All Legal Bank Deposit Protections Are Now Officially Gone -- Hot to Act!

[AlexanderLight]

Several days ago, the US Banks have been warned to be prepared for a total collapse (http://humansarefree.com/2012/08/us-banks-told-to-prepare-for-total.html). Today, the prison planet website issues an alarming warning (http://www.prisonplanet.com/warning-get-your-money-out-%E2%80%9Call-legal-bank-deposit-protections-are-now-officially-gone%E2%80%9D.html): "all legal bank deposit protections are now officially gone", and advises Americans to get all their money out from banks.
http://2.bp.blogspot.com/-DtXqZy9wSWc/UCky4AWRO3I/AAAAAAAADIM/5iPd86C9nWA/s1600/Money+prtection+GONE.jpg
"...we have an unprecedented financial collapse in the making. If such a financial crisis comes to pass it is clear that the policies and procedures now in place will transfer the legally owned deposits and money market savings of individual Americans into the hands of the banks at which those funds are kept. Get your money out."

If you decide to follow this advice, then here is what you should and should not do with your cash money.

The worst thing you could do, is to keep them "under the mattress", with no real plan in mind. If a financial collapse will take place, then it's only a matter of time until your money will worth almost nothing.

So, here is my advice:

Before anything else, you should think of a place to stay. I suggest a small community, far away from any major city.

1. If you don't have access to a clean water source, then the first thing you should do is to buy a lot of bottled water. You can go a long time without food, but only two to three days without water.

If you have access to a clean water source, then you should know that water can be kept safe to drink for a long time, if properly stored. Have you noticed that the holy water from church can be safely drank for months? That's because the priests add fresh basil in the water recipients. I also have information from a trustworthy source, that mixing the water (after adding the fresh basil) with a silver object (e.g. spoon, rod) will prolong the water's freshness even further.

Next, you need to pour the water in tightly closed recipients, away from direct sunlight and high temperatures. A cool basement is the ideal place it to store it.

- Collect the water;
- If possible, boil it and let cool down;
- Add plenty of fresh basil and mix them together with a silver object for a while;
- Store the water in tightly closed recipients, away from sunlight, in a cool environment;
- If you have the possibility, boil the water again (and allow it to cool down) before drinking it;

(...)

6. Now, if you still have money left in your pockets, then you should consider investing them in physical gold coins and bullion (not certificates!). If the bank and law allows it, then consider making this transaction anonymously (during the Great Depression, the US government robbed its people from all their gold, under the harshest penalties if not willingly giving it away).

Gold is one of the safest investments you can make, but do not buy gold jewelry!

I recommend you buying 24k gold bullion from the Swiss bank "Credit Suisse" (or any other major bank), with a 999,9% purity, and/or 24k gold coins. Together with your gold, you will be handed over authenticity certificates for your purchase. The bank will also offer you the possibility to deposit your gold in their vaults -- something I do not recommend!

Click to Read All (http://humansarefree.com/2012/08/all-legal-bank-deposit-protections-are.html)

Now that you are informed, please gather your family, make a plan, and act mature! Even if nothing happens, the food and water can be consumed in time, while your investments are safe.

Blessings,
Alexander

[TargeT]

"advises Americans to get all their money out from banks."

well if we weren't in a financial bind already, a run on the banks surely would cause it....


here's what caused the article:

The warning, stemming from a recent federal appeals court ruling surrounding customer funds lost during the 2007 collapse of Chicago futures broker Sentinel, indicates that individuals who lose deposited funds because a financial institution improperly manages that money, even if those funds are supposed to be “segregated” from other operations of the firm, are essentially left with no recourse if the firm goes belly-up. According to the court, a misallocation of those customer funds, “is not, on its own, sufficient to rule as a matter of law that Sentinel acted ‘with actual intent to hinder, delay, or defraud’ its customers.”



So this is just basically fear porn... nothing to see here, move along.

