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BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$

 
Ilana

User ID: 56648
Canada
05/26/2012 02:59 PM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
I wonder how funded the CDIC will be once Canada's housing bubble pops.

They've been bragging for years how safe Canada's banks are.

I don't know, I don't know...
SilverPatriot

User ID: 14676364
United States
05/26/2012 03:00 PM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Some more data to ponder look at the FDIC Failed Bank List for May alone to me it says that all is not well anywhere.

Failed Bank List
[link to www.fdic.gov]
Anonymous Coward
User ID: 15859949
Canada
05/26/2012 03:06 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
I wonder how funded the CDIC will be once Canada's housing bubble pops.

They've been bragging for years how safe Canada's banks are.

I don't know, I don't know...
 Quoting: Ilana


No insurance scheme can protect against a bank run. When (not if) one of The Big Five croaks, it's over.
Anonymous Coward
User ID: 15859949
Canada
05/26/2012 03:26 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
If money is going to the EU core, looking for "safe heaven", what would the core banks do with the money? Lend it back to the periphery? Invest in what exactly? Infrastructure? They have enough and since they won't be able to export anymore (everybody's broke, remember?) they can't do that.
Money will simply vanish into thin air, since it's backed by unpayable credit.
One month tops until the big bad EU boom.
Anonymous Coward
User ID: 15267700
United States
05/26/2012 03:47 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
silver silver silver....let the race begin...currencies will be worthless!!!
Anonymous Coward
User ID: 15267700
United States
05/26/2012 03:59 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
The core issue is the worlds population complying with their respective state nations deal with large central banks. As a people we accept that the shitty piece of green (or fancy other fancy color(s)) paper is actually WORTH something...It means nothing! Its a fucking facade by consent!!

I suggest you start buying hard assets and exchanging in equal consideration transactions. Develop channels throughout your community and neighboring communities. Get out of bank issued note before your forced...
Anonymous Coward
User ID: 16726351
Spain
05/26/2012 04:01 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
shark
Night Owl (OP)

User ID: 16611221
United States
05/26/2012 04:58 PM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Thanks for the pin, Folks! Some crazy stuff going on these days!! Looks like 'Team Obama' has decided to back stop ALL Derivative TRADES now - or at least trying to. Chris Dodd snuck it into the "Financial Reform" bill!! Reform my ass!! If they get THIS through, USA tax payers will be on the hook to "protect" all bad derivative trades where some *(*())&&^ thought it smart to sell insurance to some bond holder that Greece [or Spain or Italy or Portugal or Ireland]would NOT go bust. So they loose their ass when it happens and have to pay out to the guy who bought into the fact it IS going happen. Problem is, the guy who sold that "Insurance Bet" doesn't have the $$$$ to pay out. So guess what? Chris Dodd has guaranteed the guy on the collecting side of the bet gets his/her money thanks to the good 'ol USA tax payer!! However, there ain't enough money to cover all those trades since they including all Foreign/International Derivative Trades too!! YIKES. We are sooooo screwed!!

Also, probably means the Derivative Bubble is about to BURST, big time!!!

"Little noticed is that on Tuesday Team Obama took its first formal steps toward putting taxpayers behind Wall Street derivatives trading — not behind banks that might make mistakes in derivatives markets, but behind the trading itself. Yes, the same crew that rails against the dangers of derivatives is quietly positioning these financial instruments directly above the taxpayer safety net.

The authority for this regulatory achievement was inserted into Congress’s pending financial reform bill by then-Senator Chris Dodd."


[link to www.zerohedge.com]

Last Edited by Night Owl on 05/26/2012 05:00 PM
my 2 cents

User ID: 1040731
Canada
05/26/2012 05:12 PM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
I wonder how funded the CDIC will be once Canada's housing bubble pops.

They've been bragging for years how safe Canada's banks are.

I don't know, I don't know...
 Quoting: Ilana


Since we can never be sure what will happen tomorrow in our supposedly rock solid Canadian banking system, my wife and I have put a limit on how much we keep in our account. We've made sure there is always enough to cover all our payments and other commitments and a bit extra for other contingencies. Any extra money on top of that is put into commodities that are under ours and no one else's control. We'd hate to wake up some day and find out that a bank holiday has been declared and that our money is temporarily (?) unavailable.
Patriotism is supporting your country always -- and your government when they deserve it. Mark Twain


Those who beat their swords into plowshares usually end up plowing for those who kept their swords. -Benjamin Franklin
Anonymous Coward
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Poland
05/26/2012 05:21 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
bumpbumpbump
Anonymous Coward
User ID: 7172928
Spain
05/26/2012 05:29 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Anonymous Coward
User ID: 7172928
Spain
05/26/2012 05:37 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
King David
User ID: 16716695
United States
05/26/2012 07:39 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Fat lady warming up.

Euro Bond in 3....2...1.....

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