FDIC Is Bust

Running in the red -

Unfortunately, a dire prediction made by government officials in early 2009 has come true: the FDIC's deposit insurance fund is now broke, according to published reports.

I love how no specific individuals are named.

"The deposit insurance fund dropped by $18.6 billion during the third quarter of 2009 to negative $8.2 billion, as the Federal Deposit Insurance Corp. set aside $21.7 billion in provisions for additional bank failures,"

Back in September of last year I posted the following:

Oh and the FDIC is running out of money to "protect" you. Guess you'll be paying yourself to get your money back.

And the following -

The long and short is they are bleeding the real assets out of the United States and passing them into foreign control. Make no mistake, they will bleed this country dry. Savings, checking, 401K, gold, assets, they want it all and will not stop until they get it. The only companies that survive will be those that primarily serve the industrial military complex. Overnight this country will be transformed into the new prison state for the Global Order. Get food, get water, get a gun and get ready to defend yourself.

I might remind the reader that this was posted two weeks before the market collapse of October 2008.

In March the FDIC took steps to stave off the possibility that its insurance fund would run dry, instituting new fees on banks, forcing them to pay to protect consumers.

But, it's ok, they can borrow -

"The FDIC has not yet accessed a temporary $500 billion fund of capital it has available to it from Treasury for the insurance fund," Marketwatch notd. "The FDIC estimates that bank failures will cost the agency as much as $100 billion over the next five years, with the majority of the losses taking place in 2009 and 2010.

The Real Effect

Just so everyone is clear, let's summarize: The banks speculate wildly by leveraging(usury) loans on fraudulent assets certified safe by bogus ratings and make a financial killing doing it. Then, when the inherent position comes back to haunt them, they cry foul and the taxpayers are forced to bail them out with their current assets. They then use this money not to 'fix' the bad loans, but merely shift them to dead carcass corporations that they purchase and then drop the institutions like a bad habit. On top of this they give themselves record bonuses for a job well done.
Just for clarification, robbing a bank/people this way is legal, but if you go in and grab it out of drawer, you'll rightly be put in jail.

These government programs are black holes because they were designed that way. They are a "legal" way of committing the otherwise illegal.

Anyone else notice how gold has gone up like 30%? Seem odd to you? That's because it's not, the dollar is going down. Look for the tidal wave to continue, taking the dollar with it.

Sure are a lot of zombies out there...