Big Banks Will Take Depositors Money In Next Crash -Ellen Brown
By Greg Hunter’s USAWatchdog.com
The G-20 met recently in Australia to make new banking rules for the next financial calamity. Financial reform advocate Ellen Brown says these new rules will allow banks to take money from depositors and pensioners globally. Brown explains, “It became rules we agreed to actually implement. There was no treaty, and Congress didn’t agree to all this. They use words so that it’s not obvious to tell what they have done, but what they did was say, basically, that we, the governments, are no longer going to be responsible for bailing out the big banks. These are about 30 international banks. So, you are going to have to save yourselves, and the way you are going to have to do it is by bailing in the money of your creditors. The largest class of creditors of any bank is the depositors.”
It gets worse, as Brown goes on to say, “Theoretically, we are protected by deposit insurance up to $250,000 in the U.S. and 100,000 euros in Europe. The FDIC fund has $46 billion, the last time I looked, to cover $4.5 trillion worth of deposits. There is also $280 trillion worth of derivatives that the five biggest banks in the U.S. are exposed to, and under the bankruptcy reform act of 2005, derivatives go first. So, they are basically exempt from these new rules. They just snatch the collateral. So, if you had a big derivatives bust that brought down JP Morgan or Bank of America, there is no way there is going to be collateral left for the FDIC or for the secured depositors. This would include state and local governments. They all put their money in these big banks. So, even though we are protected by the FDIC, the FDIC is not going to have the money. . . . This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail. This was supposed to avoid too-big-to-fail, but what it does is institutionalizes too-big-to-fail. They are not going to go down. They are going to take our money instead.”
Part of the coming financial calamity will involve hundreds of trillions of dollars in un-backed derivatives. Brown contends, “If the derivative bubble pops, nobody knows what is going to happen, and it’s obvious it has to pop. It can’t just keep growing. Depending on who you read, some people say it is up to two quadrillion dollars. It’s virtual money, and it cannot keep going on.”
When a financial crash does happen, you can forget about getting immediate access to your money. Brown says, “The banks will say, well, we don’t have it. All the money goes into one big pool since Glass Steagall was repealed. They are allowed to gamble with that money and that’s what they do. I think maybe Bank of America is the most vulnerable because of Merrill Lynch. Everybody is concerned, and they do very risky deals and they are on the edge. I think they have over $50 trillion in derivatives and over $1 trillion in deposits. . . The Dodd-Frank Act says we, the people, are no longer going to be responsible for the big banks when they collapse. It is not clear the FDIC will even be able to borrow from the Treasury, but even if they could, who is going to pay that money back? Let’s say they borrowed $1 trillion. Who is going to pay that $1 trillion back? It will bankrupt all the small banks that had to contribute to this premium. They will say we’re raising your premium to everything you got, basically. Little banks will go out of business, and who is going to survive–the big banks. . . . What we’re going to have left is five big banks, and everybody else is going to be bankrupt.”
Join Greg Hunter as he goes One-on-One with Ellen Brown from the Web of Debt Blog.
(There is much more in the video interview.)
After the Interview:
Ellen Brown is an expert on public banking. In 2013 she wrote “The Public Bank Solution: From Austerity to Prosperity.” For a copy of this book, click here. Brown is working on a new book which will be about bail-ins and big global banks. She has not set a release date. If you would like to keep up with articles Brown writes, you can follow her work on the Web of Debt Blog which can be found on EllenBrown.com.
Disagree Greg’s interjections are often helpful requests for clarification
I like it that he gets excited and interjects and goes on. Makes for a fun interview!
I agree 100% with your commit …. also she seems to ramble on and on and on…
Agreed xcept for yelling at the screen. It is nerve wracking at best be ause there is little know how on making do with little revenue. We the small fry ususlly get eaten up. Will there be money for Social,Security? And Health care?
When is this going to take action
They are going to fail soon it’s now 04 02 2020 and everything is upside down
He’s no Dick Cavett.
Ellen has a lot of smarts. She is factual in her account and she avoids hyperbole.
I am glad she mentioned Collateral. That topic just doesn’t get enough “Air” time in my view. It should because of the leverage in the system. Simply put…there is not enough collateral to settle all the outstanding debt (FDIC is a ruse as is Dodd Frank – where has the Risk been mitigated ??) . The QE program (re-capitalisation of the Big Banks) establishes that fact. Ellen may be right that the last men standing could be the 5 Big Banks (pooling and sharing and first rights over assets etc.), but I do find it irresistible not to mention, that unless they regulate to make Derivatives trading Illegal, then they are all DEAD. QUID PRO QUO. ALL of them currently are technically bankrupt.
The concept of less regulation as postulated by Ellen is something out of an Orwellian revisit to 1984. DE-Regulation by the maestro Greenspan did wonderful things for the Financial and BANKING sectors. He gave them a license to SELF – REGULATE because he believed in de-centralisation…….I mean …shut the front door …Really !! “They were supposed to follow the policy and free markets were supposed to be self correcting. Self interest and Greed were and still are the essential part of Banking. What he allowed has manifested itself into the biggest bubble ever known to man.
As for the notion of keeping cash it may be worthwhile re-visiting what Fiat Money is.
In essence it is a Debt. A DEBT that is owed by the FRBNY and The US Treasury.
When it comes to the ability of those two institutions to be able to honour their obligations one has to determine whether there is capacity to fulfil it.
Q: Do you wish to own a Debt (Fiat) which has an ever decreasing likelihood of being honoured or do you want to have something that will have some value. To answer that question look at the actions of those who are most exposed to the Debt (US Fiat FRN).
It comes down to a matter of Trust…trust in the ability of the stewards of the Monetary system to complete their side of the bargain. Why hold DEBT…when it is the scourge of the Globe. Here’s where things get really bizarre….whilst people and business are either taking on new debt or trying to get out of debt…..those that hold cash …are Holding a Debt Instrument…which in itself is compounding the problem. We are surrounded by DEBT. Remove yourself from the Debt paradigm…hold physical assets that you can control.
Greenspan was delusional when he deregulated … it must have been an Atlas Shrugged inspired action ,,, big banks good! bigger banks better! regulation and government bad! In Ayn Rands books the heroes had a moral code they lived up to and they self regulated and limited themselves … that’s not how Wall Street works.
Another Manipulation Monday with Andrew Hoffman. Listen in as we discuss:
Plunging oil prices
Shale is 15% of U.S. junk bond market – $210 billion
Energy bonds in freefall
Merger mania will paralyze big oil
Plunging currencies worldwide
Liquidity vaccuum caused by global economic collapse
Record valuations of insolvent government bonds
Chinese gold, Indian silver, U.S./Canadian silver demand will exceed 2013′s record levels in 2014
Swiss “no” was second to last chance for West to try to save itself. This weekend, Japan snap election is second.
Abe likely to win, as Yen amid 40% plunge, Japan CPI at multi-year highs, and massive recession.
Household survey NEGATIVE jobs, “Labor Market Index” declined today
Further decline in labor participation
You would be interested to know that the 2IC to Christine Laggard over at the IMF (Min Zhu) has publicly stated that the WORLD is in a DEPRESSION. This guy is THE most astute person in the matter of world Economics. Oh and btw……he also states that the Central Banks and Political Leaders of the West are not doing what is necessary to rectify this malaise = WRONG POLICY.
It may pay to get to know this Guy. He has a substantial amount of respect amongst world leaders. He is also grooming the World for a NWO. One in which the IMF supposedly plays a significant part.
Not sure what a 21 C is. I did chk the site. tks. al
Second in charge? Pretty cryptic language lately.
2nd In Charge. 😉
Not someone to disrespect.
Brother Al, I’m guessing he meant “#2 In Charge”, in other words, somebody in succession to Christine Legard (big deal). They can all speak in numerology, I guess. Best always. PM
How did Ellen do in predicting what would happen in 2008? Did she get that one (or other crashes previous) right? What are her credentials? I’d also like to know what she thinks we should do with our money, seeing as at some point the Banks plan to have it all.
What’s she doing with ‘her’ money? So many questions via the fear-mongers. So few answers or advice.
Fish: My exact observations. I would also like answers to your questions but am finding none. Glenn Beck says to run to your credit union but is that any different? Physical gold and silver: how would you spend a krugerrand in a crisis? I heard that our deposits are basically unsecured loans we make to the banks that won’t be paid back.
Has anything changed since this was written (ie: since Trump was elected)?
Karen Hudes notes a massive gold stockpile put aside to rescue humanity
Let’s hope that the derivatives crash does not see the ‘people’ given a choice – you can pay down the debt with your savings and future earnings, or we can pay it off with this secret gold stockpile we’ve just uncovered. I’m sure the average Joe would vote ‘yes’ if it came to that.
Sorry Al, I don’t think that stockpile exists. I believe she claims it’s underground in Hawaii. We’re too close to a crash, and who could afford to not be in precious metals.
Thomas1 … another “Gold Stockpile” that does not exist is what the “Dis-information Cabal” claims is so plentiful on the Moon … with all these STOCKPILES OF GOLD who in their right mind would want to buy gold?
The subtle message the Cabal is planting in our minds is … “we better hurry up and sell our gold to the idiots who want to buy it” … like the Russians, the Chinese, the Germans, the French, the Swiss, etc. … “see how the price keeps going lower … sell … sell … sell” … (while the Cabal buys with both hands and goes around the world looting all the gold they can steal (Libyan gold, Ukrainian gold, Saudi gold, etc.)
The only massive gold stockpile existing is that owned by the Rothschilds and their cabal of criminal banksters. Trust me, they are not looking out for you. Hudes, in my opinion is just “controlled” opposition. She worked for the World Bank, for God’s sake.
Investing in precious metals NOW is a fool’s errand. Anyone who was going to make a killing in Gold and Silver has already made it and gotten out. You first clue is when it was offered to Average Joe Shmoe. Other than some commercial electronics use, gold and silver are assigned value by the banks. As soon as people realize that they have no magic properties or actual value, it is all just useless metal. The real investment is in firearms and ammunition. That’s what is protecting Americans from the banks doing exactly what this paranoid story foretells.
You going to shoot people to get the food and water you need under that scenario. What happens when they start shooting back ? Defense is one thing…..but what are you defending ? Your guns and ammunition ?
I respectfully disagree SS. Banks do NOT assign the value of precious metals: this perception is shallow in view of history; AND repatriation of gold to Central Banks. And silver is a natural antibiotic in colloidal form. Please tell me the billions of people around the world who wear jewelry – that precious metals are “useless metals”. Puh-leeze.
Firearms and ammunition? If you “carry”: you must be able to kill. Any questions?
I vote for more guns! It helps EVERY scenario.
Al, Karen Hudes also bought into the infamous NESARA scam. The gold she asserts is there ISN’T! Sorry, but while she may have her marbles when it comes to advising people to be more self-sufficient (good advice if you can follow it), she is also not credible on other topics, including the fabled gold being held to get the bankers to capitulate and pay off all of the debt. NOT going to happen, so the choices you pose boil down to only one, and I don’t think we have a choice except in how we conduct ourselves with whatever shows up at a given moment.
Stockpile of Gold Certificates…the same crappy Paper that fiat is made of.
Of all the farcical frauds that have popped up on this forum, the Christine Legarde numerology comedy routine and the Karen Hudes fantasy on General Yamashita’s gold HAVE to take the cake! General Yamashita, desperate and starving, descended deliberately and stolidly from Prog Mountain and surrendered on Sept. 2, 1945 and was executed shortly thereafter per judgment of the so-called war crimes tribunal set up to try him. So much for his gold hoard. Best always. PM
No sooner do I “print” the above than I remember another ridiculous item–the alchemists claiming that the reason gold is in the tank is account of a “new technology” that can actually, this time for real, synthesize gold from base elements. This is one of the oldest con games known to man. Best always. PM
Karen Hudes believes in a Black Pope who leads a second civilisation of blue-eyed hominids and who lives alongside the real Pope in the Vatican where he hoards all the world’s gold. China, which is thought to be buying a lot of gold, meanwhile is controlled by Jesuits. The big question is how Ms Hudes managed to stay in the World Bank unnoticed for twenty years.
