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US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st

 
No Dhimmi
Proud Infidel

User ID: 15685685
United States
11/15/2012 08:41 AM

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US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.

[link to www.silverdoctors.com]
Background of my avatar: [link to bibelen.spam]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.

[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to prophetofdoom.net]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
No Dhimmi (OP)
Proud Infidel

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United States
11/15/2012 08:46 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
As of January 2013 the FDIC stops offering 100% coverage for all insured deposits.
Background of my avatar: [link to bibelen.spam]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.

[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to prophetofdoom.net]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
13th-Century

User ID: 27478775
Canada
11/15/2012 08:47 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
This is true. Pin it.
Anonymous Coward
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United States
11/15/2012 08:51 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
Very troubling!! I am sure I won't hear this anywhere buy on GLP!! Fiscal cliff and other distractions! Thank you OP!!
JanJan

User ID: 18450840
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11/15/2012 08:54 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.

[link to www.silverdoctors.com]
 Quoting: No Dhimmi


^this^ is very true. Been hearing about this for a while at work. Many people have been quietly withdrawing funds to overseas institutions - not European for obvious reasons... .

This should be out in the open so others can get out while they can, so they don't lose their shirts.

Thanks for posting this No Dhimmi!!
SteamrolledGobias

User ID: 15716609
United States
11/15/2012 08:56 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
whoa interesting catch here dude.

we are fast approaching december 2012 which is what I think we've all been waiting for. and we will end up in january 2013 no matter what... so doom feels literally right around the corner here
Anonymous Coward
User ID: 23011194
United States
11/15/2012 09:14 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
as far as moving your money out of the country, I'm pretty sure I saw in that obamacare bill that jan 1st, IRS takes 30% of all money wired out of the country.
Stickyfoot

User ID: 11710390
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11/15/2012 09:18 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
bumppeace 5
Stickyfoot,i think i stepped in something
No Dhimmi (OP)
Proud Infidel

User ID: 15685685
United States
11/15/2012 09:22 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.”

[link to www.forbes.com]
Background of my avatar: [link to bibelen.spam]

The religion of submission cannot survive an open and honest discussion of its convoluted and foolish scriptures, its sexually perverted terrorist prophet, or its deceitful and demented god. When Western leaders become unified and resolute in their hostility to Islam's violent and ungodly beginnings, Muslims will flee the religion because they will be horrified by its endorsement of terrorism, mass murder, slave trading, plunder, kidnapping, and rape.

If Muslims & their apologists really want to cure "Islamophobia," here is an easy way. Focus their indignation on Muslims committing violent acts in the name of Islam, not on non-Muslims reporting on those acts.

[link to www.faithfreedom.org]
[link to thereligionofpeace.com]
[link to prophetofdoom.net]
[link to www.bibleprobe.com]
[link to www.fatherzakaria.net]

Ecclesiastes 10:2 “The heart of the wise inclines to the right, but the heart of the fool to the left.”

We are all born ignorant, but it takes a lot of work to keep looking the other way to remain stupid.

Islam is not a race - the racism rant is lame, used by the intellectually lazy to derail the debate.
AlcoholicRunner

User ID: 23182389
United States
11/15/2012 09:22 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
What...

The...

Fuck???
stormer

User ID: 27795012
South Africa
11/15/2012 09:25 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
ahhhahhhahhhahhhsfangaah
Emancipate yourselves from mental slavery - Bob Marley
Anonymous Coward
User ID: 27352798
United States
11/15/2012 09:29 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
as far as moving your money out of the country, I'm pretty sure I saw in that obamacare bill that jan 1st, IRS takes 30% of all money wired out of the country.
 Quoting: Anonymous Coward 23011194


Wow, why would that be in the affordable care act? That's interesting.....






