Topic: The Banksters
Rioting at the Gates of Thermopylae: The Ramparts of the FED & Central Banks Shudder

---

M1 hits 37% growth!! "Most of the significant American banks, the larger banks, are bankrupt, totally bankrupt." - Jim Rogers, 12/11/2008

---

by Jake Towne, the Champion of the Constitution
(libertarian)
Sunday, December 14, 2008

ATHENS, GREECE - Greek riots over governmental fiscal policy  on December 11-12 exemplify growing worldwide economic discontent. Despite whatever cherry-topped fairy-tales that pass for news these days that are delivered to the American public, the US banking situation continues to worsen. It is my guess that some of Greek rioters yesterday per this AP article may not have it completely figured out, but they are really rioting against the central banking and fiat money. (Rodgers quote) (photo)

First, update on the 2008 body count since my last update. Twenty-five (25) banks have now given up the ghost. The credit union failures click up to fourteen (14) closures.

• Sanderson State Bank, Sanderson, TX ($37 million in assets, $27.9 million in deposits, ~$12.5 million cost to the FDIC) Date of Demise: 12/12/2008
• Haven Trust Bank, Duluth, GA, ($572 million in assets, $515 million in deposits, ~$200 million cost to the FDIC) Date of Demise: 12/12/2008
• First Georgia Community Bank, Jackson, GA ($237 million in assets, $197 million in deposits, ~$72.2 million cost to the FDIC) Date of Demise: 12/05/2008
• Downey Savings and Loan Association, Newport Beach, CA ($12.8 Billion in assets, $9.7 Billion in deposits, ~$1.4 Billion cost to the FDIC) Date of Demise: 11/21/2008
• PFF Bank & Trust, Pomona, CA ($3.7 Billion in assets, $2.4 Billion in deposits, ~$0.7 Billion cost to the FDIC) Date of Demise: 11/21/2008
• The Community Bank, Loganville, GA ($681 million in assets, $611 million in deposits, ~$220 million cost to the FDIC) Date of Demise: 11/21/2008
• West Hartford Credit Union, Farmington, CT ($2.9 million in assets, unknown cost to the NCUA) Date of Demise: 12/05/2008

HAVE YOU PROTECTED YOURSELF?

First understand the FDIC, the NCUA, and the nature of the banking system. Here's the fastest lesson I can manage. Try my other writings or just search the net for more information. (King Leonidas of Sparta statue photo courtesy vaggelis vlahos license)

In brief, the FDIC (Federal Deposit Insurance Corporation) is a relic of the Great Depression designed to give depositors psychological assurance that the government will bail them out if the bank fails. It is funded by small fees on all deposits its 8,384 member banks hold. The FDIC started 2008 with about $53 billion in reserves. Due to the failures at IndyMac and others, the FDIC fund has less than $34.6 billion left. Based on the closings since September 30, Captain Calculator reports less than $30 billion is left. The FDIC last reported on September 30 a reserve ratio of 0.76%, covering $4,544 billion in insured deposits, so now they are at about a 0.66% reserve ratio. Converted to English, this means that  just $0.66 out of every $100 that you have on deposit is REALLY "insured." The FDIC reported the total assets of these banks to be $13,613 billion, so $30 billion is really a pittance.

The NCUA (National Credit Union Administration) is the FDIC counterpart for federal credit unions. Federal credit unions are cooperative financial institutions chartered by the federal government and owned by its members. Credit unions are intended to promote savings and prudent borrowing, and any group of people can start one, read this brochure. The pool of borrowers is usually constricted to its members, and generally speaking credit unions are more likely to be more conservative than larger banks since they are run as a non-profit community service, but you need to verify this for yourself. There are roughly 8,100 federal credit unions funded with roughly $7 billion in insurance for approximately $600 billion in deposits per this link. The NCUA insurance reserve ratio is roughly 1.2%, and is mandated by law to be maintained between 1.0% and 1.5%.

My warning to you is that a major bank failure will eradicate the FDIC funds overnight. As I noted here "WaMu Gets the FDIC WHAM-O!", Washington Mutual would have cost the FDIC $31 billion if JP Morgan had not "saved" the bank. Now, if the FDIC fails, you will probably still get your money back in dollar terms. However, to do this the government/Federal Reserve will simply print more money, and you will NOT be able to get your funds immediately. How long is anyone's guess, my guess is months. With all of the building potential for a hyperinflation or inflation spike, by the time you get your dollars back, you may not be able to buy much with them. ("Leonidas at Thermopylae" by Jacques-Louis David)

Our banking system operates on a fractional reserve system. This means that banks only have to keep a certain amount of deposits and can lend the rest. In the USA, the deposit requirement is currently at 10%. For more detail, "The Money Matrix - How the FED Works (PART 6/15)" is a must-read.