[Doctor]

http://i0.kym-cdn.com/photos/images/original/000/001/582/picard-facepalm.jpg?1240934151

[nearing]

He had better be careful - this may be likened to inciting a riot by inciting a run on the banks. Not a good move, he may find himself in jail.

[ThePythonicCow]

So this is just basically fear porn... nothing to see here, move along.
If it were just fear porn, providing harmless entertainment to those who choose to get off on the emotional rush of fear, that would be one thing.

But it's misleading fear porn, on an important matter that I expect will be affecting most of us soon enough, that being the next phase of the monetary, financial, and economic crisis, which will likely see the US Dollar losing its world reserve currency status and see some major nations go bankrupt, including the UK and others in Europe, Japan, and in some manner, the USA.

Such confused fear porn makes it harder for people to understand what's going on.

[GoodETxSG]

Sorry to say this is not fiction or sci fi people... it may cause fear but its not fear porn. This stuff is really going on. Those asleep do not want to wake up... usually you wake up from a nightmare and not to a nightmare. Keep posting the truth and telling people what is going on... my Facebook site below in my signature has caused a couple news reporters to contact me and blog people... if I can help wake a few and they can prepare and resist then I am happy with that small victory.

Those that do nothing had better not complain within earshot of me when all this completely breaks. After working for several too big to fail banks and the Federal Reserve Bank I was in the belly of the beast long enough to see and hear plenty... us IT folks are almost invisible in conference rooms... but denial on this topic is not going to help anyone.

[TargeT]

Sorry to say this is not fiction or sci fi people... it may cause fear but its not fear porn. This stuff is really going on. Those asleep do not want to wake up... usually you wake up from a nightmare and not to a nightmare. Keep posting the truth and telling people what is going on... my Facebook site below in my signature has caused a couple news reporters to contact me and blog people... if I can help wake a few and they can prepare and resist then I am happy with that small victory.

Those that do nothing had better not complain within earshot of me when all this completely breaks. After working for several too big to fail banks and the Federal Reserve Bank I was in the belly of the beast long enough to see and hear plenty... us IT folks are almost invisible in conference rooms... but denial on this topic is not going to help anyone.

if you consider yourself any kind of journalist then the title "all legal bank deposit protections are now officially gone" should cause you extreme discomfort when it is based on the court case I briefly cited above.

Yes, the financial house is a mess

NO, there is no need to run to the bank and pull your money, in fact all that this court case said is this: if your bank is also an investment bank (not many are both, in fact it used to be illegal) then your money is not protected if the bank fails.

to me this is common sense & no need to splash "get your money out now" to an audience that is willing to line up for spaceship rides & eagerly awaits a false flag at the Olympics... This is beyond sloppy journalism (as pointed out by Paul) & has little to no redeeming value.

[GoodETxSG]

http://www.youtube.com/watch?v=VebOTc-7shU&feature=related

The death of the US, by the politicians and bankers in their own words... 2.5 hour video, but a must watch!

[GoodETxSG]

More fear porn or is some of this stuff starting to look to be on the level? http://www.financialsensearchive.com/fsu/editorials/martenson/2008/0414.html



How Safe is My FDIC-Insured Bank Account?
by Dr. Chris Martenson. April 14, 2008

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Your bank account may not be as safe as you think (or hope). Taking a deeper look at the legal details and the financial depth of the FDIC reveals several troubling details that call into question how the FDIC would fare during a true banking crisis.

The US is coming out of a period of unusually low banking stress and failures. Since it is typical human behavior to let one's guard down during tranquil periods, we might legitimately ask if this has happened with respect to the FDIC.

Before we address that though, we probably should understand bit more about the FDIC. There's a fair bit of both good and bad information about the FDIC floating around out on the internet, so I thought we could stick to the facts. In this article I even go straight into the language of the 1933 FDIC act itself so that you can decide for yourself whether it’s worth spending any of your precious concern on this matter.

What is the FDIC?

