I celebrate Yahushua in my life, i celebrate all the success that has come my way, i celebrate with gladness all the mistakes i have made, i celebrate triumphs over moral and spiritual weaknesses, i celebrate my friends for their support, my family for their love and understanding, my employees for their commitment and hard work? I celebrate unmerited favors, lifting, support, helps, deliverance, salvation, provisions. Indeed He daily loads us with His goodness
Tuesday, 30 April 2013
At 45!
I sat down looking at some of my old pictures and i just cannot but be grateful to my Creator ADONAI for His mercies. It is by His grace we are not consumed.
I celebrate Yahushua in my life, i celebrate all the success that has come my way, i celebrate with gladness all the mistakes i have made, i celebrate triumphs over moral and spiritual weaknesses, i celebrate my friends for their support, my family for their love and understanding, my employees for their commitment and hard work? I celebrate unmerited favors, lifting, support, helps, deliverance, salvation, provisions. Indeed He daily loads us with His goodness
FATHER THANK YOU
I celebrate Yahushua in my life, i celebrate all the success that has come my way, i celebrate with gladness all the mistakes i have made, i celebrate triumphs over moral and spiritual weaknesses, i celebrate my friends for their support, my family for their love and understanding, my employees for their commitment and hard work? I celebrate unmerited favors, lifting, support, helps, deliverance, salvation, provisions. Indeed He daily loads us with His goodness
Friday, 26 April 2013
Christian Rapper Blasts Prosperity Preachers as "Fal$e Teacher$"
BILL BERKOWITZ FOR BUZZFLASH AT TRUTHOUT
While
Jay-Z & Beyonce’s recent trip to Cuba to celebrate the couple’s
fifth anniversary stirred up significant controversy, a new song by a
Christian rapper, relatively unknown to the general public, is ruffling
feathers in the conservative Christian evangelical community, especially
amongst a gaggle of religious gurus known as “Prosperity Preachers.”
Christian rapper Shai Linne, according to Charisma News, “recently released a song [which peaked at #7 on iTunes’ Hip Hop/Rap charts] calling out prosperity gospel teachers by name.”
The 12 pastors named are -- Joel Osteen, Joyce Meyer, T.D. Jakes, Benny Hinn, Creflo Dollar, Paula White, Fred Price, Kenneth Copland, Robert Tilton, Eddie Long, Juanita Bynum and Paul Crouch – and each name is followed by the song’s refrain, “is a false teacher!”
Jay-Z and Beyonce have come under unremitting criticism from a number of long-time anti-Cuban Republican scolds, with Sen. Marco Rubio and GOP Representatives Ileana Ros-Lehtinen and Mario Diaz-Balart leading the pack.
Despite the fact that the vast majority of U.S. visitors to Cuba last year were Cuban Americans (476,000 out of 580,000) , and regardless of the fact that Cuban Americans are a major source of funds for the Cuban government (sending nearly $2.3 billion to Cuba in 2011), “Diaz-Balart and Ros-Lehtinen said the music superstars were guilty of funding ‘the machinery of oppression that brutally represses the Cuban people’ because they went to Cuba with the permission of the Department of Treasury, which regulates the travel of Americans to Cuba,” DeWayne Wickham wrote in a recent USA Today column.
Linne calls out “prosperity preachers”
Shai Linne’s album has also caused some controversy because it is the first time a Christian rapper has used his music to criticize “Prosperity Preachers,” and name specific individuals.
“I ain't really trying to start beef, but some who claim to be part of His sheep got some sharp teeth. (They're wolves),” Shai Linne raps in the song “Fal$e Teacher$” – from his newly released album titled Lyrical Theology Part 1: Theology -- before referencing Matthew 7:16.
In the song, the performer warns that these pastors are falsely teaching that “camels squeeze through the eye of a needle.” Here’s a sample: “How dare they be specific and drop some clarity on the popularity of the gospel of Prosperity,” Turn off TBN that channel is overrated. The Pastor’s speak bogus statements, financially motivated. It’s kind of like a pyramid scheme. Visualize Heretics christianizing the American dream.”
Shai Linn also dubs these preachers’ antics as “foul and deceitful and claims that they are “treating Jesus like a lottery ticket.”