Next, the American banking system is in serious trouble. Of course, which banks are doing poorly is a closely guarded secret, but there are now 171 banks on the FDIC's secret crash list, out of a total of 8,384 FDIC-insured banks. Roughly another 60 banks lost their insured status since June 30. The FDIC updates the number of problem banks monthly, but do not list any specific banks as this (obviously) would cause bank runs.

On November 5, the Financial Times reports that the Federal Reserve has altered its interbank interest rates. The analysts' opinions seem to be solid. The United States may be headed for a Bank of Japan-style liquidity trap or "quantitative easing" strategy where the Fed's the drop earlier this year in the Non-Borrowed Reserves statistic (google BOGNONBR) is fixed by a $500+ billion increase in the banking system's credit (google TOTBKCR). What happened in Japan was that all the newly created electronic money piles up in the banking system's servers since the banks have nowhere to safe to store the money or lend. As predicted by the FT article, the shorter-term Treasury bill interest rates have reached zero, and the conclusion "cash becomes a competitive store of value" is now valid. At any rate, the FED's balance sheet, which used to consist primarily of Treasury securities a year ago, is, frankly speaking, looking like polluted junk per this chart from the Federal Reserve Bank of Atlanta.  The latest FED data as of 12/30 shows only 21% of the FED balance sheet consists of Treasuries.  Pre-bailout levels hovered around 90-95%.  This greatly impairs the FED's ability to control the money supply.

I also note that the Federal Reserve M1 statistic's annualized rate for the past 3 months is at 36.9%. This is not only highly unusual; I believe it is a sign of a flight en masse to the exits.  Since M1 is primarily the actual cash and coin in circulation or in demand accounts, this may mean that people (I hope Americans, but could just as well be foreigners) are removing their money from banks accounts.

DERIVATIVES - THE HOUSE OF CARDS

I recently reviewed a few documents and want to share a few eye-openers concerning major US banks and derivatives. It may be helpful to read this "The Money Matrix - What the Heck Are Derivatives? (PART 10/15)" first.

In the FDIC's latest quarterly report, they reported (p11/22) that 1,066 FDIC insured institutions, amounting to over 75% of the assets/deposits of total banking system, hold $177 Trillion in derivatives as of September 30.

The OCC (the Department of the Treasury's Office of the Comptroller of the Currency) in their latest quarterly report (see p22/32) reported the derivative holdings of the top 25 holding companies, of which many are banks. As you can see from the below (all figures in millions of dollars), the total notional amount of derivatives held is a whopping $194 Trillion, as of June 30, 2008.

The notables include JP Morgan Chase, Bank of America, Citigroup, Wells Fargo, and Wachovia. Based on their stock market performance, a real group of winners, eh?

Now let's take a close look at Citigroup. On their latest quarterly (p4/33) as of September 30, 2008, they claim assets of $2,050 Billion. If my meager brain is reading the table properly, they only have cash and deposits of $113 Billion. Also, Citigroup lost almost $21 Billion in loans just for that quarter, and from the historical, this is only continuing to worsen. Then, as seen above, Citigroup holds $40,000 Billion in notional value in derivatives. Doesn't the latest bailout on November 24 for $20 billion capital injection and the $305-or-so billion guarantee for "toxic" assets now seem like a drop in the bucket?

[TIME FOR A LAUGH: Let's pause for a pat on my back as I successfully predicted the Citigroup bailout two weeks prior here "Bank and Credit Union 2008 Body Count at 32". Comedian George Carlin, now deceased, left us this explanation as to why the big banks would best treatment from our politicians while the rest of us suffer in his "THEY OWN YOU" speech. Contemporary Saturday Night Live carries on Carlin's tradition, to a lesser extent.]

In conclusion, I suspect this would look much the same for JP Morgan Chase and the rest of the banks on the list.  This, I submit to you, is a house of cards.  I believe Jim Rogers to be 100% correct in his analysis.

