Close all bank accounts now?

Originally posted by Sleuth
A couple of posters have pointed out that bank accounts are protected by the FDIC (up to a certain limit), which kind of made me chuckle. The government is broke and has been for some time. There is no money to cover what we might lose.

We know the government is broke, but they are bailing out banks so they can make money out of air if they want to. Sooooo, exactly how do you think they could get away with not backing the FDIC insured accounts?

So, think about it. That is all they have to cover, not the money in the mattresses, not the retirement accounts, not the stock market. Just those accounts, which won't be much if people panic.

Originally posted by Sleuth
And another poster was dead-on with the observation that it's all just information that gets moved back and forth. People keep getting a mental image of money actually moving between institutions and that's not how it works.

Exactly why they will be able to insure the accounts they have to even though they are broke.

reply to post by Relentless


I'm unaware where the government stopped fighting the War in Iraq and Afghanistan and all the many other things they do...and yet you say they are broke?

Actually, Sleuth said they were broke, I was just acknowleding it.

However, let me put it this way. If I spent tons more money than I take in (on credit) and do not have a job that pays enough for me ever to pay it back (let alone the interest) am I broke?

I'd have to say I am broke.

Now, show me where the US has not done this very thing.

reply to post by Relentless


The US is *not* broke. Do you have any idea how much assets the government has?

No, I don't. Why don't you tell me?

I'd really appreciate a sound sleep tonight.

For anyone following the recent drop in precious metals, Adrian Douglas shared his thoughts at Bill Murphy's Le Metropole Cafe today....

So what is happening in the PM’s and the commodity markets? We know that the massive sell off in gold and silver was NOT small investors thinking that the BSC bail-out had made the world so safe that they could now jettison their gold! The sell off was induced by the shorts and the ring leader of the shorts is the Gold Cartel. The Cartel is the agent of the Federal Reserve and the US Government. Why would they want to induce a massive market dislocation instead of low volatility when the system has just been on the edge of collapse? They know the highly leveraged hedge funds on the long side of precious metals and commodities could go belly up and set off another string of bankruptcies. The only logical conclusion is that they have no choice. They are now more concerned about saving themselves than saving the system!

Take a deep breath and absorb that statement. If I am right the consequences are profound. It means that this induced sell off is a last ditch attempt for the Cartel to cover as much as possible of their short position. They do not give a damn what the consequences are. They of course can not cover all their shorts but they are trying to defuse as many bombs as possible. Full Snip

Personally I'm convinced that the current take-down in precious metals was orchestrated...allowing for commercial short covering in the wake escalating prices. If any of Gold' fundamentals had shifted to negative...I might think otherwise, but they haven't. I expect a bottom & recovery, but whether or not this proves to be a "last ditch attempt" remains to be seen. The forces that oppose Gold are potent.

*Apologize for the intermediary, I'm not able to link driectly to the home site*

reply to post by bamaoutlaw


I think you should have done that a couple of months ago. I usually just keep enough money in the bank for regular expanses. The Banks, in my view, are no better then thieves.

If it where a couple of months ago I would recommend investing in Gold, but that's too high now:
A great place to invest in, now, would be in real-estate, they are practically, in some places, giving houses away. Buy as much as you can, in a place you think is undervalued, then wait for the market to rebound from this crises. This way, even if the market doesn't rebound in the short term, you will never loose much money.

P.S.

Pick high liquidity markets, almost forgot about this, because then you can easily sell the property if you kneed to, or in case of a financial crises on your part.

This is a very critical situation. If everyone starts withdrawing their money from banks, then banks will start collapsing. However, they will also foreclose homes, and businesses everywhere which in return they might sell to people overseas.
So do you want to close all bank accounts? It is up to you, if your bank is bankrupt then you lose your money. This is a lose-lose situation.

Originally posted by bamaoutlaw
Thanks where do i buy gold at? i really have no idea [/quote

www.kitco.com]

The Great Depression was planned after 1913. In 1920-1921 was a practice Depression getting ready for the big one set in 1929. The Roaring 20's were set up to lure Americans into the stock market, with distractions and good times etc....taking their mind off common sense. In 1927, here is the true value of meticulous research...