Charisma News reported that in a video posted by his record company, Lamp Mode Recordings, Linne said “he wrote the song to address an issue in the American church that is now spreading overseas—not to cause controversy.”
“You have these rallies where literally over 100,000 people will come to hear these guys talk about prosperity,” Linne told Wade-O Radio. “The people who are coming are impoverished like crazy and they're buying into it thinking that this false theology is going to be their way out of poverty. They figure, 'Hey, it must work because it's working for these guys in America.'”
An atheist for most of his childhood, Linne is Reformed in his theology. He has been collaborating with other Christian Rap artists and releasing studio albums since 2002.
According to Anthony Bradley, associate professor of theology and ethics at The King’s College and author of Liberating Black Theology, “Reformed hip-hop is a theologically driven masculinity movement. It says no to the prom songs to Jesus in ccm, no to whiny emo Christian music for hipsters, and no to empty, shallow, individualistic Christian music lacking theological content produced out of Nashville. ”
“Linne is echoing other Reformed or Calvinist leaders, including John Piper and John MacArthur, who have been openly critical of the prosperity doctrine that has swept the globe,” Rachel Tabachnick, an independent researcher who specializes in End Times narratives, told me in an email. “Tactics of prosperity preachers around the world include convincing followers that their donations to a ministry will be returned by God in multiples of what they have given.
“Prosperity doctrine preachers are among some of the wealthiest citizens in some African countries,” Tabachnick pointed out. “It is common for some of these preachers to require payment for claimed ‘supernatural healing’ of HIV/AIDS and other diseases or for ‘deliverance’ or expulsion of demons supposedly causing misfortunes.”
Paula White Ministries was the first of the named prosperity preachers to directly respond to Linne’s song. Interestingly, White’s enterprises have been as controversial as they have been financially successful.
Paula White’s son responds
But Bradley Knight, White’s son and representative of PaulaWhite.org is having none of it. In a letter to Linne, Knight takes umbrage with Linne’s characterization of White as a “false teacher”: “…So when I hear a fellow Christian leader, whom has never had a conversation with me or my mother, call her a “Fal$e Teacher” I wonder what ‘Fal$e Teaching$’ I myself have been inculcated with since I, more than anyone else on the face of the earth, have been most exposed to her teachings.”
Knight claims to be making a modest living and “forego[ing] money for the opportunity to work for a ministry that I believe in, a ministry that I witness daily changing lives across the globe. Including and especially the continent of Africa you gave a shout out too.”
White’s son characterizes the song “Fal$e Teacher$” as “pure cannibalization without Biblical precedence.” He invites Linne to walk a mile in the White family’s shoes. At no time does Knight mention the accrued wealth of Paul White Ministries, the many controversies White has been involved in, nor the congressional investigation into her finances.
In 2007, when Paula White and her husband Randy filed for divorce, they owned private jets, high-end luxury vehicles, a Trump Park Avenue condominium and a $3.8 million place in Trump Tower on 5th Ave in New York City, as well as a $2 million dollar home on Tampa Bay. When White was asked to respond to a May 2012 profile in Orlando Magazine, her public relations outfit, Burson-Marsteller Public Affairs in Dallas, turned down the magazine’s request.
Shai Linne responded to Knight’s letter, writing: “I don’t think your letter actually addresses the real issue. My song was not about you, your financial status, the genuineness of your faith, your mother’s prayers for you or the good things that Paula White Ministries does. The song was about the false doctrine that Paula White and others have publicly taught for many years and continue to teach.” In a wadeoradio.com video, Linne mentions the popularity of prosperity doctrine in Zimbabwe, Kenya, Ghana, Nigeria, Malawi. After acknowledging watching many hours listening to some of the most popular prosperity teachers on TBN and noticed a pattern of them working the crowd into an emotional frenzy before asking for money. Linne calls this a scam and claims these preachers are false prophets.
(Photo: Smt1192)Sourcehttp://truth-out.org:
Christian rapper Shai Linne, according to Charisma News, “recently released a song [which peaked at #7 on iTunes’ Hip Hop/Rap charts] calling out prosperity gospel teachers by name.”
The 12 pastors named are -- Joel Osteen, Joyce Meyer, T.D. Jakes, Benny Hinn, Creflo Dollar, Paula White, Fred Price, Kenneth Copland, Robert Tilton, Eddie Long, Juanita Bynum and Paul Crouch – and each name is followed by the song’s refrain, “is a false teacher!”
