re: Forget about the fiscal cliff...it's the iceberg, silly...
by Teresa Kuhn, JD, RFC, CSA
Bank on Yourself (R) Authorized Advisor
In a tour de force of non-creativity,the mainstream press has managed to do what it does so very well -it has beaten a dead horse of a cliche, in this instance, "fiscal cliff", so much that instead of whipping the masses into hand-wringing angst, it has induced one enormous collective yawn.
Every Barbie and Ken anchor person in the nation has been going on and on and on about the financial cliff so much that the American public has pretty much tuned it out in favor of updates on Lindsey Lohan's bar fights.
Unfortunately, this unsettling apathy has resulted in a lot of people ignoring other, potentially more deadly financial perils lurking just around the corner.
In January, over 1.6 TRILLION dollars becomes uninsured as special insurance provisions enacted in 2008 by the FDIC and extended by Dodd-Frank in 2010, are set to expire.
Some experts are forecasting a run on US banks at least equal to that experienced by Europe...perhaps even worse.
Check out these articles to learn why this financial iceberg, largely unnoticed by the general public, threatens to shake up the banking system in a powerful way that all Americans are sure to feel.
http://www.businessinsider.com/bofa-beware-the-16-trillion-deposit-insurance-cliff-2012-9
http://www.silverdoctors.com/us-bank-run-imminent-as-fdic-expanded-deposit-insurance-ends-dec-31st/
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