Economic Collapse

The FDIC stands for ”Federal Deposit Insurance Corporation” and is the United States government corporation in charge of deposit insurance. If you have your money in the bank and your bank fail, the FDIC insures that you get your money back. There are equivalents to the FDIC in almost all countries at least in the western world.

“The Federal Deposit Insurance Corp. proposed asking banks to prepay three years of premiums to replenish reserves dented by a rash of bank failures that the agency said will cost $100 billion through 2013.
The insurance fund will run a deficit as of tomorrow after 120 banks failed in the past two years, the agency said today.”
- Bloomberg.com

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“A cynic is a man who knows the price of everything but the value of nothing.”
- Oscar Wilde

“Economy is the basis of society. When the economy is stable, society develops. The ideal economy combines the spiritual and the material, and the best commodities to trade in are sincerity and love.”
- Morihei Ueshiba (Founder of Aikido)

“The Government should create, issue, and circulate all the currency and credits needed to satisfy the spending power of the Government and the buying power of consumers. By the adoption of these principles, the taxpayers will be saved immense sums of interest. Money will cease to be master and become the servant of humanity.”
- President Abraham Lincoln

“No nation was ever ruined by trade.”
- President Benjamin Franklin

“Never spend your money before you have earned it.”
- President Thomas Jefferson

“I see in the near future a crisis approaching that unnerves me and causes me to tremble for the safety of my country. Corporations have been enthroned, an era of corruption in high places will follow, and the money-power of the country will endeavour to prolong it’s reign by working upon the prejudices of the people until the wealth is aggregated in a few hands and the Republic is destroyed.”
– President Abraham Lincoln

“The first panacea for a mismanaged nation is inflation of the currency; the second is war. Both bring a temporary prosperity; both bring a permanent ruin. But both are the refuge of political and economic opportunists.”
- Ernest Hemingway

“It isn’t the sum you get, it’s how much you can buy with it, that’s the important thing; and it’s that that tells whether your wages are high in fact or only high in name.”
- Mark Twain (A Connecticut Yankee in King Arthur’s Court)

“Banking establishments are more dangerous than standing armies.”
- President Thomas Jefferson