Let's begin with a snippet from Wikipedia on the FDIC:

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. The vast number of bank failures in the Great Depression spurred the United States Congress into creating an institution which would guarantee deposits held by commercial banks, inspired by the Commonwealth of Massachusetts and its Depositors Insurance Fund (DIF). The FDIC provides deposit insurance which currently guarantees checking and savings deposits in member banks up to $100,000 per depositor.
Accounts at different banks are insured separately. One person could keep $100,000 in accounts at two separate banks and be insured for a total of $200,000. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) can be considered separately for the $100,000 insurance limit. The Federal Deposit Insurance Reform Act raised the amount of insurance for an Individual Retirement Account to $250,000.
The two most common methods employed by FDIC in cases of insolvency or illiquidity are the:
- Payoff Method, in which insured deposits are paid by the FDIC, which attempts to recover its payments by liquidating the receivership estate of the failed bank.
- Purchase and Assumption Method, in which all deposits (liabilities) are assumed by an open bank, which also purchases some or all of the failed bank's loans (assets).
In short, if your bank gets in trouble, the FDIC will ride in and either pay off your account (up to $100k), or sell your bank off to another bank which will then assume the usual duties of your bank. Under normal circumstances, a bank failure should not impact you in the least. But these are not normal times. We might reasonably ask how the FDIC would respond during a major banking crisis. After all, this is our money we're talking about. Faith and hope are great at weddings and sporting events, but they should not form the basis of our strategy for handling our finances.

How many bank failures could the FDIC handle at once?

When we take a look at the financials of the FDIC (Figure 1) we see that the level of insurance (in circles below) is not terribly high either, when viewed as an aggregate amount (in blue) or on a percentage basis (in red).

Figure 1.


The 1.22% Reserve Ratio means that for every dollar in your bank account, the FDIC has 1.22 cents "in reserve" ready to cover your potential losses. This has proved to be an ample amount during the period of stability we've recently had, but it doesn't seem particularly significant, considering the recent headlines about banking losses (Spring of 2008).

Consider, for a moment, the collapse of Bear Stearns. In order to assume that bank, JP Morgan asked for, and received, a special waiver from the Federal Reserve to keep $400 billion of suspect of Bear Stearn's assets off the books of JPM (page 4 of the linked document). While JPM may have been padding the books a little bit here, due to the uncertainty of how bad the wreckage might turn out to be, $400 billion dwarfs the $52 billion reserves of the FDIC.

If one medium-large bank collapse could wipe out the FDIC by a factor of nearly 8, what do you suppose would happen if there were multiple, simultaneous bank failures? At this point, my guess would be that Congress would be sorely tempted to borrow additional funds to remedy the situation, but I worry that hardship and losses might result while the laws were amended and sufficient funding avenues identified. So how many bank failures could the FDIC endure? The data suggests slightly fewer than one big one.

I thought the FDIC has full faith and credit backing by the US treasury?

Actually, no, it does not. The language in Section 14 of the FDIC Act is clear and unambiguous (emphasis mine):

(a) BORROWING FROM TREASURY.-- The Corporation is authorized to borrow from the Treasury, and the Secretary of the Treasury is authorized and directed to loan to the Corporation on such terms as may be fixed by the Corporation and the Secretary, such funds as in the judgment of the Board of Directors of the Corporation are from time to time required for insurance purposes, not exceeding in the aggregate $30,000,000,000 outstanding at any one time, subject to the approval of the Secretary of the Treasury: Provided, That the rate of interest to be charged in connection with any loan made pursuant to this subsection shall not be less than an amount determined by the Secretary of the Treasury, taking into consideration current market yields on outstanding marketable obligations of the United States of comparable maturities.
Now that's pretty interesting. First, that any additional money from the federal government is not a guarantee, but rather a loan, which will only be made subject to the approval of the Secretary of the Treasury. Further, that the loan is to be made at "current market yields." What do you suppose would happen to US Treasury yields during a true emergency? I can imagine a few scenarios where they might skyrocket, and this would serve to compound the difficulty of keeping the FDIC fund solvent.

How long does the FDIC have to repay me if things go bad?

