All Debt To Be Erased Within The Next Few Months

by Gregg Prescott, M.S.

Right on schedule, banking systems are collapsing and will result in the elimination of all debt, according to Bix Weir, who has 30 years experience in the financial industry with various fortune 500 companies.

As mentioned numerous times on In5D,  we are currently under the energies of Pluto In Capricorn, which will continue to bring an end to all sources of control and manipulation, including the banking systems, governments and religion. Pluto entered Capricorn in 2008 and, right on schedule, we saw the collapse of hundreds of banks.

For those who question the power of how astrological alignments dictate what is happening right now, look no further than the last time when Pluto was in Capricorn.  During that time period, we saw both the French and American Revolutions.  If you look around the world, there are revolutions either currently going on or are about to explode, so it is NOT a coincidence that we are seeing this happen once again.

“We are at a point in our system and in the manipulation where there are people within the Fed, and within our government, who are ready to pull the plug on the game and basically crash the system,” stated Weir.

Many people will question whether this is a controlled demolition of the financial system in order to implement a one world currency, which is a valid concern, but the current financial system based on fiat currency cannot sustain itself as it creates money out of thin air and charges interest on it.  In other words, it is going to collapse whether you want it to or not.  The most important issue is deciding what form of currency will be its replacement and if there is any assurance of whether this new system will inevitably collapse as well.

Right now in the United States, the U.S. debt is more than all of the money on the planet so it is impossible to repay.  The only other solution is to eliminate all debt and create a new asset based currency that does not rely on creating money out of thin air.

During the last bailout in 2008 after the housing boom, we saw a huge derivatives explosion which is due to crash the system in a few months. Derivatives are basically when a bank sells the obligation of the mortgage holder to another company and in essence, bets on the failure of the homeowner to fall into foreclosure. There is no way the Fed can bailout the trillions of dollars in derivatives so the only other option will be to eliminate all debt and create an asset based currency.

The Fed still continues to pump fiat currency into a rising stock market that should have begun collapsing in 2008, create a false sense of security for those who have stocks.  This too, will collapse.

Will this happen in other countries as well?

Once the big banks fall in the United States, all other banks will follow.  Weir stated, “If you take down the banks, you take down every individual checking, savings, 401K (etc…).  Everyone holds their money in banks, even the brokerage houses.  The derivative situation is such a mess that once a couple of those big banks go (under), every other counter party will fall, too.  So you’re looking at a complete wipeout of all debts in all banks.”

Greg Hunter added that we have $10.8 trillion in deposits with (only) $33 billion in the FDIC deposit insurance fund and a line of credit worth $100 billion in the Treasury.  In other words, there isn’t anywhere near enough money to back all of the depositors.  Weir added that the FDIC also insures all of the derivatives for JP Morgan and the Bank of America for hundreds of trillions of dollars.

What will happen to any money we have in the bank?

Weir mentioned an example where a person might have $10,000 in the bank along with $200-300,00 mortgage IOU’s.  In this situation, the person would lose the money in their account, but would not have to pay off the mortgage to his or her home.

Weir added, “The people who will lose out the most are those people who are completely out of debt with a savings account in a bank that they thought was AAA rated.”

When will this happen?

According to Weis, the collapse should happen anytime from August to October of this year.

Will Federal Reserve notes be honored until the new currency arrives?

According to Weir, he believes that this would be a good plan but it would only work for those who have physical Federal Reserve notes versus having money in the bank, “at least for a little while.”

Gold and silver

Hunter added to be sure to buy rolls of quarters and half dollars because they are printed by the Treasury and not the Federal Reserve.

As his number one investment, Weir recommended to buy pre-1965 silver coins because “everybody will be scrambling for gold and silver.  It would be the last theoretical form of money that people have.  People are starting to wake up now and when they can’t get money out of their bank that defaulted, that’s when you’re really going to se people scrambling for physical gold and silver in your possession.”

The moment the banks are no longer manipulating the gold and silver market is the moment that these metals go “limit up.  You will not really know the price of silver and gold for a while because it’s the anti-dollar.”

Redistribution and reallocation of money

The US Dollar is the longest lasting currency that is not backed by assets and history will dictate, every previous currency that was not backed by assets has collapsed.

In the United States, people will receive new currency based on how much money they paid into Social Security, where those who worked the hardest and paid into Social Security while those who are young and working will get more as they work more.

At this time, it is unclear how other countries will allocate and redistribute money.

The elimination of debt should create numerous immediate benefits, such as the significant lowering of rent due to the owner no longer having debt on his building, house or apartment along with a lower cost of goods and services for the same reason.  In other words, prices for everything will drop significantly from what we are paying today.

According to Weir, it might take “a few weeks to reallocate money” so there might be a transition period where grocery stores and other businesses may temporarily close.  You want to be sure to have enough food and water stored up to cover you and your family for up to several months.

“The government knows that this is going down quickly.  These banks cannot survive much longer.  They are literally on their knees and the main stream media is not going to tell you about it, but in the financial world, we all know about it.”

Whether or not the banking collapse happens between now and October remains to be seen.  What we already know is that our current system is unsustainable and its collapse it’s inevitable.  It’s only a matter of time.

from:    http://in5d.com/all-debts-to-be-erased.html