.
Anonymous Coward
User ID: 13548652
Philippines
11/15/2012 09:36 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
1934 - $2,500
1935 - $5,000
1950 - $10,000
1966 - $15,000
1969 - $20,000
1974 - $40,000
1980 - $100,000
2008 - $250,000

The temporary increase in 2008 of the insurance limit to $250,000 was set to expire on 31 December 2013. However, the Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $250,000 insurance limit permanent.[7] In addition, the Federal Deposit Insurance Reform Act of 2005 (P.L.109-171) allows for the boards of the FDIC and the National Credit Union Administration (NCUA) to consider inflation and other factors every five years beginning in 2010 and, if warranted, to adjust the amounts under a specified formula.[8][9]


Wiki

It was 100k and is going back to 100k.

IT WAS NEVER 100% AND THE OP KNOWS IT.

Psyop fail, op.
Renegade (Me too)

User ID: 24639180
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11/15/2012 09:36 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
as far as moving your money out of the country, I'm pretty sure I saw in that obamacare bill that jan 1st, IRS takes 30% of all money wired out of the country.
 Quoting: Anonymous Coward 23011194


Wow, why would that be in the affordable care act? That's interesting.....

.
 Quoting: Anonymous Coward 27352798


That is scary and very controlling. They do not want our money to leave the country, so they can loot it.

Last Edited by Renegade () on 11/15/2012 09:36 AM
Who is John Galt?
Anonymous Coward
User ID: 13548652
Philippines
11/15/2012 09:37 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
1934 - $2,500
1935 - $5,000
1950 - $10,000
1966 - $15,000
1969 - $20,000
1974 - $40,000
1980 - $100,000
2008 - $250,000

The temporary increase in 2008 of the insurance limit to $250,000 was set to expire on 31 December 2013. However, the Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $250,000 insurance limit permanent.[7] In addition, the Federal Deposit Insurance Reform Act of 2005 (P.L.109-171) allows for the boards of the FDIC and the National Credit Union Administration (NCUA) to consider inflation and other factors every five years beginning in 2010 and, if warranted, to adjust the amounts under a specified formula.[8][9]


Wiki

It was 100k and is going back to 100k.

IT WAS NEVER 100% AND THE OP KNOWS IT.

Psyop fail, op.
 Quoting: Anonymous Coward 13548652


sorry, wrong:

"The temporary increase in 2008 of the insurance limit to $250,000 was set to expire on 31 December 2013. However, the Wall Street Reform and Consumer Protection Act (P.L.111-203), which was signed into law on July 21, 2010, made the $250,000 insurance limit permanent."
Anonymous Coward
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United States
11/15/2012 09:38 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
So we had a full two years with unlimited coverage...prior to 2011, the max coverage was $250,000, prior to that it was $100-150,000. So why the sudden exodus now?


bsflag
Anonymous Coward
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11/15/2012 09:40 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
OP, you are likely incorrect. There will be a bank run, but not because of the decrease in FDIC insurance.

Just so you know, the FDIC only has $3,200 in reserves for every $1,000,000 in deposits it insures. So, when the fur starts to fly, it won't matter if the insured deposit rate is at $250,000 or $100,000.

The Silverdoctor is a whore trying to fuck everyone they can. Things will get bad, and gold and silver is a smart play, but the Silversoctor dosn't have a fucking clue as to why.
Anonymous Coward
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United States
11/15/2012 09:42 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
as far as moving your money out of the country, I'm pretty sure I saw in that obamacare bill that jan 1st, IRS takes 30% of all money wired out of the country.
 Quoting: Anonymous Coward 23011194


Wow, why would that be in the affordable care act? That's interesting.....






.
 Quoting: Anonymous Coward 27352798


It's not in the ACA, it's called FATCA, wow how did this one slip by us?

[link to en.wikipedia.org]

[link to www.americanthinker.com]

<<< Now the HIRE Act of 2010 contains a time bomb called FATCA (Foreign Account Tax Compliance Act), which has indeed accelerated a process. Unfortunately that process is not job-generation, but job-destruction caused by an exodus of capital from the United States. Investment means jobs; a departure of investment capital means job losses. Thus, the HIRE Act is really the "FIRE Act."

