FDIC Bankrupt

http://www.reuters.com/article/newsOne/idUSBNG28670420080827

Last month, following the collapse of Indymac Bank, I wrote a post about the FDIC and how it’s slowly being phased out by inflation, but also observed that the FDIC itself was threatened with bankruptcy.  (See FDIC – The Agency That Insures Your Bank Account – Being Phased Out.)  Well, folks, it’s here.  It’s now clear that the FDIC has nowhere near the funds required to take over the rash of bank failures that’s coming.  So the Federal Reserve, itself bankrupt, is now faced with yet another huge bail-out.  The Fed will crank up the bond printing machines and essentially borrow the money from our foreign creditors.  The only good news in all of this is that these foreign creditors will be the ones ultimately stuck with worthless debt – poetic justice for the global parasites who fed on our economy under the guise of “free trade,” sucking the manufacturing jobs, money and life blood out of our economy. 

Oh, and by the way, the FDIC has plans to dramatically increase the fees it charges banks to participate in its insurance program.  Coming soon to your bank account:  something called an “FDIC surcharge.”  Bank on it.  Once again, Americans will be indirectly footing the bill for our goofball trade policies.

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One Response to FDIC Bankrupt

  1. […] pero ya se sabe que cuando el ro suena… y ahora mismo en Estados Unidos hay una cascada. FDIC Bankrupt “Five Short Blasts” Forum FDIC (The Agency That Insures Your Bank Account) Being Phased Out “Five Short Blasts” […]

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