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.

This is true. Pin it.

Very troubling!! I am sure I won't hear this anywhere buy on GLP!! Fiscal cliff and other distractions! Thank you OP!!

^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!!

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

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.

5

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]

What...

The...

Fuck???

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






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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.

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

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."

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?

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.

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]

Gold to da MOON.....



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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.

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?

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??

Fucking Nazis.

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

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 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.

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.

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

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.

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?

I only leave what is required for bills in bank...not a penny more

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.