FATCA (Foreign Account Tax Compliance Act) is the brood of FBAR (Foreign Bank Account Report). FBAR requires that U.S. persons divulge foreign accounts to the Treasury Department, but few knew about or ever complied with it (see "When Government turns Predator"). To stanch the bleeding of U.S. capital into secret bank jurisdictions like the Cayman Islands and Switzerland, Congress introduced FATCA into law as part of the HIRE Act. FATCA requires that foreign financial institutions (FFIs) reveal the accounts of U.S. persons to the IRS. The FFIs will then have to collect tax withholdings for the IRS from these clients. If by January 1, 2014 the FFI is unwilling to reveal its U.S. clients' accounts, the IRS will impose a punitive 30% withholding on all payments to the FFIs, on dividends, interest, and gross sales of stocks, bonds, and financial derivatives.

Let's suppose that a foreign investor trades stocks on a U.S. exchange, but his broker is FATCA non-compliant. One day he buys 10,000 shares of XYZ at $25 per share, and the next day, he takes advantage of a nice uptick of $1.00 in XYZ and sells at $26 per share. He makes a tidy profit of $10,000. But because his broker is non-compliant, the IRS now withholds 30% -- not of the profit, but of the gross proceeds of the sale! So the client now receives the sum of $260,000 minus 30%. The foreign investor is unhappy because his $250,000 investment has become $182,000. If he wants his money back, he must file a U.S. tax return.

No investor would accept such conditions. Hence, an FFI must either comply with the invasive regulations of FATCA or simply abandon the U.S. markets.

After some study, FFIs have warned that the costs of FATCA compliance will be in the hundreds of millions and likely in excess of whatever taxes that the IRS could gather through its enforcement (not that the IRS cares about that!). It is likely that many FFIs will simply choose to leave the United States, taking their clients' money with them. In an open letter, "Farewell America," Wegelin & Co., a private Swiss bank, cited their reasons for leaving the United States: excessive regulations, tax issues, and above all, the insolvency of U.S. government. Now add the expense of FATCA, and many other FFIs are going to follow Wegelin's lead. American Citizens Abroad has cited Japanese and European FFIs as indicating a strong likelihood that they would pull out of the United States.

Read more: [link to www.americanthinker.com]
Anonymous Coward
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11/15/2012 09:43 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
Gold to da MOON.....



.
Anonymous Coward
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11/15/2012 09:47 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
banks don't actually need deposits on hand. Of all the things to worry about, a bank run isn't one of them. Maybe a temporary cash shortage, but they won't let the big banks fail in such a manner.
Resister

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11/15/2012 09:47 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
Folks, you don't have any "money" in the bank. You have data. One day you will swipe your card at the gas pump or grocery store or stand at an ATM expecting green pieces of paper to flow out and nothing will happen. That is when most people will truely realize just how bad thing have become.

Got preps?
"God forbid we should ever be 20 years without such a rebellion. The people cannot be all, & always, well informed... If they remain quiet under such misconceptions it is a lethargy, the forerunner of death to the public liberty... Let them take arms... What signify a few lives lost in a century or two? The tree of liberty must be refreshed from time to time with the blood of patriots & tyrants. " - Thomas Jefferson in 1787
[link to line-in-the-sand.blogspot.com]
Anonymous Coward
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11/15/2012 09:50 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
You guys keep your money in a bank? What is wrong with you? Cash your pay check and take it home. Pay cash for things.

Good luck using your debit card or credit card when the SHTF. Many found this out with Sandy. When real big problems occur they will freeze everything and you will not get at your money. Then what are you going to do??
Carshy McCarsh

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11/15/2012 09:58 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.”

[link to www.forbes.com]
 Quoting: No Dhimmi


Fucking Nazis.

I hope you ~60 million psychopaths who voted this walking abortion back into the White House are happy with your depraved selves.

ohappy
Tell me what this tastes like...
Anonymous Coward
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11/15/2012 10:09 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.

