FDIC: No Pot of Gold at the End of that Rainbow

Last month I intended to write this article about how great it is to start and end your day with a lovely Florida rainbow in the sky this time of year. Now that rainbow has been shattered by the truth that I discovered about our financial system. It is amazing what changes can come about in just a few weeks time.

A few days ago, I stood in line to make a deposit at the bank. I noticed on the counter, a sign I had always seen. It stated: FDIC- Backed by the full faith and credit of the United States government. This sign had always brought me comfort, made me feel safe, but today a feeling of unease crept up on me.

As you may know,from my previous article,I took a quick trip to Occupy Wall St. in New York a few weeks ago. Yes, I met a few kooks there, but anyone who expects a mass public gathering in New York City to be void of colorful characters does not know what NYC is all about. I waded through the outskirts and to the heart of the Occupy encampment. It was here that I gained a fresh perspective about the Federal Reserve. I learned about how it is set up more like a private corporation than any federal bureau. I learned how it makes it own policy with out any input form us as voters. That was news to me. My main purpose for going there was the involvement of corporations in our government and the NYPD abusing it’s authority by roughing up peaceful protesters.

I can understand that not every single American is going to be part of this movement. But, since you are already online, you should feel obligated to at least educate yourself. Do a quick internet search: Exxon Mobil,Bank of America,General Electric, Chevron and Boeing and their tax contribution. Here is what my own search yielded. Their combined profits $77.16 Billion in 2010. The income tax they paid that same year was $0.00. Meanwhile it has been reported by the New York Daily News, that a study estimated that illegal immigrants paid $11.2 billion in various taxes last year. How is that even possible? Undocumented people paying that much tax? But I also don’t know how it’s possible that huge companies like GE paid nothing.

Here is what that comfortable,familiar FDIC sign means to me now. “Backed by the full faith” Faith in what? A Federal system that is consistently responsible for writing failed policies that affect 99% of us? “Credit of the United States government” WHAT? You mean it’s not backed by gold or silver, but the credit in the failed system stated above. How much credit does a failing system have?

If that doesn’t shatter you rainbow, I don’t know what will.

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