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All the money you have in the bank could disappear in a flash

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All Of The Money In Your Bank Account Could Disappear In A Single Moment

April 3, 2013

Source: Michael Snyder, Guest Post

 

What would you do if you logged in to your bank account someday and it showed that you had a zero balance and your bank had no record that you ever had any money in your account?  What would you do if all of the money in your bank account suddenly disappeared in a single moment?  If you had not kept any paper records, which most Americans do not, it would be exceedingly difficult to prove to the bank that you actually had any money in the bank. 

 

If you don't think that something like this could ever happen in the United States, you might want to think again.  Cyber attacks against major banks in the United States are becoming more powerful and more sophisticated with each passing month.  In fact, major U.S. bank websites have been offline for a total of 249 hours over the past six weeks.  And just last month, thousands upon thousands of Chase customers logged into their bank accounts only to discover that their balances had all been reset to zero.  Anyone that would want to cause complete and total economic chaos in the United States could accomplish it very easily by wiping out all of our bank account records.  So please do not keep all of your money in a single bank, and from now on please keep a paper copy of all of your bank account statements.  At some point it is likely that one of these cyber attacks will cause permanent damage to our banking system, and you want to be protected.

 

The mainstream media has generally been very quiet about the massive cyber attacks against our major banks, but behind the scenes authorities are truly alarmed.  They don't know how to stop these attacks, and they just keep getting more intense and more sophisticated.

Could you imagine how you would feel if you logged in to your bank account and all of your money was gone?  That is exactly what happened to some Chase customers last month.  The following is from a recent CNET article...

JP Morgan Chase denied this evening that it had suffered a hack that many customers claimed had suddenly reduced their checking account balances to zero.

After discovering the apparently empty accounts via the Internet or mobile devices, many Chase banking customers turned to Twitter to express their frustration and show screen shots of zero balances. Other users were greeted with messages that their bank account balances were unavailable.

But this was most definitely not an isolated incident.  That same article noted that Chase and many of our other large banks have had their websites taken down for extended periods of time lately...

Customers' suspicions about a possible security breach are natural, with the zero balances appearing less than a week after a massive distributed-denial-of-service attack
. Customers trying to use the site's tools were instead greeted with a note that the site was "temporarily down."

Hackers have ratcheted up their assaults on financial institutions in recent months, using DDoS attacks to take down Wells Fargo, Bank of America, Chase, Citigroup, HSBC, and others.

In fact, as I mentioned above, major U.S. bank websites have been offline for an astounding 249 hours over the last six weeks alone.  The attacks just keep getting larger and bank officials are becoming very alarmed about the power of these cyber attacks.  The following is from an article that was posted on CNBC this week...

Major U.S. bank websites have been offline a total of 249 hours in the past six weeks, perhaps the clearest indication yet that American companies are prime targets in an unrelenting, global cyber conflict.

The heavier-than-usual outages are the result of a remarkable, sustained attack that began seven months ago and repeatedly knocks banks offline for hours at a time, frustrating consumers and bank security professionals alike.

"Literally, these banks are just in war rooms, sitting at controls trying to stop (the attacks)," said Avivah Litan, a bank security analyst with Gartner Group, a consulting firm. "The frightening thing is (the attackers) are not using as much resources as they have on call. The attacks could be bigger."

So who is behind these attacks?

 

Some are blaming Chinese hackers, others believe that Iran is behind the attacks, and yet others are convinced that it is the work of Islamic terrorists.

It is kind of frightening that they cannot positively identify who is behind these attacks.  Whoever it is, they sure do seem to have a tremendous amount of resources and they are very sophisticated.

 

And in the future, it may not be hackers on the other side of the globe that are attacking our banks.  In fact, if someone wanted to "recapitalize the banks", all they would have to do is wipe out all of our bank account records (including all backup records).  Suddenly trillions of dollars of "unsecured liabilities" (that is what our bank accounts are) would be wiped out and the banks would suddenly be solvent again.  Anyone that could not produce evidence that they actually had money in the banks would be in a lot of trouble.  It would be the largest single wealth transfer in the history of the world, and it would throw the U.S. economy into utter chaos.  This is a scenario that I am exploring in my new novel which will be coming out later this month.

 

And of course another way that your bank account could be wiped out in a single moment is if the government decides to "legally" steal it.  We just witnessed this happen in Cyprus.  In February, the Central Bank of Cyprus swore that such a thing could never possibly happen, but then one month later it did happen.  The politicians will lie to your face until the very day comes when they steal your money.

Sadly, a very similar thing could easily happen in the United States someday.  As I wrote about yesterday, the big banks are making incredibly reckless bets with our money.  When those bets go bad, our money could very well be used to cover those bets.

