OTCPK:KRCLF - Post by User
Post by
MaterialsManon Feb 10, 2023 10:03am
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Post# 35279427
Wait, there is more.
Wait, there is more.A gal by the name of Lynette Zang explained while being interviewed by a Kitco representative that legislation was codified in the Dodd-Frank Act. It was passed in 2010 following the '08 bailouts.It allows all banks that are failing to avoid the need for future bailouts by treating money on deposit as their money. It is being referred to as a bail-in.Depositors will be considered "unsecured creditors", allowing
the banks to reclassify deposits as equity. Customers become the rescuer of. the failing banks which she sees as inevitable. This tactic has been utilized in other countries. Ms. Zang is the Chief Mktg. Analyst at ITM Trading. She also brings to light that we can forget about FDIC insurance as there really is no money there. In fact, she said that the FDIC is actually coaching banks on how to implement this strategy. I'd say this is some food for thought.