US Debt Has Exploded - page 2. | Bitcointalksearch.org

youdamushi

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Quote from: xhomerx10 on February 19, 2016, 04:41:56 PM

Quote from: youdamushi on February 19, 2016, 03:11:55 PM

Quote from: xhomerx10 on February 19, 2016, 10:41:14 AM

Quote from: youdamushi on February 19, 2016, 10:11:39 AM

Quote from: xhomerx10 on February 19, 2016, 09:58:01 AM

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

That means nothing. What's insured is indeed any account under 100k€, but it's insured by a fund having around 0.8% of the bank funds and only in 2024 not right now!
"The Deposit Insurance Fund would be equivalent to 0.8% of the covered deposits of all banks in the Banking Union by 2024."
http://europa.eu/rapid/press-release_MEMO-15-6153_fr.htm

This is no FUD man, if one small bank sinks no problem normally, the money should be found. But you gotta have only one and not too big.

So it's sUpErFuD? What are we talking about then, full scale global economic collapse or just the collapse of the European Union?
This is deposit insurance. The failed bank will be taken over and it's assets liquidated. What insurance scheme anywhere has to fund 100% of ALL potential liabilities? None; nowhere and neither is it necessary.

NB. I'm not an actuary but I slept at a Holiday Inn Express last month.

Lol! There is a difference in saying it's 100% insured (which is hard I agree) and say that it's 0.8% insured!!!

I don't really call that insurance! Would you say your house is correctly insured if I promise you to repay you 0.8% of its value if it burns down?

I don't really see the FUD here...

It IS 100% insured up to 100,000 euros payable in 20 days. The 0.8% is the amount the insurer must have on-hand in reserve.
Your scenario would have every house insured by my insurer burn down on the same day. The only way that's going to happen is some sort of cosmic event or "act of god" - in this case, my insurance policy would be nullified as it doesn't cover era-ending asteroids or world war.

And how will they get the 99.2% in 20 days please? --'

voztata

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Quote from: bitgolden on February 20, 2016, 05:57:06 AM

I don't agree that the taxes are not enough to pay the debit as US is always known for their financial status. Even increasing taxes is not a long term solution as it will indirectly affect people financially.

I guess they will not bother this. If USA really in a debt, there can not be issues for the citizens as the Government know how to settle their dues by increasing the taxes of the companies rather than the citizens. They never care about future consequences and about people too.

bitgolden

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I don't agree that the taxes are not enough to pay the debit as US is always known for their financial status. Even increasing taxes is not a long term solution as it will indirectly affect people financially.

Barnabe

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Quote from: eon89 on February 19, 2016, 09:39:27 PM

Well you should always read or have a lawyer read the small print for you. You never know what loophole they're hiding just on front of your eyes.

Yeah but if you hire a lawyer you'll have to pay him the equivalent to the potential losses Grin

When the system is rotten you have no choice but to take part on it ...

eon89

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Well you should always read or have a lawyer read the small print for you. You never know what loophole they're hiding just on front of your eyes.

BTCGolddigger

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Quote from: Barnabe on February 19, 2016, 04:50:00 PM

Quote from: xhomerx10 on February 19, 2016, 04:41:56 PM

The only way that's going to happen is some sort of cosmic event or "act of god" - in this case, my insurance policy would be nullified as it doesn't cover era-ending asteroids or world war.

Damn insurers ! Always trying to find loopholes to avoid paying back what they owe ! Cheesy

All the time. There should be laws about the Loopholes or we have to fight back. We have paid are money to the insurers and many people get burn in the outcome.

Barnabe

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Quote from: xhomerx10 on February 19, 2016, 04:41:56 PM

The only way that's going to happen is some sort of cosmic event or "act of god" - in this case, my insurance policy would be nullified as it doesn't cover era-ending asteroids or world war.

Damn insurers ! Always trying to find loopholes to avoid paying back what they owe ! Cheesy

xhomerx10

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Quote from: youdamushi on February 19, 2016, 03:11:55 PM

Quote from: xhomerx10 on February 19, 2016, 10:41:14 AM

Quote from: youdamushi on February 19, 2016, 10:11:39 AM

Quote from: xhomerx10 on February 19, 2016, 09:58:01 AM

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

That means nothing. What's insured is indeed any account under 100k€, but it's insured by a fund having around 0.8% of the bank funds and only in 2024 not right now!
"The Deposit Insurance Fund would be equivalent to 0.8% of the covered deposits of all banks in the Banking Union by 2024."
http://europa.eu/rapid/press-release_MEMO-15-6153_fr.htm

This is no FUD man, if one small bank sinks no problem normally, the money should be found. But you gotta have only one and not too big.