1907 - The International Bankers organized the Wall Street Panic in order to reimburse themselves for the money spent in connection with the Russian wars and revolutions. They were also financing the preliminary stages of the Chinese revolution which broke out in 1911. [Pawns in the Game; page 144]

1909 – Meeting of The Carnegie Endowment for International Peace, quoted from the minutes of the meeting. “The trustees of the Foundation brought up a single question. If it is desirable to alter the life of a single people, is there any means more efficient than war…. They discussed this question…… for a year and came up with an answer: There are no known means more efficient than war, assuming the objective is altering the life of an entire people. That leads them to a question: How do we involve the United States in a war?

[Written by former U.S. Congressman Norman Dodd, testified that he was invited to study the minutes of the Carnegie Endowment for International Peace: Report from Iron Mountain, New York, Dell Pub., 1967].

November 1910 - Some of the vultures came together at the Jekyl Island Hunt Club on Jekyl Island, Georgia. What were they hunting? The biggest prize of all, the absolute and complete control of all the money in America which meant control of all America and with it the power to make slaves of all the people.

Those who attended were: Senator Nelson Aldrich (Nelson Rockefeller's maternal grandfather); A. Piatt Andrew, Economist and Assistant Secretary of the Treasury; Frank Vanderlip, President of the National City Bank of New York; Henry P. Norton, President of Morgan's First National Bank of New York; Paul Moritz Warburg, a German who was partner in the New York banking house of Kuhn, Loeb Co.; Benjamin Strong, an aid to J. P. Morgan.

Paul Warburg was credited as the architect of the bill, which was passed by Congress and signed by traitorous Woodrow Wilson. It was entitled the Federal Reserve Act of 1913. America once again had a central bank but this time they had placed America under an absolute dictatorship. President James Garfield had insight into this situation:

"It must be realized that whoever controls the volume of money in any country is absolutely master of all industry commerce."

1913 - Federal Reserve Act put into law by Rockefellers on Dec 24 1913. The Act was passed by congress to set up a privately owned "central bank". Paul Walburg is the first chairman. The Federal Reserve (neither federal nor a reserve) is created. It was planned at a secret meeting in 1910 on Jekyll Island, Georgia by a group of bankers and politicians, including Col. House. This transferred the power to create money from the American government to a private group of bankers. It is probably the largest generator of debt in the world.

18 May 1920 - The Federal Reserve Board held a secret meeting, to plan a depression. Large banks began calling in loans, causing stocks to drop from a high of 138.12 in 1919, to a low of 66.24 in 1921. When the value of government bonds plummeted, they were forced to call in even more loans. When thousands of the banks' customers could not pay their notes, the banks seized their assets.

1928 - “Without the capital supplied by Wall Street, there would have been no I.G. Farben in the first place, and almost certainly no Adolf Hitler and WWII.” (Historian Anthony Sutton; “Wall Street and the Rise of Hitler”, 76 Press, Seal Beach, Ca. 1976; page 33). NOTE: So, in short, the major source of Hitler’s financial power came from the chemical Cartel called I.G. Farben. The most interesting part of this little bit of trivia is that I.G. Farben had a little known source of its financial power: our very own, Wall Street.

1928 - The House hearings on the Stabilization of the Purchasing Power of the Dollar, revealed that the Federal Reserve Board had met with the heads of various European central banks at a secret luncheon in 1927 to plan what they believed may be a major crash.