Jay-Z and Beyonce have come under unremitting criticism from a number of long-time anti-Cuban Republican scolds, with Sen. Marco Rubio and GOP Representatives Ileana Ros-Lehtinen and Mario Diaz-Balart leading the pack.
Despite the fact that the vast majority of U.S. visitors to Cuba last year were Cuban Americans (476,000 out of 580,000) , and regardless of the fact that Cuban Americans are a major source of funds for the Cuban government (sending nearly $2.3 billion to Cuba in 2011), “Diaz-Balart and Ros-Lehtinen said the music superstars were guilty of funding ‘the machinery of oppression that brutally represses the Cuban people’ because they went to Cuba with the permission of the Department of Treasury, which regulates the travel of Americans to Cuba,” DeWayne Wickham wrote in a recent USA Today column.
Linne calls out “prosperity preachers”
Shai Linne’s album has also caused some controversy because it is the first time a Christian rapper has used his music to criticize “Prosperity Preachers,” and name specific individuals.
“I ain't really trying to start beef, but some who claim to be part of His sheep got some sharp teeth. (They're wolves),” Shai Linne raps in the song “Fal$e Teacher$” – from his newly released album titled Lyrical Theology Part 1: Theology -- before referencing Matthew 7:16.
In the song, the performer warns that these pastors are falsely teaching that “camels squeeze through the eye of a needle.” Here’s a sample: “How dare they be specific and drop some clarity on the popularity of the gospel of Prosperity,” Turn off TBN that channel is overrated. The Pastor’s speak bogus statements, financially motivated. It’s kind of like a pyramid scheme. Visualize Heretics christianizing the American dream.”
Shai Linn also dubs these preachers’ antics as “foul and deceitful and claims that they are “treating Jesus like a lottery ticket.”
Charisma News reported that in a video posted by his record company, Lamp Mode Recordings, Linne said “he wrote the song to address an issue in the American church that is now spreading overseas—not to cause controversy.”
“You have these rallies where literally over 100,000 people will come to hear these guys talk about prosperity,” Linne told Wade-O Radio. “The people who are coming are impoverished like crazy and they're buying into it thinking that this false theology is going to be their way out of poverty. They figure, 'Hey, it must work because it's working for these guys in America.'”
An atheist for most of his childhood, Linne is Reformed in his theology. He has been collaborating with other Christian Rap artists and releasing studio albums since 2002.
According to Anthony Bradley, associate professor of theology and ethics at The King’s College and author of Liberating Black Theology, “Reformed hip-hop is a theologically driven masculinity movement. It says no to the prom songs to Jesus in ccm, no to whiny emo Christian music for hipsters, and no to empty, shallow, individualistic Christian music lacking theological content produced out of Nashville. ”
“Linne is echoing other Reformed or Calvinist leaders, including John Piper and John MacArthur, who have been openly critical of the prosperity doctrine that has swept the globe,” Rachel Tabachnick, an independent researcher who specializes in End Times narratives, told me in an email. “Tactics of prosperity preachers around the world include convincing followers that their donations to a ministry will be returned by God in multiples of what they have given.
“Prosperity doctrine preachers are among some of the wealthiest citizens in some African countries,” Tabachnick pointed out. “It is common for some of these preachers to require payment for claimed ‘supernatural healing’ of HIV/AIDS and other diseases or for ‘deliverance’ or expulsion of demons supposedly causing misfortunes.”
Paula White Ministries was the first of the named prosperity preachers to directly respond to Linne’s song. Interestingly, White’s enterprises have been as controversial as they have been financially successful.
Paula White’s son responds
But Bradley Knight, White’s son and representative of PaulaWhite.org is having none of it. In a letter to Linne, Knight takes umbrage with Linne’s characterization of White as a “false teacher”: “…So when I hear a fellow Christian leader, whom has never had a conversation with me or my mother, call her a “Fal$e Teacher” I wonder what ‘Fal$e Teaching$’ I myself have been inculcated with since I, more than anyone else on the face of the earth, have been most exposed to her teachings.”