Karen Hudes………chuckle……chuckle …….laugh……laugh.
Al she’s a City of London Corp plant handing out lollipops to the weary and troubled souls seeking financial refuge.
Karen Hudes also says there are cone heads with different DNA than us in high places. I wish I were making this up.
Two points to take away:
1) Better worry.
2) Be ready to duck when the s#!* hits the fan.
When this thing blows the carnage will be unimaginable.
BY: Elizabeth Harrington
December 10, 2014 1:00 pm
The Department of Treasury is seeking to order survival kits for all of its employees who oversee the federal banking system, according to a new solicitation.
The emergency supplies would be for every employee at the Office of the Comptroller of the Currency (OCC), which conducts on-site reviews of banks throughout the country. The survival kit includes everything from water purification tablets to solar blankets.
The government is willing to spend up to $200,000 on the kits, according to the solicitation released on Dec. 4.
The survival kits must come in a fanny-pack or backpack that can fit all of the items, including a 33-piece personal first aid kit with “decongestant tablets,” a variety of bandages, and medicines.
The kits must also include a “reusable solar blanket” 52 by 84 inches long, a 2,400-calorie food bar, “50 water purification tablets,” a “dust mask,” “one-size fits all poncho with hood,” a rechargeable lantern with built-in radio, and an “Air-Aid emergency mask” for protection against airborne viruses.
and shtf.com site;
In recent years the U.S. government has been making massive preparations. They’ve been stockpiling food, riot gear, automatic weapons and billions of rounds of ammunition. While no one in Federal emergency planning services is talking any specifics, recent exercises over American cities and military training simulations all suggest that whatever it is that the government is preparing for is a very serious affair. One possibility, as evidenced by war gaming simulations being performed by intelligence agencies, Homeland security and the Pentagon is that the U.S. economy could collapse under the weight of trillions of dollars in debt. Another points at the real possibility of a widespread attack on the U.S. power grid that could throw the country back into the stone age.
Whatever it is, it should be clear that preparations are being made.
The latest eye-opener comes from the U.S. Treasury, a department tasked with managing the country’s debt as well as the banking system as a whole. According to a new report the Treasury Department has ordered over $200,000 Survival Kits for as many as 3,814 employees who oversee the federal banking system.
It’s not clear why the federal government has ordered the kits, but perhaps they are expecting some sort of disturbance to take place and they want their employees to be prepared for it. According to Zero Hedge, the kits will be delivered to every major bank in the United States and include Wells Fargo, JP Morgan Chase, Citigroup and Capital One.
The “kits,” which contain items such as high calorie food rations, emergency water, first aid supplies and an emergency radio, suggest that the Treasury Department wants their people to be prepared for scenario where they may be out of contact from officials for 24 – 48 hours.
The reason the kits were ordered was because some favorite uncle of a senator manufacturers them.
I do not mean to be rude, but what type of “carnage” are you specifically referring to?
And the new system will be?
Totally ELECTRONIC MONEY, aka “plastic only”.
Then they can track and control EVERY transaction world-wide.
Which means in a moment they can shut down any individuals ability to purchase/pay for anything. AND they can bubble it forever w/o any fear of audits, accountability.
This is what they do now with Credit Cards; they don’t lend people money, they just extend you their own credit line, lend more than you can repay, then seize your hard assets for pennies on the dollar.
That will make the transition of wealth from weak (honest) hand to strong (criminal) hands complete, and only the 1% will control 100% of the wealth.
That’s their plan.
I said it in 2007 (but I said 6 banks; not 5) and I have been watching it play out like clockwork since then, including the crash of ’08.
But there is one thing the governments and bankers and wealthy elitists have not considered, and it shall be their undoing. And Time will tell all.
In 1981, I took a night class in COBOL computer programming; the instructor was highly involved in the implementation of the IMPACT card. One evening he shared the insight of an “insider”; I’ll never forget, he said, “it’s hard to believe now, but one day there will only be 5 banks in the entire United States; that’s where the system design and computer programming are headed”. I have since learned IT (formally Data Processing) personnel know what is coming before anyone else, with the exception of those who plan it.
I can verify this-my husband has worked in IT financials for 3o yrs. He was told the same thing in the 80s in a meeting. The result will be a truly cashless banking system-hard to believe in the 80s but we see the results now. He was given a plan for the next 20 yrs and all has come true.
Interesting point. I wonder if the CIA are happy with that plan and how well the settlement of Drugs Trafficking will go down ?
It can’t go to plastic….much of the US economy has gone underground & shadow. The entire drug/sex trade is done in cash. Take out the cash, no customers! No profits.
Everyone I know talks about business being “off.” Tax revenues must be cratering.
Further down, someone asks what can people do to be self employed…..meeting needs. We are coming to know that $10/ hour, outside the system is a good wage.
That’s an interesting dichotomy….”tax revenues cratering and black economy thriving” …unsustainable !!!
The whole gambit of Government/FED with their “QE induced” growth/inflation expectations/targets and the underlying tax – spending dynamic….is all coming apart at the seams. The economy is suffering a Depression and they all continue to follow the Keynesian madness hoping that it will kick-start spending. They all need to be retired….PERMANENTLY !!!
The bankers will not only take depositors money as Ellen Brown says but
because the oil price has dropped so low the big banks will screw US taxpayers in an additional way.
The banking Cabal is now losing tremendous amounts of money on their oil derivatives contracts made with shale oil producers (who incidentally took a lot of cash off the table when the price of oil was above $100 a barrel) and the banking Cabal is now looking to Congress to bail them out.
The price of oil is close to $60 dollars a barrel and the big banks are losing hundreds of trillions of dollars on their oil derivatives contracts. They are very desperate and so will be likely be offering some very big bribes to get both the House and Senate to bail them out … and simply make the US taxpayer absorb all their losses.
The five biggest Wall Street banks each have about $40 trillion dollars in exposure to oil derivatives contracts. Five times $40 trillion is $200 trillion dollars that Congress will most likely place directly on US taxpayers shoulders.
Who would want to be on the hook for all this criminal banker debt? … every US citizen should be on the phone calling Congress 24/7 and demand that they “not allow the banking Cabal to put their bad debts on our shoulders” … let the criminal bankers pay their own debts the same way we pay ours.
The U.S. national debt is currently only about 18 trillion dollars … however if the Cabal gets their way … Congress will likely add the bankers $200 trillion dollar debt onto our shoulders.
Any “completely sane” Congress would be out of their minds to ever guarantee one hundred percent of “a criminal banking Cabals derivative losses” … and boost the National Debt of the citizens “that elected them” by over an order of magnitude.
If the big banks can’t manipulate oil prices upward soon … the big banks oil derivatives contract bubble will explode. Will Congress just let these big banks go down … as they should? … most probably not … the more likely scenario is that Congress will say “the banks are to big to fail” … and the US taxpaying suckers (who have a long history of being financially ignorant) won’t even think of picking up the phone “to scream at Congress” and try to save their children’s financial lives and economic future … they will simply shrug their shoulders as always … and pick up the criminal Cabal’s bad debts without saying a word.
This is why we here at this site must own gold … it is not that we are not any less interested in the debt that will be left to our children to pay off … but because we will be trying to make up for the insane actions of a Congress that will likely “take the big bribe” the criminal Cabal offers them .
For “every trillion dollars” added to the National Debt … gold should theoretically rise by $500 dollars an ounce. After a Cabal bailout the resulting $218 trillion dollar debt should theoretically push gold to over $100,000 dollars per ounce. Let’s cut this theoretical estimate in half “due to banker manipulation” and guess what … we arrive exactly at the $50,000 dollar per ounce price for gold that Jim Sinclair is currently predicting.
Paul, I agree with your analysis , but you might recall that back in 1933 or 34 the Government confiscated privately held gold. It wouldn’t surprise me if they did it again…
A. Huxley … back in 33 America was on a gold standard and in order to create inflation to counter the depression they had to inflate the price of the currency (gold) … but they didn’t want to give a windfall to the people who owned gold … so they collected as much of it as they could (not everyone back then turned in their gold) … once they collected a big enough portion of the currency (gold) and gave banker created fiat paper to the people in return … they arbitrarily raised the price of gold … and created an inflation of the currency. People still holding currency (gold back then) said that “cash (gold coin) was exactly what you want to be holding during a depression because it holds its value.
Fast forward to today … we are no longer on a gold standard … to inflate the currency (fiat paper) to get us out of a depression they no longer need to call in gold (it is not considered money by the bankers) they simply have to inflate the existing fiat paper currency.
And so … just like those who held cash currency (gold) back in 33 … those holding “real” currency today (gold) will collect a windfall as the bankers fiat paper is printed to infinity to fight the current depression.
Thanks for that, Paul…
Confiscation has never seemed to GATA to be a serious or imminent threat. While the U.S. Government in 1933 did demand the exchange of circulating government-issued coins for paper money (proceeding to devalue the paper money after the gold was surrendered), that gold then was a huge part of the country’s money supply, and amid the national economic collapse at that time the government could make a plausible complaint against “hoarding.” There are no such circumstances today, gold no longer being in general circulation as currency.
Thanks, J C…
Theoretical is synonymous with speculative.
It doesn’t evolve from experience or practice.
A price at $50000 is a world vastly changed to what we have today.
We all know the system is broken , but on face value that presents an even more sinister paradigm.
Perhaps a nominal value should be the numerator ($50K), with a chaser of REAL value (after discounting or devalued dollars). Even then we are still plagued with the price in fiat.
SiG … the reason the gold price will always be “theoretical” is because the bankers keep printing fiat paper non-stop … if they print fiat to infinity … then the gold price will move to infinity right along with the fiat … because fiat is what is used to price gold.
Gold is Money. That is where its true value lies. It needs to be unshackled from the fiat pricing mechanism.
The Federal Reserve was designed to protect the big banks.
If you give them a blank check they will spend it!
That’s what you have when you setup a lender of last resort!
So does it surprise you to come to a conclusion that the only thing standing will be the big banks?
The answer to this problem is not just Glass Steagall but you must remove the lender of last resort.
When it comes crashing down people will loose their money in the stock market and the exchange markets and in the banks. Plus they will loose their homes if they have a mortgage of any size. Anything that they don’t own outright will be lost!
If you have gold or silver in a safe deposit box – it’s gone too.
Glass Steagall is a perfect solution to the banking problem all by itself!
The problem is when you create a Central Bank then that give people power to undo the good laws so as to give way to greed.
There may not ever be a solution to this problem due to greed winning over every time.
No matter what we put together big money speculators and big government will slowly undo it and we wind up back in the same dam boat.
The boat with so many holes in it that there is no way to save it.
So a perfect solution is not possible ever.
Remove the Federal Reserve and go back to our gold backed system we had in 1900.
Then restore Glass Steagall as it was originally designed and we are good for another 100 years.
As long as people allow governments to cater to banks making banks more important then any other thing in the universe we will repeat the cycle.
I like your thinking Vincent.
But…… to consider that reverting to a Gold backed standard would vastly change the lifestyle of every single American. In fact I would say that it would be akin to taking a step back in time by some 30-40 yrs. It would bring the living standards of everyone down dramatically. Why…because it creates checks and balances in Government spending. Deficits would only be permissible if they were within acceptable levels along with Debt. The magnitude of the Social welfare system would not be sustainable.
I do qualify this by stating that over perhaps a 5-10 year period, there would be stabilisation and a flight of “Investment” Capital into the country that would facilitate enormous growth and solve some of the issues the current system experiences.