WHAT CAN YOU DO?

After all my research and in my last six bank closure articles, I no longer hesitate to hand out advice as since I've painted a bleak picture it's a little senseless to not share what I think are good ideas. Otherwise I would seem a bit like Chicken Little running around with his head cut off, so here you go! (Please remember I am certainly fallible.) Take a look and decide for yourself, I view my advice as fairly conservative.  Remember, this is not a time to be placid and just mull around, it is time to be realistic, do some research and take action if necessary. Please protect yourself and your family.

1. First know if your bank(s) or credit unions are FDIC/NCUA insured or not. Over the past 3 months, another 60 banks have lost their FDIC status. If not, get your money and close the account ASAP as it is a sign that the FDIC probably refused to insure it.  If yes, you can read the FDIC rules here, the NCUA rules here, and see if any of the exceptions or limits apply to your family.
2. Second, consider moving your money to multiple banks or credit unions in the event one would fail. This is called diversification of risk. At any bank, you can request their financial statement and check out the status of their loans and deposits. You can check the financial statement of all federal credit unions here. In general, credit unions will be safer than larger banks, mainly since its loans are limited to only the union members, but please be careful. Large banks like Bank of America, Wells Fargo, Citibank, Wachovia, etc. loan out to a wide range of borrowers (both individual and commercial), which are subject to failure due to the housing crisis.
3. Third, withdraw enough currency to cover expenses for AT LEAST 6 months. This is roughly the time necessary to make it through the winter, and survive any financial system fallout. I also urge you to decide for yourself whether just removing it ALL is prudent and necessary. My reasoning for this is that even if all of your money is "deposit insured," if the bank fails, there is no guarantee you will get your money immediately. It may take months. If you decide to do this, it is best to also request small bills ($20 or smaller) as if a crisis develops larger denominations some vendors may have issues with handling $50 or $100 bills. Instead of paper money, I advise taking out nickels as the worth of the metal (75% copper and 25% nickel) is worth pretty close to face value, where the paper money has no intrinsic value. It's also fairly amusing and trust me, it will take a thief quite a while to lug out several thousand dollars in nickels.
4. Educate yourself and others on economics and that once-boring subject of monetary policy. For what is coming, the most up-to-date thinking on an inflationary outcome is here from Eric Janszen of iTulip. Mish Shedlock, a well-respected analyst and economist, supports a temporary but severe deflationary outcome. I want to add that both gentlemen are well aware of, but do not chose not to address in their latest pieces, the monetary role of gold in their articles. That, I fear, is a mistake, so I recommend checking out GATA's work on manipulation of the gold market, and Dr. Antal Fekete's views here.  My personal outlook is a bit of a combination; in short, an inflationary tsunami on the way with deflationary riptides. Quite possibly hyperinflation as well, as I surmised here "Calling All Wheelbarrows: Hyperinflation in America? (Part 2/2)".
5. Try reading my Money Matrix series below. Decide for yourself what to do to protect your family's financial well-being. I also highly recommend the well-informed monetary policy articles from fellow Nolan Chart columnist Republicae. They take a little while to absorb and sometimes make my head hurt though :)
6. Take a solid look at changing your cash into physical gold and also silver. Some people will tell you this will make you rich as well; for gold I do not necessarily agree, but the idea is to survive and maintain purchasing power in case hyperinflation occurs. Most of the alarmists recommend holding 25-50% of your savings in gold. I also recommend holding physical silver, preferably in the form of "junk" silver or American Silver Eagles. Please do what you like after researching, but in my humble opinion holding none or <5% of your net assets in gold is not very intelligent. One article I wrote in September "Save Ron Paul's Voice - A Money Matrix Addendum" has a source list of goldbug' and silverbug' sites. Also try my recent series on gold backwardation and the gold/silver market manipulations here "More on Gold and Silver Backwardation and Manipulation (5/5)".  It is my researched understanding that the markets are manipulated, and as such the metal prices can fluctuate, even drop precipitously.  However, one troy ounce of gold today is still one troy ounce of gold tomorrow. A dollar bill is also a dollar bill the next day, but the purchasing power of the paper fluctuates madly, and its just a piece of paper that has no intrinsic worth.
7. If you decide to purchase gold and silver, visit a US Mint authorized dealer near you and buy Silver or Gold 1oz. American Eagles, or "junk" silver, aka "bag silver." Bag Silver' are 1964-and-earlier silver coins (Halves, Quarters, Dimes) that are 90% silver by mass. For the troy ounce (31.1 grams) they will be about the spot price of silver and so will be cheaper than Silver Eagles. (The easiest way to remember this is that $1 of Face Value = approx 0.725 TOz silver, but it is typically sold at 0.715 TOz to account for wear and tear.)
8. If you hold US Treasury debt in the form of saving bonds or Treasuries, cash them out for physical cash and coin.  Of course, it may be prudent to wait until a new tax year starts on January 1. 
9. Likewise, have a stock of nonperishable foods and even water. I recommend this for two reasons. 1) No Americans, including myself, fully appreciate the shocking, disorienting speed at which hyperinflation can hit. Unfortunately, our government has been priming the pump for exactly this to happen. (Remember I wrote this when they want to "save" us again.) and 2) Based on US and world food stock levels and the low prospects for increasing strength in the dollar, it makes financial sense to purchase now and hold for consumption in the future.
10. Exercise your Second Amendment privilege and peacefully bear arms.
11. Get to know your neighbors, and, if for some reason you haven't yet, your family. The more the merrier, there is still hope.  My hope is not a short-term one, it is long-term, for our children of today and to protect the lives of our parents.  Sorry, my version of hope is NOT to be confused with Obama's or Bill Clinton's version of "Hope."  
12. Last, spread the word.  For obvious reasons, you won't find this advice from the mainstream media.  Join organizations such as the Campaign for Liberty, End the FED, and Young Americans for Liberty.  My fellow Americans, prepare for the worst, but always struggle and hope for the best. 