Knight claims to be making a modest living and “forego[ing] money for the opportunity to work for a ministry that I believe in, a ministry that I witness daily changing lives across the globe. Including and especially the continent of Africa you gave a shout out too.”
White’s son characterizes the song “Fal$e Teacher$” as “pure cannibalization without Biblical precedence.” He invites Linne to walk a mile in the White family’s shoes. At no time does Knight mention the accrued wealth of Paul White Ministries, the many controversies White has been involved in, nor the congressional investigation into her finances.
In 2007, when Paula White and her husband Randy filed for divorce, they owned private jets, high-end luxury vehicles, a Trump Park Avenue condominium and a $3.8 million place in Trump Tower on 5th Ave in New York City, as well as a $2 million dollar home on Tampa Bay. When White was asked to respond to a May 2012 profile in Orlando Magazine, her public relations outfit, Burson-Marsteller Public Affairs in Dallas, turned down the magazine’s request.
Shai Linne responded to Knight’s letter, writing: “I don’t think your letter actually addresses the real issue. My song was not about you, your financial status, the genuineness of your faith, your mother’s prayers for you or the good things that Paula White Ministries does. The song was about the false doctrine that Paula White and others have publicly taught for many years and continue to teach.” In a wadeoradio.com video, Linne mentions the popularity of prosperity doctrine in Zimbabwe, Kenya, Ghana, Nigeria, Malawi. After acknowledging watching many hours listening to some of the most popular prosperity teachers on TBN and noticed a pattern of them working the crowd into an emotional frenzy before asking for money. Linne calls this a scam and claims these preachers are false prophets.
(Photo: Smt1192)Sourcehttp://truth-out.org:
Sunday, 21 April 2013
Wednesday, 17 April 2013
Foreclosing On The Prosperity Gospelers: Are They Really Christian? By Rev. Dan Vojir
The Good News: Financial problems are plaguing America's prosperity
megachurches.
The Bad News: It's not happening fast enough.
MUNSTER | While the Family Christian Center was spending millions of dollars annually on leadership compensation, travel, meals and jet fuel, it was falling behind on its mortgage payments and racking up a list of past-due bills, a Times investigation found.
We could forgive prosperity gospel ministries if it weren't for the awful architecture. And the gaudy showmanship. And the cult-like congregations.
And the un-Christianlike greed.
There are millions of Americans who are in need of money, struggling Americans who still manage to help their friends as best they can, still helping others to survive. They do not gamble on the Lord providing future wealth or prosperity. For flights of fantasy, they occasionally buy lottery tickets. After all, the results are just as good as any prosperity cult, maybe even better, since prosperity preachers take in everything and return very, very little.
Too Big To Fail?
http://www.opednews.com/index.php
The Bad News: It's not happening fast enough.
MUNSTER | While the Family Christian Center was spending millions of dollars annually on leadership compensation, travel, meals and jet fuel, it was falling behind on its mortgage payments and racking up a list of past-due bills, a Times investigation found.
We could forgive prosperity gospel ministries if it weren't for the awful architecture. And the gaudy showmanship. And the cult-like congregations.
And the un-Christianlike greed.
There are millions of Americans who are in need of money, struggling Americans who still manage to help their friends as best they can, still helping others to survive. They do not gamble on the Lord providing future wealth or prosperity. For flights of fantasy, they occasionally buy lottery tickets. After all, the results are just as good as any prosperity cult, maybe even better, since prosperity preachers take in everything and return very, very little.
According to mortgageorb.com, Pastor
Munsey only informed his congregation of the 2011 lawsuit last summer,
explaining that he never told them earlier because he "really didn't know
what to do but trust God."
Foreclosing On The Prosperity Gospel
Although Senator Chuck Grassley (IA - R) helped focus on the excesses of prosperity gospel preachers in 2007, he didn't go far enough:
According to the report, only two of the six ministries -- Joyce Meyer Ministries and Benny Hinn's World Healing Center Church -- fully cooperated with the investigation and even implemented financial reforms.
The other four ministries, meanwhile, did not provide responses or provided incomplete ones to inquiries made by the Senate Finance Committee. These groups include Creflo Dollar's World Changers Church International, Eddie Long's New Birth Missionary Baptist Church, Kenneth Copeland Ministries, and Without Walls International Church -- formerly pastored by both Randy and Paula White, who are now divorced. The Florida megachurch is currently being led by Paula White.