It is a complex system and requires a completely different mindset. Trouble is there are too many Ivy League Keynesian and Monetarist Economists who hold PHD’s and provide guidance to those that theoretically run the show. Simply put…we are all being led down the garden path by false and out-dated theories.
SIG … Reverting back to a gold standard would never be as catastrophic as continuing with fiat to infinity. Every hyper-inflation has completely decimated the people who lived through it.
We were on a gold standard from 1776 to 1933 and during that time we became the greatest nation on Earth.
I absolutely agree with you.
The Fed is totally owned by these big private banks and their cabal network.
Obviously they will be the only survivors as long as the US subscribes to this ludicrous central bank model!
Don’t even bother to try to fix any aspect of the US economy until the Fed is disbanded.
This post is to those that for some reason are attacking Greg Hunter.
I have seen posts which accuse Greg of having an agenda.
They seem to not like this idea that most of his guests are saying the same thing in that Gold and silver is the safe bet.
I say to those people what is your agenda?
That’s like saying someone has an agenda for telling people they should carry an umbrella since it looks like it will rain.
Yes he must be an umbrella salesman.
Yes some of the people that say buy gold have an agenda.
Those that say the opposite have an agenda too.
It’s all about money.
It’s all about leadership.
And Greg Hunter is all about shedding light on topics that the main stream news fails to cover.
When the main stream news withholds information from the public because it doesn’t like the information they are lying to you!
News agencies are not supposed to be political promoters of an agenda.
Not one news agency is covering this topic of money printing.
Not one news agency is covering this topic of what are we doing involved in all these over seas wars.
The major news media at this point is nothing more than a propaganda machine for the big banks and the government.
So why do these twits come here to bash free speech is then the question?
Why does it upset those to hear about the very news and topics Major News Media seems not to want to cover.
Before you bash someone let us know what your agenda is.
Had to get that off my chest.
Way to go Vincent G I can only add someone asking me how I get my money really ticks me off. Makes me surely wonder there motives.
sooo, how do u get your money? just askin. al 🙂
I print my money from hemp I grow in my back yard.
I keep asking what they expect average Americans to do? Most have no savings or investments and therefore, listening to people saying that this thing is going to collapse and you need to move your money here are there isn’t relevant – they have no money to move around!
So, my question is, what kind of business could you start that would give you some self-employment and security given all these predictions?
I’ll give it a shot. Ask yourself what do people HAVE to do? Not what they like to do but what do they have to do?
They have to eat food, they have to drink clean water, they have to protect themselves from the weather (clothes and shelter), and they have to protect themselves from each other.
Any business that addresses those things in a sustainable way is worth starting in these final days of the industrial revolution.
Get out of debt as much as possible. Make a farmer your friend. That means find a way ti help him for the experience. I really don’t want to stand in a line for anything. Imagine what the soup lines would look like were it not for the EBT cards with so many on some type of welfare. Guess I’ll keep on miking some cows. I could ramble on a long time but you get the picture.
Running a business is not a walk in the park. It takes money, long hours, and **a very secure and large skill base** You must wait for payment up to 90 days..after the job was done, because they don’t have money either, and they can get away with it. Niche markets work well, but if everyone is in the same boat, the average person is going to “make do” no matter how bad they look or how inefficient their “solution” is. They don’t have the money to pay you because their priorities are different than yours. Those who do not have a skill base, and we have been sliding down the slope of an increasingly deskilled society for years, do not appreciate the amount of skill and time for your skill. Ask me how I know. The government is no friend of small business, and big business throws everyone else under the bus by controlling their territory. There are more and more regulations that apply to small businesses and *not* big businesses.
I don’t get the idea of being friends with a farmer. If you think you are going to be friends with us, and we only have a small “hobby” farm, you better be friends for other reasons that food. That is disingenuous. If I plant or raise what I need, I am not going to give it away. It is not free for the farmer. Do you have any idea how much animals cost? How much feed costs? Are you out there in bad weather? A kitchen garden is a lot of work, and we do not always have success, either due to vermin, weather, or both. Do you know how to put up the produce you can buy from farmers? If not, what you are talking about is a self entitlement mentality. You need a reset.
One cannot prepare for every event. The two best things anyone can do is 1. Repent and be Saved (your friends will not be with you there you will be alone and in hell), and 2. Seriously get a strong skills base.
I’ll give it a shot too. Towards the end of the Wiemar Republic’s hyperinflation in 1923 people were spending over 90% of their income on FOOD! The best thing you can do to hedge against economic collapse is to plant a garden…preferably out in the countryside where your neighbors also have gardens.
The guys above me are in the right ballpark. The farmer will be returned to the top of the food chain. Food (good homegrown, organic, local food) is way undervalued right now. There is going to be a day when value will return to money and a tenth ounce of silver will be the avg. daily wage and purchasing/growing food will be the only thing important to life. We oh so take good food for granted.
Business wise, just remember, people with plenty of money don’t do anything but pick up the phone and call you to help them. Sometimes, manual labor pays very well, especially if you have technical skills…I make a relatively good living doing hard work the smart way. I am in my 50’s and out work all of any age due to experience and planning. I build solid futures for homeowners and their families escaping the rat race. If it is outdoors and traditional, I build it for them. Garden space, orchards, sauna’s, water related items/collection and some foofy stuff as well…all by referral.
nm. Don’t let these satanic bastards win. I come into contact will businesses owners, hard-working Americans every day. This week several that I have talked to are beside themselves…new taxes, higher taxed, more taxes. I tell them that quitting IS NOT an option, they must learn to kill the beast. We own 2 businesses. We are still here. We constantly think, plan and survive.
TPTB hate us. Why? Because we are the only ones that can kick their satanic asses back to freakin hell! They know it’s coming, just like the last time and it only took III%!
Strong, independent people unafraid of them.. ONLY CHOOSING to side with those like them.
Beware of the collectivist mentality…weak people cower in the shadow of big govt. counting on protection for loyalty. There is NONE. They will get exactly what they deserve and it won’t be what they thought.
You must do it…fear not…and…”don’t go down without one helluva fight”
If the Cabal comes down, the banks close, the power goes out, no gas, no food , no water … what business would survive?
Simply start collecting every type of tool that can be used without electricity (hammers, saws, hand drills, etc.) … collect things that can be used to start a fire (wooden matches, butane lighters, etc.) … collect things like blankets, waterproof coats, etc. … you get the point!!
Having many such things … will automatically put you in business when the collapse arrives.
I tell all young people to become plumbers. They are always in need and in short supply
Vickie. I have done plumbing sense 15 years old. over thirty years in practice. My only advise is never have a registered license. They will tax the S H I.. out of you. Has been a good honest life. That is more then I can say for other jobs. If a man can sell pot he should be able to sell a car.
First, there are things you can do that are relatively inexpensive. Instead of putting money in the bank, I’ve been stacking silver rounds. I buy maybe $100.00 fiat worth each time. Over the years, my stacks grow larger. It helps I’ve been doing this a while, but it’s not too late for you. Just start doing it. I buy a stack from the mint, but I often buy generic rounds from Ohio Precious Metals or another vendor to avoid the “mint mark-up” and just get the silver. These are “3 9 fine” or .999 pure silver.
The best places to find silver deals are in “junk” coins and auctions. Some coin shops are reasonable, but it really helps to be a regular customer in these shops to get the best deals. Old silverware and jewelry also contains silver at 92.5% for sterling silver but you need to be careful because not everything marked 925 is actually sterling silver.
What does it cost to start a garden? I planted 10 fruit trees at a cost of $15 per tree this last summer. I have seen them as low as $10 per tree. A bag of apples cost almost $6.00. This “investment” will pay out in fresh fruit for up to 30 years. Not everyone has the space for trees, but surely you have some room to plant something.
I’ve been talking about this issues since 2000. My family took the plunge in 2010 and bought acreage 40 miles out of a city of over a million to a township of 650. It’s not easy. I had a 5-year plan to become self reliant. It’s been 4 years and I’m still on year 1 of my original plan. Nothing has gone like we planned. But I’ve learned through the years that the only thing keeping a person from success is perseverance.
Make a commitment to do something daily or weekly toward your goal and it will happen. Don’t put it off any longer. There is no quick fix for those of us with meager means. Waiting to start is going to decrease your chances significantly and could prove fatal at this point.
Greg. Ellen Brown is one smart lady. The clock is not on the side of the people. I think Harvey Organ was close to accurate in his prediction by the end of 2014. 21 days left.
The gamblers are grabbing all the money off the table and heading for the door before the cops bust in. Tic tock said the clock. There attempt to cover there a.. is a sure sign things are changing faster then they thought. Thank you Ellen Brown. Thank you Greg for keeping us informed of the last stages of this banking system.
Harvey Organ on this site. Worth a replay.
I liked the interview, BUT, I feel ellen is tooo laid back, and not an alarmist enough. I would say the crash is going to devastate families, businesses, and she should have said, “I would tell families and friends to put ALL cash out side the banking system, and keep only the bare minimum. No mention of prepardness, which i advocate. but thanks for her side of the issue. al
Al, I think that’s implied in her presentation. Perhaps she thinks if she hollers and screams like Celente, then her message isn’t completely absorbed. Best always. PM
I see your point, but i was thinking more along the emphisis like kirby, mannarino, willie, etc. thanks tho.
If she is correct in her analysis…then it sure speaks of a totally broken system. However, if people already on the edge lose their deposits, what will the backlash be? I find it a stretch to think they would do this, but in the depression of the 30’s…people lost their deposits….hence old timers that have all mainly died off didn’t trust banks, and put their money in mattresses. and pensions too? I think if it crashes that bad…their will be a lot more bankers meeting an unfortunate demise. Are the banker deaths due to “eliminating bad guys”….or eliminating possible squealers? I vote the latter, because a murderer can also easily be a thief….
The idea of the bank holiday, the confidcation of gold the FDIC was intended to convice depositors (acutally creditors) that putting money in the bank was safe
Indeed if you grew up in the 40-90s “money in the bank”had positive connotations
That illusion has been shattered to those paying attention but the number is small
The scam of the banking system wont be exposed before its too late for 95%+ of the people
“what will the backlash be?” ….Riots, Chaos ….& Anarchy. Enter the Militarised Police.
The system is indeed broken my friend.
It doesn’t function as a free market. The only thing keeping the pulse…is Confidence.
We are increasingly seeing the LOSS of Confidence (Sovereign Nations and Central Banks on edge). Their charade is coming to a close. They (Govt.) will not stand to protect you or your family. They (Banks) will take all the collateral they can…. by hook or by crook.
I once quipped some 5 years ago….are you still in the system ? Mr Sinclair now uses the phrase GOTS (get out of the system). He knows full well what is on our doorstep.
Comments posted by J Sinclair 12/10/14
My Dear Friends,
I have written to you on multiple occasions concerning the need to Get Out of the System, GOTS.
This something that now is certain to happen. It has become part of law in the West and the subject of white papers written by the Bank of England and the FDIC.
Please give some attention to the subject.
Would the Municipal Credit Unions be safer since they are not insured by FDIC and they are not involved with derivatives?
The Opec oil cartel no longer exists in any meaningful sense and crude prices will slump to $50 a barrel over the coming months as market forces shake out the weakest producers, Bank of America has warned.
Revolutionary changes sweeping the world’s energy industry will drive down the price of liquefied natural gas (LNG), creating a “multi-year” glut and a much cheaper source of gas for Europe.
Francisco Blanch, the bank’s commodity chief, said Opec is “effectively dissolved” after it failed to stabilize prices at its last meeting. “The consequences are profound and long-lasting,“ he said.
The free market will now set the global cost of oil, leading to a new era of wild price swings and disorderly trading that benefits only the Mid-East petro-states with deepest pockets such as Saudi Arabia. If so, the weaker peripheral members such as Venezuela and Nigeria are being thrown to the wolves.
