Banks

[rkaiser]

Former assistant Treasury Secretary, Dr. Paul Craig Roberts puts it this way:

“We know something serious is wrong. The only provision of Dodd-Frank that has any teeth is the provision that says if the big banks are going to be casinos and gamble on derivatives, they cannot do that in the depository institution where depositors have their accounts. They have to farm it out into subsidiaries. So, if the subsidiaries get into trouble, the subsidiaries have no access to depositor’s money. This is the only real reform part of Dodd-Frank. Citigroup got put into the recent spending bill, the repeal of this, so banks can gamble on derivatives, and taxpayers and depositors are on the hook for the losses. Why would you do that unless you had a lot of derivatives trouble. It could easily be the oil derivatives. . . . The banks can gamble all they want and they are covered by the FDIC, which has no money. . . . This gives the banks access to depositor’s money. . . . This is sick, and it shows the United States government is the most corrupt government on earth, far more corrupt than Russia or China.”

Don't worry though, the shift has happened and every one of us will be much better off.

[cottonpicken]

Much better off?

I can debate this stuff at any level,levels I've never bothered bringing up here.

Things are not going to be ok and we are not going to be better off. Wake up.

[cottonpicken]

Anyone else laying in darkness waiting for the sun and everyone else to wake up and start the day pondering the thought of the major corporations buying back shares,there by reducing the float,there by jacking the Dow and wondering what is all that in its self?

[rkaiser]

Exactly what it is all about cotton.

Waking up that is. Realising that money and stuff are not your true worth.

And even if it is, there is hope for you. I will not waste 30 years in the business world whining and predicting a sky falling catastrophe. I choose to work with people that have a solution that is far bigger than any government change, interest hike, or derivative gamble. You can choose that course as well cotton.

In fact, take a little time and listen to some Allan Watts and you may find out that you are actually it --- the one --- the creator of your own reality, just like I AM.

Time for everyone to wake up. If that means after the fact or before, that is up to you.

Big change on the way and I will never believe it will do anything but weed out the greedy and leave a more conscious society in it's wake.

Hugz
Randy

[sumdumguy]

More bail in provisions at G20 summit. We had an interesting response from Credit Union saying they are exempt. Guaranteed 100%, but by who, they never say. Dpes anyone know?

[cottonpicken]

My understanding is that credit unions do not have the deposit insurance that the big boys do but have there own sort of insurance plan so it makes a lot of sence they would be out of harms way when the bail ins start to happen. Each one is obviously on different footing. It would be interesting to me to know how levered they are. If I had a lot of money in one i would want to see their books,there is no way there insurance could cover deposits just like the big boys deposit insurance is pennies on the dollar.

People are always blabbing about derivatives and fail to see them for what they are. The really funny part is the guys selling them are the guys on the derivative board. The sovereign defaults will never be ruled a default it would blow up the entire banking sector it's like ten times world GDP.

Rk i sure hope your right but to me you are like a terminal cancer patient in the first phases of what is happening.

[SASKFARMER3]

Agree cotton with your comment!
Look what happened in Greece accounts frozen even little kids and a amount was taken out! Did they ever pay that amount back! It's scarey! All these guys who just sold out deposit their $800,000. Each husband and wife! Boom it's wiped out!
Scarey!

[rkaiser]

Had cancer cotton, and looked for and took alternative options. Healthy as an ox now.... Cheers.

[sumdumguy]

Banks need to be controlled. It is totally ridiculous that this government is allowing them to be wreckless. I would like to see the government move in before its too late. We wonder about retirement funds but what will happen in this country if all funds would be frozen and heaven forbid confiscated? No more commerce, food, oil, nada! Think it best to hoard a pile of cash?