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No BaNK DePoSiTS WiLL Be SPaReD FRoM CoNFiSCaTioN
05-15-2013, 04:43 PM #1
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
I will now quote the relevant portion of the judgment of #3b4d81;">the House of Lords handed down by Lord Cottenham, the Lord Chancellor. He stated thus:

“Money when paid into a bank, ceases altogether to be the money of the principal… it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it.

The money paid into the banker’s, is money known by the principal to be placed there for the purpose of being under the control of the banker; it is then the banker’s money; he is known to deal with it as his own; he makes what profit of it he can, which profit he retains himself,…

The money placed in the custody of the banker is, to all intent and purposes, the money of the banker, to do with it as he pleases; he is guilty of no breach of trust in employing it; he is not answerable TO THE PRINCIPAL IF HE PUTS IT INTO JEOPARDY, IF HE ENGAGES IN A HAZARDOUS SPECULATION; he is not bound to keep it or deal with it as the property of the principal, but he is of course answerable for the amount

http://www.zerohedge.com/contributed/201...nfiscation

coffeetime.gif
05-15-2013, 05:29 PM #2
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,876 Threads:1,454 Joined:Feb 2011
Hey Shadow! hug.gif A bank is the last place in the world I'd keep a substantial amount of cash. It's safer buried in the back yard. gaah.gif

wonder.gif
05-15-2013, 05:48 PM #3
Kal Ort Por Member
Posts:20 Threads:5 Joined:Mar 2013
You're much better off putting your money in an annuity backed by the red shields.

Or just setting it on fire.
rofl.gif
05-15-2013, 06:55 PM #4
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,876 Threads:1,454 Joined:Feb 2011
chuckle.gif Yeah, either way.

wonder.gif
05-15-2013, 11:48 PM #5
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
What I found interesting about this was the clarification that your bank deposits are not, in fact, deposits but a defacto loan to the bank and if the bank defaults, the loan can be legally defaulted on. People think of banks as places to park their money until they need it. The idea 'insured' deposits are safe is a pollyanna special, the FDIC has 25 billion insurance for 9 trillion of deposits

reading.gif
05-16-2013, 12:11 AM #6
Below Average Genius Member
Posts:2,209 Threads:191 Joined:Apr 2013
(05-15-2013, 11:48 PM)Shadow Wrote:  What I found interesting about this was the clarification that your bank deposits are not, in fact, deposits but a defacto loan to the bank and if the bank defaults, the loan can be legally defaulted on. People think of banks as places to park their money until they need it. The idea 'insured' deposits are safe is a pollyanna special, the FDIC has 25 billion insurance for 9 trillion of deposits

reading.gif


You're oh so right.

To top it off, the $25 billion is merely an entry on a balance sheet. There is no actual money there.

One time the FDIC chairman went to meet with the Secretary of the Treasury to see the FDIC's money. The Treasury Secretary informed the FDIC chairman that there was no money held to represent the FDIC insurance deposit.

The Secretary told the chairman that if he needed the money, Treasury would float a bond.

Pray for me. hug.gif
05-16-2013, 12:19 AM #7
Shadow Mrs. Buckwheat
Posts:12,775 Threads:1,181 Joined:Feb 2011
Bit of a scam scam isn't it? 'Insured deposit' lmao.gif



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