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Here is the Plan to Confiscate Your Bank Deposits

By Jim Gillespie | May 1, 2013

While my focus in writing articles is to help you to make more money in your commercial real estate brokerage business, sometimes I come across a story within another arena that I believe is very important to tell you about…

With what recently happened in Cyprus, where people’s bank deposits were confiscated from them, many of us here in the United States have wondered if something like this could ever happen here, too. Well imagine my surprise when I discovered that not only is there a plan like this in the works, but it’s been in the works since at least sometime back in 2012…at the minimum, months before the event in Cypress ever occurred.

The best way for me to tell you about the details around this is to give you a link to an article which describes this plan that’s now been moving forward. But what really shocked me the most within this article is the following description about how our bank deposits are now treated legally within the banking system, which shows you how vulnerable our bank deposits really are:

"Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay."

When you recognize that we are only unsecured creditors with our bank deposits as far as the banking system is concerned, this doesn’t create a very secure feeling within us around our money.

This article does a very good job of explaining the situation to us, and it provides links to other good resources around this subject, too.

Click here to read the article.

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