The G20 Just Stole Your Bank AccountCan you find yourself in the picture?

THE MONEY IN YOUR BANK ACCOUNT WAS STOLEN THIS MORNING
16Nov, 2014
by Dave Hodges

The headline is not a mistake. Yes, you can still go to the ATM and withdraw funds. You can take small amounts of cash out of the bank without the IRS seizing everything you own. However, because of new rules that went into effect this morning, your bank deposits have no insurance and it is a matter of time until they are stolen right from under your nose.

With the G-20 summit coming up this weekend in Brisbane, Australia, it might be worth wondering if you can have too much money in the bank, or, whether you should any money in the bank at all!

As of this morning all nations belonging to the G20 will immediately submit and pass legislation that will fulfill a new investment program. This new program creates a whole new paradigm and set of rules whereby banks will no longer recognize your deposits as money.

Russell Napier is declaring November 16th as “the day money dies,” and this constitutes today’s  Zero Hedge’s headline. According to Zero Hedge, Napier says the G-20 will announce “that bank deposits are just part of commercial banks’capital structure, and also that they are far from the most senior portion of that structure.” Pay close attention America this means that following a bank failure, “a bank deposit is no longer money in the way a banknote is.”

This G20 legislation will formally push down bank accounts through the capital structure to a position of being mere material capital risk in any ‘failing’ institution. In our last financial crisis, deposits were de facto guaranteed by the state, but beginning November 16th holders of large-scale deposits will be just another creditor fighting to regain their share of the assets of a failed bank,” according to Zero Hedge. And how much will your former money be worth when you come to make your claim? For reasons that will become apparent as you weave your way through this article and its conclusions, if you have $100,000 in a bank account, you will take home under $1200!  This is why for the past 18 months I have been telling the nation to not deposit your paycheck into the bank. The prudent thing to do is to only put enough money in the bank to pay your basic bills and do other things with the remainder of the money, such as pay off your mortgage or pay off your car loans. If you have not been doing this, then you are almost out of time for the banksters have recently practiced how to steal your bank account.
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G-20 Major Economies

From Wikipedia, the free encyclopedia

The Group of Twenty Finance Ministers and Central Bank Governors (also known as the G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus theEuropean Union, which is represented by the President of the European Council and by the European Central Bank.[2] The G-20 heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies account for approximately 80 percent of the gross world product (GWP),[3] 80 percent of world trade (including EU intra-trade), and two-thirds of the world population.[2]

History 
The G-20, which superseded the G33 (which had itself superseded the G22), was foreshadowed at the Cologne Summit of the G7 in June 1999, but was only formally established at the G7 Finance Ministers' meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin. In 2008, Spain and the Netherlands were included, by French invitation, in the G-20 Leaders Summit on Financial Markets and the World Economy.

The theme of the 2006 G-20 meeting was "Building and Sustaining Prosperity". The issues discussed included domestic reforms to achieve "sustained growth", global energy and resource commodity markets, 'reform' of the World Bank and IMF, and the impact of demographic changes due to an aging population. Trevor A. Manuel, the South African Minister of Finance, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Brazil's Minister of Finance, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on 11 October 2008, US President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the burgeoning economic crisis of 2008. An initiative by French President Nicolas Sarkozy and British Prime Minister Gordon Brown led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy, on 15 November 2008.[10]

Despite lacking any formal ability to enforce rules, the G-20's prominent membership gives it a strong input on global policy. However, there remain disputes over the legitimacy of the G-20,[11] and criticisms of its organisation and the efficacy of its declarations.[12]


Summits
The G-20 Summit was created as a response both to the financial crisis of 2007–2010 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. The G-20 Summits of heads of state or government were held in addition to the G-20 Meetings of Finance Ministers and Central Bank Governors, who continued to meet to prepare the leaders' summit and implement their decisions. After the 2008 debut summit in Washington, D.C., G-20 leaders met twice a year in London and Pittsburgh in 2009, Toronto and Seoul in 2010.[13]

Since 2011, when France chaired and hosted the G-20, the summits have been held only once a year.[14] Mexico chaired and hosted the most recent leaders' summit in 2012.[15] Current summit is held in Russia; next in Australia in 2014[16] and Turkey in 2015.[17]

G-20 Leaders' Chair Rotation
To decide which nation gets to chair the G-20 leaders' meeting for a given year, all 19 nations are assigned to one of five different groupings. Each group holds a maximum of four nations. This system has been in place since 2010, when South Korea, which is in Group 5, held the G-20 chair. Mexico, the host of the 2012 summit, is in Group 3. In 2013, Russia, which is in Group 2, hosted the G-20 leaders' summit. Australia, the host of the 2014 G-20 summit, is in Group 1. The table below lists the nations' groupings:[25]

Organization
The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the Troika. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years. The current chair of the G-20 is Russia; the chair was handed over from Mexico after the June 2012 G-20 Summit.

