THE MONEY FDIC AND BANKS DON'T HAVE

In the financial collapse of 1929/1930 depositors rushed to the banks to withdraw their funds. Many learned their funds were not there to withdraw and despite the Federal Reserve rushing cash to besieged institutions, many banks failed and locked their doors. The banking panic continued into March of 1933 when newly inaugurated President Roosevelt declared a Bank Holiday lasting for 4 days. Many banks following this hiatus failed to reopen.

To remedy this banking problem future depositors were protected by the establishment of the Federal Deposit Insurance Corporation, a bank insurance company, sponsored by the U.S. Government, but financed by premiums paid by each covered bank according to the amount of their deposits. Today the coverage is up to $250,000 per deposit .

Will the FDIC prevent future bank runs and/or failures? Ans.: Approximately 140 institutions have failed since October 1, 2000.

Is their any money left in the FDIC Insurance fund?

Ans.: Yes and No. The fund had $48 billion in September of 2008, prior to the 2008 and 2009 closings. IIt is beleived they currently have enough reserves to cover approximately1% of covered deposits. The FDIC money is on deposit with the U.S. Treasury. They are allowed to borrow from the Treasury to cover any shortfalls.

Former FDIC Chairman William Isaac wrote in the “Mythial FDIC Fund” that when he asked to see the Fund’s money, TheTreasury explained that the money wasn’t actually there , it had been spent on missiles, school lunches, etc. The deposits with the Treasury were like other ‘funds’ with the Teasury--they were available only after the depositer needed to withdraw money, which was then ‘borrowed’. The funds on deposit were merely

bookkeeping entries.

The Ponzi schemes run by the Federal Government, The Federal Reserve and your neighborhood bank make Bernie Madoff’s look like child’s play.

In 1930, deposits of paper money were backed by gold. You could go into any bank and change your paper (fiat) money into gold. Gold exchanged for abut $20 per oz. Roosevelt in

conjunction with new banking laws and regulations fixed the price of gold at $32/oz., Thus deflating the dollar value 59%, this done to ‘stimulate' the depression wracked economy.

In modern times ( since President Nixon cut the dollar lose from a fixed gold backing) gold has a market as does the dollar.

Modern practise of fractional reserve banking: lending money you don’t have has encouraged our debt/credit society.

A banker makes a loan with money he does not have, charges interest on that money and is eventually paid the loaned money plus interest. Man what a legal scam they have with the Blessing of the Government who is definitely in cahoots with this robbery.

With Love and Kindness,

THE HATMAN