The FDIC is no longer just an insurance agency, but the primary executor for the bail-in process
This however is no longer true, and in fact, the FDIC has taken on a much larger role. Back in 2012, the FDIC met with the Bank of England in a joint conference to hash out the framework for bail-in procedures should not only banks go insolvent, but also should there be a sovereign debt default in the wake of a financial collapse. And perhaps most importantly for the common man and individual, the FDIC now has the power to write down your account without ever having to compensate you through promised insurance as they were required by law prior to this conference, and the passage of Dodd-Frank.
In other words… any liability at the bank is in danger of being written-down should the bank fail. And guess what? Deposits are considered liabilities according to US Banking Law and depositors are creditors.
HSBC’s James Steel: Gold is a Highly Regarded Asset
HSBC’s James Steel says you need a tinge of caution in the market and that Gold is a highly regarded asset and performs very well when other things do not. He speaks with Tom Keene and Barry Ritholtz on Bloomberg Surveillance.
China Investors See Golden Op: Jewelry demand takes back seat to demand for Gold coins & bars as haven