the $450+ trillion interest-rate-derivatives bubble could implode, right about the same time that the US dollar will lose its position as the world’s reserve currency.
When the dollar has been destroyed – and the middle-class has been impoverished -- what will be their next move?
The dollar and all other failing fiat currencies – like the Euro, the Yen, the Pound, will all be replaced with a newly created single global fiat currency – an electronic one – and we will all be forced into a purely cashless society.
Why would the ruling elite of the global banking aristocracy want this ?
That should be obvious.
The Cashless Society—The Final Blow to Property Rights
The technical foundation for a completely cashless society already exists. When the cash-based fiat currency system finally implodes, governments around the world will begin imposing the cashless utopia upon the hapless citizenry—as this is the ultimate goal of the fiat banking aristocracy. They will use government authority to implement it. It will of course be sold to the public as being “for your own convenience and security.” This would mean that all currency and coin would be replaced with purely electronic funds.
What will be the consequences? Consider the fact that banks today are forced to have at least some modicum discipline in their lending policy due to the requirement they hold 10% of their depositors’ cash in reserve as physical money. We have already learned that a “run on the banks” occurs when all depositors try to withdraw their money at the same time, and the bank lacks enough physical cash to satisfy its liabilities.
When physical money no longer exists, the reserve requirement becomes irrelevant since there will no longer be any risk of a bank run. Banks will merely create as much electronic money as required to satisfy the demands of their depositors as well as borrowers. With no reserve requirement, banks will be absolved of any fiscal discipline whatsoever. They will then also be absolved of paying any interest to depositors at all. Negative interest rates on deposits will become the norm. In other words, you will pay the bank for the privilege of managing your electronic “deposits” rather than the bank paying you interest for holding and re-lending your money.
Banks can then write loans to all comers and expand the money supply to infinity. All it will take is a few keystrokes on a computer keyboard. The outcome will be unrestrained hyperinflation and a rapid expansion of poverty.
No person will be able to conduct any transaction without paying a commission to a financial institution (a member of the Federal Reserve System) which will be required to process the electronic transfer. Never again will you even be able to sell your used television to your neighbor without government interference. Just conducting a garage sale will require you to first obtain permission from the government as well as access to a bank’s electronic transfer services—for a fee of course. If you exercise your first amendment right to free speech by saying something the government (or the bank) doesn’t like—you might find yourself deprived of the ability to conduct any transaction at all.
The end result—Slavery.
"None are more hopelessly enslaved, than those who falsely believe they are free."
-- Johann Wolfgang von Goethe"