Here things get murky. We turn to Section 11 of the act and find this (emphasis mine):

(f) PAYMENT OF INSURED DEPOSITS.-- (1) IN GENERAL.--In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as soon as possible, subject to the provisions of subsection (g), either by cash or by making available to each depositor a transferred deposit in a new insured depository institution in the same community or in another insured depository institution in an amount equal to the insured deposit of such depositor.

That only says "as soon as possible" and sets absolutely no time limit or maximum. Taken to the extreme, it might be impossible for the FDIC to ever make depositors whole again, and this is one of dozens of such "outs" that exist in the document. Remember, this act was written in 1933 when money was gold, times were uncertain, and government lawyers were exceedingly careful to avoid locking the government into any possible financial black holes.

And the FDIC Act is very clear to spell out that the only insurance funds available to depositors are those that exist within the fund itself:

(f)(1)(A) all payments made pursuant to this section on account of a closed Bank Insurance Fund member shall be made only from the Bank Insurance Fund
So, if the fund runs dry, there isn't another possible source of funds that can be legally tapped without changing this wording. And that would take - wait for it - an act of Congress.

Surely Congress would appropriate the necessary funds to keep the FDIC solvent?

Here your guess is as good as mine. I would personally expect the US Congress to do everything in its power to the keep the FDIC well funded, especially during an emergency. I would not fault their desire here. But I can also think of a few scenarios or circumstances under which their ability could be taken away. For example:

If the banking crisis came at the same time as an interest rate spike and general funding emergency
If we were at war with Iran and things were not going well
If China suddenly started dumping their Treasury holdings in the opening gambit of an economic war
These would all be times under which I could easily imagine either a lethargic or inadequate response from Congress on the matter.

At my website (free registration req., see The Martenson Report) I offer a few common-sense suggestions of protective actions you might take to insulate your potential losses from a failure of the FDIC system to adequately reinstate your account losses should your bank be among the unlucky ones during this next down cycle.

[ThePythonicCow]

More fear porn or is some of this stuff starting to look to be on the level?
Chris Martenson has his facts reasonably straight here (in this 2008 article), as he typically does.

FDIC bank deposit insurance could fail dramatically, if major banks fail, and the Federal Government doesn't decide to (or can't) come to the rescue.

The opening article on this thread confused failures in futures market brokers with risk in all financial institutions, using the confusion to motivate fear.

Yelling "Tyrannosaurus Rex" when an angry bear is coming at you is fear mongering. Yelling "Watch out for the bear" is accurate.

I am in the process of moving an increasing proportion of my modest earthly wealth out of -any- institution, into my personal health and material possessions that depend on no government, bank, stock broker, insurance firm or other institution for their worth. Of course, for those of us who don't have much, that's rather easy to do. "If it's printed on paper, it's worth the paper it's printed on", as Gerald Celente says.

[ThePythonicCow]

The Chris Martenson article was four years old (prior to the 2008 crash) and rather gentle, as is his style.

Here's a Tyler Durden (ZeroHedge) article that is fresh out of the oven and rather blunt, as is his style.



We have said it over and over, we'll say it again. For all those who for one reason or another would like to boycott the broken markets, yet trade gold in paper form, please understand that all the invested capital is at risk of total loss and can and will be lost, commingled and rehypothecated, not necessarily in that order, with little to zero recourse and the residual claim on liquidating assets pushed to the very end of the queue. Because if Lehman, MF Global, Peregrine, and countless other examples were not enough, here comes Amber Gold: a gold-based investment ponzi scheme out of Poland, in which it is likely needless to say that the gullible investors never had actual possession of the gold. And when they tried, it was gone. All gone.


More at Aaaand It's Gone: This Is Why You Always Demand Physical (http://www.zerohedge.com/news/and-why-you-always-demand-physical)

[conk]

This makes me have to change my diaper: http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html

There is no escape from this terrible mess. Most assets on bank books are worthless. Prepare yourself.

