Page 29 - Know-So Money, Hope-So Money, Retirement Secrets Wall Street Doesn't Want You to Know

This confluence of events has never happened in the history of the
Legal Reserve System.

I promised proof at the beginning of this section that the Legal Reserve
System had a better track record than the FDIC.

Legal Reserve companies had their strongest showing of strength
during the Great Depression of 1929-1938 when some 9,000 banks

suspended operations while 99% of all fixed life insurance in force
continued unaffected.

Many people are not aware that it was not the government that bailed
out the banking industry during the Great Depression; it was the U.S.
insurance industry. Without it, we would never have pulled out of the

Great Depression with our financial system intact. People often
question this statement as it is not well publicized. Here are the facts.
According to the U.S. Department of Commerce, during the time of the
Great Depression the insurance industry pumped over $18 billion into
the nation’s economy. If you adjust the dollars based on percentage of

GDP, using the average GDP of the 10 years of the Great Depression,
that equates to around three to six trillion in today’s dollars! At the
same time its assets and ability to pay actually increased from:

1929………………………………$18,010,000,000

1934………………………………$23,334,308,702
Representing a gain of $324,308,702

The FDIC is a government agency tasked with insuring depositors
against the over-leveraging that is at the core operating principle of the
American banking system, and which caused the crash of the thirties
and later the 2000s. During the 30s the insurance industry rescued the
United States economy. During the crash of 2008 when hundreds of

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