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Thursday, March 12, 2015

EconomicPolicyJournal.com: WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments

Is this as bad as it sounds. Money in your bank is no longer considered a deposit but a credit. In other words, it's not considered your money once it hits the bank, it's as though you loaned the money to the bank. So the amount in your account is the amount the bank owes you: http://www.economicpolicyjournal.com/2014/11/warning-bank-deposits-will-soon-no.html.



EconomicPolicyJournal.com: WARNING Bank Deposits Will Soon No Longer Be Considered Money But Paper Investments



What does this mean?

Kenneth Schortgen Jr explains:
This weekend the G20 nations will convene in Brisbane, Australia to conclude a week of Asian festivities that began in Beijing for the developed countries and major economies. And on Sunday, the biggest deal of the week will be made as the G20 will formally announce new banking rules that are expected to send shock waves to anyone holding a checking, savings, or money market account in a financial institution.

On Nov. 16, the G20 will implement a new policy that makes bank deposits on par with paper investments, subjecting account holders to declines that one might experience from holding a stock or other security when the next financial banking crisis occurs. Additionally, all member nations of the G20 will immediately submit and pass legislation that will fulfill this program, creating a new paradigm where banks no longer recognize your deposits as money, but as liabilities and securitized capital owned and controlled by the bank or institution.

In essence, the Cyprus template of 2011 will be fully implemented in every major economy, and place bank depositors as the primary instrument of the next bailouts when the next crisis occurs...

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