Unlimited deposit insurance by the FDIC?

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Southerner's picture
Southerner
Status: Bronze Member (Offline)
Joined: Sep 7 2009
Posts: 36
Unlimited deposit insurance by the FDIC?

It would seem the FDIC is preparing the rich people / corporations / governments who have the money now will be protected with the onset of a currency crisis to redeem thier billions and trillions of dollars into the new currency.  Instead of a measly 100,000 or even 250,000.

I recently read on Jesse's Cafe Americain website that the FDIC announced unlimited deposit insurance for certain accounts from Dec 31, 2010 untill Dec 31, 2012.

As Charles Hugh Smith says "cui bono" to whose benefit?  The shareholdres of the private banks which own the central banks of the world, multinational corporations and governments.

I would have posted the link but I amm not that computer literate.

As CM would say, "prepare accordingly."

Southerner

Travlin's picture
Travlin
Status: Diamond Member (Offline)
Joined: Apr 15 2010
Posts: 1322
The report is correct per

Southener

The report is correct per the excerpt below from the FDIC website. An interest bearing transaction (checking) account is not included in this unlimited coverage.  More at this link   http://www.fdic.gov/deposit/deposits/unlimited/index.html

Just copy the web address shown in the window at the top of your browser and paste it into your post.

Travlin

=====

On November 9, 2010, the FDIC Board of Directors (the “Board”) issued a final rule (the “November Final Rule”) to implement Section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) that provides temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts at all FDIC-insured depository institutions (the “Dodd-Frank Provision”).  The separate coverage for noninterest-bearing transaction accounts became effective on December 31, 2010 and terminates on December 31, 2012.  The Dodd-Frank Provision and November Final Rule are discussed in Financial Institution Letter FIL-76-2010, issued November 9, 2010.  The November Final Rule is published in the Federal Register at 75 Fed. Reg. 69577 (Nov. 15, 2010).

In issuing the November Final Rule, the Board confirmed it would not extend the Transaction Account Guarantee Program (“TAGP”) beyond its sunset date of December 31, 2010.

james_knight_chaucer's picture
james_knight_chaucer
Status: Silver Member (Offline)
Joined: Feb 21 2009
Posts: 160
I wonder if the idea is to

I wonder if the idea is to encourage people to stick their money in non-interest bearing accounts. Very sneaky that: 'We are only going to pay you buttons on your deposits, but if you do want any interest on a larger sum, be prepared to lose it all when TSHTF.'

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