"Although few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put in the bank. Our money becomes the bank’s, and we become unsecured creditors holding IOUs or promises to pay. (See here and here.) But until now the bank has been obligated to pay the money back on demand in the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into “bank equity.” The bank will get the money and we will get stock in the bank."
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It Can Happen Here: The Bank Confiscation Scheme for US and UK Depositors | Ellen Brown
www.globalresearch.ca
A joint paper by the US FDIC and the Bank of England dated December 2012 shows these plans have been long in the making, and that the result will be to deliver clear title to the banks of depositor funds.