As predicted – the FDIC is almost broke
Ron Paul, Cato and many other informed financial conservatives were predicting that the FDIC (the insuring organization responsible for bank deposits in case of failure) would run out of capital with the, at the time, upcoming swath of bank failures. The FDIC vehemently denied all of these accusations and asserted that it was in strong financial shape to weather the storm.
Well, here we are now after a huge storm of bank failures (with more failing every day) and the FDIC fund is nearly empty. They are now eyeing their $500bn line of credit from the Treasury (read: citizens money) to cover the banks losses.
The sheer fact that this type of usury is even allowed by us, the citizens of this Republic, is unfathomable to me. That we have allowed the Congress to put -another- central bank in charge of our money and create a situation in which the Treasury of the United States is lending OUR money to cover bank deposits of OUR money is unconscionable and vomitous.
They are taxing our income (Thank you 16th amendment *cough*ass*cough*) to establish a fund filtered through a multi-level marketing scheme (Fed & Treasury) to -maybe- provide a service through the FDIC to give us our money back (which they tax again for interest bearing accounts). The fact that we were taxed in the first place is horrible. The fact that we face ANOTHER tax through dilution of the currency supply by bailing out the FDIC is grotesque.
How can we allow this to happen? How can intelligent and otherwise civically minded people allow this financial tyranny to take place? It can not be because we think they are smarter than us – can it? Are we that afraid of letting their house of cards that they have built themselves fall?
How can we allow the Private Federal Reserve Bank to dilute our money supply and apply a shadow tax on every dollar in our pockets without accountability? This can not stand. This will not stand. There will be a watershed event soon, and then the country will finally say “Why did we not do something before now?”.
Yes, it is possible that they will increase their reserve by taxing their institutions – but they will never underestimate the sheer volume of cash they can generate out of thin air by taxing us – and apparently we do not give enough of a crap to complain about it, unlike the corporations.
Support H.R. 1207 – Fight to end the Third Bank and restore control to the Congress where it belongs.
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aEKc7Yh8ogXw