The bank said in its year-end report that at least 15pc of US shale producers are losing money at current prices, and more than half will be under water if US crude falls below $55. The high-cost producers in the Permian basin will be the first to “feel the pain” and may soon have to cut back on production.
If OPEC is indeed dead…can we safely assume the Petro Dollar is nigh on its deathbed ?
Saudi making deals with China in currency other than USD. Hmmmm….sounds of silence.
Greg if you would like to know how much power the Federal Reserve Bank really has, take a look at the ” Grace Commission Report” that was done by Ronald Reagan a few years ago.
Essentially every nickel that is collected in Tax Revenue by the Internal Revenue Service is channeled through the Federal Reserve Bank before it ever sees a government department. What does that tell you? We are essentially living under a corporate banking system instead of a representative republic. Is it any wonder that they have the power to manipulate the markets, and can bend the laws anyway they want?
The really sad part is these people will still be in power long after the collapse takes place leaving the rest of us to twist in the wind. When the Titanic sank it was the “rich” that left in the life boats, while the rest of the stowage sank with the ship. Bankers always win because they make the rules.
I must concur about those in power now, will keep the power. Defining others as inferior is a human condition – and it extends to many levels and fields.
No way. They will be hunted down like rats.
Your posts keep enlighting me as well as others. There is great documentary by Aaron Russo, he goes into this. He has an interview with Alex Jones, unbelievable how these elite think we are just garbage serfs…..
Still think I’m crazy about the war in Ukraine? Check this out.
What do you think the Russian response will be? What would we do if the Russians moved tanks into Canada?
Jerry, what DID we do when the Russkies moved MISSILES onto Cuba? You probably had your head under the same desk I did….Best always. PM
Greg this is big.
I hope you read this and share it with your readers. If the price holds at $60. a barrel or goes much lower, the petroleum industry is toast, along with what is left of our economy. There is no way they can sustain this without bank involvement, and we all know where they sit right now.
Hey Greg do you remember this interview?
Charles Nenner predicted the collapse would start “late 2014”. From what I’m seeing right now, I think he was correct. This oil slide could be the snowflake moment. Keep your eyes open, because the moment of truth may be approaching.
This one snuck under the wire a few months ago, but it has major implications as to what is about to happen in our banking system.
Essentially, the worlds debt is now consolidated. How quaint is that to be on the hook for Greece’s spending along with our own?
Big Buy: France’s fourth largest airport to be sold to China for €300mn
Big Buy: France’s fourth largest airport to be sold to China for €300mnChina cements its position as the world’s leading economy, according to IMF data. RT looks at why some in Europe feel their governments are selling out to Beijing. RT LIVE h…
– 2 hours ago, 10 Dec 14, 12:05pm –
Allen, perhaps we should be considering the other side of the coin in these transactions.
Very interesting interview. It may be a good idea to have Ellen on from time to time
for banking updates. It seems to me, the American dream is turning into the American
nightmare, the apple is rotting from the inside out and now has a foul odor.
When the Major Banks have this much power and are in this much trouble it will lead to a major war. Come January the Republican party will have the votes in both the senate and house to remove the imposter we have for President and if they don’t remove the worst President in American history, it will prove to the world it is really a one party system. It would also prove the Constitution is a thing of the past.
Greg, you need to examine Israel’s leadership as it is in the same league as America’s current leadership. The modern day Israel does not play by the rules and never has or will until the Messiah returns.
Judgement day is fast approaching!!!!
The FDIC fund has $46 billion, the last time I looked, to cover $4.5 trillion worth of deposits.
Not so shocking that there is fractional reserve insurance to cover the fractional reserve banking system
Fractional Reserve insurance to cover the Fractional Reserve banking system.
Mr Ponzi would be proud!
How will (Canadian) Credit Unions be effected from a financial crisis?
Regards, Stefan Winter
Greg, thanks for featuring Ellen again. She’s a great source of valuable information.
Aside from gold, which the government confiscated back in the 30s, what other tangible assets would you recommend?
We the People just need to take matters into our own hands if this nation is to survive the fraud and corruption of these criminal bankster cartels.
Pessimist. Your right, but only a few would give up the comforts of life to gain real change. You sir like myself are living in blind hope. Better then dying in blind hope.
Imagine if All of America united. Refused government assistance rich and poor. Refused to pay taxes. The list goes on. One man laying down on the interstate will simply be a oil spot. Things will change, yet with much bloodshed.
Other tangible assets:
Land – any type, size irrelevant. Buildings – any type/size. Be careful of the area where you buy, if possible. Equipment (that can be stored for sale or rent or business use). Livestock – perhaps invest with a farmer you know or has been referred to you. I’ve been thru something similar to what is extremely likely to hit a few developed countries. Asset values might plummet for months even a few years,but when the seeping inflation then rolling inflation hits, you’ll be glad to have something tangible. Not really to be wealthy but to keep off the streets – begging.
I think you’re correct. What the G-20 does, or what the politicians who serve them do or don’t do, is simply a diversion to convince the rest of us that they are in charge and must be accommodated in order to ensure our survival in their fairy tale land; a land in which new order is established out of the chaos which they create.
Looked at through a perspective more aligned with nature, a different scene evolves. In nature there exists the common parasite who will feed off its host then drop off until it needs to feed again. Leeches, lice mosquitoes and fleas fall into this category but there is another, not so well recognized but far more dangerous one, described below.
The human parasite is practically insatiable, but is one smart enough to understand that it can’t survive if it kills its host. In order to resolve the conundrum, this parasite must allow its host to survive at some level balanced with its lust to feed and it does this by attempting to exercise absolute and total control over the life and living conditions of its host. That we, the hosts, have been conditioned to bestow the term “the elites” on this breed of parasite goes to show the extent to which it has succeeded in that effort.
But if we, the host and producers of value and wealth on this earth, don’t take matters into our own hands, we will inevitably be forced to live according to the will of the human, parasitic banking/political criminals that consider us to exist solely to serve them. This is no conjecture; they have explicitly said as much and by their actions proven to be serious.
If we are to exist in nature as a free nation, even one slightly resembling that of our past, we can not appeal to principles of justice, honor, equity or compassion. The criminal mind understands only the use of force and allows for no other options.
Perhaps, if we are still blessed with enough good citizens, politicians, military and police personnel who honor Gods’ creation above that fabricated under color of law by the “elites” who wish to displace Him, the future will be brighter. This is, I believe, what is meant by the admonishment not to accept the “mark if the beast” in the end times Revelation to John.
Wonderful interview! God bless this lady. Wish she could run our crummy banking system. What a joke it is. I left BOA 2 years ago, then just left Wells Fargo 2 months ago. With a small Gold Country, Ca. bank now. FEEL BETTER NOW! Will bring the tellers/managers flowers this coming springtime. Little banks are cool!
Russ, thanks for your comment.
I also am in the process of migrating from WF to a small local bank and a credit union.
But according to Ms. Brown, the smaller institutions will “go under”.
If you have any suggestions on how to preserve our deposits, please share them with us.
This is how “They” screw you with Social Security! It has to be direct deposited in a bank
account ! No more checks !
Great guest and great interview! I had seen some coverage of the G-20 meeting that indicated “more of the same” (meaning we have nothing to say about what is coming and how we’re basically helpless to stop the obvious train wreck now in progress) and this presentation clarified that impression for me.
I have had less and less to say in response to the more recent interviews because they are all converging toward similar conclusions, although no one can answer the question of “when?”. Basically, the elites are going to have their day to play and cause a lot of misery all over the globe. The only thing I can offer that counters that as the ultimate outcome is that, based on the vision I received in 1982, there are other, greater forces at work, and (at least for some of us) a whole new world, built upon a different foundation, will emerge.
In trying to reconcile what I saw in that vision with what is described elsewhere (including the Bible), I became aware of the Hindu concept of Yugas, or cyclic “ages” that our world goes through. According to that thinking, we are now in the last (and worst) of those Yugas, namely the Kali Yuga. The attributes listed in the Wikipedia article about it (https://en.wikipedia.org/wiki/Kali_Yuga) are as follows:
A discourse by Markandeya in the Mahabharata identifies some of the attributes of Kali Yuga. In relation to rulers, it lists:
” Rulers will become unreasonable: they will levy taxes unfairly.
Rulers will no longer see it as their duty to promote spirituality, or to protect their subjects: they will become a danger to the world.
People will start migrating, seeking countries where wheat and barley form the staple food source.
“At the end of Kali-yuga, when there exist no topics on the subject of God, even at the residences of so-called saints and respectable gentlemen of the three higher varnas [guna or temperament] and when nothing is known of the techniques of sacrifice, even by word, at that time the Lord will appear as the supreme chastiser.” (Srimad-Bhagavatam (2.7)
With regard to human relationships, Markandeya’s discourse says:
Avarice and wrath will be common. Humans will openly display animosity towards each other. Ignorance of dharma will occur.
People will have thoughts of murder with no justification and will see nothing wrong in that.
Lust will be viewed as socially acceptable and sexual intercourse will be seen as the central requirement of life.
Sin will increase exponentially, whilst virtue will fade and cease to flourish.
People will take vows and break them soon after.
People will become addicted to intoxicating drinks and drugs.
Gurus will no longer be respected and their students will attempt to injure them. Their teachings will be insulted, and followers of Kama will wrest control of the mind from all human beings.
Brahmans will not be learned or honored, Kshatriyas will not be brave, Vaishyas will not be just in their dealings.”
If the shoe fits …
A formidable social cataclysm is upon us. God look over us.
The bottom line is…”WE’RE ALL SCREWED.” We will not be able to get our money from the banks. Won’t be able to get into our safety deposit boxes when the banks doors are closed. “WE’RE ALL SCREWED.” What Ellen Brown was saying in a nice way is, for the F.D.I.C insuring $250,000. ( I figured this out a long time ago.) Just another “CON” ( it sound good for the masses.) to kept the on going “CON” game going. “WE’RE ALL …….
What a great interview! Ellen Brown is one smart cookie and knows her subject inside and out. It will behoove anyone who ignores her warning.
We are beginning to see major cracks forming in the derivative market, as low oil prices cause oil credit markets to crumble. This will lead to much pain across the entire credit market, which oil companies have used to persue stock buybacks and artificially boost their stock price.
Within the global derivative market, 55% of collateralised debt obligations (CDO’s) now being issued are based on leveraged loans! This is leveraged loans being used as collateral to borrow more, to make more loans! This morning Philbro called it quits, after failing to find a buyer. As Jesse said, living in a house of cards is becoming very drafty!
If they don’t create new money to cover the losses, riots will result as people will have no money to survive.
If they do create new money out of thin air, the dollar eventually devalues to zero.
It’s a lose-lose either way.
Greg, WOW! I had no idea that they have managed to get derivatives moved to the front of the line, or that the little bank’s money was in the same pool & that they will go down with the big ones. That makes all banks very unsafe @ this point. Does anyone know if crdeit unions are outside of this situation, & are they gambling with our money too? Thanks, Chuck.
Chuck … Credit Unions usually buy Treasury Paper (Bills and Notes) … the key word here is PAPER … and all fiat paper is being systematically devalued toward zero … so to answer your question … the only “gambling” a Credit Union is doing (is trusting in Bank Created Paper that the government then says is legal tender) … Credit Unions most likely do not dabble in the “more riskier stuff ” that the Big Banks gamble in like derivatives, etc.
Why don’t you set up “your own private bank” … buy yourself a big vault … and store your gold and silver “money” in there … since your “private bank” has no affiliation with the Fed or with any other Bank “it can never fail” when all the other banks go down.
