So I was at the bank (TD Bank) today, and they were in the process of replacing some FDIC stickers on their countertops near the teller line.
The new stickers read something along the lines of (I'm paraphrasing and going by memory):
Between December 31, 2010 and December 31, 2012, all *non-interest yielding deposit accounts* will have unlimited guarantees by the FDIC...[...]... in addition to the standard $250,000 for all deposit accounts.
Is the government worried about a sudden significant drop in confidence in the system and a much greater chance of potential bank runs within this time frame, and passing this new policy (regardless of it's insolvency) in order to instill additional confidence in the financial system to get people to resist the urge to withdraw on the fear of money not being there? We all know that the system is insolvent, and major economic problems will come down the road, but it really hit home when I saw that in the bank.
Honestly, head to your local bank and look for the stickers on and around their countertops in regards to FDIC insurance guarantees, and/or ask them if they've changed at all so you see what I'm talking about.
I hope you guys own some gold/silver!
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