{"id":47703,"date":"2019-08-07T21:33:46","date_gmt":"2019-08-08T02:33:46","guid":{"rendered":"https:\/\/olduvai.ca\/?p=47703"},"modified":"2019-08-07T21:36:29","modified_gmt":"2019-08-08T02:36:29","slug":"will-they-take-all-your-money","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=47703","title":{"rendered":"Will They Take All Your Money?"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/internationalman.com\/articles\/will-they-take-all-your-money\/\">Will They Take All Your Money?<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/internationalman.com\/wp-content\/uploads\/2019\/07\/monopoly_man_brokegd.jpg\" alt=\"money\"\/><\/figure>\n\n\n\n<p>Why not? It\u2019s not yours.<\/p>\n\n\n\n<p>Most people assume that, if they have money on deposit in a bank, they own that money. That\u2019s not necessarily the case. Decades ago, some of the world\u2019s most powerful countries began to pass legislation that, if you deposit money in the bank, it becomes the property of the bank. In those countries, if you open a&nbsp;<em>bank<\/em>&nbsp;account and make a&nbsp;<em>deposit<\/em><strong>,<\/strong>&nbsp;you sign off legal title to that&nbsp;<em>cash. I<\/em>t becomes an asset of the&nbsp;<em>bank<\/em><strong>.<\/strong><\/p>\n\n\n\n<p>The reason they got away with this obvious \u201ctheft through legislation\u201d was that the banks were required to henceforth regard your deposit as a debt in your favour. So, technically, you were still owed the money as a bank liability, even though it was no longer truly yours.<\/p>\n\n\n\n<p>On the surface, the change of ownership may seem to be a moot point, as, surely any bank would allow you to withdraw whatever you have deposited, or there would be a run on the bank and the bank would fail.<\/p>\n\n\n\n<p>Well, that\u2019s a definite \u201cmaybe.\u201d<\/p>\n\n\n\n<p>What if there were a financial crisis, such as in Greece, where an anticipated run on the banks was circumvented by freezing all accounts, then partially reopening them? If that were the case, the bank in question could allow small amounts of cash to be withdrawn by its depositors each week or each month until the crisis had been safely averted.<\/p>\n\n\n\n<p>Surely, that would be a good thing to do, yes?<\/p>\n\n\n\n<p>Well, there might be a problem there. It\u2019s just possible that the bank would decide that it was enjoying the revised relationship, that it would like to continue to take in deposits the normal way but only pay out \u201callowances\u201d to depositors as it saw fit.<\/p>\n\n\n\n<p>&nbsp;\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Will They Take All Your Money? Why not? It\u2019s not yours. Most people assume that, if they have money on deposit in a bank, they own that money. That\u2019s not necessarily the case. Decades ago, some of the world\u2019s most powerful countries began to pass legislation that, if you deposit money in the bank, it [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,6],"tags":[195,11658,536],"class_list":["post-47703","post","type-post","status-publish","format-standard","hentry","category-economics","category-liberty","tag-debt","tag-jeff-thomas","tag-money"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47703","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=47703"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47703\/revisions"}],"predecessor-version":[{"id":47705,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/47703\/revisions\/47705"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=47703"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=47703"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=47703"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}