 

One way this could be accomplished is by using a practice known as "rehypothecation".  It sounds complicated, but it really isn't.  Basically, the banks use money that clients have entrusted to them to cover their own gambling debts.  This is how rehypothecaton is defined by Investopedia...

"The practice by banks and brokers of using, for their own purposes, assets that have been posted as collateral by their clients."

An excellent article by Jeff Nielson detailed how this could result in the big banks grabbing our money when their trillions of dollars of reckless bets go bad...

1) Our banking regulators knowingly allow financial institutions to engage in recklessly misleading (if not outright fraudulent) contracts with their clients, through the use of complex “small print” in their account contracts with clients.

 

2) The three largest U.S. “banks” by deposit (JP Morgan, Bank of America, Citigroup) have made bets in their own rigged casino, which total well in excess of $100 trillion, an amount which completely dwarfs their total, combined deposits (and assets).

 

3) A large portion of those bets occur in the $60+ trillion credit default swap market. Pay-outs in these markets can (and do) exceed 
 the amount of the original bet. It is bets in this market which 
, requiring more than $150 billion in immediate government aid.

 

4) Following the Crash of ’08; these same banks mooched a package of hand-outs, tax-breaks and “guarantees” (i.e. future hand-outs) from the Bush regime in excess of $15 trillion, the last time their gambling debts went bad on them – and all of these banks have been allowed to dramatically increase the total amount of their gambling since then.

 

5) It would take only a minor change in the gambling contracts in which these bankers engage to allow their creditors to seize funds out of ordinary bank accounts.

 

6) The existing language for the bank accounts of these U.S. banks is possibly already so vague (and prejudicial to clients) that it would allow these banks to reinterpret the terms of these bank accounts – and allow rehypothecation to be used to rob the holders of ordinary bank accounts, people who themselves make no “bets” in markets whatsoever. Alternately, customers could be blitzed with an offer for “new and improved” bank accounts, where terms allowing rehypothecation are slipped into the contract, with the  banks knowing that the “regulators” will do nothing to warn account-holders of the gigantic risk they are taking.

But we are all covered by deposit insurance, right?

 

That is what the people of Cyprus thought too.

 

As we just saw in Cyprus, when there is a "banking crisis" sometimes government steps in and suddenly changes all of the rules overnight even though the vast majority of the population is against it.

 

Hopefully you can see that no bank account will ever truly be "safe" ever again.

 

Your money may be safe today, and your money may be there next week, but someday it could disappear in a single moment.

 

And the general public is definitely starting to lose faith in the banking system.  Google searches for the term "bank run" have been absolutely spiking recently. Just check out this chart which shows that searches for "bank run" are now the highest that they have ever been.

 

So what should we all do to protect ourselves?

 

As I mentioned earlier, it is important to not have all of your money in one bank, and from now on you will want to permanently keep paper copies of all of

your bank account statements.

 

Someday you may need those statements in order to prove that you actually had money in the bank.

 

Our world is becoming increasingly unstable, and at some point financial disaster is going to strike.

 

By taking prudent precautions now, hopefully you will be able to minimize the damage to your family.

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I've said it before and I'll say iot again, the international banking system is one step away from crashing. Whatever you have in assets, make sure your wealth is portable rather than paper. Gold and SIlver are increasing in price for a reason so maybe one day we will have a free and fair non-price control market economy.

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All the money in your mattress can be gone in a flash as well. You're just one robbery away. 

 

The lesson here is not to put all of your eggs in one basket. 

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This is all real and happening daily. Some  of us are at the mercy of these crooks, but it would be a good idea to divide up your funds, so that you are not completely wiped out. I have had some other problems with my account and my bank replaced my money. So if this happens, hopefully they will do the same.

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This is all real and happening daily. Some  of us are at the mercy of these crooks, but it would be a good idea to divide up your funds, so that you are not completely wiped out. I have had some other problems with my account and my bank replaced my money. So if this happens, hopefully they will do the same.

 

The people of Cyprus did not have a chance to complain to anyone. The banks were shut in their face. Some long term employees who have amassed stocks in the bank they worked for were completely wiped out

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All the money in your mattress can be gone in a flash as well. You're just one robbery away. 

 

The lesson here is not to put all of your eggs in one basket. 

 

LOL...I was thinking the same thing. So pretty much it's a gamble.

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The concept of money is a human artifact. I guess it is best not to put all your eggs into one basket. It is good to have alternative methods to protect your family. I feel like everything we have could be taken away from us. There are news reports about bad ingredients in food. There are reports about crime, which threaten our safety.There are reports about diseases which are contracted from people. Why don't we all lock ourselves in a cave?