Note: Robert Mundell, winner of the 1999 Nobel Prize in Economics, has argued that bungled monetary policy in the late 1920’s and 1930’s caused chronic deflation that destabilized the world. He has argued, “Had the price of gold been raised in the late 1920’s, or alternately, had the major central banks pursued policies of price stability instead of adhering to the gold standard, there would have been no Great Depression, no Nazi revolution, and no World War II. (R.A. Mundell, “A Reconsideration of the Twentieth Century,” American Economic Review, vol. 90, no. 3 (June 2000), pp 327-40)

6 February 1929 – The Federal Reserve reversed it’s monetary policy by raising the discount rate following a trip to the United States by Montagu Norman, head of the Bank of England, to meet with Andrew Mellon, the Secretary of Treasury

March 1929 - Paul Warburg had issued a tip in, “Illuminati members”, who knew what the future held, got their money out of the stock market, reinvesting it in gold and silver. In the year before the crash, 500 banks failed.

When the Federal Reserve System was foisted on an unsuspecting American public, there were absolute guarantees that there would be no more boom and bust economic cycles. The men who, behind the scenes, were pushing the central bank concept for the international bankers faithfully promised that from then on there would be only steady growth and perpetual prosperity. However, Congressman Charies A. Lindberg Sr. accurately proclaimed:

"From now on depressions will be scientifically created."

"When everything was ready, the New York financiers started calling 24 hour broker call loans. This meant that the stockbrokers and the customers had to dump their stock on the market in order to pay the loans. This naturally collapsed the stock market and brought a banking collapse all over the country because the banks not owned by the oligarchy were heavily involved in broker call claims at this time, and bank runs soon exhausted their coin and currency and they had to close.

June 1932 – A bonus army of thousands of tired unemployed veterans and their families arrived that month in Washington demanding a federal bonus promised them by law, but not payable until the 1940s. They had traveled thousands of miles in battered jalopies, trucks, and wagons; many had even walked. And when Hoover wouldn t even receive them, they pitched tents, erected shacks, and slept in the capital s parks to petition Congress. As soon as Congress adjourned after refusing to grant the marchers any relief, Hoover made a show of force. On July 28 a police attempt to evict some of the squatters resulted in the killing of two veterans. Hoover then called in the Army. Army Chief of Staff General Douglas MacArthur, who described the marchers as a mob & animated by the essence of revolution, delayed the use of troops only long enough to have his swagger stick and medal covered uniform arrive from a nearby fort.

Aided by Colonel Dwight D. Eisenhower and Major George Patton, MacArthur ordered tanks, four troops of cavalry with drawn sabers, and a column of steel helmeted infantry with fixed bayonets to enter downtown Washington and advance on the unarmed veterans. From Pennsylvania Avenue, MacArthur s proud army marched across the Anacostia bridge, thousands of veterans and their wives and children fleeing before them,

[June 1932 - Burned out veteran’s homes in Shanty Town, to prepare them to run a coup, Then entice US. General to march on Washington, the U.S. Capital to take over using the 500,000 disgruntled Vets.]

July 1932 to November 1933 – Good timing for an actual planned Coup of the American Government by American big business by attempting to recruit a Major General Butler in the U.S.M.C. as the commander. This true to life plan involved a very colorful character named Major General Smedley Butler of the USMC. He was approached by certain wealthy capitalist from the United States to lead a revolution to overthrow the government and establish an American Fascist dictatorship. He was even tempted by this offer of $60,000. Three men, representing a body of planners, proposed to General Butler a plan to seize the White House with a private Army of 500,000 very disgruntled veterans, hold FDR prisoner, and get rid of him if he refused to serve as their puppet in a dictatorship they were going to control. Do a search on Butler and discover what he said about war and what he knew already. He asserted that the military really served the role as a collection agency for big bankers. The Senate munitions investigating committee confirmed this assertion in 1934. Major General Butler had won two Congressional Medals of Honor, and had been involved in many campaigns.

21 November 1933 – A letter written by FDR to Colonel House, "The depression was the calculated 'shearing' of the public by the World Money powers, triggered by the planned sudden shortage of supply of call money in the New York money market....The One World Government leaders and their ever close bankers have now acquired full control of the money and credit machinery of the U.S. via the creation of the privately owned Federal Reserve Bank." Curtis Dall, FDR's son-in-law as quoted in his book, My Exploited Father-in-Law.