So it's sUpErFuD? What are we talking about then, full scale global economic collapse or just the collapse of the European Union?
This is deposit insurance. The failed bank will be taken over and it's assets liquidated. What insurance scheme anywhere has to fund 100% of ALL potential liabilities? None; nowhere and neither is it necessary.

NB. I'm not an actuary but I slept at a Holiday Inn Express last month.

Lol! There is a difference in saying it's 100% insured (which is hard I agree) and say that it's 0.8% insured!!!

I don't really call that insurance! Would you say your house is correctly insured if I promise you to repay you 0.8% of its value if it burns down?

I don't really see the FUD here...

It IS 100% insured up to 100,000 euros payable in 20 days. The 0.8% is the amount the insurer must have on-hand in reserve.
Your scenario would have every house insured by my insurer burn down on the same day. The only way that's going to happen is some sort of cosmic event or "act of god" - in this case, my insurance policy would be nullified as it doesn't cover era-ending asteroids or world war.

xhomerx10

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Let me tell you with 100% certainty that very few Europeans have current accounts with €100,000 in them.
You are confusing total wealth with bank deposits. People have money tied up in their home and other investments, savings accounts are not for holding all of your assets especially with interest rates being at all time lows. There would be no need for such a huge sum were all of the banks in the EU to suddenly fail. I don't know the exact figure today but in 2010, the average EU person's bank account was around €6800

Quote from: tyz on February 19, 2016, 03:31:14 PM

Sorry to disappoint you, this is a promise the EU and your country could not hold when it comes to extreme.
100k € times 500 million people are 500,000,000,000,000 € (in words 500 trillion).

Quote from: xhomerx10 on February 18, 2016, 01:17:18 PM

Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

Not in my country, friend! Our deposits are insured. I get my money back if bank closes. 100% coverage up to 100k.

tyz

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Brazil already suffers under extreme pensions because the natural resource prices dropped by 80%.
http://www.nytimes.com/2015/10/21/world/americas/brazil-pension-crisis-mounts-as-more-retire-earlier-then-pass-benefits-on.html?_r=0

Same to the industrial countries in some years, but the party goes on as long as is too late.

Quote from: Pitchblackroom on February 18, 2016, 04:20:52 PM

To be honest it is getting worse with more people retiring, social security payments are going through the roof and honestly it isn't obtainable.

youdamushi

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Quote from: tyz on February 19, 2016, 03:31:14 PM

Sorry to disappoint you, this is a promise the EU and your country could not hold when it comes to extreme.
100k € times 500 million people are 500,000,000,000,000 € (in words 500 trillion).

Of course! He just doesn't want to understand it. This amount is insured by 0.8%, which means if you own 10 000€ they will repay you... 80€... Cool no?

tyz

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Sorry to disappoint you, this is a promise the EU and your country could not hold when it comes to extreme.
100k € times 500 million people are 500,000,000,000,000 € (in words 500 trillion).

Quote from: xhomerx10 on February 18, 2016, 01:17:18 PM

Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

Not in my country, friend! Our deposits are insured. I get my money back if bank closes. 100% coverage up to 100k.

youdamushi

sr. member

Activity: 392

Merit: 250

Quote from: xhomerx10 on February 19, 2016, 10:41:14 AM

Quote from: youdamushi on February 19, 2016, 10:11:39 AM

Quote from: xhomerx10 on February 19, 2016, 09:58:01 AM

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

That means nothing. What's insured is indeed any account under 100k€, but it's insured by a fund having around 0.8% of the bank funds and only in 2024 not right now!
"The Deposit Insurance Fund would be equivalent to 0.8% of the covered deposits of all banks in the Banking Union by 2024."
http://europa.eu/rapid/press-release_MEMO-15-6153_fr.htm

This is no FUD man, if one small bank sinks no problem normally, the money should be found. But you gotta have only one and not too big.

So it's sUpErFuD? What are we talking about then, full scale global economic collapse or just the collapse of the European Union?
This is deposit insurance. The failed bank will be taken over and it's assets liquidated. What insurance scheme anywhere has to fund 100% of ALL potential liabilities? None; nowhere and neither is it necessary.

NB. I'm not an actuary but I slept at a Holiday Inn Express last month.

Lol! There is a difference in saying it's 100% insured (which is hard I agree) and say that it's 0.8% insured!!!

I don't really call that insurance! Would you say your house is correctly insured if I promise you to repay you 0.8% of its value if it burns down?

I don't really see the FUD here...

xhomerx10

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Activity: 3808

Merit: 7912

Quote from: youdamushi on February 19, 2016, 10:11:39 AM

Quote from: xhomerx10 on February 19, 2016, 09:58:01 AM

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

That means nothing. What's insured is indeed any account under 100k€, but it's insured by a fund having around 0.8% of the bank funds and only in 2024 not right now!
"The Deposit Insurance Fund would be equivalent to 0.8% of the covered deposits of all banks in the Banking Union by 2024."
http://europa.eu/rapid/press-release_MEMO-15-6153_fr.htm

This is no FUD man, if one small bank sinks no problem normally, the money should be found. But you gotta have only one and not too big.