THE BATTLE OF THERMOPYLAE

The gates of modern Thermopylae are not in Greece. Like the Spartans of yore that faced the Persian onslaught, modern central bankers are being assaulted by their own creation, fiat money. Like the slaves the Persians sent, the chained people of this earth are also falling in battle.  25,000 dead each day due to hunger and economic suppression when the War of Terror military funding could have fed, clothed, and sheltered each and every one. 7,328,200+ Americans are already imprisoned or on parole, many unjustly, by our "legal" system.  Every American who works has her/his wages stolen by the IRS to the tune of $1.2 Trillion in 2008.  (p35/342) Sure pales in comparison to the $8+ Trillion in bailouts, eh?  Many other Americans will struggle as well, but the end overall economic result is likely just a severe drop in living standards. However, in my final analysis and worldview, our world leaders are clearly embarking us on a path to  endless war, although this is most likely completely accidental. 

At any rate, the clueless or corrupt politicians in Washington have chosen their friends, the bankers. They have raided our treasure and given them to the corrupt banks while closing it to the auto industry, which at least employs blue-collared workers. [As a free market Austrian, I should add I am against all of these bailouts so far, and the US has not had free markets for at least 90 years. Sorry, corporate cronyism does not count as free market capitalism.] (Persian warrior photo from mshamma license)

At Thermopylae, the Greeks did win the battle. However, to a man, they were all annihilated.  May the same fate await the central bankers who have so abused the world for their own ends!  A final victory for honest money will one day arrive, despite the efforts of the sad command & control governments that rule this planet today.

END THE FED! For Honest Money and the Constitution! Restore the Republic!

Jake, the Champion of the Constitution                    [Reach the Author Here!]

www.CampaignForLiberty.com

www.YALiberty.org

 - Collective Soul, "Counting the Days"

"... A thousand lies,
And a good disguise.
Hit ‘em right between the eyes!
Hit ‘em right between the eyes!
When you walk away,
Nothing more to say.
See the lightning in your eyes!
See‘em running for their lives!
Now dance, ****er, dance!
He never had a chance!"

   - Offspring, "You're Going to Go Far, Kid"

"All Warfare is based on Deception." - Sun Tzu, The Art of War, circa 500 BC

"All eyes are opened, or opening, to the rights of man.  The general spread of the light of the science has already laid open to every view the palpable truth, that the mass of mankind has not been born with a saddle on their backs, not a favored few booted and spurred, ready to ride them legitimately... These are grounds of hope for others.  For ourselves, let the annual return of this day forever refresh our recollections of these rights, and an undiminished devotion to them... " 

- Thomas Jefferson, Letter to Roger C. Weightman, June 24, 1826.  These were the last words from his last letter.  Ten days later Jefferson died on the 50th anniversary of the signing of the Declaration of Independence.

