I ran into a similar problem about a month ago, with multiple modules, not just the announcements.  I had two accounts that whenever they were logged in everything was blank.  The skin was still there, but all modules were empty.  

I tried everything I could think of, I upgraded from 4.5.1 to 4.5.2 to 4.5.3, and the problem still existed.  Finally, I deleted and re-created the account and everything started working again. 

mattjoha wrote I have this specific problem on a host account of one of my installations. Don't think I dare delete that one though ;) However, I do not think this is related. My theory is the problem described in this thread is beacuse of the "Select View" drop-down being empty, and therefor the modul don't know what to display.

Create an identical account (same permissions) and see if the condition persists for that "new" account.  If my suspicions are correct, things should work properly.

kilzfire wrote Any user group with view rights cannot see the announcements and any group with edit rights can see them.  Seems this is a huge bug does anyone know a fix for it?

Two things to check:

1.  Check to make sure Design mode is not enabled.  It is the large icon in the upper left corner of the screen (in the control panel).

2.  Go into the setting page of the module, and make sure it is not minimized by default.