If you want to leave some government decreed legal tender (which is simply “banker paper IOU’s” created out of thin air by the banks) in your Credit Union ” to pay your bills” do so with the understanding that when the house of cards finally falls the “bankers paper” the Credit Union is holding is essentially just a promise by them to pay off in more fiat banker paper (the Credit Union will never be given any “real money”) … remember “all fiat paper” is issued by the banks (for government use) “but has no intrinsic value of its own” it is generated by the banks “out of thin air” and can be degenerated by the banks “to worthlessness” at any time they see fit by those in charge of the banking Cabal.
Derivatives are not in front of the line as Ellen Brown states. She says a number of things in this interview, just like in other interviews with her that I saw, that are not accurate. When a bank becomes insolvent, insured depositors get paid first, almost immediately. All others parties, that being uninsured depositors, bondholders, and other creditors have to file a claim with the FDIC which handles the bankruptcy proceedings that takes place later on. These are facts. People will bring up the fact that the FDIC insurance fund only has something like $48 billion in it. That is true but the Dodd-Frank act gives the FDIC the authority to borrow from the Treasury up to 100% of total consolidated assets for any bank failure. The FDIC is only obligated to make whole the insured deposits by making up for any SHORTFALL. So for example when a bank fails that has $50 billion in insured deposits, the FDIC does not have to come up with $50 billion dollars. The FDIC only has to make up the shortfall which is a much smaller amount. Usually it is only a few percent of that amount. So it would be very unlikely that the shortfall for the insured deposits will even come close to approaching the $1 trillion dollars as Ellen Brown used as an example. More like $200 or $300 billion. And just for anyone’s information, the majority of deposits that are in the big banks are uninsured. So if one of them goes under most of the deposits are not even insured so it is possible that the FDIC fund would not even have to be tapped.
As far as these “bail-in” plans some are referring only to bondholders while others include uninsured depositors. None refer to insured depositors. Some even say that covered deposits are to be protected. Both Iceland and Cyprus protected insured depositors in their bail-ins as did other countries. Iceland however did not protect foreign depositors. It is very important for any country to protect insured depositors for obvious reasons.
As far as derivatives, they are a zero-sum game. If one of the big banks have huge derivative losses than one or more banks will have huge gains. In a derivatives contract there is a winner and a loser. So this idea of all the big banks being taken down by the “derivatives bomb” really is unrealistic. And the majority of banks in the U.S. have relatively little or no derivative exposure. However it is still possible that one or two of the big banks could suffer large derivative losses which would have to be dealt with.
Things may change later on but as of right now insured deposits in the U.S. are protected. The ones who should be concerned are uninsured depositors, bondholders and stockholders.
“Derivatives are not in front of the line”….really ???
I am sure you are up to speed with the “AMENDMENT” to Bankruptcy Laws and Safe Harbor……where….”under a 2005 amendment to the bankruptcy laws, derivatives counterparties were given the advantage over other creditors of being able to immediately terminate their contracts and seize collateral at the time of bankruptcy. What that means is derivatives have immunity from the automatic stay in the event of bankruptcy…..THEY ARE AHEAD OF EVERY OTHER CLAIM.
One theory about the massive increase in Derivatives trading (namely CDS – Insurance bets and Currency Swaps) is due to the change in the Bankruptcy Laws….assets of a bankrupt entity can be seized as collateral when you have substantial Derivatives in place with them.
The MAJOR point that in fact all and sundry are missing with the exposures of the TBTF BANKS is that technically the larger the Derivatives bets ….the greater the collateral scoop…AND the greater the power in forcing FORECLOSURE. Sure I understand the systemic risks here, but they are all working in shark infested waters. The Biggest Shark has a better chance of survival because it has the biggest BITE.
As for the FDIC having the authority to borrow from the Treasury up to 100% of total consolidated assets for any bank failure…this may be true …BUT it is discretionary :
1) on the part of the FDIC (to instigate it) &
2) The Treasury to Honour it.
Lots of space in between don’t ya think ?
Derivatives are not a ZERO SUM GAME. That is completely false. Study complexity theory and then apply it to the Unregulated Derivatives market. You will discover there is exponential risk well above the nominal values of total derivatives because of the interconnectedness of the markets.
Who is misinforming again ?
Too bad the fireworks turned out to be a dud.
Sleep? I would not say that I am asleep with 20% in PM’s and prepped and knowledge of the current financial and economic situation.
No problem Greg. Sometimes I do not make it clear where I am coming from and sometimes it is very hard to know where someone is coming from just emails or comments using the Internet. I do like your site. That is why I keep coming here. Like some other sites that I visit it does have some valuable info. I used to hate sites like yours and Zero Hedge because of all the, what one would call “negativity”, but the more I read and acquired some knowledge about things like derivatives the more concerned I became and that I realized that I needed to visit sites like yours to get some of this information so I can make good decisions on what to do. Sure there are some articles on Zero Hedge that are silly. And sometimes you do have some guests on that are “unusual” and sometimes they are not as accurate about something as they should be. Of course I could say the same thing about myself and everyone else. Also I can tell that sometimes you do not believe everything your guests say. I am glad we cleared the air and I will try to do a better job of explaining where I am coming from if I post again. Thanks.
Silence is Golden,
Please read what I wrote again, carefully. Derivatives do not get paid first as Ellen Brown states. Insured deposits get paid first. Right away. Then those that are left, the uninsured depositors, bond holders and the other creditors have to file a claim with the FDIC. This would include derivatives. Insured depositors do not file a claim because they are not part of the bankruptcy proceedings because they already got paid. So derivatives do not get paid first. They may get paid first in the bankruptcy proceedings but that comes sometime after insured depositors are paid. The FDIC does not insure deposits above a certain limit. They do not insure bondholders. And they do not insure derivatives. They only insure deposits below a certain amount. That is how it is today.
As far as the FDIC’s borrowing ability, do you honestly thing the government would let the financial system to collapse and take the economy down with it just because it did not want to print a little money to pay the insured depositors? Why do you think Cyprus fought hard not to have insured depositors take a hair-cut? Having uninsured depositors, bondholders and other creditors take a “haircut” is understandable and affects only a minority. Having insured depositors take a “haircut” affects everyone and has drastic consequences. That is the last thing the government would want to do. It would be better to print a little money.
What I said in the first paragraph in my original post, if someone reads it correctly, is true.
The second paragraph, what I stated about these bail-in plans is also correct
Like I said, things may change later on but as of right now insured deposits in the U.S. are protected. The ones right now who should be concerned are uninsured depositors, bondholders and stockholders.
As far as derivatives, I may be wrong in part. Derivatives can be complex and there are many different types. What I was trying to say is that those who are involved in derivatives have winners and losers. If a bank has more winners than losers, that is good. But if they have way more losers than winners, than that is bad. That is where other financial institutions in the past got into trouble. They made too many wrong bets and used leverage which only made it worse. Municipalities also got into trouble because they did not understand the complex derivatives and when rates went the wrong way they lost more money than they ever thought was at risk. So if and when the “derivatives bubble” burst, some derivatives will make money and some will lose money. True, there is a lot of unknowns and the plans that are in place on how to handle a situation if one of the big banks gets into trouble because of derivatives may not work. Will will not fully know until it happens.
I did read your post.
You seem to be stuck in the past with the “old” playbook. Rules have changed (which they seem to be doing with monotonous regularity).
Have you considered the paper issued by the FDIC and BOE (together with those issued by Canada, New Zealand and Spain)?
Terminology is essential in coming to terms with what Dirty Underhanded Secret the FDIC and BOE have intentionally bought into existence.
Creditors include Depositors and are treated as “Unsecured”.
In the Case of Derivatives…..what is to say that those holding the Derivatives cannot instigate Bankruptcy proceedings BEFORE any declaration of Insolvency by a suspect Banking Institution? They jump the gun and take all assets pledged as collateral.
It is very well known that ONLY Systemically Important Financial Institutions(SIFI) will survive a crisis. This implies all others will fail. There is no political stomach for further Government Bailouts even for the SIFI’s. Enter the Depositors. They will be used as cash cows to provide the capital that is required to keep the SIFI’s afloat.
Yes I do believe that depositors will take a massive haircut whether it be a so called SIFI or otherwise. BTW the FDIC is the one that determines which ones as systemically important. It will then take control of the Bank. Once in control they have the task of writing down deposit holders accounts ..AT THEIR DISCRETION …. FDIC insurance notwithstanding.
Saving Depositors and Saving the Financial System are two different concepts. They have deemed that BANKS are more important to the system than Depositors. Not my words…THEIRS.
Item 12…pg 6 of the above document
Item 16 …pg 7
Item 24-29 …the process
Item 64…pg 17 “losses not imposed on taxpayers”
Well actually I was thinking that it is Ellen Brown, you and others who is taking what may happen in the future and making it as if it is happening in the present. I did know about that paper and some other papers like it. And that is what it is. Only a paper, which is now two years old. It is not Law.
This paper says “The Banking Act also provides the U.K. authorities with a bespoke bank insolvency procedure that FULLY PROTECTS INSURED DEPOSITORS while liquidating a failed bank’s assets.
It also says that “INSURED DEPOSITORS themselves would remain UNAFFECTED. UNINSURED DEPOSITS would be treated in line with other similarly ranked liabilities in the resolution process, with the expectation that they might be written down.”
It also says this “the authorities recognize the need for effective communication to depositors, making it clear that their DEPOSITS WILL BE PROTECTED.”
I found nothing that says insured depositors are at risk. This paper really has to do more with uninsured depositors, bondholders, stockholders and other creditors in a bank liquidation which takes place after creditors file their claim which is something that insured deposits today do not have to do.
Every bank failure that the FDIC has handled this year was done just like other years. Insured depositors were paid immediately. Other creditors had to file a claim and go through the bankruptcy proceedings. Insured depositors were not treated the same as uninsured depositors or the other creditors which would include derivative creditors.
So as of right now if my bank fails the same FDIC procedure as in the past will take place just as it is stated on their website.
I know that people say that the depositor is just an unsecured creditor but the fact is the insured depositor is more than just that and is handled completely differently. Unfortunately people are not making the proper distinction between insured depositors and uninsured deposits and they are lumping them together which none of the “bail-ins” do. All depositors or unsecured creditors are not treated the same. Not today and probably not in the future. RIGHT NOW insured deposits come first and are protected. In the future if certain events happen such as feared, than that MAY change. But insured depositors taking a “haircut” would be a last resort. All the “bail-ins” that have already happened that I read about, the insured depositors were protected. The one exception was Iceland who did not protect deposits of Foreigners. The bail-in plans including the recent G20 bail-in are referring to uninsured deposits and bondholders. Why exclude insured deposits from taking a hair-cut? Because the government knows what that would cause. Bank runs, riots, financial chaos. The uninsured depositors and bondholders could suffer a “haircut” and it would be tolerated. It only affected a small group who knew that their money was not insured and was at risk of loss. Try doing that with everyone who has insured deposits who do not expect to lose money. They will not act the same “peaceful” way. If the big banks get into trouble, the government will come out and remind people that their money is insured if below a certain limit and reassure them that their money is safe just like they have before. In 2008 they guaranteed the money markets which almost immediately stopped the withdraws. And then, if needed, they will print money before they would give insured depositors a “haircut”. And making insured depositors whole is not “bailing them out” as some mistakenly think.
There is not one example of insured depositors not getting their money while derivative creditors getting theirs. If there was, ZeroHedge and websites like that would have it all over the place.
What Ellen Brown, you and others are saying COULD very well one day happen if certain events happen to the degree that some people think, that being several big banks failing because of derivatives, which is certainly a possibility.
I do appreciated you and Greg trying to warn people about the dangers of derivatives and the real possibility of a financial crisis and what may change in the future because of it. I myself am becoming more concerned especially with the new spending bill. Thanks SIG.
Thank you for your comments. I think I am better able too understand facts from fiction from fear.
