- Personal Finance
Move Your Money
Would You Move Your Money?
Would You Move Your Money Away From The Too-Big-To-Fail Banks?
Money Moving Strategies to Send a Message
Move your money. If you have money in any of the too-big-to-fail banks, then move it to community banks and/or credit unions. Why should you do this? It is the patriotic thing to do in the light of Foreclosuregate. Big banks only care about their exposure to toxic assets, and they don't care about lending to your neighbor responsibly!
Now there is a specific reason to move your money. The TBTF banks have trillions of dollars of derivatives that are guaranteed by your deposits and the FDIC. When you deposit money into any bank, it is not yours. It is a loan to the bank until you withdraw the deposit. Therefore, the TBTF banks have your loans, your deposits, that are not first in line for FDIC insurance. The trillions of dollars of derivatives have been placed first in line by the Federal Reserve Bank. Beware!
The international banks listed below are above the law, above the taxpayer, above the president and above the congress of the United States. This revolt is a silent and peaceful one. Just like walking away from liar loans and credit card debt, this protest is patriotic and an affirmation of the sovereignty of the people of the United States over the international banking cartel.
Not only can you kick these big banks in the balls for allowing the off balance sheet ponzi housing scheme, but you can do something important and patriotic with your life. You can invest in banks that will lend, that will keep the economy going.
So what if the big banks fail. They were not really too-big-to-fail in the first place. That was just another scam to get the government to bail them out. The financial system on Wall Street is not necessary to main street if main street has a steady supply of reasonable lending. That will enable the economy to prosper. If the wealthiest people lose money from ill advised investments in CDO's and the like, it doesn't matter if community banks have the money to lend out.
List of Too Big To Fail Banks to move your money FROM:
- Wells Fargo
- JP Morgan
- Bank of America
- Goldman Sachs
As a public service I am showing this link from the Huffington Post, Moveyourmoney.info as a means for you to see their research into the strongest community banks.
Update: Most mainstreet banks are no longer going to have free checking. Here is a bank with a free checking and debit card opportunity.
Disclaimer: I would suggest that you check with a financial advisor and don't take this deposit idea as any sort of investment advice because it isn't. Just realize that community banks and credit unions are only so strong as their balance sheets. If you have in excess of 250k in one bank you could be at risk. Also, with the Bank of North Dakota backing community banks in that state, those banks may be your safest bet.
Housing Bubble Was a Conspiracy Against Main Street!
Wisconsin Firefighters Moved Less than 200 Thousand Dollars
Wisconsin firefighters moved less than 200k and closed a branch of a bank. Moving money out of banks who have contrary purposes to those who lend the bank money is a smart thing to do. Fractional reserve banking has problems with this because most of the money is lent out anyway. So, move the money and certainly don't bank most of your money with the biggest banks, because they are the enemy of mainstreet.
Still a Good Reason to Move Your Money!
- JPMorgan to BofA Get Delay on Rule Isolating Derivatives - Bloomberg
JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp. won a delay of Dodd-Frank Act requirements that they wall off some derivatives trades from bank units backed by federal deposit insurance.
Community Banks Need the Help of State Banks
There is only one state bank, the BND or the bank of North Dakota. The BND strengthens and shares risk with local community banks. That makes these banks stronger. They need capital and they get it from a bank that cannot bail out Wall Street, but that must service the loan needs of North Dakota's citizens. I have called for new banks in past writings. Certainly this is a way to form new banks and form banks that are beholden to the people and not to the cronies of Timothy (the thief) Geithner.
Ellen Brown, author of Web of Debt, has also exposed the need for these state banks. It is important that, besides the transfer of deposits from the big banks, that community banks have real capital as the Bank of International Settlements will require greater bank capital in the near future.
Credit unions are conservatively run and can be found at moveyourmoney.info, but they have had write offs as well in real estate loans gone bad.
If you think too-big-to-fail banks care about you, then read about the couple who were given fake money by Bank of America only to find that the bank got away with it!
Move Your Money!
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