Despite their lack of cooperation, no penalties were handed out.
And why not?
Foreclosing On The Prosperity Gospel
Although Senator Chuck Grassley (IA - R) helped focus on the excesses of prosperity gospel preachers in 2007, he didn't go far enough:
According to the report, only two of the six ministries -- Joyce Meyer Ministries and Benny Hinn's World Healing Center Church -- fully cooperated with the investigation and even implemented financial reforms.
The other four ministries, meanwhile, did not provide responses or provided incomplete ones to inquiries made by the Senate Finance Committee. These groups include Creflo Dollar's World Changers Church International, Eddie Long's New Birth Missionary Baptist Church, Kenneth Copeland Ministries, and Without Walls International Church -- formerly pastored by both Randy and Paula White, who are now divorced. The Florida megachurch is currently being led by Paula White.
Despite their lack of cooperation, no penalties were handed out.
And why not?
Capitalism Is As Capitalism Does
America, as a capitalist society, must come to terms with
capitalist leaders of capitalist religious cults. We have the freedom of
religion - religion that panders to the greed of the 1%. Although his political
positions have been helter-skelter (to say the least) on many issues,
Grassley's dedication to capitalism cannot be stressed enough. Then there is
his link to The Family, the controversial, covert quasi-religious operation,
and his 100% approval rating by such organizations as the Family Research
Council. In order to keep those good graces, it may have been necessary for him
to back off on the prosperity preachers.
Meanwhile, Back At the Scandal Trough...
There is no denying that Eddie Long has a cult on his hands: despite financial and sexual scandals, people still keep going to his church and witnessing a outpouring of ego which is over-the-top, even by today's televangelist standards. Now Long is embroiled in a new lawsuit:
Atlanta Journal-Constitution
Bishop Eddie Long has been sued by
former New Birth Missionary Baptist members who say the megachurch pastor
encouraged them to invest money with a company despite being told the investor
was running a $3 million capital deficit. There is no denying that Eddie Long has a cult on his hands: despite financial and sexual scandals, people still keep going to his church and witnessing a outpouring of ego which is over-the-top, even by today's televangelist standards. Now Long is embroiled in a new lawsuit:
Atlanta Journal-Constitution
Too Big To Fail?
http://www.opednews.com/index.php
ALERT: All Of The Money In Your Bank Account Could Disappear In A Single Moment
What would you do if you logged in to your bank account someday and
it showed that you had a zero balance and your bank had no record that
you ever had any money in your account? What would you do if all of the
money in your bank account suddenly disappeared in a single moment? If
you had not kept any paper records, which most Americans do not, it
would be exceedingly difficult to prove to the bank that you actually
had any money in the bank. If you don't think that something like this
could ever happen in the United States, you might want to think again.
Cyber attacks against major banks in the United States are becoming more
powerful and more sophisticated with each passing month. In fact,
major U.S. bank websites have been offline for a total of 249 hours
over the past six weeks. And just last month, thousands upon thousands
of Chase customers logged into their bank accounts only to discover
that their balances had all been reset to zero.
Anyone that would want to cause complete and total economic chaos in
the United States could accomplish it very easily by wiping out all of
our bank account records. So please do not keep all of your money in a
single bank, and from now on please keep a paper copy of all of your
bank account statements. At some point it is likely that one of these
cyber attacks will cause permanent damage to our banking system, and you
want to be protected.
The mainstream media has generally been very quiet about the massive
cyber attacks against our major banks, but behind the scenes authorities
are truly alarmed. They don't know how to stop these attacks, and they
just keep getting more intense and more sophisticated.
Could you imagine how you would feel if you logged in to your bank account and all of your money was gone? That is exactly what happened to some Chase customers last month. The following is from a recent CNET article...
Some are blaming Chinese hackers, others believe that Iran is behind the attacks, and yet others are convinced that it is the work of Islamic terrorists.
It is kind of frightening that they cannot positively identify who is behind these attacks. Whoever it is, they sure do seem to have a tremendous amount of resources and they are very sophisticated.