Proposed permanent secretariat
In 2010, President of France Nicolas Sarkozy proposed the establishment of a permanent G-20 secretariat, similar to the United Nations. Seoul and Paris were suggested as possible locations for its headquarters.[26] China and Brazil supported the establishment of a secretariat, while Italy and Japan expressed opposition to the proposal.[26] South Korea proposed a "cyber secretariat" as an alternative.[26]

RegionMember Official title Head of government
Official title Finance minister Central bank governor Africa 

South Africa
President Jacob Zuma 
Minister of Finance Pravin Gordhan Gill Marcus Asia 

China
President Premier Xi JinpingLi Keqiang
Minister of Finance Lou JiweiZhou Xiaochuan Asia 

Japan
Prime Minister Shinzo Abe
Minister of Finance Taro Aso Haruhiko Kuroda Asia 

South Korea
PresidentPrime Minister Park Geun-hyeJung Hong-won
Minister of Strategy and Finance Hyun Oh-seokKim Choong-soo Asia 

India
Prime Minister Manmohan Singh
Minister of Finance P. Chidambaram Raghuram Rajan Asia 

Indonesia
President Susilo Bambang Yudhoyono
Minister of Finance Muhammad Chatib Basri Agus Martowardojo Asia 

Saudi Arabia
KingPrime Minister Abdullah of Saudi Arabia
Minister of Finance Ibrahim Abdulaziz Al-Assaf Fahad Almubarak Europe 

European Union
European Council President[28]Commission President[28]
Herman Van Rompuy José Manuel Durão Barroso

Commissioner for Economic and Monetary Affairs and the Euro Olli Rehn Mario Draghi Europe 

Germany
ChancellorAngela Merkel
Minister of Finance Wolfgang Schäuble Jens Weidmann Europe 

France
PresidentPrime Minister François Hollande Jean-Marc Ayrault
Minister of the Economy, Industry and Employment Pierre Moscovici Christian Noyer Europe 

United Kingdom
Prime Minister David Cameron 
Chancellor of the Exchequer George Osborne Mark Carney Europe 

Italy
Prime Minister Enrico Letta
Minister of Economy and Finance Fabrizio Saccomanni Ignazio Visco Europe and Asia 

Russia
PresidentPrime Minister Vladimir Putin Dmitry Medvedev
Minister of Finance Anton Siluanov Sergey Mikhaylovich Ignatyev Europe and Asia 

Turkey
Prime Minister Recep Tayyip Erdoğan
Minister of Finance Mehmet ŞimşekErdem Başçı North America 

United States
President Barack Obama
Secretary of the Treasury Jack Lew Ben Bernanke North America 

Canada
Prime Minister Stephen Harper 
Minister of Finance Jim Flaherty Stephen Poloz North America 

Mexico
President Enrique Peña Nieto 
Secretary of Finance Luis Videgaray Caso Agustín Carstens Oceania 

Australia
Prime Minister Tony Abbott
Treasurer Joe Hockey Glenn Stevens South America 

Brazil
President Dilma Rousseff
Minister of Finance Guido Mantega Alexandre Tombini South America 

Argentina
President Cristina Fernández de Kirchner
Minister of Economy Hernán Lorenzino Mercedes Marcó del Pont

In addition to these 20 members, several other international forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20.[2] These include the managing director and Chairman of the International Monetary Fund, the President of theWorld Bank, the International Monetary and Financial Committee and the Chairman of the Development Assistance Committee.

The G-20's membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]

“In a forum such as the G-20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part.”All 19 member nations are among the top 29 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2013.[29] Not represented by membership in the G-20 are Switzerland (ranked 20th by the IMF), Iran (21), Norway (23) and Taiwan(27), even though they rank higher than some members. Spain (13), the Netherlands (18), Sweden (22), Poland (24), Belgium (25) and Austria (28) are included only as part of the EU, and not independently.

When the countries' GDP is measured at purchasing power parity (PPP) rates,[30] all 19 members are among the top 25 in the world on April 2013, according to the IMF. Iran (17), Taiwan (20) and Thailand (24) are not G-20 members, while Spain (14), Poland (21) and the Netherlands (23) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, the Netherlands, Taiwan, and Poland appear above any G-20 member in both lists simultaneously.

Spain, being the 13th largest economy in the world and 5th in the European Union in terms of nominal GDP, is a "permanent guest" of the organization, although the Spanish government's policy is to not request official membership.[35][36] As such, a Spanish delegation has been invited to, and has attended, every G-20 heads of state summit since the G-20's inception.