Last comment this thread.
I do not consider that a derivatives implosion is a possibility, in my book it is a certainty.
Consider that the Papers are simply “Papers” or something that will portend future anticipated uncontrollable events, it is what the regulators are contemplating and it should make the hairs on the back of your neck stand erect. They are attempting to ensure they have the appropriate recourse in place to protect the system or at least those that control it. Rules will change and everything will come unstuck. There is no further capacity to Bailout Banks (including the trillions required to support depositors money). You are correct with the scenario that plays out when the depositors cannot get access to their deposits. That is expected by TPTB …our central planners.
I try to give people some perspective on this matter by highlighting what transpired with Lehman Bros. Just one Bank and the system came within days of shutting down. Derivatives were used to advantage in exposing the overexposure of a competitor. We are now many degrees of magnitude of risk above that of 2008.
A future derivatives event involving a TBTF FI cannot be controlled because of the interconnectedness of the system.
Whilst trying to avoid being an alarmist, everyone should be alarmed by this fact and be taking appropriate actions as quickly as possible.
Wouldn’t this be the last straw to finally wake up the people and arouse their ire enough to actually pay attention to what has been going on, compelling them to fight back by refusing to allow these same criminals to continue? The first I had heard of plans for this kind of thing was a little over five years ago and I am amazed at how fast we are approaching the end game. This most certainly appears to have been done by design in order to get us under one global financial system and under one control.
Perhaps I am naive but I just can’t imagine the American people going along with this continual screw job once it all hits the fan. While I understand how the whole welfare issue will help in facilitating the usurpers agenda as many will be begging for more government assistance and giving into whatever it takes to get it, I do think the citizens enormous purchase of guns the past few years during the threats on the second amendment speaks volumes and has proven Americans are not as asleep as the powers that be would like to assume.
While the main stream news media would like us to believe all is well, even my 87 year old aunt told me recently she never watches the news anymore as she knows she can’t believe anything they say. I also believe there are still enough of us old schooled citizens around who learned an appreciation for the Constitution, Bill of Rights and Declaration of Independence and have shared this knowledge with our children and others who weren’t taught about them in school. The founder’s documents may very well become vogue again, as well they should.
Spot on Greg. Yesterday was better than today and tomorrow.
Sherrie…..” Wouldn’t this be the last straw to finally wake up the people “……….. Apparently not. You would think people would be lining up to buy gold/silver after hearing this. Nope. Which just confirms what we already know. 95% of citizens are clueless……..When you think about it calling them sheep is very appropriate.
I have been hearing this for years now, so what are we to do with our money? What can the average person do? Everything is paid for (house, cars) and we have jumbo CD’s and some div. paying stocks, as retirees. There is only so much stuff you need to buy/ own. Other than giving the money to charity or heirs in advance and piling it up at home in a fire proof safe I know of no solution. Are the American people so dumbed down that nothing will be done? The politicians are int he same boat with their bank accts. too.
It’s not just “tangible” assets, but physical assets which a saver needs.
Without electricity, and clean flowing water. You got cold , hot, and disease running wild. Land, water, guns, hidden shelter. I can think of 20 things I spend my savings on.
Tangible = Physical…. my friend.
Value comes from physical properties.
Life (value) comes from the earth.
Free your mind, think earthly and your ass will follow.
Physical gold & silver in either coin or bar form, physically held by you.
Add physical gold and silver to your portfolio as some including Greg suggest . Most recommend at least 10% in physical precious metals. Studies have shown that adding some gold has been shown to be a benefit to one’s portfolio. Based on past data in has been shown to increase the total return of one’s portfolio and in some cases reducing overall risk.
Some of the things that you here that sounds scary are not completely true. I know that for a fact. Some people who claim the banking system is going to collapse any day and they are going to confiscate your money unfortunately do not have some of their facts right. They really do not know as much as they seem to think. There is nothing wrong with having your money diversified into stocks, bonds, CD’s, money market (cash) and of course precious metals. However the return on stocks and bonds going forward are probably going to be average at best and more than likely below average. If you have a lot in stocks or bonds then reducing your holdings would be prudent. Relax and diversify your portfolio into physical precious metals. In case the slim possibility of some kind of severe financial collapse does happen in the future, precious metals will be useful as insurance.
Go blow your smoke down someone else’s throat.
I believe she is absolutely right!
A global utility.
And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads: And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name. (Revelation 13:16-17 KJV)
It may be difficultb to accept, but “we” are in a depression. Yes, I realize that the figures say otherwise, but that’s because the US$ has been pumped up. The reality remains.
People are quite mistaken in believing that Ellen Brown is an expert in finance. See the numerous, documented critiques at http://www.garynorth.com/public/department141.cfm
The last 5-6 years that I have been following silver, it followed oil. Right now oil is still plunging, and I would imagine silver will follow it…. However, it takes energy to recover the oil, the same as it does for silver. We are in serious deflation, because no one is chasing “stuff” as much anymore. the middle class is shot…people are much poorer…and this is happening because of true economic fundamentals….
But is this part of some plan?
This blog thinks so….and we are in for some interesting times…and supposedly is quite near
Rick … It is really the other way around … silver plunged and now oil has followed … the reason silver plunged first is because people saw deflation coming (and the silver market is small compared to the oil market) the larger oil market moves more slowly and is just now starting to reflect deflation.
However … the world central banks (US, Japan, EU, etc) are now printing fiat like crazy right to fight deflation … silver being a much smaller market will react first to the worldwide inflation of fiat currencies and will start to head up before oil.
To summarize … you should not be looking for silver to follow the oil price … you should be looking for oil to follow the silver price (with a lag of course because its a much larger market to turn around).
Not sure about that Paul…they can manipulate the silver price easier than oil. chicken or egg…who comes first? the operative word to ponder is deflation…..
Paul says…. ” To summarize … you should not be looking for silver to follow the oil price … you should be looking for oil to follow the silver price (with a lag of course because its a much larger market to turn around). ” ……………..very astute.
Which also follows my prediction oil will soon turn up (in a big way) as all the prognosticators point to $50 oil. They ALWAYS come out with extremepedictions just as the market is ready to turn. The only thing you need to know is the bankers make money on big moves. Gold is set, oil is close and the Dow ready to go the other way.
Judging from the past forty-plus years, who is? Anyone who purchased precious metals over decades.
Is this the same Gary Kilgore North who favors capital punishment for women who lie about their virginity, children who curse their parents, nonbelievers and male homosexuals etc etc.
Oh, and by the way he apparently he recommends the age old and cheapest method of execution by stoning.
Sounds like a real charmer doesn’t he!
Apparently he also predicted the complete collapse of the international economy as a result of Y2K…… so yep he is right on with all his predictions – NOT.
I remember an old cattle breeder from Kansas by the name of Tom Chaffee saying to me;
[he always called me ‘Colon’ not ‘Colin’ which made me chuckle] –
“Colon – opinions are a bit like arseholes, everybody’s got one.”
Well predictably enough, I too have….. an opinion;
IMHO Ellen Brown is closer to identifying the real cause of the looming meltdown of the world financial economy than probably just about any individual on this earth!
Not only does she point out the root cause of the problem but she actually offers up some alternative successful economic banking models that could replace the current system and begin to solve the problem. e.g. The Bank of North Dakota. This is a shining example of how a bank can operate completely independently of the Fed and the private banking cabal that owns this central bank of the US.
As I understand it the BND model doesn’t subscribe to the normal debt based fractional banking system. This bank extends credit and invests directly in local state businesses and housing etc. The local nature of the loans means that there is naturally more oversight when approving a loan. Obviously they are not the slightest bit interested in making subprime loans. The bank’s mission is to promote local economic development. Furthermore the BND does not have an account with the Fed. Its deposits are not insured by the FDIC but instead are guaranteed by the general fund of the state of North Dakota and are backed by the assets of the state. I will spare you a long rant extolling the virtues of this system – try just googling Bank of North Dakota, there is a raft of info and independent articles available.
Too me Ellen is a bonafide genuine heroine. Anybody can endlessly bang on about the looming financial Armageddon. This Lady takes one giant leap ahead of anyone I know of – she actually puts forward some viable solutions.
I just don’t get it fellow Watchdog followers!
Here is a model right smack under your noses of a system that is not only a successful up and running commercial model, but if it was adopted by other states it would seriously disenfranchise the Fed and the fiat fractional reserve banking system of the US. This would in turn undermine the banking cabal and its funding source.
What the hell are you all waiting for!
By the way Greg – I thought your guest choice and interview was brilliant.
Thank you Robert! 5 stars for you! Good info. I have heard similar things about this lady before. It is evident that she is a wolf in sheep’s clothing, especially after reading Gary North’s summary of her beliefs and past statements. With no offense to Greg, it does seem that a fair percentage of his guests are just that – wolves in sheep’s clothing. They seem to be misinformation agents working for the dark side. These people can often be the most dangerous, since they mix a large portion of truth and “good feelings” together with a certain amount of info which is totally designed to deceive and confuse the reader/viewer. But, in all fairness, Greg does have some sincere and intelligent guests on too! Thank you Greg.
Robert or Grinch……….Instead of spewing your disapproval why don’t you share specifically the problems with Ellen. I went to Gary North’s site to investigate myself and find I must join for access. Tell us what we need to know (according to North)………………btw, I have a feeling it has nothing to do with bank bail-ins and more about ideology. To that I say I don’t care who the messenger is IF the message is truth. Bail-ins are true and coming.
Just read North’s excerpt posted by Robert……….. basically in a nut shell……… Ellen Brown is devoting her life to a cause. She wants Congress to take over the printing presses and provide 100% of America’s money: fiat money, with no gold or silver backing.
She says that if we allow this, Congress can then:
1. Get rid of the income tax
2. Pay off the national debt
3. Pay off Social Security
4. Without any price inflation …………………… My first thought…… can’t have 1, 2 and 3 without price inflation. Not in this world.
It would be nice to see what 18 trillion dollars looks like. Divided between 320 million people. I would think our GDP would look better then China.
Wow…..nice link. This lady has more holes than Swiss cheese. That site took her apart big time.
But what do you do – Greg invites these guests and some (ie most) have very interesting points, but also there own little shortcomings….eg Karen Hughes is interesting, but her gold under Hawaii story is laughable….Martin Armstrong has some nice opinions but a shady last, Rickards is brilliant but still seems to think US has all its gold, etc, etc.
I think the trick is to ignore what you don’t agree with and take on board the good parts of the message.
This is where things start to look dicey. Ellen Brown made mention of derivatives, but not specifically, oil derivatives.
This is where an oil, gas, and precious metals analyst would add some weight to this thesis:
Should WTI drop to $40-50 per barrel without a system collapse ( imminent though), would said analyst perceive silver to drop to say, $8-10 per ounce?
I think that movement is somewhat likely, which is why I have dry powder.
I’m looking for the historical context.
Greg, when she is talking about Bail-in’s, and confiscation of savings did you take this as gutting ones Trading Accounts as part of the plan also? really enjoy your interviews keep up the GREAT WORK.. Jim
This is the reason I have been reluctant to switch over my Vanguard mutual funds to their brokerage as they requested.
In my opinion, the current Israel was not regathered by G-D, it was regathered by the
Government of England’s Balfour Declaration for the Zionist. When the Jews were trying to escape Hitler’s Germany they were all but forced to go to the new Israel and the people living there were thrown off their land. Many countries would not allow them in, thus the mass migration to modern Israel. Did not Israel’s Government order the sinking of the USS Liberty? And do you think for one second the current Israel’s government pleases the Almight G-d of Abraham, Issac and Jacob? A true Jew is of the tribe of Judah, Jacob had twelve sons and one daughter that make up the house of Israel. There are two half tribes, the sons of Joseph, Epraim and Manessa. Food for thought, are all the tribes of Israel regathered in Israel now? Remember the Pharisees, they did not respect our Lord Jesus Christ and tried to trap and mock him. Does todays government of Israel believe Jesus Christ is the only begotten Son of the Almighty G-d of Abraham, Issac and Jacob that lived in the flesh? What has changed? I rest my case and with all due respect.