___________________________________________________________________________

We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings in part or full of this article to your blog or anywhere else in order to promote the Restoration of our Republic.

Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.

As a disclaimer of sorts, I am a supporter of owning physical gold, physical silver, www.gata.org and www.goldmoney.com. Any investment or financial views expressed in the article are mine and mine alone, so make your own financial decisions by educating yourself. All I am doing is sharing my views to help you decide, even if its just to become aware that you do have a decision to make. You can even say its a charitable but naive act, given the historical tendency of the US government to oppress and steal. Any questions, feel free to email me. [Reach the Author Here!]

___________________________________________________________________________

 Nolan Chart Facebook Group Page Created

Summary of Articles for Jake, the Champion of the Constitution (12/03/2008)

 ___________________________________________________________________________

Recent Articles by the Author

Madoff Collapse Devastates Anti-Bush Lawyer
Published: December 14, 2008
Is an odd remark in the Madoff "giant Ponzi scheme" failure concerning Lawrence R. Velvel from Massachusetts School of Law a menacing "message" in disguise?

More on Gold and Silver Backwardation and Manipulation (5/5)
Published: December 14, 2008
"Gold going to permanent backwardation means that gold is no longer for sale at any price, whether it is quoted in dollars, yens, euros, or Swiss francs... To put it differently, all offers to sell gold are being withdrawn." - Dr. Antal Fekete

Fred Thompson Wishes You Some "Holiday Cheer!"
Published: December 10, 2008
Although I am no supporter of Fred Thompson, I applaud anyone who understands some basic principles of Austrian economics.

Ron Paul Is Wrong - George W. Bush Must Be Tried for MURDER!
Published: December 6, 2008
As much as I admire his ideas, sometimes Ron Paul disappoints me.

SPOOF: New Element Discovered in America!
Published: December 5, 2008
The heaviest element ever was discovered yesterday by Franklin Delano Mussolini Laboratories of Washington, DC. Read all about it!

Words of Advice for the next Secretary of State
Published: December 3, 2008
President-elect Barack Obama recently announced his pick for SecState: Senator Hillary Clinton. Here is some advice for her, from a former Secretary of State by the name of John Quincy Adams.

 ___________________________________________________________________________

The Money Matrix Series

America, Were Michael Phelps' Eight Olympic Gold Medals Worth Winning?
Published: August 24, 2008
Michael Phelps and other American athletes are bringing back loads of Gold, Silver, and Bronze Medals from the Beijing Olympics. A young libertarian economist asks if it was worth it.

The Money Matrix - Prelude (PART 1/15)
Published: August 1, 2008
Prelude and Source List to a Series on Global Monetary Policy of Control and Explaining Big Government's Finances

The Money Matrix - What is a Dollar Bill Worth? (PART 2/15)
Published: August 2, 2008
"Living so free is a tragedy when you can't see what you need to see!" - Powerman 5000 'Free'

The Money Matrix - What Makes Money Money? (PART 3/15)
Published: August 3, 2008
A quick history of money per Rothbard followed by the properties of money per Ron Paul

The Money Matrix - What is Honest Money? (PART 4/15)
Published: August 7, 2008
"If You Don't Know Who the Sucker Is, Then It's You!" The Money Matrix series rolls on by asking 'What are the Types of Money?' and 'What is the "Best" Currency and Why?'

The Money Matrix on the Grand Deception of Seigniorage (PART 5/15)
Published: August 24, 2008
"Do not give in to evil, but proceed ever more boldly against it." The Money Matrix explores Seigniorage as Legalized Silent Plunder with an introduction into medieval and modern banking.

The Money Matrix - How the FED Works (PART 6/15)
Published: November 17, 2008
A step-by-step explanation of how the Federal Reserve, America's Central Bank, can manipulate monetary policy.

The Money Matrix - What the Heck Are Derivatives? (PART 10/15)
Published: December 9, 2008
This article seeks to define financial derivatives and why they are so important. Future and spot market basics are also examined so the Reader understands how the price of gold and silver is determined.

A Money Matrix Addendum: Citigroup and GATA Call for an End to the Suppression of the Gold Market
Published: September 22, 2008
The Suppression of the Gold Market Goes Mainstream, Thanks to Citigroup. And a few interesting back-of-envelope calculations about where the price of gold could go.

