If this comes as a surprise to you, then you have not been paying attention. But cheer up! You are in “good” company. Most of the American People are happily oblivious to the danger. The banking system is in worse shape today than it was in 2008. WHEN (not if) the next economic downturn hits it will most likely be devastating to the USA and to the World. It makes me wonder if the elites in charge of the US government don’t intend for this to happen? Could they really be this stupid?
A little bit of history: The 2008 crash was partly caused by bad lending practices on housing, but made much worse by risky investments made by the Too Large To Fail American banks. A complete banking collapse was narrowly avoided, although some suggest at an unreasonable price. The US government (that means current tax payers and future generations) essentially absorbed the bad loans and ignored what many consider to have been criminal behavior by the banks.
And the bad news is that the only thing that has changed is that the Too Large To Fail banks are even fewer and larger. The same practices that caused a near collapse in 2008 have only increased under the approving eye of the Obama Regime.
The solution? Make it easier for the government and the banks to seize deposits, and make it more difficult for clients to get at their money. Banking rules and regulations are getting more complicated, and getting your money out of the bank is getting more difficult. Investing your money outside the USA is getting even more difficult due to FATCA and FBAR. Laws are now in place to prevent “capital flight” outside the USA, and to allow the banks to convert deposits into equity (that means your money is taken from you and in exchange you get some kind of share or security in the bank itself). The vice is slowly tightening upon the passive and supine American People.
It seems to me that the coming financial collapse is being orchestrated by the Obama Regime (or whoever is pulling the strings). Remember, these guys never let a crisis go to waste. An economic collapse that resulted in bank failures and widespread loss of wealth may not be such a bad thing to the radical Leftists who are now in control of the US government. It would give them an opportunity to bring about some fundamental changes that they seem so eager to implement.
Don’t believe me. Read it and weep: http://www.theblaze.com/contributions/why-im-closing-my-bank-accounts-while-i-still-can/