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“Exposed: Your Bank Is BANKRUPT!”
by IWB
“Josh Sigurdson talks with author and economic analyst John Sneisen about a rather alarming issue that affects basically everyone who has money in a bank… Insolvency. John researched nearly every major bank and credit union and the truth is truly shocking (if you don’t study this kind of stuff on a daily basis). The fact is, they’re all bankrupt. Totally insolvent. Not even going into their derivative exposure, their cash to deposit ratio is alarmingly low, and by low we mean likely 0.20 to 5% covered.
Recently we covered the bank run and collapse of ABLV in Latvia which just got bailed out. Their cash to deposit ratio was 13%. Compared to most of the big banks, they were doing well! Here are some examples: •JP Morgan: 98.26% of deposits are not covered. So they cover about 1.74%. •Wells Fargo: 98.41% of their deposits are not covered. So about 1.59% is covered with cash on hand. •Goldman Sachs: 98.76% of their deposits are not covered. So about 1.24% is covered by cash on hand. •Alpha Bank in Greece: 99.48% of their deposits are covered. 0.52% is covered by cash on hand. Then looking at some of the credit unions… •Assiniboine Credit Union in Canada: 97.53% of deposits are covered. 2.47% covered by cash on hand. •Cambrian Credit Union in Canada is astounding: 99.84% of deposits are not covered! 0.16% is covered by cash on hand!
We could go into many more examples, but the point is, the banking system is insolvent! The only thing holding them up right now is investor confidence! This is incredibly dangerous and will not end well which is why individuals must protect their wealth. Insure their wealth. Break free from the banking system. Be financially responsible. Look to private vaults. Be self sustainable and learn how to save money themselves instead of trusting banks with their retirement and trusting banks to properly invest your money. If your money’s in the bank, it’s not yours, it’s the bank’s! One must learn about money for the sake of their own money. This is not advice, but simply our opinion. But those numbers above speak for themselves!”
Informative Reader comment by Jason Calley: “Ah! The beauty of fractional reserve banking! (/sarc off) Those dirty, thieving bankers! How dare they bribe honest, respectable politicians to pass legislation giving the banks a legal monopoly on creating counterfeit money! (Oops! I thought I had switched into my /sarc-off mode, but apparently I have not!)
Let me try once more to comment without sarcasm: The current system of fractional reserve banking and central banks is the biggest scam in human history. It is bigger than the global warming scam, bigger than the military-industrial complex, even bigger than all the false-religion scams added up over the last 4,000 years. (And note that I am not picking on ALL religion, just the ones being run as scams.)
The only reason why this banking scam is allowed is that our politicians have passed “laws” (and in the US, those laws are in defiance of the clear meaning and words of the Constitution) which enable a criminal class. This monetary legislation is the legal equivalent to a law which says “You and your buddies can now legally steal from every citizen in the country. In every monetary transaction, however small, you will steal a bit of it. If anyone tries to transact outside your system we will send men with guns to arrest them. The only limitation is that we will be watching to make sure part of the loot is transferred to us politicians.”
You don’t think it is that blatant? You think I must be exaggerating? Then you need to spend more time studying the details. Start at mises.org or read Murray Rothbard.”
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I only use a local bank and I know they are just fine…