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Of course, this is nothing new. On any given day, all of our money could be taken and used in the event of an emergency or, God forbid, a new depression in our country's economy. Nobody knows when or why, but it could definitely happen. It doesn't take a news article to alert us about that.

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So the best thing we can do for ourselves  and our families is to have faith. Faith that whatever happens, we will be able to survive it, get up and carry on. Anything that is tangibile can disappear, so therefore, one must not count on them being there forever.

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The more likely scenario is that we'd still have our money but it would be worthless due to an economic collapse.

 

Best to have at least a small amount invested in precious metals that you have easy but secure access to.

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There is one kind of currency which is very difficult to steal from you. It's called knowledge. So when you have the time and the money, spend it on learning something useful. Learning more about edible plants and herbal medicine would be fine. When the banking system crashes, and it's not a question of 'if' but 'when', paper money will be worth less than used toilet paper. Metal currency like gold may still have some value but only if there's something to trade for. Knowledge will be with you always. The more you use it, the more you will have. So start stocking up on the best kind of riches in the world. Be rich in knowledge and you shall never want.

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If I checked my bank account and all my money was gone, I would shrug it off as another hard day in the life of lucy. Many times I've had this happen, not from being robbed or scammed, but from just paying bills and everything else I need to survive. I have lived without an income for more than ten years and have never gone without my basic needs. I have lived on the streets, ate out of garbage cans with no money to speak of to my name. No big deal. I have my health, my friends, my gypsy lifestyle. If I were to find no money in my bank account tomorrow, no big deal. There's always the next day.

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If I checked my bank account and all my money was gone, I would shrug it off as another hard day in the life of lucy. Many times I've had this happen, not from being robbed or scammed, but from just paying bills and everything else I need to survive. I have lived without an income for more than ten years and have never gone without my basic needs. I have lived on the streets, ate out of garbage cans with no money to speak of to my name. No big deal. I have my health, my friends, my gypsy lifestyle. If I were to find no money in my bank account tomorrow, no big deal. There's always the next day.

 

What if for the last 10 year you have been saving every spare bit of money you had, and now have $100k in there.  How would you feel then?

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What if for the last 10 year you have been saving every spare bit of money you had, and now have $100k in there.  How would you feel then?
You don't miss what you never had. I never experienced the freedom money brings to those who have it and depend on it. I only know the freedom I have of not having to worry about it. A situation like the one you pitched is difficult for me to even imagine. ;)

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This is the very reason why I am discouraged to put money in the bank. With all the intelligence criminal people have, they know how and what to do to steal in any form.  ANd with the advance technology, nothing is impossible anymore.  I would rather buy my hard earned money things that would make me happy, or things that are useful in the house like probably appliance or furniture, or invest it in insurance or education plans.  Or invest in stock market.  There are few ways to keep our money, and if the bank is not a safe place anymore, that small space under our beds will do.

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What I have just read is quite alarming. I'm thankful that I don't live in the US. It seems like the hackers are keen in targeting US companies only.

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This is extremely scary, yet very true.  It is not a smart idea to keep all of your hard earned cash in the bank.  Keeping it somewhere where only you and a few close people to you know is a better option.  It is also a good idea to avoid safety deposit boxes at the bank.  The items in the box don't even belong to you as they can be confiscated at any time.  If you have thousands of dollars worth of gold coins in your box, GET THEM OUT NOW!  After the Cyprus stuff going on, I don't keep any money in the bank.  My friend said that her bank would only allow her to take out $300 one day.  She had $1000 in her account.. And this is right here in the U.S.  Things are going to be getting worse here each day.

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Digital money is a farce to begin with. It's a joke perpetuated by the government in an increasing attempt to hide their own misuses of capital.

 

All throughout history the people in power have found ways to justify their crime of what pretty much means robbery. With coins it was adding inferior metals to the coin to alter the weight and worth. With paper promissory notes backed by the information age it's as simple as changing a decimal point around. Deleting a bank account and emptying out the capital in it is as easy as a few keystrokes.

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Good points here.  It would seem that they are after Cyprus gold now.  And they are trying to dig for it in Greece.  India is spending 8 or 9 percent (I've heard both numbers quoted) of its fiscal earnings on gold.  China just made trade agreements with Australia to trade without out the USD, the current world reserve currency.  China is also said to have a nice stockpile of gold, so does Russia.  We are witnessing the currency wars.  

 

My opinion:

Our collapse will be inherently different though.  What do you guys think will happen when no one is buying our currency to do trade with, the Fed will still be printing 85 billion a month, and the supply will outweigh the demand?  That will be our collapse.  Silver is seriously undervalued and cheaper right now.  I would recommend buying silver bullion for your savings, and just keeping enough in a credit union (that loans money locally), to pay your bills.

