Easter 2013: The Crucifiction of Money

Off the keyboard of RE

Published on the Doomstead Diner March 31, 2013

Discuss this article at the Economics Table inside the Diner

Easter Sunday 2013, and as usual the Dominoes are Toppling all over the world economically and geopolitically, as a portion of the world population celebrates the Life-Death-Life-Death of a Carpenter-Preacher who claimed to be 1/3 of God.

Inside the Diner as usual also, the debate goes on about the Validity of these claims and what the Significance of them are. From my POV, with so much shit currently ongoing with a MUCH more direct impact on our further Earthly Existence, whether or not JC was 1/3rd of God or not is not a major concern. That is just me though, and does not reflect the Group Think of the Diner. LOL.

Let me go to my major concern of the day, the ongoing Redefinition of what it means to be a Bank Depositor. Most people believe that a Bank is place that Holds Your Money, keeps it Safe from Thieves and you can go get it anytime the Bank is Open and you have your ID with you to prove you are the Owner of said Money. Sorry, no.

The NEW definition of a Bank Depositor is as an UNSECURED CREDITOR of the Bank! When you make a deposit, you are LOANING your money to the bank, and the Bankster now owns it and is free to Gamble it in any way he sees fit. If he loses the money, since you are Unsecured, any assets the bank might still have go FIRST to Senior Bondholders, they get to Divy up the Carcass, the Depositor is left with BUPKIS.

Now, this is hardly the first time in History a Banking System has crashed, in fact it happens at VERY regular intervals in the 80 year Nabe. Every time though, the same folks Reboot, claim to Own Everything they Repoed in the Crash and start Loaning out money AGAIN based on the Assets they Claim to Own. If you want access to any of those Assets, you gotta Borrow the New Money from them, pay interest on it and get taxed on it, try to Save it until the NEXT crash when POOF Up in Smoke it goes again, Rinse and Repeat.

Last time this occurred in the Great Depression, to “Restore Faith” in the Bankstering System, they came up with the Marvelous Gimmick of Goobermint INSURANCE of Bank Deposits! Known here in the FSoA as FDIC. In this farce, supposedly if your Bank goes Belly Up, Da Goobermint will make good on your Deposit up to some nominal figure, 100K has been the common amount chosen for this, though with Inflation in some places it was upped to 250K.

While such Insurance can sorta work in the case of Individual Bank Failures, it can’t work in a systemic Banking Collapse, especially when Da Goobermints doing the Insuring themselves are BK. They don’t HAVE the money to “make good”, and no they can’t just print it either. Why not?

Well first off because NONE of Da Goobermints INCLUDING the FSoA owns the money based on the World Reserve Currency of the Dollar. The Banking Syndicate owns this money and they’ll only Print It in return for Bonds issued by the respective Goobermints, and they’ll only buy those Bonds with Freshly Printed currency of one color or another if they think they can extract further Wealth and Profit out of a given country. Once you look like a Bad Bet as a country, you can’t sell your Bonds, unless yet ANOTHER supra-national agency guarantees them, read that the Troika in the case of Eurotrashland.

The Troika over in Europe and Da Fed here are ALSO insolvent entities, but they are Last Up the Line until the Ferengi Interstellar Freighters loaded with Gold Pressed Latinum show up and the Vulcans arrive to share their Matter-Antimatter Energy system powered by Dilithium Crystals stolen from the Klingons and Romulans. LOL.

Political Pressures abound on both Da Fed and the Troika, but neither is currently engaged in Naked Printing, they are still just buying Bonds from the few countries they consider good bets to extract more wealth from, aka the FSoA and Germany mostly. Said countries have to keep issuing out more debt to support the collapsed debt already everywhere else. The more peripheral countries sucked into this Black Hole of Debt, the bigger the problem becomes for the Core countries, and eventually their Bond Market collapses too. Then the Big Repo begins, along with of course the concomittant Warfare involved.

The HI scenario for the Dollar only occurs if Da Fed will Naked Print to Cover on all the FDIC Insured accounts when systemic Bank failure crosses the pond, and so far what is occurring in Greece & Cyprus indicates they will not do that. Rather Capital Controls will be put in place to prevent Bank Runs and Depositors will be Locked Out from their savings held in the banks.

Exactly WHY any J6P in Eurotrashland is keeping money in a Bank now past a month worth of Bills is a mystery to me. It’s not like any accounts pay much interest under ZIRP. The security is NIL, there is a WAY more likely chance your deposit will be confiscated by the Bank than there is someone will find the cash buried in your backyard.

Small to Medium size Biznesses have an altogether more difficult issue, they HAVE to keep sizable sums in Banks to do commerce and make payroll. Said accounts usually are beyond even Fake Goobermint Insurance, so when the Bank Holiday comes to their Bank, they are basically SOL. Thus a Banking Collapse leads rapidly to a collapse of trade, widespread Unemployment and Depression. Ongoing in Cyprus now as we speak.

There is much Smoke now in Eurotrashland that a Bank Run is already underway out of the Euro even beyond Cyprus. Slovenia is being hit hard, and Super Mario Draghi is hiding behind the Refrigerator with the rest of the Goldman Cockroaches. The ECB is being very Cagey about publishing numbers on Capital Outflow. Measures to restrict Capital flow across borders are being implemented everywhere. The Banksters are LOCKING DOWN.

Where there is SMOKE, there is FIRE. If you are in Europe, I highly suggest you get your money OUT of the Bank and OUT of Euros sooner rather than later. That Titanic is GOING DOWN. For the Dollar Holders here in the FSoA, you probably have a bit longer, but not by much I think. When it goes down in Europe, the AVALANCHE truly begins. Avalanches don’t go SLOW.

RE

Knarf plays the Doomer Blues

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