[turiya]

To the Cryers of 'Fear Porn'! - You are forgetting who the real mongers of fear are...


http://www.youtube.com/watch?v=cMQFnTOEl88

So the bill was passed. And so get yourselves ready.

[778 neighbour of some guy]

This makes me have to change my diaper: http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html

There is no escape from this terrible mess. Most assets on bank books are worthless. Prepare yourself.


Holy ffin sh!tballs, those are massive piles of non existing piles of buck wipes!!

Wanna team up and buy them diapers in bulk ?

Paul is right by the way, invest the cash you can spare in items that will serve you in the long run, nutrient dense foods and a good water filter and heath promoting items just cannot hurt in any way and will be worth the investment always and forever ( meaning, untill you run out, but in the meantime you will be a ok and thats worth billions).

wz-PtEJEaqY

[gabbahh]

He/they who control the money system, control the people/nations.

So by letting the (dollar) system fail the banksters lose control, unless they have a replacement system ready.

The current crisis is very effective at stealing money from the middle class. There are few reasons to believe the money masters are losing control and have any reason in letting the dollar crash at the moment.

This script has been played out many times before, they know the game well.

The moment Billy Clinton revoked Glass-Steagall your savings were no longer safe. Glass-Steagall was introduced because of that crash which let to WWII.

[sigma6]

According to Winston Shrout to deposit something is by definition deposing the money from yourself, (or deposing yourself of the money) that is you are handing over legal title, and they can do whatever they want with it, that is why if you 'deposited' $100 worth of gold into a bank, you would only get $100 of paper back, point is it is part of their system that you are losing control of certain aspects of that money (which is really just a form of credit) when you 'hand it over'...

in order to put in gold and get out gold, you would have to have a prior agreement (a trust in effect) which is represented by the safety deposit box, (even then I would check the fine print)

By the way I once read an article (By Nick Guarino) that this Glass-Steagle act is just on of over a dozen acts that have been quietly removed over the last several decades, all these acts were supposed to protect the customer and avoid this abuse of the system.... this dismantling of all the protections goes back several decades

[jackovesk]

So this is just basically fear porn... nothing to see here, move along.
If it were just fear porn, providing harmless entertainment to those who choose to get off on the emotional rush of fear, that would be one thing.

But it's misleading fear porn, on an important matter that I expect will be affecting most of us soon enough, that being the next phase of the monetary, financial, and economic crisis, which will likely see the US Dollar losing its world reserve currency status and see some major nations go bankrupt, including the UK and others in Europe, Japan, and in some manner, the USA.

Such confused fear porn makes it harder for people to understand what's going on.

I might add that the 2 most vulnerable Nations should their be another major GFC (The Real One) are the...

http://www.flags-and-anthems.com/media/flags/animierte-flagge-vereinigte-staaten-von-amerika-usa.gif & http://www.flags-and-anthems.com/media/flags/animierte-flagge-grossbritannien.gif

Why..?

Because these nations don't have sufficient Gold Reserves ...(by Design) mind you...:faint:

Tricky Dicky put paid to the 'Gold Standard' and abolished it, then Clown Clinton got rid of the 'Glass Stegal Act'. And most know that 'Gordon Brown' undersold most of Britain Gold Reserves for pennies on the $Dollar...:noidea:

On the suject of labelling everything 'Fear Porn' Target...It simply defeats the purpose, especially those new to the area of Finance to take your advice switch off and move on without learning a thing...

To me that's 'DisInfo/Fear Porn' in of itself...:noidea:

In todays Global Economic Environment no warning should be discounted until proven inncorrect...

I'll give you another example...

The US Govt now have recently invested in 1.3 Billion Bullets mostly 'Hollow-Point', thats 4 Bullets for every American Citizen...

With the known massive increases of 'Domestic Gun Sales' in recent years, should we just say...


So this is just basically fear porn... nothing to see here, move along

Or would 'Commonsense' tell you, mmm somethings not right here...:confused:

Wouldn't it be better to Forewarned & Forarmed just like you are..?