So it's sUpErFuD? What are we talking about then, full scale global economic collapse or just the collapse of the European Union?
This is deposit insurance. The failed bank will be taken over and it's assets liquidated. What insurance scheme anywhere has to fund 100% of ALL potential liabilities? None; nowhere and neither is it necessary.

NB. I'm not an actuary but I slept at a Holiday Inn Express last month.

youdamushi

sr. member

Activity: 392

Merit: 250

Quote from: xhomerx10 on February 19, 2016, 09:58:01 AM

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

That means nothing. What's insured is indeed any account under 100k€, but it's insured by a fund having around 0.8% of the bank funds and only in 2024 not right now!
"The Deposit Insurance Fund would be equivalent to 0.8% of the covered deposits of all banks in the Banking Union by 2024."
http://europa.eu/rapid/press-release_MEMO-15-6153_fr.htm

This is no FUD man, if one small bank sinks no problem normally, the money should be found. But you gotta have only one and not too big.

xhomerx10

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Activity: 3808

Merit: 7912

Quote from: yugo23 on February 19, 2016, 08:50:14 AM

Quote from: Supercrypt on February 19, 2016, 03:32:37 AM

Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

What are you talking? If we earn the money, we don't have any right on it? Also, whether private or public banks shut down, the customers get their money back and only lose the interest. Even if any bank is in complete debt, it's possible to recover the money from the Reserve Bank and they decide whom they should pay and whom they cannot.

Absolutely not. What you "have" in bank is only a debt and nothing more. If the bank crashes you get nothing...

You're simply wrong. Stop spreading FuD.

The EU sets requirements that insured deposits must be accessible for depositors within a specified time frame. Under EU rules, payout deadlines must be gradually reduced from 20 working days presently, to 7 working days as of January 1, 2024. The insured amount is currently €100,000.

In the USA, no depositor has ever lost a penny of insured deposits since the FDIC was created in 1933.

Many countries have deposit insurance schemes. Look it up man!

yugo23

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Quote from: Supercrypt on February 19, 2016, 03:32:37 AM

Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

What are you talking? If we earn the money, we don't have any right on it? Also, whether private or public banks shut down, the customers get their money back and only lose the interest. Even if any bank is in complete debt, it's possible to recover the money from the Reserve Bank and they decide whom they should pay and whom they cannot.

Absolutely not. What you "have" in bank is only a debt and nothing more. If the bank crashes you get nothing...

Supercrypt

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Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

What are you talking? If we earn the money, we don't have any right on it? Also, whether private or public banks shut down, the customers get their money back and only lose the interest. Even if any bank is in complete debt, it's possible to recover the money from the Reserve Bank and they decide whom they should pay and whom they cannot.

Pitchblackroom

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To be honest it is getting worse with more people retiring, social security payments are going through the roof and honestly it isn't obtainable.

xhomerx10

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Quote from: Laosai on February 18, 2016, 02:33:49 PM

Quote from: xhomerx10 on February 18, 2016, 02:21:19 PM

Quote from: mOgliE on February 18, 2016, 01:22:10 PM

Quote from: xhomerx10 on February 18, 2016, 01:17:18 PM

Quote from: yugo23 on February 18, 2016, 03:56:48 AM

Quote from: romero121 on February 18, 2016, 12:51:20 AM

People have right on their money. Still due to the economic system followed over the past people have money and certain value assigned for money. So certain changes need to be done in economic system.

People think they have right on their money.
Whereas in reality they have right on nothing as they don't own money. Banks own money and people have bank credit that's all. If a bank closes you lose all your money.

Not in my country, friend! Our deposits are insured. I get my money back if bank closes. 100% coverage up to 100k.

Well I don't know where you are, Iceland maybe? Switzerland?

...or the United States, Canada, Mexico, Saint Vincent, Caiman Islands, Argentina, Chile, Brazil, Uruguay, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, United Kingdom, Belarus, Latvia, Norway, Russia, Switzerland, Turkey, India, Hong Kong, Malaysia, Thailand, Japan...

Deposit insurance, whether explicit or implicit, exists in effectively all countries that have a banking system though all might not cover 100% and limits will vary.

Hmm... Not if the banks go bankrupt no... Tell that to the Greeks!
It's not possible for the sole reason that banks actually own only 5% of the money they owe you so...

Hopefully I don't have to tell the Greeks because have read their own banking rules and regulations and don't have more than 100k on deposit per account because if they do, they could take a haircut on anything over 100k (they call that a bail-in). They are insured to 100k and no, the banks don't have that amount to give everyone at once which is why they instituted bank holidays and daily withdrawal limits (also in the fine print).

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