Every human being has a God given right to Life, Liberty and their own pursuit of Happiness … it is when the rights granted by God are denied … by whomever … that punishment is deserved … either by God or by man (if man can be as just as God).
I think we will all come to be Cash Cows at some future time. The money we negotiate with is NOT ours – the Federal Reserve Note. I think they will instigate some sort of VAT on the USE of the FRN: so that in every transaction – they will take a percentage for usage. Are we not held captive to a financial system which is not ours? If Banks will charge us to hold our ‘money’: it is just another step to charge to use it. Modern, complex life will not allow us to return to a Barter System, and they know that.
I knew we were screwed in the 1980’s when Ronnie Raygun ran the deficit over a trillion. I remember telling people that would never get paid off.
Slam Dunk !!
Greg. Like SIG said” Slam Dunk !!
Citing the U.S. Treasury “debt to the penny” Web site, Spicer noted that the gross national debt, which includes bonds held by Social Security and the other government trust funds, stood at $10.627 trillion on Jan. 20 and reached $17.994 trillion on Dec. 3 — an increase of about 70 percent. In terms of debt held by the public, the number has doubled from $6.307 trillion to $12.932 trillion in the same period.
Many smart people have good knowledge and analysis but take it as such
Never be fooled into entrusting solutions to people solely on the basis that they have properly identified a problem
That doesnt mean they have the solution
Brown was worth a listen for her analysis not her “public utility” solution
This is where I chime in with my seldom-welcomed caveat to all property owners, those who own outright real property, a home, a farm, a building, and intangible property, such as stocks, bonds, etc. You may even have physical, verifiable title to these goods. Outright ownership is wonderful and prudent but not necessarily safe in the wild environment we are anticipating. In the wake of Glass-Stegall, we have the banks “investing” via hypothecated, re-leveraged, derivative “instruments”. As a result of Dodd-Frank, we won’t have future bailouts of banks, not that we could afford it anyway, having blown our “reserves” on TARP and QE. No mas. So, in the next liquidity/credibility crisis, such as the 2008 debacle, the banks will bail-in your “money” (just an electronic entry, anyway), and the government will bail-in your properties via taxation or similar method. Your “ownership” of an asset won’t get in their way. And unlike Scarlett O’Hara, we might not even have any dirt to throw in the sheriff’s face. I could be wrong, but what if I’m not? Best always. PM
Paul fm Indy … The local governments are already doing a fine job of “taking ownership of our fully paid off property” by continually raising school taxes on our homes each and every year.
I can’t believe that the fully paid off home my Father bought for $10,000 dollars in 1954 now has a school tax bill of $10,000 dollars PER YEAR that I must pay to keep ownership!!!
I’m being forced to buy my father’s house “at full price” over and over again “each and every year” … and if I don’t pay … the government will take it away without compensation.
Now Obama is bringing in children from Mexico that I will have to pay more school taxes for … where is this money supposed to come from? … are they now going to tax us for owning a car?
The loony tune government we have (in order to raise the necessary money to educate these new kids from Mexico) will probably pass a new law to make every citizen pay a tax “each and every year” EQUAL TO THE PRICE THEY PAID FOR THEIR CAR BRAND NEW!!!
Then after that … anything you own “that is fully paid for” will be taxed at its full purchase price each and every year … and if you don’t come up with the money it will be simply expropriated.
The Cabal’s plan is to take away “all private ownership of property” and make us all Communists (meaning we won’t be able to own anything). We will become a nation of “renters” and guess who our new Landlord will be in this New World Order!!
pfi good stuff P. I liked it.
I too have some reservations about Ms. Browns monetary views, but not for the reasons stated in this thread thus far. I have been to her site and asked if and or why she supports USURY. Regarding greenbacks, our gold might very well be mostly gone.
So then what, the few of us that have physical rule everyone else???
We the fiat might “vaporize’ and the gold might be gone, but we, and what’s left of our infrastructure, and natural resources remains. That is the basis of our new economy, in a no growth or even shrinking deflationary era.
Think hard on monetary policy in that scenario.
I would say we need a revolving board comprised of different walks of life and experiences in a completely transparent process on camera, with all documents available on the net, and for you alternative media folks and the people become the fourth estate together to hold them and all institutions accountable going forward.
Then there is the BIG question about “clawbacks” and return to the rule of law.
That is fair prosecutions and investigations about just about everything you can imagine, including and especially the true history of humankind.
Yes. I tend to agree. Our backs are up against the wall and everything is a gamble. Common sense applied, we here are still in a waiting game just to see how this pans out. There are too many factors involved. There may be a very small window of opportunity to survive this. It reminds me of the Kenny Rogers song, “you gotta know when to roll…”
One more gaping hole in the viewpoints of most if not all of your guests is the elephant in the room that almost no one sees or wants to which is “rentier” policy disguised as capitalism.
Adam Smith on the Rentier
Mason Gaffney is the resident US expert on this subject.
Solving the “Unsolvable”
Michael Hudson is also pretty good.
The 27 Principles / Reference the Renegade Economist
A fair economic system that takes into account our social and environmental needs in a just manner is essential to our future, as well a a health debate about monetary policy, etc.
Here it is in a nutshell in graphic form.
That’s exactly what it is. Thank You.
I have been saying this for as long as I can remember.
Eyes Wide Open…we are on the same team.
Greg, I think you are mistaken.
Getting rid of rentier economics levels the playing field for all to earn and keep most of the fruits of their labor.
It is neither communism or socialism.
I suggest you take the time to re-read it, perhaps over the weekend.
If one considers property tax as rent, and it might as well be defined as such due to the consequences one would face should they not pay their property tax, then the most unjust system already exists. We pay rent on all property, taxes on wages, interest, nearly all transactions, luxuries, sin. We even pay taxes when we die. Whew!
See what I mean, both “parties” are into it.
The right wants to privatize everything and charge a toll.
The left seems to like that – and eminent domain.
Massive Federal Land Grab Hidden In This Year’s NDAA
This age old trend will leave the majority of us in poverty.
Guess what, GOD created the world for all of us.
We best think hard and deep in the coming days…and pray.
when the banks fail….it will be time to put the ‘pitch forks’to use….on the bankers and the politicians that voted for dodd-frank and the new funding bill…NO ONE is above the fray…there will be NO country left to save………and the time to pay the piper will result in all having’skin in the game’….”no hiding place down here”…..hallelujah…….imho
Dan … You just gave me an idea for a new business (someone on the site was interested in this) … how about setting up a store that sells pitch forks and torches … people are definitely going to need a whole lot of these items when the time comes to go after the “Frankenstein” Cabal that is now running around loose in the world threatening our children’s lives with economic ruin and thermonuclear bombs over their heads.
None Dare Call It Conspiracy
by Gary Allen
Concord Press, 1971, paperback
Most of us believe socialism is what the socialists want us to believe it is-a share-the-wealth program. That is the theory. But is that how it works? Let us examine the only Socialist countries-according to the Socialist definition of the word-extant in the world today. These are the Communist countries. The Communists themselves refer to these as Socialist countries, as in the Union of Soviet Socialist Republics. Here in the reality of socialism you have a tiny oligarchial clique at the top, usually numbering no more than three percent of the total population, controlling the total wealth, total production and the very lives of the other ninety-seven percent cent…
If one understands that socialism is not a share-the-wealth program, but is in reality a method to consolidate and control the wealth, then the seeming paradox of superrich men promoting socialism becomes no paradox at all. Instead it becomes the logical, even the perfect tool of power-seeking megalomaniacs. Communism, or more accurately, socialism, is not a movement of the downtrodden masses, but of the economic elite.
If you wanted to control the nation’s manufacturing, commerce, finance, transportation and natural resources, you would need only to control the apex, the power pinnacle, of an all-powerful socialist government. Then you would have a monopoly and could squeeze out all your competitors. If you wanted a national monopoly, you must control a national socialist government. If you want – a worldwide monopoly, you must control a world socialist government. That is what the game is all about. “Communism” is not a movement of the downtrodden masses but is a movement created, manipulated and used by power-seeking billionaires in order to gain control over the world . . . first by establishing socialist governments in the various nations and then consolidating them all through a “Great Merger,” into an all-powerful world, socialist super-state …
That Post hits all the targets…You take the “Gold Medal” Andy.
The Rise and RISE of Communism. Planned !!!
Another valuable public service interview. As with most of your guests, I felt confidence in listening to the messenger and the message that was being given.
Greg, how safe do you think credit unions are in depositing one’s money?
P.S. I appreciate your commentary and observations interspersed throughout your interviews.
Not even my washroom is a safe place these days !!!! 😉
Survival kits for bankers….. [ http://www.zerohedge.com/news/2014-12-10/why-us-treasury-quietly-ordering-surival-kits-us-bankers ]
Jim Rickards was on C2C am last night…it was a great interview!! Spot on for a sinking economy. Worth a re-listen.
Laura M, how does one reply without scaring you to death (if Ellen didn’t do it already) ? Jumbo CD’s ? Two words come to mind. First congratulations for saving, second “sitting duck”. I know how you feel after working and saving all your life. We should be able to appreciate the fruits of our labor without worry. Sadly the world has changed……….So what of your CD’s that pay basically nothing (they don’t keep up with inflation) ? Given the circumstances, the money would be safer under your mattress. It might not be taken from you with that scenario but you might lose 50% (or more) when the dollar crashes………. Since you asked here’s my 2 cents…….. Take a portion (as much as can while still able to sleep) and buy gold/silver. Take a small portion in cash to keep under your mattress (home). If you can’t stomach the thought of not having CD’s then spread it around in smaller amounts with different banks.
Ellen is wrong about a number of things. Bail-ins do not apply to insured deposits including the G20 bail-in plan. I know enough about these bail-in plans and they only involve bondholders and sometimes uninsured depositors. The FDIC is not exactly broke and can borrow as much money as it needs from the Treasury according to the law. The FDIC does not have to come up with any money for derivative losses like some people mistakenly believe. Only for insured deposits. Sorry that so many people are buying into this fear mongering propaganda.
Take it out of the bank. The 5 mega banks might survive we don’t know for sure. Keep cash at home. Buy stock and mutual funds from Vanguard. Drug and maybe energy. We know nothing for sure when it hits the fan. It will be this year. Watch spring and summer for things happening.
I’ve always thought Ellen’s opinion was worth listening to but now I have my doubts. I got 46 cents in interest on my savings account. What am I listening to her for?
I’d encourage folks who want to know more about the upshot of Ellen’s work on creating public banks to learn more about them at http://www.publicbankinginstitute.org. There is a rapidly growing movement to create public banks in communities around the country that can provide a proven alternative to the Big Bank Federal Reserve. Public banks invest public money locally for public benefit and can provide genuine security for our finances. Of course, the entire debt-based monetary system is another issue, but we have to start somewhere…..
This is like the Weimar Republic before WWII. Don’t worry about any money you have in the bank because it won’t be worth anything once this thing goes down. You will need wheel barrows of dollars to buy a loaf of bread.
Instead be ready to live on the road with MRE’s and a portable water filter and other survival supplies. Staying in a large city after this collapse comes will be a death sentence. Be ready to go on a moments notice.
It seems there are still quite a few that do not fully understand the Gravity of the situation with respect to the Dollar, Debt and Deficits fiasco and the impact on the lives of US Citizens of the loss of the Reserve Currency Status.
To provide some clarity and perhaps assist those who are still uncertain, I pose this question:
Q:Would you lend money to a Bankrupt Organisation ?
