From time-to-time we will post items that we are calling Money and Banking 101. These come from various sources around the world. This is the first in that series. The three videos presented here come from the Public Banking Institute and the Pennsylvania Public Bank Project. This is the second post of three in the series.
The second video informs you of perils your deposits face in large global banks — as set by law. People think that money is safe in the big banks because the FDIC will protect the deposits. This assumption is not based on fact. This video will show official government documents that describe the plans for confiscating deposits when (not if), a big bank fails. Individual, as well as public funds from municipal, university, county deposits are at serious risk. Your taxpayer money will disappear in the next crisis! Public officials in charge of taxpayer funds need to be aware of the dangers here. The loss of taxpayer funds and the inability to meet payrolls and obligations will certainly prompt a response that will both immediate and forceful.
For more information about current law and how it jeopardizes your bank deposits, see Legal Framework for Big Banks Puts Depositors at Risk by Steve Seuser, Co-Director, DC Public Banking Center.
Part 3 — Tomorrow