Role of Asian countries
A 2011 report released by the Asian Development Bank predicted that large Asian economies such as China and India would play a more important role in global economic governance in the future. The report stated that the rise of emerging market economies heralded a new world order, in which the G-20 would become the global economic steering committee.[37]

The report furthermore noted that Asian countries had led the global recovery following the late-2000s recession. It predicted that the region would have a greater presence on the global stage, shaping the G-20 agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.[37]

Invitees
Typically, several countries that are not permanent members of the G-20 are extended invitations to participate in the summits. The invitees are chosen by the host country. For the 2010 summits, for example, both Canada and South Korea invited Ethiopia (chair of NEPAD), Malawi (chair of the African Union), Vietnam (chair of ASEAN), and Spain. Canada also invited the Netherlands, while South Korea invited Singapore. Both Canada and South Korea invited seven international organizations: the United Nations, the International Labour Organization, the World Bank, theInternational Monetary Fund, the Organisation for Economic Co-operation and Development, the World Trade Organization, and the Financial Stability Board.[38][39]

Exclusivity of membership
Although the G-20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system,"[40] its legitimacy has been challenged. With respect to the membership issue, U.S. President Barack Obama has noted the difficulty of pleasing everyone: "everybody wants the smallest possible group that includes them. So, if they're the 21st largest nation in the world, they want the G-21, and think it's highly unfair if they have been cut out."[41] A 2011 report for the Danish Institute for International Studies, entitled "The G-20 and Beyond: Towards Effective Global Economic Governance", criticised the G-20's exclusivity, highlighting in particular its under-representation of the African continent. Moreover, the report stated that the G-20's practice of inviting observers from non-member states is a mere "concession at the margins", and does not grant the organisation representational legitimacy.[42] However, Global Policy stated in 2011 that the G-20's exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become more inclusive.[43]

Norwegian perspective
In a 2010 interview with Der Spiegel,[6] Norwegian Foreign Minister Jonas Gahr Støre called the G-20 "one of the greatest setbacks since World War II." Although Norway is the seventh-largest contributor to international development programs in the United Nations,[44] it is not a member of the EU, and thus is not represented in the G-20 even indirectly.[6] Norway, like the other 170 nations not among the G-20, has little or no voice within the group. Støre characterized the G-20 as a "self-appointed group", arguing that it undermines the legitimacy of organizations set up in the aftermath of World War II, such as the IMF, World Bank and United Nations:

The G-20 is a self-appointed group. Its composition is determined by the major countries and powers. It may be more representative than the G-7 or the G-8, in which only the richest countries are represented, but it is still arbitrary. We no longer live in the 19th century, a time when the major powers met and redrew the map of the world. No one needs a new Congress of Vienna.
—Jonas Gahr Støre, 2010[6]

Global Governance Group (3G) response
According to Singapore's representative to the United Nations, UN members who are not G-20 members have responded to the G-20's exclusivity by either reacting with indifference, refusing to acknowledge the G-20's legitimacy, or accepting the G-20's status while hoping to "engage the G-20 as the latter continues to evolve so that [their] interests are taken on board."[45] Out of this latter group, Singapore has taken a leading role in organizing an informal "Global Governance Group" of 28 non-G-20 countries, seeking to collectively channel their views into the G-20 process more effectively.[46][47] Singapore's chairing of the Global Governance Group was cited as a rationale for inviting Singapore to the November 2010 G-20 summit in South Korea.[48]

Foreign Policy critiques
The American magazine Foreign Policy has published articles condemning the G-20, in terms of its principal function as an alternative to the supposedly exclusive G8. It questions the actions of some of the G-20 members, and advances the notion that some nations should not have membership in the first place. For example, it has suggested that Argentina should be formally replaced in the group by Spain, because Spain's economy is larger.[7] Furthermore, with the effects of the Great Recession still ongoing, the magazine has criticized the G-20's efforts to implement reforms of the world's financial institutions, branding such efforts as failed.[49]

On 14 June 2012, an essay published by the National Taxpayers Union was forwarded to Foreign Policy, espousing a critical view of the application of G-20 membership. The essay's authors, Alex Brill and James K. Glassman, used a numerical table with seven criteria to conclude that Indonesia, Argentina, Russia and Mexico do not qualify for G-20 membership, and that Switzerland, Singapore, Norway and Malaysia had overtaken some of the current members. However, the gap between current members Mexico and Russia and the lower-ranked entries in the authors' list (Malaysia and Saudi Arabia) was only slight. Thus, it was concluded that there is no obvious group of twenty nations that should be included in the G20, and that fair and transparent metrics are essential, as they justify the difficult decisions that will be required in order to differentiate among similarly situated countries.[50]

Wider concerns
The G-20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G-20 meetings are closed-door.[51] In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G-20. In such a council, members would be elected by the General Assembly based on their importance in the world economy, and the contribution they are willing to provide to world economic development.[52]

The cost and extent of summit-related security is often a contentious issue in the hosting country, and G-20 summits have attracted protesters from a variety of backgrounds, including information activists, nationalists, and opponents of Fractional Reserve Banking and crony capitalism. In 2010, the Toronto G-20 summit sparked mass protests and rioting, leading to the largest mass arrest in Canadian history.[8]