Forum Post: This is so important to read...Do not keep your money in big banks !!!
Posted 12 years ago on Dec. 8, 2011, 11:35 a.m. EST by KVNLGN
(154)
This content is user submitted and not an official statement
The link below relates to the 2005 bankruptcy reform law. Basically, in the event of a bank failure, a depositors FDIC insured money is NOT first in line to get paid back. As it turns out, derivative claims come first. Don't be confused by the term, derivative. It is another word/term for banks making extremely large bets with money that they do not have. These bets total in the trillions, easily enough to destroy the financial sector and overall economy. Shouldn't this fact alone, cause a major run on the banks ? I mentined this once before and I'll do it again...There should be a date established every month to transfer money from banks to credit unions...
I second the motion of a recurring "invest-local" day. Banks can go ahead and continue gambling, but it will be with the money of the elite they are serving. Meanwhile the rest of us will build up our communities.
We have moved our savings to local credit union. Trying to figure out what to do next. After failure of world financial system, money may not be worth anything. Wondering what world will be like.
great job! i am involved in the markets myself and i understand that there is so much risk and uncertainty...i've traded and sold stocks, options, futures, etc. in new york and san jose. i can not predict what will eventually happen but i am doing my best to hedge. i feel that if europe starts to crack, the dollar might see a short lived rise, but only short, if at all. the dollar could easily drop as europe starts to implode because all of the banks are connected. while gold and silver have risen dramatically over the last year, you may want to consider buying the physical. i am actually going to a dealer over the weekend to buy a 5-10 % physical allocation of my overall portfolio. If the dollar falls, silver should rise. you may see a slight deviation between gold and silver at first because some people will want to dump silver and buy gold. i have seen this happen a few times since the summer. Now what kind of silver should you buy ? look for silver american eagles (proof or undistributed). they both should have the same quantity of silver, .999. and you can aways average into your position by buying over an extended period of time. i don't know the future, but i can tell you what i am doing. Kevin (Philly)
Hi Kevin, Thank you for information. Best Regards, Nevada
Agreed. A recurring or monthly transfer day is a very good idea.
we need to get organized. none of the good ideas from this site get to the occupy movement so this is so inefficient. i need to find the time to take a drive to this movement and see if it is serious about making progress.
What's needed is an 'official' Occupy website (this isn't) where all the viable ideas can be gathered, added to, voted on, etc. A site where the good ideas don't scroll off the radar in an hour or two. In lieu of that, I'm thinking of starting a page on an existing website for such a list. I'm not sure how much exposure it would get though.
What's wrong with using the Occupy Together site to do that?
I was unaware of that site until yesterday and haven't checked it out yet. I've been away from this forum for the last few days. I'll definitely check it out. Thanks.
maybe, what is it ? is it transparent, who is running it ?
also, isn't there people from the occupies movement on this site ? shouldn't they be taking our ideas and organizing them ? if not, then you have to question the true motives of the movement.
I believe this site was actually started by Adbusters as a 'de-facto' (their words) OWS website. What its original purpose was is an interesting question. It obviously wasn't designed to do much else beyond being a site for discussions only, although the software is open-source and people have been encouraged to help improve it. If I had the disposable income and some programming skills I would start a site. I also like your idea of a convention (your comment below) and have added it to my list of ideas. It would be a great idea for early spring. Keep pushing your ideas in various threads so they get plenty of exposure.
i think you could build a solid following with some work. most importantly, it needs to be transparent. that is why a major convention is necessary so that people can meet in person and understand who they are dealing with, etc. that is a big step but one that can not be ignored.
wow, thanks for posting.
Good post.
Thanks ! I don't understand why this is not a bigger issue...People swear by the FDIC, little do they know...
It's really scary --time to find a small bank. Think Goldman Saks wrote that law?
government...goldman, same thing... small banks and i would consider silver, even after kast years huge run up. Government is even going to make people report capital gains from purchase of metals to irs soon. they are well aware there will be a major run up
Agree. Seems common for really important fundamental issues to get little attention. So much energy expended on food fights over wedge issues.
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