 

Two good news sources for staying current on the pending financial disaster.  

 

RT.com     I like the Keiser Report

FinancialSurvivalNetwork.com

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The lesson of Cyprus should be borne in mind by all people. It is not a Cypriot government that stole the money, it is the world banking conspiracy, same banking conspiracy which financed the Bolshevik Revolution, same banking conspiracy which financed complete financial collapse of Germany in 1920's, and same banking conspiracy which financed the Hitler's war in order to profit from it.

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This happened to a Brazilian friend of mine. She was a singer with a traveling Brazilian tour group. She had most of her money in a bank of Brazil. Overnight she went from wealthy to dead broke. Honestly, I don't know what I would do, but I wouldn't take it lying down so to speak. I really don't understand why the wealthy in Brazil didn't overthrow the government.

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I really don't understand why the wealthy in Brazil didn't overthrow the government.

 

Probably because the wealthy are few and the poor many.  This is why the Cyprus deal went from being all depositors, to just those with greater than €100k.

 

The new law only just scrapped through the Cyprus parliament 29 votes for, 27 against.  I dont think we have heard the last from Cyprus.

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Russian firms have lost at least 3 billion dollars. An assembly plant for Russian motor vehicles on Cyprus had to close since its cash flow was stolen by the government

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Some are blaming Chinese hackers, others believe that Iran is behind the attacks, and yet others are convinced that it is the work of Islamic terrorists. It is kind of frightening that they cannot positively identify who is behind these attacks.  Whoever it is, they sure do seem to have a tremendous amount of resources and they are very sophisticated.

 

You pretty much hit the nail on the head about not placing all your eggs in one basket. Diversify your money, spread it out over a couple banks; even utilize online investment firms like eTrade or StockTrade.

Face it, the world's theme has always been, manipulation through finances, so this is really nothing new. It's not Chinese hackers, it's not Iran, and it's not Islamic terrorist. This is not anything new and to prove my point, lets take a look at Executive Order 6102.

Executive Order 6102, signed on April 5, 1933, by President Roosevelt, "forbids the hoarding of gold coins, bullion, and gold certificates." The order made it mandatory to deliver all gold before May 1, 1933 (US citizens were allowed to keep a small portion of their gold) to the Federal Reserve, in exchange for $20.67 (equivalent to about $365 today). Don't forget, the Federal Reserve was then, and still today, a privately owned corporation. So essentially, if you had gold, it was JACKED - TAKEN.

This very illegal act was backed by the "Trading With the Enemy Act of 1917," and amended by the Emergency Banking Act of 1933. If you violated the order, you could be fined up to $10,000 (equivalent to $177,000 today) and/or, up to 10 years in prison. Most American citizens who owned large amounts of gold, transferred their gold to Switzerland.

 

Consider the bank itself, Chase, started by one John Pierpont Morgan, who was as ruthless and powerful as two other financially elite patriarchs, Nathaniel Meyer Rothschild, and John Davison Rockefeller. David Rockefeller sits on the Chase Mahattan Board of Directors, and his siblings Nelson, Laurance, and Winthrop, as well, wield tremendous financial influence across the globe.

There were two principal Rothschild representatives in New York, J. P. Morgan Co. and Kuhn, Loeb & Co., that set up the Jekyll Island Conference in which the Federal Reserve Act was drafted. The top masterminds behind this illegal act were: Theodore Roosevelt, Paul Warburg (representative of Rothschild), Woodrow Wilson (US President who signed the Fed Reserve Act and later spoke against it - see quote below), Nelson  W. Aldrich (representative of Rockefeller), Benjamin Strong (representative of Rockefeller), Frank A. Vanderlip (representative of Rockefeller), John D. Rockefeller, Henry Davison (representative of J.  P. Morgan), and Charles Norton (representative of J. P. Morgan).

Most of us have heard this axiom many times, "Those who don't know history are destined to repeat it." This is what we are doing collectively - repeating history. We are focusing on the wrong enemy. Why do you think the American government and the media cleverly uses the word terrorist, every chance it gets? To keep you focused on an invisible enemy. We're not reading (except what the media prints), we're not researching, we're pointing fingers at one another, at different nations and nationalities, when the very same enemy that existed in the 1700's, 1800's, 1900's, and today, stands squarely in our faces, and we do NOTHING about it.

** Our great industrial nation is controlled by its system of credit. Therefore all of our activities are in the hands of a small group of men who chill and check true economic freedom. We have come to be one of the worst ruled, completely controlled and dominated governments in the world. No longer a government of the majority but a government of the opinion and duress of a small group of dominant men.  ~ Woodrow Wilson

 

Sources: Rothschilds & Rockefellers - Trillionaires Of The World, Probing the Rockefeller Fortune

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