A: If you hold USD …that is exactly what you are doing. Same could be said about those that are paid in, forced to trade and settle and hold paper assets denominated in USD.
If a Semi was steaming down the road towards you with absolute certainty about it being a front on…..wouldn’t you do everything in your capacity to GET OUT OF THE WAY ?? That is exactly what the BRICS (and a growing number of other nations) are doing….with regard the USD.
Agree Walt, we have to start somewhere.
You hit it, the debt based system in a finite world is reaching it’s limits before our eyes.
Hence my comment on USURY and Ms. Brown.
Greg. I am in shock. My stock friend tonight could no longer disagree. He is going to buy some land and start getting ready. Your interview with Ellen Brown today was a big eye opener for him. I love him as a brother, and thank you as a unseen friend.
Thank you for being fair and posting my opinions.
You are a great reporter and fairness is key to that.
I challenge you to have Dr. Michael Hudson on.
Or Mason Gaffney, the wise sage. (Over 90 yrs. young) Let’s respect our elders.
I am pretty much out of the system with our families meager means.
Just put up a foundation for a pole mounted 2 panel emergency 500 W solar system today.
Prepping for what’s coming.
I think I will touch on prepping more in my comments.
As you have said, good people can disagree. We all all on our a stage in our journey.
May God Bless Us All.
Thank you sir!
Update! Another close friend listened to Allen Ols today and is very interested in preparing. Sometimes it takes a new face.
Greg I think as time shortens more will want shelter/ Insurance.
I was just told this evening that the GCR is on the way. How is the Global Currency Reset going to play into the coming crash?
Randall. GCR is just pretty talk for crash. I think it will become a great confusion, and delusion. With confusion will come fear and all evil workings. The fraud and thief we see today is small compared to what will happen. Most people will beg for martial law. For a time all money will be useless.
Yup!!!!!! It is that simple.
The Math does not lie…. The math tells us this is not sustainable.
Recently I called the Canadian version of the FDIC.
They were totally blown away when I ask them what is the actual amount of dollars they are on the hook for, if we were to see a major banking failure…..
The amount of funds available are a joke in comparison to their potential liability.
They could not answer most of my questions…. They suggested that I send an email with my questions and someone would research it and get back to me with answers.
That was 3 weeks ago and I am still waiting for a response.lol
Sorry to post twice, but private phone call with a person in the know, shows that Executive Order EO 13303 plays into this whole scenario, and that the GCR is almost about to be a done deal. I want to know just what can the ordinary man do?
Walt…. “I’d encourage folks who want to know more about the upshot of Ellen’s work on creating public banks to learn more about them………….I haven’t studied the negatives North describes but I do know the idea of public banking is a major plus. If she is promoting these banks I’m 100% behind it.
Don’t keep a large amount of cash in your home. I’ve been thru something similar to what is extremely likely, to hit the US. There are certain things that have started and running parallel to what has been experienced with similar failure in other countries.
*Guns were confiscated (if you did not turn them in) – many people murdered as the police could not keep up.
*Crime will rise. People without work and desperate. They will come for your cash, bank cards, jewels, electronics, guns, knives; anything that can be sold. You’ll likely be killed if it’s not enough. Kidnappings for ransom will rise.
*Of courses you already suspect or are experiencing breakdowns such as with garbage pickup, keeping places clean, poor treatment of the mentally ill and poor, poor schools and medical services – infrastructure breakdown.
*No public service response to complaints without publicity, shouting and often lawsuits, which will diminish as lawyers become unaffordable in a clogged court system.
*Don’t rely on stacking enough food and medicine to sustain you and this has to be a secret!
*Precious metals will not be used in everyday transactions. They’re more for exchange when you need currency.
Welcome to the 3rd world – you’ll be here for a while.
my question is what’s different from pulling out of banks and going to credit unions. nobody ever talks about them. depositors owns the credit unions. does the credit unions take the risks like the big banks? how connected are they to the banks? please, i have tried to research this and would like to know good, bad or indiffernt
A view from England might be useful. We are currently plagued by increasingly right-wing parties, one in particular, who want the UK to leave the European Union. This ‘policy’ gains a lot of traction because of the mess the Euro has made of the economies of many southern European states, who initially found they could afford to import loads of BMWs from Germany, which accordingly boomed for a while, and then found they couldn’t inflate their currency when they needed to. The result is a programme of austerity which the Greeks, it seems, are about to reject. If they elect a left-wing government, which seems likely, the EU will be torn apart when the austerity diet insisted on by the European Central Bank is rejected. Although the ECB doesn’t have the power to print Euros (because Germany would effectively be underwriting the fecklessness of others) it will shortly do so, and we will be off to hell in a handcart.
My fundamental point is that the European banking system is teetering on the brink. Quantitative easing by the ECB will help for a while, in the sense of relieving pressure, but will of course pump up more bubbles. As Ellen Brown pointed out to you, when the bubbles burst and assets are suddenly valueless all that will be left is a load of currencies that are worthless and have already been abandoned. The banks that have lent this money to governments will be bust. And consequently so will the governments be.
My conclusion, given the rage that still persists in the UK about the rescue of bankers from their own short-sighted greed six years ago, is that this time Europeans will not be putting the system back together again. It is interesting that Ellen Brown herself has been supported in elections by the Green Party. It is no coincidence that the Green Party in the UK has doubled its membership in less than a year. A sustainable future is the only logical outcome of a doomed system based on growth that cannot succeed.
By the way, a Christmas quiz … if the entire output of the ancient Greeks in 3000AD could have been put in some kind of a box one yard by one yard by one yard, and Greece then enjoyed growth of 4.5% for three thousand years, how big would the box have had to be to contain all the Greek output in the year our Lord was born? The size of America? The size of the Earth? The size of our solar system?
The answer, apparently (because I have not myself worked it out), is a billion billion solar systems. When we hear about growth being the answer to our problems, perhaps this fable is something to bear in mind.
Wiz Leaving the EU would be the best thing UK did in ages. Dismantling the EU would be even better. Nothing but a butch of power hungry ex-Goldman Sachs elitist with zero common sense and an agenda to control the rest of you……
Speaking of Ex- Goldman Sachs and Madmen…have you forgotten about Rubin, Summers, Geithner, W C Dudley, J Lew, D Lipton……these guys bring new meaning to the words CRIMINAL and FAILURE.
3000AD in my last message should have read 3000BC. Sorry.
ellen is a great lady with lots of insight, everything she and countless of others say is true and reasonable within a common sense world, unfortunately the bs world which we now live in does not listen to common sense so all these people like her, talking sense, are made into liars, i hope it will change one day.
Land Rover Defender 110 VS Toyota Land Cruiser 76 Wagon
two very nice 4×4 cars!
How many Dead oligarchs can fit in the back end ? Keep in mind the are all heavy with the fat of your kids future.
Here you go Harvey Organ……… Keep in mind, they would only consider these rules to control the price GOING UP. This would never be considered to limit the downside……… [ http://www.zerohedge.com/news/2014-12-11/what-do-they-know-cme-implements-gold-precious-metals-circuit-breakers-400-wide ]
Ellen Brown is the canary in the coal mine, and has my attention, along with Martin Armstrong, “It is time to batten down the hatches and prepare
for rough waters”
As the thread of this post is leaning towards prepping here are a couple of things I have been doing.
Cash in seven institutions, fourteen bank cards, spread out the risks.
Gold, under the doghouse, along with Silver.
A new Greenhouse, with grow lights.
Two new freezers, always stocked, food rotated.
A newly built cold room again for food storage.
Four year wood supply, wood rotated yearly.
Company money, retained earnings, now have invested in Back Hoes, Tractors, Bobcats, tangible items, fuel storage for my acreage,
and large amounts of Alcohol, Wine, Food, etc that I can barter.
“If we do have a financial collapse I will use what I have invested in” either way, although a Sovereign Debt Crisis will come first, history has proven this.
Look at what is important in countries like Venezuela, the same things
will be important in North America, however associating with like minded people is most crucial. When my accountant starts to talk about the system going down, there is safety in the fact that you made a decision, either right or wrong, only time will tell.
Humanity just got sold out in Australia at the G20, Arsmtrong is freaking out over it, 50.00 oil is the Black Swan IMO which will show the weakness
in the derivative markets with the banks.
I appreciate your interviewing style. Your questions ad to the practicality of what your guest are saying and bring it down to how the average person can apply and benefit from the information presented.
Keep up the great effort as long as you can.
Ready cash will be King, for a few weeks. Time enough if you have a list and know what you’ll “NEED”.
Bankers Want Your Savings As Part of Their Next Bail-Out!!!
I put this interview in my “all time favorites” list!
Not bail out Bail in
What a Stupid country we live in to allow such actions. So what do they want us to do keep our money our of banks.
If they try it people will shoot up the banks. You can mess with my life but keep a your hands off my money.
Are we so stupid or what. Banks Ranked by Derivatives
The following is a ranking of all banks in the United States in terms of “Derivatives”. This comparison is based on data reported on 2015-12-31.
Rank Derivatives Bank Name
1 $51,229,755,000,000 JPMorgan Chase Bank
2 $46,742,456,000,000 Citibank
3 $41,049,189,000,000 Goldman Sachs Bank USA
4 $26,073,606,000,000 Bank of America
5 $5,737,121,000,000 Wells Fargo Bank
6 $4,207,710,590,000 HSBC Bank USA
7 $2,155,303,000,000 Morgan Stanley Bank
8 $1,308,644,722,000 State Street Bank and Trust Company
9 $1,120,557,000,000 The Bank of New York Mellon
10 $352,855,097,000 PNC Bank
11 $261,541,442,000 The Northern Trust Company
12 $248,811,860,000 SunTrust Bank
13 $199,437,636,000 U.S. Bank
14 $187,020,774,000 TD Bank
15 $129,600,428,000 MUFG Union Bank
16 $78,713,730,000 Regions Bank
17 $70,609,960,000 Fifth Third Bank
18 $68,454,187,000 KeyBank
19 $65,509,386,000 Capital One
This is just a drop in the bucket banks are gambling with our money called a Derivatives Most of these banks listed have mor in Derivatives than in assets. What a bunch of idiotd we have as law makers to allow laws to have banks siex our money and not theirs.
I say the bubble will burst sometime in september all the factors are in place. Why are we so stupid to let bankers do this.
we can get rid of the Dotson law and bring back glass steigal. But law makers won’ they don’t care about the poor and working class who depend on banks for their money. And most law makers come from the previous listed institutions so you know where their loyalty lies.
If the largest 5 banks get all their money back, if I understood the video would the depositors of those 5 banks receive their money back as well or is just the 5 big banks getting their money and the depositors being dumped on like the rest of the depositors with money in the other banks? Also, I would think that your current currency would be deemed worthless and/or exchanged like 1 new dollar for 10,000 or etc. old ones. It would follow that gold & silver would be illegal to own and exchanged for some amount even less?
if the bank takes our money we get out ours guns and have a Revolution
I think you’re correct. What the G-20 does, or what the politicians who serve them do or don’t do, is simply a diversion to convince the rest of us that they are in charge and must be accommodated in order to ensure our survival in their fairy tale land; a land in which new order is established out of the chaos which they create.
Great to see some strong studies in the positive effects of cannabis being carried out. For too the long the focus has been on the negatives rather than the many benefits this wonderful plant can have.
Please please please for the love of God when you ask these people a question, just ask the question and then stop talking for 3o more seconds and elaborating on and on and on!!!! My goodness, I was screaming at the computer listening to this great interview saying shut up and let her just answer the question !!!!!! Now go back and listen to your awesome interview and you’ll see what I mean. And if you don’t see it, ask someone to watch it that you trust and let them tell you!!!!!!!!!!! Sorry man, I love your interviews but you’re killing me here.