Tuesday, October 27, 2009

FDIC = F***ed Dummies Insurance Corporation


Surreal seems to be an understatement. Did you realize that the FDIC does not even have a segregated account? The so called money they claim insures your safety in the event of bank failures or bank runs is in a general account one that is used for things like Defense, Social Security,bank bailouts and most everything else!

The FDIC is broke. There is NO capital set aside to insure the $4.8 Trillion in deposits or the $330 Billion of FDIC debt they already have. The fund is so broke they want the banks to pay their insurance fees ahead of time for 2010, 2011, 2012! (See page 3 of report below)

As this report says does it not strike you as Surreal that the FDIC wants to borrow money from the banks it insures? There is a lot more to this report from Sprott and you should read it completely. It is titled Dead Government Walking this is part 2.

Sprott Oct 2009 Comment height="500" width="450" > value="http://d1.scribdassets.com/ScribdViewer.swf?document_id=21708457&access_key=key-p8up33znokr9eaqaaca&page=1&version=1&viewMode=list">

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