Your bank deposits are no longer considered money.

originally posted by: Hoosierdaddy71
Roosevelt signed an executive order and confiscated gold from American citizens. When will that happen again?

There were some "exceptions".

Order 6102 specifically exempted "customary use in industry, profession or art"—a provision that covered artists, jewellers, dentists, and sign makers among others. The order further permitted any person to own up to $100 in gold coins (a face value equivalent to 5 troy ounces (160 g) of Gold valued at about $6,655 in 2014). The same paragraph also exempted "gold coins having recognized special value to collectors of rare and unusual coins." This protected recognized gold coin collections from legal seizure and likely melting.

Executive Order 6102

I am self employed and haven't used a bank in over a year. Not because I'm super paranoid or trying to evade taxes (which I pay on time, all the time) but because I was just tired of the fees! I thought it was going to be impossible, but it has actually been the opposite. And I've seemed to save so much more money since it's physically in my hand all the time. I will never have a bank account again.
I've purchased 2 cars, accept credit cards, received electronic deposits, etc... all without an actual bank account. I use a prepaid debit card for electronic only stuff. You can even receive direct deposit from your employer via a prepaid debit card.

originally posted by: MALBOSIA
a reply to: phoenix9884

Could you explain what it is your saying? I don't pay attention to finance and markets. How will this effect the average citizen of a G20 nation?

To the average person of a G20 nation I'm not sure. I'm not a financial analysist by any means but if it means that bank deposits are no longer FDIC insured or are on the same level as bonds and stocks then your "money" in the event of a crash is not covered the same as it was. That's what I gathered anyway. Maybe a more technical minded person can break it down and clarify it further.

originally posted by: phoenix9884

originally posted by: MALBOSIA
a reply to: phoenix9884

Could you explain what it is your saying? I don't pay attention to finance and markets. How will this effect the average citizen of a G20 nation?

To the average person of a G20 nation I'm not sure. I'm not a financial analysist by any means but if it means that bank deposits are no longer FDIC insured or are on the same level as bonds and stocks then your "money" in the event of a crash is not covered the same as it was. That's what I gathered anyway. Maybe a more technical minded person can break it down and clarify it further.

I'm not strong in economics or finance but I do know enough to know we are heading towards a new recession or depression.

Is this basically putting even more of the risk onto the middle class? The banks came out of the recession stronger than ever and the middle class still has not recovered so maybe this is just preparing for the next big crash to consolidate even more power and wealth in the hands of the ruling class.

originally posted by: signalfire
The cost of taking a barrel of oil out of the ground in the 1930s was about 1:100 meaning you spent $1 to get $100 worth of oil; it's getting towards 1:2 now so it costs $1 worth of energy to pull up $2 worth of oil... that's why you see all this fracking, the low hanging fruit is gone.

The bulk of the cost in a barrel of oil is not from the extraction, refining or transportation aspects but from governments imposing royalties or taxes.

originally posted by: xuenchen

originally posted by: supergravity
a reply to: phoenix9884

In the 1960's two dimes(silver) would buy a gallon of gas, Those exact same dimes today will buy 5 gallons of gas. It is only what we are taught to perceive that makes us think gas prices have skyrocketed.

Those 2 dimes contain 2.5 grams of silver each.

Based on current silver value, each old dime is worth about $1.20 today.

gas was about .30 a gallon in 1964.

1964 Silver Roosevelt Dime Value (United States)

Hmmm.

To clarify his point I have a dollar worth 25 dollars today..
Yes it it is silver.

I know that gold is supposed to be this precious metal that is worth a lot. ...I just don't really know why. If something is that rare and precious how can you walk into any walmart and buy it? How many jewelry stores, pawn shops ect. Are there in any given city around the world that have cases full of the stuff? It's only worth something because people believe that it is. Same thing goes for diamonds.
One of these days food and water will be far more valuable than some shiny bits of metal.
Would you give up your last gallon of water and loaf of bread for a shiny coin?

a reply to: alishainwonderland


How do you receive electronic deposits and take credit cards without a bank account for the funds to be placed?

a reply to: onequestion

pure insanity

originally posted by: Hoosierdaddy71
a reply to: alishainwonderland


How do you receive electronic deposits and take credit cards without a bank account for the funds to be placed?

Google this: credit cards with no bank account.

originally posted by: Taupin Desciple

originally posted by: Hoosierdaddy71
a reply to: alishainwonderland


How do you receive electronic deposits and take credit cards without a bank account for the funds to be placed?

Google this: credit cards with no bank account.

That is how you can use a credit card without a bank account. That does not explain how somebody can pay you with a credit card. The funds you are receiving need to go somewhere.

originally posted by: Lil Drummerboy
I dont think we will have anything to worry about when it come to our money in the bank. I think it is safe to say that if Banks start messin with our income there will be a civil outbreak which would would be completely NOT what TPTB would want.. After all WE THE PEOPLE are the income source. There is way to much money to be made by the global leaders

You're cute.

originally posted by: Hoosierdaddy71
Roosevelt signed an executive order and confiscated gold from American citizens. When will that happen again?

originally posted by: signalfire

originally posted by: Hoosierdaddy71
Roosevelt signed an executive order and confiscated gold from American citizens. When will that happen again?

