If I read the linked article
right the answer to the questions on the Subject line is that once we
deposit our money it belongs to the bank. Here is what Ellen Brown, an
attorney and chairman of the Public Banking Institute, says about
pending FDIC-BOE plans: "Although few depositors realize it, legally
the bank owns the depositor’s funds as soon as they are put in the bank.
Our money becomes the bank’s, and we become unsecured creditors holding
IOUs or promises to pay. (See here and here.)
But until now the bank has been obligated to pay the money back on
demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be
converted into 'bank equity.' The bank will get the money and we will
get stock in the bank. With any luck we may be able to sell the stock to
someone else, but when and at what price? Most people keep a deposit
account so they can have ready cash to pay the bills." Did that quote
raise your eyebrows? Did mine.
Think Cyprus and the European
Union mess. Then think of the looming mess here. Things are not
well. A goodly number of depositors using Cyprus banks took big hits
when the government confiscated their money to pay for its own
mistakes. Seem right to you? Not to me. Could that happen here? Read
Ellen Brown's article...a bit confusing to me but its implication left
me feeling less than secure. Especially so given the fickle, spineless,
self-serving, even immoral leadership populating our government.
On that happy note, may you and
yours have a great Easter Weekend. Along the way please say a prayer
for our country and all humankind. Mammon has and continues to make a
mess of God's gifts to us. Maybe our collective prayers for His help
will result is a course correction. George Burns
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