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yesterday I was telling you about bail-ins it's where big banks take your money out of your checking account in order to bail themselves out because the government isn't going to anymore and I said you know this is the law in Europe starting January 1st well it turns out it's been a law in the United States since 2014 in the European Union the way baylin's work is that if you have over a hundred thousand euros deposited in the bank the bank can simply go in and take your money and say we're going to apply this to our debts here in the United States if you deposit money with a bank the bank actually technically owes you that money you have given your money to the bank and essentially they have given you an IOU which is your bank statement now if the bank becomes insolvent that Bank owes a whole bunch of people different you know different people money and with the big five or six banks with the really large banks they owe trillions of dollars trillion is a thousand billion trillions of dollars or they could owe trillions of dollars on the on the derivatives that they're sitting on and so if those goes south those people get paid back before you and I do quoting this former hedge fund manager Shah Geelani he says you're deposited cash is an unsecured debt obligation of your bank it owes you that money back if you bank with one of the country's biggest banks who collectively have trillions of dollars of derivatives they hold off-balance-sheet meaning those debts aren't recorded on the bank's GAAP balance sheets those debt bets have a superior legal standing to your deposits and get paid back before you get any of your cash the big banks got that language inserted into the 2010 big dodd-frank law meant to rein in dangerous bank behavior and then Ellen Ellen Brown writes dodd-frank states and its preamble that it will protect the American taxpayer by ending bailouts but it does this under title 2 by imposing the losses of insolvent financial companies on their common and preferred stockholders debt holders and other unsecured creditors that includes depositors the largest class of unsecured creditor of any bank so what they can do apparently if I'm if I'm reading this right is that the bank can convert your deposit which is now an IOU into stock in the bank basically so instead of being a deposit holder you become a stockholder and then you know when the stock of the Bank crashes you know you take the you take you take the bath - I guess hello out there this is James Anderson and welcome to the six precious metals market update from sd bullion we'll get back to bank bailing news and how it intertwines with this week's biggest financial news as well after this brief precious metals market update given this week's newsworthy events...