And in the future, it may not be hackers on the other side of the globe that are attacking our banks. In fact, if someone wanted to "recapitalize the banks", all they would have to do is wipe out all of our bank account records (including all backup records). Suddenly trillions of dollars of "unsecured liabilities" (that is what our bank accounts are) would be wiped out and the banks would suddenly be solvent again. Anyone that could not produce evidence that they actually had money in the banks would be in a lot of trouble. It would be the largest single wealth transfer in the history of the world, and it would throw the U.S. economy into utter chaos. This is a scenario that I am exploring in my new novel which will be coming out later this month.
In addition, there is the constant threat that a massive EMP burst could fry all of our electronics (including the banking records), but that is a topic that I have covered in a previous article.
And of course another way that your bank account could be wiped out in a single moment is if the government decides to "legally" steal it. We just witnessed this happen in Cyprus. In February, the Central Bank of Cyprus swore that such a thing could never possibly happen, but then one month later it did happen. The politicians will lie to your face until the very day comes when they steal your money.
Sadly, a very similar thing could easily happen in the United States someday. As I wrote about yesterday, the big banks are making incredibly reckless bets with our money. When those bets go bad, our money could very well be used to cover those bets.
One way this could be accomplished is by using a practice known as "rehypothecation". It sounds complicated, but it really isn't. Basically, the banks use money that clients have entrusted to them to cover their own gambling debts. This is how rehypothecaton is defined by Investopedia...
That is what the people of Cyprus thought too.
As we just saw in Cyprus, when there is a "banking crisis" sometimes government steps in and suddenly changes all of the rules overnight even though the vast majority of the population is against it.
Hopefully you can see that no bank account will ever truly be "safe" ever again.
Your money may be safe today, and your money may be there next week, but someday it could disappear in a single moment.
And the general public is definitely starting to lose faith in the banking system. Google searches for the term "bank run" have been absolutely spiking recently. So what should we all do to protect ourselves?
As I mentioned earlier, it is important to not have all of your money in one bank, and from now on you will want to permanently keep paper copies of all of your bank account statements.
Someday you may need those statements in order to prove that you actually had money in the bank.
Our world is becoming increasingly unstable, and at some point financial disaster is going to strike.
By taking prudent precautions now, hopefully you will be able to minimize the damage to your family.
Could you imagine how you would feel if you logged in to your bank account and all of your money was gone? That is exactly what happened to some Chase customers last month. The following is from a recent CNET article...
JP Morgan Chase denied this evening that it had suffered a hack that many customers claimed had suddenly reduced their checking account balances to zero.But this was most definitely not an isolated incident. That same article noted that Chase and many of our other large banks have had their websites taken down for extended periods of time lately...
After discovering the apparently empty accounts via the Internet or mobile devices, many Chase banking customers turned to Twitter to express their frustration and show screen shots of zero balances. Other users were greeted with messages that their bank account balances were unavailable.
Customers' suspicions about a possible security breach are natural, with the zero balances appearing less than a week after a massive distributed-denial-of-service attack rendered Chase's Web sites useless for many hours. Customers trying to use the site's tools were instead greeted with a note that the site was "temporarily down."In fact, as I mentioned above, major U.S. bank websites have been offline for an astounding 249 hours over the last six weeks alone. The attacks just keep getting larger and bank officials are becoming very alarmed about the power of these cyber attacks. The following is from an article that was posted on CNBC this week...
Hackers have ratcheted up their assaults on financial institutions in recent months, using DDoS attacks to take down Wells Fargo, Bank of America, Chase, Citigroup, HSBC, and others.
Major U.S. bank websites have been offline a total of 249 hours in the past six weeks, perhaps the clearest indication yet that American companies are prime targets in an unrelenting, global cyber conflict.So who is behind these attacks?
The heavier-than-usual outages are the result of a remarkable, sustained attack that began seven months ago and repeatedly knocks banks offline for hours at a time, frustrating consumers and bank security professionals alike.
"Literally, these banks are just in war rooms, sitting at controls trying to stop (the attacks)," said Avivah Litan, a bank security analyst with Gartner Group, a consulting firm. "The frightening thing is (the attackers) are not using as much resources as they have on call. The attacks could be bigger."
Some are blaming Chinese hackers, others believe that Iran is behind the attacks, and yet others are convinced that it is the work of Islamic terrorists.
It is kind of frightening that they cannot positively identify who is behind these attacks. Whoever it is, they sure do seem to have a tremendous amount of resources and they are very sophisticated.