[gabbahh]

I might add that the 2 most vulnerable Nations should their be another major GFC (The Real One) are the...

http://www.flags-and-anthems.com/media/flags/animierte-flagge-vereinigte-staaten-von-amerika-usa.gif & http://www.flags-and-anthems.com/media/flags/animierte-flagge-grossbritannien.gif

Why..?

Because these nations don't have sufficient Gold Reserves ...(by Design) mind you...:faint:

This is simply not true. USA has the most gold of any country, about 8000 tonnes. However, the UK has sold a lot of its gold when it was really low, but still has quite a nice amount.

http://www.businessinsider.com/countries-biggest-gold-reserves-2012-3?op=1

Germany also has a lot of Gold, a great part of it is stored on US soil ever since the cold war and the fear of a Soviet invasion.
Read about gold reserves of Germany here http://www.spiegel.de/international/germany/debate-breaks-out-in-germany-over-foreign-gold-reserves-a-833289.html

USA could actually go to a gold standard quite easily, however China with trillions worth of treasuries, would probably declare war. Currently China is increasing its gold reserves and lowering its holdings of US treasuries.

BTW the so called imminent collapse of the system has been announced since at least 2001, and again and again.

[Nanoo Nanoo]

Invest in precious metal. Check

Store food and water. Check

Have evac plan and 2 way comm devices ready. Check

Ok so now all tahts left is to enjoy life :-)

Cool

N
N

[jackovesk]

I might add that the 2 most vulnerable Nations should their be another major GFC (The Real One) are the...

http://www.flags-and-anthems.com/media/flags/animierte-flagge-vereinigte-staaten-von-amerika-usa.gif & http://www.flags-and-anthems.com/media/flags/animierte-flagge-grossbritannien.gif

Why..?

Because these nations don't have sufficient Gold Reserves ...(by Design) mind you...:faint:

This is simply not true. USA has the most gold of any country, about 8000 tonnes. However, the UK has sold a lot of its gold when it was really low, but still has quite a nice amount.

http://www.businessinsider.com/countries-biggest-gold-reserves-2012-3?op=1

Germany also has a lot of Gold, a great part of it is stored on US soil ever since the cold war and the fear of a Soviet invasion.
Read about gold reserves of Germany here http://www.spiegel.de/international/germany/debate-breaks-out-in-germany-over-foreign-gold-reserves-a-833289.html

USA could actually go to a gold standard quite easily, however China with trillions worth of treasuries, would probably declare war. Currently China is increasing its gold reserves and lowering its holdings of US treasuries.

BTW the so called imminent collapse of the system has been announced since at least 2001, and again and again.

Not 'True' hey gabbahh..? :noidea:

We'll just have to wait & see now won't we...:)

So where do you think the US Gold reserves are stored, 'Fort Knox'...? :pound:


USA could actually go to a gold standard quite easily

Oh gabbahh, please start 'Educating' yourself...:faint:

[TargeT]

BTW, the US doesn't need gold reserves while oil is still predominately sold in USD....



OIL is our currency reserve (untill that changes), I'd say we are actualy the LEAST threatened (due to that fact ALONE, if that changes the USA is the MOST vulnerable IMO)

[gripreaper]

Let's see. Did you give the bank your social security number when you opened your account? Did you open an "interest" bearing account, both checking and savings?

Then, the debt instruments which are not moving through commerce, but are temporarily "parked" without velocity, belong to the general UNITED STATES, as all promissory notes in commerce are backed by the good faith and credit of the UNITED STATES Corporation, hypotecated and secured by YOU as the surety for these public debt instruments we call Federal Reserve Promissory Notes.

Where do we get the notion that this has any value and should be piled up in a bank account? UNLESS you deposit lawful money, NOT legal tender, in a NON-interest bearing account under "Special Deposit", without any attachment to the government through your slave number, which then sequesters these lawful funds from the banks general account, and designates them as YOURS, then you have NOTHING.

So, go ahead and rush to your bank and pull those promises out and turn them into tangibles. OR, at the very least, realize what all you energy went to and how it was vampired.

