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The Wall Street Ticking Time Bomb That Could Blow Up Your Bank Account

http://www.alternet.org/economy/wall-street-ticking-time-bomb-could-blow-your-bank-account

Derivatives turn the financial system into a casino. And the House always wins.

Cyprus-style confiscation of depositor funds has been called the “new normal.”  Bail-in policies are appearing in multiple countries directing failing TBTF banks to convert the funds of “unsecured creditors” into capital; and those creditors, it turns out, include ordinary depositors. Even “secured” creditors, including state and local governments, may be at risk.  Derivatives have “super-priority” status in bankruptcy, and Dodd Frank precludes further taxpayer bailouts. In a big derivatives bust, there may be no col...