This letter was printed recently. Pithy. But with bank failures to continue we should be concerned:
Local banks display signs that the FDIC is temporarily raising insurance from $100,000 to $250,000 through December 31, 2013.
Hooray!
But wait a minute. With fractional banking and a chance of 100% failure of a fiat currency, the guy making $100 a week must pony up $900 a week to insure that money. The FDIC is and always has been, a fraud. To quote from a book on the subject, "'...Deposit insurance' is simply a fraudulent racket, and a cruel one at that, since it may plunder the life savings and the money stock of the entire public...."
Should we consider the once loved Federal Savings and Loan Insurance Corporation? It no longer exists.
So what happens January 1, 2014?
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