Save Ron Paul's Voice - A Money Matrix Addendum
Published: September 28, 2008
Learn how by reading. Article is intended as a poke-in-the-eye for members of the Ron Paul Revolution who complain about the bailouts and the financial, banking, and housing crises and do not realize that they may in fact be hypocrites.

MY PROPHECY - The Federal Reserve Will End! A Money Matrix Addendum
Published: October 29, 2008
Many of the Prophecies of Ferdinand Lips from 2005 are becoming true. "Right now [the FED] is creating the biggest housing bubble in history. This may lead to economic collapse. I expect that a revolution will one day take place against the Fed. It must be abolished. After all, its founders were not that intelligent but rather stupid men. Or they were devils. It is a tragedy. Not only that: It is the biggest tragedy in world history, even worse than wars. Yes, worse than wars. It made most people poor. It damaged America. It caused wars and then helped to finance them."

__________________________________________________________ 

The "This is NOT the Socialist States of America!" Series (Banking, Housing, Financial Crisis)

Ron Paul Wastes Chance to Deliver KO Punch to FED
Published: November 20, 2008
Ron Paul failed to wipe the floor with Bernanke in the last Congressional Hearing. Here's why. Shift tactics next time!

END THE FED! Protest to take place on Saturday, 11/22/08
Published: November 16, 2008
"Scenes are now to take place as will open the eyes of credulity and of insanity itself, to the dangers of a paper medium abandoned to the discretion of avarice and of swindlers." -Thomas Jefferson to Thomas Cooper, 1814

Bank and Credit Union 2008 Body Count at 32
Published: November 9, 2008
"I believe that banking institutions are more dangerous to our liberties than standing armies." - Thomas Jefferson

Was the Paulson Plan a 'SHAM' of a 'SCAM'?
Published: November 4, 2008
Sure looks that way! Here's how We the People got shafted! And the FED hires Bear Stearns' ex-Chief of Risk to "assess the safety and soundness of domestic banking institutions"

Calling All Wheelbarrows: Hyperinflation in America? (Part 2/2)
Published: July 16, 2008
"Let it not be said that No One Cared, that No One Objected, once it is realized that our Liberties and our Wealth are in Jeopardy." - Dr. Ron Paul

 NY Times Reports the Banks Say They Will Hoard their Bailout Cash-Loot
Published: October 23, 2008
And how to strike back.

An Anti-Ron Paul Deflationary Economic Theory
Published: October 21, 2008
Can you prove me wrong? A simple idea about how the bailout could lead to a deflationary, rather than inflationary environment, proving Ron Paul dead wrong.

Henry Paulson - A Quick Look at the Man
Published: September 27, 2008
Everyone in the country is talking about the Paulson Plan, wherein one clause would make Paulson de-facto financial dictator of the United States, accountable to no one. The article is a summary of my brief investigation and asks for help in finding out WHO IS THIS GUY?

WaMu Gets the FDIC WHAM-O!
Published: September 26, 2008
The Seattle-based Washington Mutual Bank is shut down by the FDIC. The Raiders from the last Great Depression, JP Morgan, Strike Again. Have you protected yourself?

Yes, West Virginia, There is a Banking, Housing, and Financial Crisis - FDIC Closes Ameribank
Published: September 22, 2008
FDIC Closes Bank #12 for 2008, Ameribank, a Small WV Bank Gets the Axe. Have you protected your family? Learn how.

FDIC Closes the Silver State Bank in Nevada as a McCain Resigns in Disgrace
Published: September 7, 2008
Andrew McCain, son of John McCain, resigns from the board just before yet another small bank goes under. $20 million in uninsured deposits lost. And by the way, did you know the American banking system may crash? Learn how to protect yourself and your family.

©2008 Jake Towne, the Champion of the Constitution, all rights reserved. You must have written permission from the author in order to republish this work.
Published: Sunday, December 14, 2008
Last modified: Wednesday, December 31, 2008

The views expressed in this article are those of Jake Towne, the Champion of the Constitution only and do not represent the views of Nolan Chart, LLC or its affiliates. Jake Towne, the Champion of the Constitution is solely responsible for the contents of this article and is not an employee or otherwise affiliated with Nolan Chart, LLC in his/her role as a columnist.

Report violation by Jake Towne, the Champion of the Constitution of Nolan Chart LLC's terms of use policy.