It Can Happen Here: The Confiscation Scheme Planned For U.S. And U.K. Depositors

[dixiegrrrrl]

Excerpts:

A joint paper by the U.S. Federal Deposit Insurance Corporation and the Bank of England dated Dec. 10, 2012, shows that these plans have been long in the making; that they originated with the G20 Financial Stability Board in Basel, Switzerland (discussed earlier here); and that the result will be to deliver clear title to the banks of depositor funds.

New Zealand has a similar directive....

and

Although few depositors realize it, legally the bank owns the depositor's funds as soon as they are put in the bank. Our money becomes the bank's, and we become unsecured creditors holding IOUs or promises to pay . But until now the bank has been obligated to pay the money back on demand in the form of cash.
Under the FDIC-BOE plan, our IOUs will be converted into "bank equity." The bank will get the money and we will get stock in the bank.
With any luck we may be able to sell the stock to someone else, but when and at what price?

No exception is indicated for "insured deposits" in the U.S., meaning those under $250,000, the deposits we thought were protected by FDIC insurance. This can hardly be an oversight, since it is the FDIC that is issuing the directive.

http://seekingalpha.com/article/1306931-it-can-happen-here-the-confiscation-scheme-planned-for-u-s-and-u-k-depositors