Secret FDIC Plan to Loot Bank AccountsStephen Lendman Finance is a new form of warfare. Its more powerful than standing armies. Banking giants run things. Money power has final say. Economies are strip-mined for profit. Communities are laid waste. Ordinary people are impoverished. Even their bank accounts arent safe. Cypriot officials agreed to tax them. Canada, New Zealand, and Euroland member states plan doing the same thing. So does America. Officially theyre called bail-ins. Its code language for grand theft. Instead of breaking up, nationalizing, or closing down failed banks, depositor funds will keep them operating. Money printing madness cant go on forever. Regulators, like FDIC, havent enough money to insure depositors. Its simple mathematical logic. Its happening offshore. Its approved in Canada. Its coming to America. What happened in Cyprus isnt a one-off, said Summers. When systemic crisis hits, things happen FAST and FURIOUS. Cpyriot bailout talks continued for months. And then the entire system came unhinged in one weekend. Banks closed. Capital controls were imposed. People couldnt write checks. They lost access to their money. Limited amounts only were permitted. Insiders were tipped off. They exited early. Others uninformed now suffer. Think it cant happen here? Think again. Its coming. Proposed FDIC legislation lets it TAKE CONTROL OF BANKS IT DEEMS SYSTEMATICALLY IMPORTANT AND WRITE DOWN YOUR SAVINGS (AND OTHER BANK ACCOUNTS) AS PART OF THE BAIL-IN. Dodd Frank financial reform capitulated to Wall Street. It did so at the expense of the economy, states, local communities, and ordinary people hit hardest. Its wrongheaded. It provides a veneer of regulatory cover. Its a scam. Its laden with false diagnoses and fatal flaws. It lets Wall Street continue business as usual. Its secret provision permits looting depositor bank accounts. Four months ago, formal strategy was drafted. Its ready when Americas next crisis hits. Graham outlined three steps: (1) Designate systematically important banks. (2) Control those deemed at risk of default. (3) Write-down depositor savings in value. In other words, loot them. Money thought safe is gone. Few Americans understand. Its not publicly acknowledged. Legislation already was drafted. FDIC implementation rules are ready. Eventual crisis is virtually certain. Only its timing is unknown. Nows the time to protect assets too important to lose. Forewarned is forearmed. Stephen Lendman lives in Chicago and can be reached at lendmanstephen@sbcglobal.net.His new book is titled How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War.Also visit his blog site at sjlendman.blogspot.com and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.http://www.progressiveradionetwork.com/the-progressive-news-hour/ 