First, let’s look at “regular” checking account…the kind you get when you unsuspectingly go into a bank and ask to open a checking account.
If you have a checking account that gains interest, your account will automatically, by default, be backed by the Federal Reserve. There is one more thing you need to consider here. The bank will, more than likely, tell you that all of their checking accounts are “non-interest-bearing”. What they don’t tell you is that these accounts CAN be switched over to an interest-bearing account. This is the “danger”! This type of account does NOT fall under the protection of the Dodd-Frank Act.
From the education we have been receiving, it seems the Federal Reserve will become an entity of the past. When this happens, it is thought this is the same time the USD will (or may) devalue or depreciate. Since your funds are backed by the Federal Reserve, your funds will depreciate.
Now, let’s look at what will happen when you have your account protected by a Dodd-Frank account.
The checking accounts backed by the Dodd-Frank Act will automatically default under the US Treasury Department. We are hearing the US Treasury currency will be asset backed. These assets may be gold, silver, agriculture, minerals, oil, etc. If the dollar backed by the Federal Reserve devalues, the funds backed by the US Treasury (Dodd-Frank Act) will be unaffected because they will be backed by real currency with a value. Your currency will retain the original value!
Please, if you have questions, list them in the comment section. You should feel comfortable in your knowledge since it appears we are educating our bankers.
thinking beyond consciousness 