[link to www.silverdoctors.com]
 Quoting: No Dhimmi


my god! The House of Rothschild is actually going to charge 5% for depositors to keep their money in his Satanic banks ("the .5% negative interest rate"). This will show even the rich are sheep if they do this instead of putting it under their own mattresses, or at least buying gold (gold even has health properties: wearing it prevents arthritis):

To have gold is to join in Father's society, not Satan's, but to leave Satan's society:
"The silver is mine, and the gold is mine, saith the LORD of hosts.?
I need a gold-spun, full-length dress for my arthritis. Where can i get one?- and soft shoes to match . . . also a full sheet, gold-spun, for my bed.
smokahontas

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11/15/2012 10:12 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
The smart money has already gotten out of U.S. banks and the stock market. The average sheep doesnt have a savings, and few have more than $250,000 in the bank anyway. I doubt it will cause a bank run. The FDIC has no money anyway. If they close the banks it wont matter. There is NO MONEY...its all digital numbers in a computer. The gig is almost up and when the american public finally understands what fractional reserve banking actually is they are gonna SHIT.
"I may not agree with what you say, but I would defend to the death your right to say it." Voltaire

"Facts do not cease to exist just because they are ignored." Aldous Huxley
Anonymous Coward
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11/15/2012 10:15 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
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.

[link to www.silverdoctors.com]
 Quoting: No Dhimmi


gee..isn't that the same amount mr. o wanted on new taxes??? 1.6 trillion???
YaRight

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11/15/2012 10:18 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
You guys keep your money in a bank? What is wrong with you? Cash your pay check and take it home. Pay cash for things.

Good luck using your debit card or credit card when the SHTF. Many found this out with Sandy. When real big problems occur they will freeze everything and you will not get at your money. Then what are you going to do??
 Quoting: Anonymous Coward 20889314


This is so true. Everybody “that can” should keep enough money on hand to stay afloat for 3 to 6 months.

Its just like prepping for a storm or whatever…you will need some type of currency …cash / gold / silver …whatever
The most terrifying words in the English language are: I'm from the government and I'm here to help.
telling it straight

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11/15/2012 10:46 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
Doubt this run will materialize. In fact its a non-issue. The government's new massive taxes are making sure we don't have more than $250k to have to worry about.

Seriously, most people don't realize the emergency coverage rates are still in effect so they'll be no panic.
truth
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11/15/2012 10:47 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
You guys keep your money in a bank? What is wrong with you? Cash your pay check and take it home. Pay cash for things.

Good luck using your debit card or credit card when the SHTF. Many found this out with Sandy. When real big problems occur they will freeze everything and you will not get at your money. Then what are you going to do??
 Quoting: Anonymous Coward 20889314


so then how do you pay your monthly bills like electric, gas, water, rent, mortagage, insurance, things that require a check to be sent out?
smokahontas

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11/15/2012 10:50 AM

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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
You guys keep your money in a bank? What is wrong with you? Cash your pay check and take it home. Pay cash for things.

Good luck using your debit card or credit card when the SHTF. Many found this out with Sandy. When real big problems occur they will freeze everything and you will not get at your money. Then what are you going to do??
 Quoting: Anonymous Coward 20889314


so then how do you pay your monthly bills like electric, gas, water, rent, mortagage, insurance, things that require a check to be sent out?
 Quoting: truth 10870676


I only leave what is required for bills in bank...not a penny more
"I may not agree with what you say, but I would defend to the death your right to say it." Voltaire

"Facts do not cease to exist just because they are ignored." Aldous Huxley
Anonymous Coward
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11/15/2012 10:51 AM
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Re: US Bank Run Imminent as FDIC Expanded Deposit Insurance Ends Dec 31st
I´m not 100 % sure that we may see a crash in what remains of the year, but consider this:
-FDIC is expanding its deposit insurance.
-The FED charter ends in Dec 2012.
-Fiscal Cliff by the end of the year too.
-EU situation worsening

2013 is going to be a bitch for sure. Is going to make 2008 looks like a picnic.

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