Saturday, October 24, 2009

100 and Counting

To celebrate the 100th bank failure this year Sheila Blair took a few minutes to comfort the American public and let them know that they have nothing to fear moving forward.



Quick reminder on what is actually happening in the real world:

The FDIC just recently ran out of money, and they have opened up their $500 billion credit line from the United States Treasury.

The United States Treasury currently has no money. It now owes over $100 trillion in total liabilities, and it runs a deficit every year over $1 trillion. (Obama has promised at least a deficit this high through 2019. The actual yearly deficit will be much, much, higher as social security and medicare enter bankruptcy.)

The Treasury now gets their money from the Federal Reserve who is purchasing the majority of all new debt entering the market.

The Federal Reserve gets their money from an electronic printing press.

Sheila Blair is telling Americans the absolute truth in this video. Depositors will be made whole across the board in every single bank failure moving forward. They will receive 100% of the insured dollars they held at the banks.

Unfortunately she forgot to mention that the value of those dollars received will be close to nothing, and this will ultimately lead to civil unrest.

Happy Halloween everyone, the scary stuff is coming soon.

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