|
|
The "Fiscal Cliff" Will Be Just the Beginning of Sorrowsby Will Grigg
The U.S. government is scheduled to arrive at the so-called “fiscal cliff” on January 1, when the Bush tax cuts expire and mandatory budget sequestration kicks in. At the same time, the Federal Deposit Insurance Corporation will stop offering 100 percent insurance on all bank deposits, and reinstitute the $250,000 deposit insurance limit.
Some analysts believe that this will precipitate a bank run similar to – but larger than – the panics that have occurred in economically distressed European countries.
An international bank run of a different kind is slowly gathering momentum. Following the example of Germany, Switzerland, the Netherlands, and Ecuador have demanded a full visual audit of their national gold holdings in the New York Federal Reserve Bank. Ecuador has also called for repatriation of its gold.
Like the Federal Reserve’s fiat currency, the fractional reserve banking system is an officially sanctioned fraud. Banks are required to hold only a small portion of their advertised assets, and can issue loans amounting to many times the value of their actual holdings.
What would happen if our fractional reserve banking system underwent a systemic panic at the same time foreign governments demanded that the Federal Reserve return their gold deposits? We’re likely to find out, and it won’t be pretty.
|
Latest Commentary
- No Rose Can Mask the Stench of Obama's Tyranny
- Tyranny is Infinitely More Obscene than Naughty Words
- Arrest Obama Under NDAA For Supporting Terrorists in Syria
- Public Enemy Number One: The Public
- Obama's Amerika: The Land of Mao and Lenin, not Madison and Jefferson
- Why No Perjury Indictment for Clapper?
- If Edward Snowden Is a Criminal, Why Aren't the Rest of Us Criminals As Well?
- America's New Normal: Mass Surveillance, Secret Courts and Death to Whistleblowers
|
FAIR USE NOTICE
|
|
This site contains copyrighted material the use of which in some cases has not been specifically authorized by the copyright owner. Such material is made available for the purposes of news reporting, education, research, comment, and criticism, which constitutes a 'fair use' of such copyrighted material in accordance with Title 17 U.S.C. Section 107. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. It is our policy to respond to notices of alleged infringement that comply with the Digital Millennium Copyright Act (found at the U.S. Copyright Office) and other applicable intellectual property laws. It is our policy to remove material from public view that we believe in good faith to be copyrighted material that has been illegally copied and distributed by any of our members or users.
|
|
About Us - Disclaimer - Privacy Policy
|
|
|
The Century of the Self: The Untold History of Controlling the Masses Through the Manipulation of Unconscious Desires
Operation Gladio: The Hidden History of U.S. Sponsored False Flag Terrorism in Europe
The New American Century: The Untold History of The Project for the New American Century
Print
Cop Who Karate Chopped NY Judge In Throat Gets Off Scot-Free
Florida Cop Smashes Compliant Woman's Face Into Car -- "Maybe Now You Can Understand Simple Instructions"
VIDEO: Lapel Cam Reveals A Day In The Life Of A U.S. Police Officer (Tasing, Beating, Breaking & Entering, Stomping On Heads... and Laughing About It)
Caught On Tape: Officer Sucker Punches Inmate In Face, Files Report Claiming 'Self Defense'
Insult Person On Twitter, Go To Jail
SWAT Team Brings TV Crew To Film Raid Against Threatening Internet Critic -- Raids Innocent Grandma Instead
Cop Karate Chops NY Judge In The Throat
When the Right to Resist Becomes the "Duty to Submit"