> Homeland Security To Confiscate Bank Safe Deposit Box Contents
1 February 2006, 20:20
This is just the tip of the iceberg. By having complete access to SDB’s the government is in effect setting itself up to claim OWNERSHIP of any material assets in the event a disaster of mega proportion happens.
For one moment imagine a major metro area suffering an outbreak of bird flu and 1-5million people die. The government would lay claim to every article of material wealth under this assumption.
I’m not sure how they get would legally get around "true ownership" surviving heirs, etc, but then again the old adage is "possession is 9/10ths of the law".
So what could be the true intent? Keeping valuables out of peoples hands in the need of an emergency, thus allowing the government to "require a mark" to get at ones valuables, or maybe to keep the country from "having a run on the banks"?
I would also think that if the bank employees were told how to address SDB’s they’ve also been instructed on how to inform customer that their ability to "withdraw cash funds" would be cut off in any such effect. There would probably be a government imposed limit of $100-$300 per day.
Our banking system would implode if everyone in the US just tried to withdraw $5,000. The Federal reserve requirements only allow banks to hold a finite amount of cash at all times, the rest is sent to the Federal Reserve Depositories. Banks would collapse overnight. That doesn’t even address the issue that the Fed Reserve has made it possible for bank to hold leverage debt, namely real estate debt. Today our US banks hold over 60% of their assets in the form of real esate mortgage loans. They have no cash, just debt instruments.
Thus, the picture is much bigger.
This might be a good time to check with brokerage companies on the issue of "funds available" in any such event too.
This is just the tip of the iceberg. By having complete access to SDB’s the government is in effect setting itself up to claim OWNERSHIP of any material assets in the event a disaster of mega proportion happens.
For one moment imagine a major metro area suffering an outbreak of bird flu and 1-5million people die. The government would lay claim to every article of material wealth under this assumption.
I’m not sure how they get would legally get around "true ownership" surviving heirs, etc, but then again the old adage is "possession is 9/10ths of the law".
So what could be the true intent? Keeping valuables out of peoples hands in the need of an emergency, thus allowing the government to "require a mark" to get at ones valuables, or maybe to keep the country from "having a run on the banks"?
I would also think that if the bank employees were told how to address SDB’s they’ve also been instructed on how to inform customer that their ability to "withdraw cash funds" would be cut off in any such effect. There would probably be a government imposed limit of $100-$300 per day.
Our banking system would implode if everyone in the US just tried to withdraw $5,000. The Federal reserve requirements only allow banks to hold a finite amount of cash at all times, the rest is sent to the Federal Reserve Depositories. Banks would collapse overnight. That doesn’t even address the issue that the Fed Reserve has made it possible for bank to hold leverage debt, namely real estate debt. Today our US banks hold over 60% of their assets in the form of real esate mortgage loans. They have no cash, just debt instruments.
Thus, the picture is much bigger.
This might be a good time to check with brokerage companies on the issue of "funds available" in any such event too.