Things are rough in the US economy, and the FDIC seems to be making plans to handle further collapse. How? By helping themselves to YOUR money that you have on deposit, safely (you thought) tucked away in your bank account.
If I’m right, a lot of people are going to be financially devastated in the not-so-distant future.
Think I’m a crazy conspiracy theorist? Well, as we’ve seen, that often means you’re just ahead of the game. There are several reasons that I believe it may come to this, not the least of which is that there’s a publicly accessible video of their meeting in which they discuss how to do it, when to do it, and how to keep the public from freaking out about it.
Let’s take a closer look.
FDIC stands for Federal Deposit Insurance Corporation. From their website, we find what that means:
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by Congress to maintain stability and public confidence in the nation’s financial system. To accomplish this mission, the FDIC insures deposits; examines and supervises financial institutions for safety, soundness, and consumer protection; makes large and complex financial institutions resolvable; and manages receiverships.
They go on to say:
Since its creation in 1933, the FDIC has been an essential part of the American financial system. In the 1920s and early 1930s, a rise in bank failures created a national crisis, wiping out many Americans’ savings. Since FDIC insurance began in 1934, no depositor has lost a single penny of insured funds due to bank failure.
Sounds great, right? It is when it works properly.
Depositors do not need to apply for FDIC insurance. Coverage is automatic whenever a deposit account is opened at an FDIC-insured bank or financial institution. If you are interested in FDIC deposit insurance coverage, simply make sure you are placing your funds in a deposit product at the bank.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for coverage over $250,000 if they have funds in different ownership categories and all FDIC requirements are met.
All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
Read More: The FDIC Is Planning a Bail-In with YOUR Money