I keep screaming like a loon in the wilderness that the fiction that you have control over your money is just that….a fiction.
When the banks decide you can’t play with your Monopoly Money anymore, they’ll just shut the doors, turn off the computers and tell you it’s not yours anymore.
And what are you going to do about it? Who are you gonna call? The cops? The Attorney General? The President?
HA HA.
Remember, “your” money is not your money at all. It’s owned by The Fed. It’s owned by the banks. It’s theirs…and they’ll do with it whatever they damn well please, especially when the time comes.
This is outrageous. Even more bizarre, the practice may actually be lawful, according to this story in Forbes. Another example of wrongdoing written into the law. https://www.forbes.com/sites/robertlenzner/2011/11/08/mf-global-used-customer-funds-in-the-losing-6-3-billion-trade-without-informing-clients/
Robert Lenzner of Forbes:
“After an intense day of investigation, I have just discovered that a CFTC rule(1.29) allowed Jon Corzine’s MF Global to use the margin and cash in customers heretofore segregated accounts to amass a risky $6.3 billion investment in European sovereign debt that backfired. Nor did Corzine have the obligation to inform any of these customers he was gambling with their money. Or that he was intending to keep all the profits for himself and his troubled firm. Nothing for the customers.”
“The language of Rule1.29 allows “The investment of customer funds in instruments described in 1.29 shall not prevent the futures commission merchant (MF Global) or clearing organization so investing such funds and retaining as its own any increment or interest resulting therefrom.” Increment refers to any trading profits or gains.”