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US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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[quote:No Dhimmi:MV8yMDUyMDkzXzM0NDg3Mjc0XzRFMjNEMzcx] Department Of Homeland Security To Scan Payment Cards At Borders And Airports Travelers leaving or entering the United States have long had to declare aggregated cash and other monetary instruments exceeding $10,000. Now, under a proposed amendment to the Bank Secrecy Act, FinCEN (Financial Crimes Enforcement Network) will also require travelers to declare the value of prepaid cards that they are carrying, known now as “tangible prepaid access devices.” http://www.forbes.com/sites/jonmatonis/2012/11/07/department-of-homeland-security-to-scan-payment-cards-at-borders-and-airports/ [/quote]
Original Message
With the media fixated on the fiscal cliff, no one seems to be noticing the fact that the FDIC’s expanded 100% coverage for insured deposits ends January 1st, 2013.
As of January 2013 the FDIC stops offering 100% coverage for all insured deposits. That amounts to $1.6 trillion in deposits, 85-90% deposited with the TBTF mega banks. Once the insurance ramps back to $250,000 the FDIC risk amelioration offered to large depositors will cause them to flee from the insecurity of the much reduced FDIC coverage. This money will rotate immediately into short term Treasury securities. The treasury, in order to handle this flood of money, will immediately offer negative interest rates. This financing will resemble the .5% negative interest rate offered by the Swiss and Germans on the funds flooding to their banks from Spain, Greece and Italy.
This will be a bank run much larger than the Euro banks flight to safety.
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link to www.silverdoctors.com
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