Bernankes Nuclear Option

[deanne53]

http://moneyandmarkets.com/issues.aspx?Bernankes-Nuclear-Option-1582

[HisAlways]

Get all of my money out of my bank?

[deanne53]

I guess it all depends on how you feel about all this. Me personally, I'm undecided on what to do about my savings and my other accounts, and I think a few others are too.

[HisAlways]

I guess it all depends on how you feel about all this. Me personally, I'm undecided on what to do about my savings and my other accounts, and I think a few others are too.
Hmmm.....I don't know who to believe. I'm very uneducated about financial markets, and not that I have lots of money, but I'd like to be able to access what I have.:thinking

[SummerSailing81]

I'm an economics novice and know very little about it except what I've learned here on RR. Our government is already running in the red to the tune of trillions of dollars, yet they've bailed out Bear Stearns. How on earth do they plan to bail out all the other banks if they also start to fail - which is looking highly possible at this point? The government doesn't have the money to bail these banks out. To me, it's like the little boy putting his finger in the dike that's leaking and eventually it's going to burst and drown us all! At this point, I think it's probably safer to hide the money in our mattresses than in any of the banks. Even though the article suggests U.S. Treasury bills, I don't trust the government with my money either - just look what they've done with it already (TRILLIONS of dollars in debt!!!). Let's face it, the government is for all intents and purposes bankrupt.

[deanne53]

My mother back in the summer went to her bank and had her CD's put into a savings account. She asked them about the FDIC and if something would happen how long would it take her to get her money... The Answer--- The FDIC has up to 99 years to pay. Is that insurance for you money or what ?????? So I don't take comfort in the bank having our money. So what can we trust to handle it?

[I'm all 67X]

My mother back in the summer went to her bank and had her CD's put into a savings account. She asked them about the FDIC and if something would happen how long would it take her to get her money... The Answer--- The FDIC has up to 99 years to pay. Is that insurance for you money or what ?????? So I don't take comfort in the bank having our money. So what can we trust to handle it?

99 years, eh? I suppose that is also interest free. That's some sweet financing there. It galls me how the banks and government now have equal protection from us, yet we have none against them. The founding fathers saw all this tyranny by banks not only as possible, but likely. How much more wise do they become by the day?

Examine:

You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out... If people only understood the rank injustice of the money and banking system, there would be a revolution by morning."
President, Andrew Jackson

If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks...will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered... The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."
President, Thomas Jefferson

History record that money changers have used every form of abuse, intrigue, deceit, and violent means possible to maintain their control over governments by controlling money and its issuance.”
President, James Madison

The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest.”
President, Abraham Lincoln

The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...[thus creating] out of nothing a...debt which the American people are obliged to pay with interest.”
Congressman, Wright Patman

The real menace of our Republic is the invisible government which like a giant octopus sprawls its slimy legs over our cities, states and nation. At the head is a small group of banking houses... This little coterie...run our government for their own selfish ends. It operates under cover of a self-created screen...seizes...our executive officers...legislative bodies...schools...
courts...newspapers and every agency created for the public protection.”
N.Y. Mayor, John Hylan

All the perplexities, confusion and distress in America arise not from defects in their Constitution or Confederation, nor from want of honor or virtue, so much as downright ignorance of the nature of coin, credit, and circulation.”
President, John Adams

We have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal Reserve Banks, hereinafter called the FED. They are not government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers.”
Congressman, Louis T. McFadden

I have unwittingly ruined my country… We have come to be one of the worst ruled, one of the most completely controlled and dominated governments in the civilized world. No longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men.”
President, Woodrow Wilson

Some even suggest that debt itself is not legal! I don't know anything about that, but I wish I did. Schools don't teach monetary policy and such.