[9eagle9]

I have no clear evidence that gold will be worth anything. After all we aren't the ones who are assigning a value to it, they are. If the dollar collapses its not like we are going to be handed automatic authority to determine what is valuable and what isn't. They may undermine gold too or outlaw it (done it before you know).

I'm sticking by my still. Alcohol is where I'd be ..(making it for bootleg market, not necessarily drinking it).

[ThePythonicCow]

I'm sticking by my still. Alcohol is where I'd be ..(making it for bootleg market, not necessarily drinking it).
... and if that market does go to hell, at least you can drown your sorrows :).

¤=[Post Update]=¤


So, go ahead and rush to your bank and pull those promises out and turn them into tangibles. OR, at the very least, realize what all you energy went to and how it was vampired.
I approve that plan :).

[jackovesk]

BTW, the US doesn't need gold reserves while oil is still predominately sold in USD....

OIL is our currency reserve (untill that changes), I'd say we are actualy the LEAST threatened (due to that fact ALONE, if that changes the USA is the MOST vulnerable IMO)

The 'above' is unlike you TargeT...:confused:

Your generally pretty good on this type of stuff, but your starting to take your eye off the ball on this one...

I won't provide you with the answer, your smart enough to do your own research...

However, the hint is...

My bet is that 'Max Keiser' knows a little more about what America's real vulnerabilities are, than either you or I do...:noidea:


You seem to forget how the NWO Globalist Elite operate..?
You seem to forget how many Countries have dropped the US Petro Dollar lately..?

You could also look-up the 'Business Insider' article posted by 'AlternativeInfoJunky' as a complete MSM fabrication e.g. :bs:

Business Insider


Business Insider has been criticized by bloggers Felix Salmon and Marco Arment for alleged over-aggregation in the way that it publishes third party content directly on its website.[6][7] Business Insider's CEO and Editor-in-Chief Henry Blodget defended the website's aggregation method.[8]

Contributors
The site editors vary greatly in background. Henry Blodget is the CEO and Editor-In-Chief, a Yale graduate who previously worked on Wall Street before being barred from the securities industry after a conviction for securities fraud.[9] Former senior writer Dan Frommer is a Northwestern graduate who joined from Forbes. Deputy editor Joe Weisenthal has worked as an analyst and writer for a series of dotcoms.[10] Deputy editor Nicholas Carlson previously worked at Internet.com and Gawker Media's Silicon Valley gossip blog, Valleywag.com.

http://en.wikipedia.org/wiki/Business_Insider

[TargeT]

I did not mean to infer that "all is well"


The biggest oil-trading partners in the world, China and Saudi Arabia, are still using the petrodollar in their transactions. How long this will persist is a very important question. China imported 1.4 million barrels of oil a day from Saudi Arabia in February, a 39% increase from a year earlier, and the two countries have teamed up to build a massive oil refinery in Saudi Arabia. As the nations continue to pursue increased bilateral trade, at some point they will decide that involving US dollars in every transaction is unnecessary and expensive, and they will ditch the dollar.
http://lewrockwell.com/orig13/katusa2.1.1.html

But untill certain things change, the US is going to be a very hard economy to "crash" with the rest of the world holding up our currency, some countries even USE USD as their offical currency..

As I live in an "oil state" I do keep pretty good tabs on this topic, so far nothing has shifted enough to make a dent in the US's emperical tax (forcing the world to buy oil in dollars)... our horribly out of control finance institutions are a problem, but they need a bit more than that to crash the dollar as it is; perhaps the IMF will step up, perhaps not.

I feel pretty secure (for the next 3 months at least) baring any changes to the current global-economic situation.


When the tide turn in the oil trade however, I foresee a RAPID decline for the U.S. economy.

[9eagle9]

In this market you have to have a back up plan *hic*



I'm sticking by my still. Alcohol is where I'd be ..(making it for bootleg market, not necessarily drinking it).
... and if that market does go to hell, at least you can drown your sorrows :).