Tuesday, January 20, 2009

US and UK Banks Insolvent

Do you know where your money is?

US and UK banks are insolvent.

The FDIC, which "insures" US bank deposits, has a insurance fund that with $34 billion in it. The FDIC "insures" $4.6 trillion in deposits. If just one big bank fails, FDIC is bankrupt.

Fractional reserve banking is coming home to roost.

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