Over lots of dead bodies.

Any day now.

so, does this mean the that the money we keep in a bank is no longer insured by the FDIC?

a reply to: phoenix9884

I don't see what's different now as opposed to what the status quo was prior. The only difference now is there's an announcement stating the obvious. This has always been the case, all you have to do is look at the numbers. Any federal insurance is just a dog and pony show that gives the public a feeling of safety and shuts them up in the midst of complaining. It's never enough to cover even a fraction of people's assets if any horrible situations arise.

Thankfully for the government, the masses are too fixated on reptilians and celebrities to worry about reading through a financial statement or hell, even a Wikipedia page in regard to anything that will legitimately have an effect on their life.

Here's some fast wiki's in regard to useful info in how "safe" you are from these too big to fail companies failing. Also, when you have your money with a very small company, they aren't even required to have any reserves at all. Doesn't that make you feel good?

en.wikipedia.org...
www.investopedia.com...

Money is just a label for having what I like to call "phantom shares" in a company. Meaning you deposit them and it automatically becomes a part of the company's pool of assets that they then loan out and make more money off of. Until you take the funds out your money is simply a share of that company and is only as safe as the company is. Anyone who thinks that either the company or the government have any amount even near what is needed to insure even the tiniest deposits spread over millions of people are fooling themselves. The reserve requirements are very low. If a bank does fail, your money is gone.

Part of risk management if you are a rich pony is to place your assets in accounts that not only spread the funds across different institutions but also different countries. Anybody with a large amount of money that doesn't do this is a moron. Even for small scale deposits it is smart to not put your money all in one basket. That's why having money in a bank is a risk and it's better most of the time just to invest in index funds(that way you earn interest and are able to diversify your "money" and not waste any time value)

We could likely avoid these kinds of messes if there was some kind of peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

Hmmm....

originally posted by: cohiba
We could likely avoid these kinds of messes if there was some kind of peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.

Hmmm....

It would be perfect if the institutions would let it grow. They hate bitcoin though. Hence trying to destroy its credibility as a stable form of currency. It's clearly evident in tying it to directly terrorist activity, drugs, money laundering and the like-as seen in the silk road takedown and other similar connections. They can't stand unregulated currency

Leaving alone the currency aspect of block-chain technology for a moment, I believe financial institutions of the future need to begin to harness the block-chain or they will be left behind, because someone will, and it is indeed better in many ways than traditional ledger and contract systems. There seem to be many other ways to utilize this technology that people much more intelligent than I are just beginning to understand. Granted, I'm not claiming to be highly intelligent. :p

I also believe crypto-currency needs to evolve more in terms of privacy, and user-friendly security. It's really not ready to become a worldwide currency today. Cash is truly more anonymous than bitcoin currently. This is why the USA has so many laws regarding the handling, transfer, and transportation of USD cash in and out of their borders, to reduce the anonymity.

Bitcoin is not anonymous, in fact, is quite the opposite. Every single transaction is publicly available for review, on the block-chain. Many sites offering services for crypto, such as online wallets or exchanges, require registration and comply with the USA's KYC (Know Your Customer) and AML (Anti-Money-Laundering) laws. Some don't, of course, but that may carry other risks. Some bitcoin tellers (BTM machines, ala ATM machines) require bio-metric verification to use them. Unless you take calculated steps to ensure you do not link any IRL information to your crypto, it is very likely it can be traced back to you.

Most people don't understand how or don't care to obfuscate their transactions to provide true anonymity. Some may argue true anonymity is still not possible using bitcoin even with the best privacy practices. If it were easy to be 100% anonymous, I imagine the regulators would be working much faster. Some think it may even be a three-letter agency project (who is Satoshi?!), with the intent to be able to eventually trace every single monetary transaction worldwide.

Interesting times we live in to be sure.

a reply to: phoenix9884

This is another move towards WW3.
China has shipped in thousands of tons of gold. This proposal slashes that asset value.
Banks no longer being viable safe havens for at least some of your money means the whole system is ready to go.
Stocks at an "All time high" my ass! They could crash tomorrow just as fast.

We'll kill the dollar indeed President Obama. 2 years and counting....

a reply to: MALBOSIA

It sounds like there is an end to the government guarantee for all bank deposits. So the next time the too big to fail start to fail it will be all the large depositors that help stop it all failing, like in Cyprus not too long ago.

As for the general community, there might be some restrictions like a maximum $200- a day withdrawal to help with basic survival. If you have hundreds of thousands or millions of dollars saved up then it may just disappear.

I think my bank hates me.

Check comes in, 2 things are paid with auto pay, all the rest I take out in cash, leaving $50 so I can use my debit card for little things if I have to. I've even had a teller say to me "It's safer to keep it in here". I just rolled my eyes, took my money and drove away.