Same letter by FDR 1933 - A letter written by FDR to Colonel House; "The real truth of the matter is, as you and I know, that a financial element in the larger centers has owned the Government ever since the days of Andrew Jackson."

Following this part of our history, and after the congressional hearing that confirmed the coup attempt, it disappeared from history for awhile. Then, FDR, set forth to provoke war with Japan in order to get into the war with Germany after wall street supported and financed the Nazi party. Includes such names as Henry Ford, Prescott Bush [Grandfather of GW Bush], DuPonts, IBM and many more. This is the true irrefutable background of our history. For more info....."Wall Street And The Rise of Hitler" and "Wall Street and The Bolshevik Revolution" both by Anthony Sutton. The research is irrefutable and all true. Gary Allen, The Rockefeller Files" dovetails all other truth as well.....All of the wars were created by Wall street and the Bank of England supported and creating the enemies.....long story short. I have the details of years of shocking research......





reply to post by tgambill

reply to post by bamaoutlaw


don't listen to what any wall street people tell you. they lie, and it's not illegal for them to lie to you, even as an investor. always buy physical gold, never promise notes, securities, or cerificates. argentina went thru this, and comments from argentine people for buying gold, was to buy scrap gold. 22kt small gold rings or necklaces are the easiest to buy, trade, carry, and conceal. gold coins are marked up for their collection value and they will be harder to trade with, since 1 coin could be worth several thousands of dollars. regular people won't be able to trade with you, if this is used as a defacto currency. also scrap silver...badly damaged silver coins from the past, can be bought close to their intrinsic sillver content value from coin dealers or coin shows in your area. also of value will be simple water filters...cheap and easy to buy and carry around, and also you can store them for along time. these filters will be in demand in case of a crisis, and are a good trading item. also spam..yes..spam, $2.99 a can in my area now. but they will be a good trading and food item. they can be stored for years, and can be traded for other food items, because meat will be in short supply. and for a small business to get you thru the crisis, a crank universal battery charger with uncharged and sealed rechargeable batteries...you can setup a small booth outside and collect "income" for yourself by recharging peoples batteries, until a stable elctrical grid comes back online.

[edit on 23-3-2008 by jimmyx]

Originally posted by Equinox99
So do you want to close all bank accounts? It is up to you, if your bank is bankrupt then you lose your money. This is a lose-lose situation.

Unless it's in an FDIC insured account. They can't bail out corporate america and renege on this one.

Still, the financial situation right now is a house of cards. Even if they resolve the current credit crunch and housing crisis - which I honestly don't see happening in the near term - there are more house that will hit the market due to foreclosures that will make now look like nothing, the bottom line is real growth won't come back till we see housing starts again, and with a 2 - 3 year inventory of existing homes, many of the brand new, well figure it out.

Americans are so Naive and downright Stupid, actually, that it boggles the mind...

Let me summarize it for you:

1) Your government is LYING to you at all times: The GDP is inflated by 3%, meaning that the US has been in recession for at least 6 months and the CPI is understated by some 7.5%, meaning that Inflation is running at 10%+...

www.shadowstats.com...

... And it's going to get far WORSE when the coming Depression sets in!...

2) FDIC insures banks and brokers account but will only pay out 1.2 cent for every Dollar when the CRAP hits the Fan...

$52 Billion Fund to PROTECT/INSURE $4.2 Trillion Deposits = 1.22% Ratio...

The FDIC may protect your deposits in times of average financial failures, BUT don't count on it in the expected Financial Melt-Down...

www.fdic.gov...

The Report below uses older figures, but its conclusion could not be any clearer...

The bottom line is this: your bank accounts are insured unless there is a banking crisis. Then, you must hope for the best.

www.garynorth.com...

3) My target for Gold is $2,975.00, as explained here...

www.thelion.com...

I could go on and on explaining why the US is on its way to be financially destroyed and will soon be a second tier country, but I've got more pressing things to do and you guys really deserve what's coming to you.....







[edit on 23-3-2008 by Solace]