The Confusion: Banks are not Governments & CDIC
Sovereign governments are like corporations. They borrow money from the banking community or they issue bonds to raise money.
Depositors falsely entrust their money to the banking community. They are in fact “unsecured” creditors – they actually “lend” money when they make a deposit. The only hope you have of recovering your money, in the event of a bank failure, is CDIC (Canadian Deposit Insurance Corporation) insurance. Your deposits should be insured up to $100,000.00 (in Canada).
The extent to which CDIC would bail-out depositors in a major financial collapse has yet to be tested. As you can see from the data below CDIC coverage may be “hot air”. Even if CDIC borrowed the additional $17 billion from the Federal government, only 3% of the total depositors would have coverage – or each depositor would receive 3 cents on the dollar (and we have no more pennies!). Technically, 97% of depositors would lose their money.
According to the CDIC's 2010 Annual Report, CDIC protects $590 billion CAD in total eligible deposits, and has $1.95 billion CAD in assets to meet insurance claims. This amount represents 0.33% of total eligible deposits. The CDIC is also authorized to borrow up to $17 billion if necessary from the federal government or the financial markets, and may request further funds from Parliament.
In these uncertain financial times we must demand that our government insure at least 100% of the insurable deposit limit for every applicable depositor (i.e. $100,000.00).
In addition, governments must provide alternative avenues of “funds management”. My RRSP’s are held by financial institutions. If I withdraw my funds I would be taxed. Alternatively, the only way of receiving a tax deduction is to deposit RRSP funds into a bank or financial institution. This is a catch-22. Investors should be able to withdraw these funds “tax-free” and provide their own guardianship - in these uncertain times a mattress would suffice. In the absence of secure depositor financial protection we must demand free non-taxable access to our funds. If our government is willing to protect the “criminal banking community” then we must demand equal justice.
Mr. Harper I want to take my money out the banking system. I want to withdraw my RRSP funds tax free. What solutions do you have? I don’t trust the banks and I don’t trust you.
Is the global banking collapse, and the related collapse of sovereign governments a co-incidence? Technically, one should have nothing to do with the other. Bankers, monarchs and political officials have devised a plan to “steal” our money. Bank speculation in derivatives, default swaps and foreign exchange transactions has created this “financial hole”. Hard working people had nothing to do with these bank losses and government deficits. Governments and their political bodies were “willing dupes” in this fraudulent activity. I always reference it back to “Freemasonry” – the evil hand of Monarchs and Globalists. To all the politicians, newscasters, bankers and corporate elitists who have found it wiser to be a fraternal freeloader of Satanic Freemasonry and not a fraternal member of humanity – you will have a greater Authority to answer to one day.
The money is being filtered to the top of the pyramid. Multi-national corporations have trillions stashed away, royal families have trillions in their underground vaults, and corporate executives are making millions on “fictitious” profits – the funds which are being printed by the central banks are propping up bottom lines and transferring great wealth directly into the hands of criminal organizations.
We need to collapse this “Frankenstein Democracy” and not at the expense of humanity. Put the Windsor queen in the Tower of London with the rest of her family and her mostly Germanic cousins sitting on the thrones of Europe. Then travel east and arrest the balance of the so-called aristocracies.