For years financial reform advocate Ellen Brown has been warning people of legal mechanisms in place, right now, have turned bank depositors into "creditors," meaning once you deposit your money into the bank it is no longer yours, it belongs to the bank and should the banks fail they can legally confiscate your money.
Gregory Mannarino has a must-see "State of Emergency" 10-minute commentary that proves without a doubt that the money you think you have in the bank.... doesn't even exist!!!!!!!!
Mannarino explains it in a clear, concise easily understandable manner for those that are not financial gurus, as well as honestly detailing the what will happen when it all comes crashing down around us - we are talking ATM's won't work, there will be food shortages, empty stores shelves, utilities will be shut down, and only those prepared will survive. Imagine Venezuela times 10, happening right here in America.
Below are links to the basic facts Mannarino describes below:
"Data compiled by the Federal Reserve shows that the total deposit base of all U.S. commercial banks is currently at a record high figure of $10.9 trillion." (Source- Forbes)
As Mannarino says, think about that for two minutes. Let it sink in. There is only $1.46 trillion in circulation, but somehow there is nearly $11 trillion "deposited?" The physical money doesn't exist. This is the real reason why withdrawals are limited, why banks are forced to report customers if they withdraw over a certain amount of "money" they supposedly deposited. As is explained below, what is being called "deposits" is credit and debt, not physical money.
In listening to the Sheila Zilinsky interveiw with Steve Quayle yesterday (Listen to the video in previous article), I heard Quayle tell listeners that food is going to be the most important factor in surviving. Think about that also for a minute, a precious metals dealer isn't encouraging people to buy his product but instead is urging people to buy "food, food, food," because once everything falls apart, it will be too late, there will be none in your stores, there will be no deliveries.
No one wants a bank run, so we would never say "take it all out now," but we do encourage readers to take some out, daily or weekly, make sure you have some cash on hand, grab extra food, water, medical supplies... the basics.
In Mannarino's latest video, Mannarino discusses the Federal Reserve and how it is paralyzed and completely irrelevant now and tells us we are "well beyond the critical mass."