And in the future, it may not be hackers on the other side of the globe that are attacking our banks. In fact, if someone wanted to "recapitalize the banks", all they would have to do is wipe out all of our bank account records (including all backup records). Suddenly trillions of dollars of "unsecured liabilities" (that is what our bank accounts are) would be wiped out and the banks would suddenly be solvent again. Anyone that could not produce evidence that they actually had money in the banks would be in a lot of trouble. It would be the largest single wealth transfer in the history of the world, and it would throw the U.S. economy into utter chaos. This is a scenario that I am exploring in my new novel which will be coming out later this month.
In addition, there is the constant threat that a massive EMP burst could fry all of our electronics (including the banking records), but that is a topic that I have covered in a previous article.
And of course another way that your bank account could be wiped out in a single moment is if the government decides to "legally" steal it. We just witnessed this happen in Cyprus. In February, the Central Bank of Cyprus swore that such a thing could never possibly happen, but then one month later it did happen. The politicians will lie to your face until the very day comes when they steal your money.
Sadly, a very similar thing could easily happen in the United States someday. As I wrote about yesterday, the big banks are making incredibly reckless bets with our money. When those bets go bad, our money could very well be used to cover those bets.
One way this could be accomplished is by using a practice known as "rehypothecation". It sounds complicated, but it really isn't. Basically, the banks use money that clients have entrusted to them to cover their own gambling debts. This is how rehypothecaton is defined by Investopedia...
"The practice by banks and brokers of using, for their own purposes, assets that have been posted as collateral by their clients."An excellent article by Jeff Nielson detailed how this could result in the big banks grabbing our money when their trillions of dollars of reckless bets go bad...
1) Our banking regulators knowingly allow financial institutions to engage in recklessly misleading (if not outright fraudulent) contracts with their clients, through the use of complex “small print” in their account contracts with clients.But we are all covered by deposit insurance, right?
2) The three largest U.S. “banks” by deposit (JP Morgan, Bank of America, Citigroup) have made bets in their own rigged casino, which total well in excess of $100 trillion, an amount which completely dwarfs their total, combined deposits (and assets).
3) A large portion of those bets occur in the $60+ trillion credit default swap market. Pay-outs in these markets can (and do) exceed 300 times the amount of the original bet. It is bets in this market which “blew up” AIG, requiring more than $150 billion in immediate government aid.
4) Following the Crash of ’08; these same banks mooched a package of hand-outs, tax-breaks and “guarantees” (i.e. future hand-outs) from the Bush regime in excess of $15 trillion, the last time their gambling debts went bad on them – and all of these banks have been allowed to dramatically increase the total amount of their gambling since then.
5) It would take only a minor change in the gambling contracts in which these bankers engage to allow their creditors to seize funds out of ordinary bank accounts.
6) The existing language for the bank accounts of these U.S. banks is possibly already so vague (and prejudicial to clients) that it would allow these banks to reinterpret the terms of these bank accounts – and allow rehypothecation to be used to rob the holders of ordinary bank accounts, people who themselves make no “bets” in markets whatsoever. Alternately, customers could be blitzed with an offer for “new and improved” bank accounts, where terms allowing rehypothecation are slipped into the contract, with the banks knowing that the “regulators” will do nothing to warn account-holders of the gigantic risk they are taking.
That is what the people of Cyprus thought too.
As we just saw in Cyprus, when there is a "banking crisis" sometimes government steps in and suddenly changes all of the rules overnight even though the vast majority of the population is against it.
Hopefully you can see that no bank account will ever truly be "safe" ever again.
Your money may be safe today, and your money may be there next week, but someday it could disappear in a single moment.
And the general public is definitely starting to lose faith in the banking system. Google searches for the term "bank run" have been absolutely spiking recently. So what should we all do to protect ourselves?
As I mentioned earlier, it is important to not have all of your money in one bank, and from now on you will want to permanently keep paper copies of all of your bank account statements.
Someday you may need those statements in order to prove that you actually had money in the bank.
Our world is becoming increasingly unstable, and at some point financial disaster is going to strike.
By taking prudent precautions now, hopefully you will be able to minimize the damage to your family.
Source theeconomiccolapseblog.com
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