Even Though The FDIC Is Broke, More Banks Are Set To Fail

Wed Nov 25, 2009 5:36 pm » by **Lisakitty**

When I came across this news, I thought to myself, "Thank goodness I chose not to use a bank, when I had started my new life, after my divorce." Things are really spiraling out of control now, when it comes to peoples finances, since one of the financial bubbles burst in October 2008.
Here is a link to an article that I think that everyone should read, who has a bank account, no matter which bank it is. It seems like the only banks, which are still surviving, are only surviving because of stimulus money. If you wait too long to get your money out, and your bank is forced to close down, then where will you get your money from, if the FDIC is broke?
Something to think about ....

http://rawstory.com/2009/11/fdic-insurance-fund-closes-quarter-82-billion-debt/

Wed Nov 25, 2009 6:04 pm » by **Lighthouse**

Absolutely,
this is one of the key issues for the near future,
did you know that on the 25th of October there was a global exercise preparing the banks for a collapse and bank holiday.
This is also a part of what Webbot has predicted.
Almost all banks are technically insolvent (in part due to exposure to enormous (a total of 300 trillion dollars) in derivatives). Ones the dominos start falling there will be widespread panic with bankruns.

Withdrawing cash from the bank serves two purposes;
1. you help to undermine the power of the banksters, no money, no power
2. you protect yourself (provided you transfer some of this money to assets, such as precious metals, and of course food, shelter and heating)

Wed Nov 25, 2009 9:09 pm » by **Lisakitty**

The word is that they are planning on having a bank holiday, on or around January 15th, 2010, and then when they re-open, they will introduce their new currency. Hopefully this is just a rumor.

Thu Nov 26, 2009 12:09 am » by **Lighthouse**

Lisa, this topic was also referred to at Kitco:

The Federal Deposit Insurance Corporation announced this week that the insurance fund that covers more than 4.5 trillion dollars in deposits was not only depleted but has a negative balance. The FDIC is now an insurance fund with no money of its own.

http://www.kitco.com/ind/Hunter/nov252009.html

The overbought situation in gold tells me that people with a lot of money to spend know about this and are preparing by converting their paper currencies into hard assets.

The fiat currency system is almost dead, let's all go back to barter.
Among friends here in Sweden we have actually agreed not to exchange money anymore, only goods and services, it works very well :flop:

Thu Nov 26, 2009 12:16 am » by **Lisakitty**

lighthouse wrote:Lisa, this topic was also referred to at Kitco:
The Federal Deposit Insurance Corporation announced this week that the insurance fund that covers more than 4.5 trillion dollars in deposits was not only depleted but has a negative balance. The FDIC is now an insurance fund with no money of its own.

http://www.kitco.com/ind/Hunter/nov252009.html

The overbought situation in gold tells me that people with a lot of money to spend know about this and are preparing by converting their paper currencies into hard assets.

The fiat currency system is almost dead, let's all go back to barter.
Among friends here in Sweden we have actually agreed not to exchange money anymore, only goods and services, it works very well

I agree that we should go back to this, instead of relying on worthless dollars that aren't backed by anything but worthless paper.
And about the over bought gold .... most of the gold is not physical gold, so what are they really investing in? ... something to think about ...

Sat Dec 19, 2009 10:55 pm » by **Lisakitty**

The FDIC have shut down 140 failed banks, so far this year. In 2010 more banks will fail, because the commercial real estate bubble has begun to burst. If you are someone who believes in the banking system, then you will be in for the shock of your life, when your bank is forced to close down, in the near future.
I refuse to use the banking system. I haven't for almost 5 years. I can still pay my bills, even without having a checking account. Now, if you have a lot of money, and you don't feel comfortable, with the idea of keeping it at home, in your own safe, then you should look into some kind of alternative method, like say, a credit union.