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Federal Reserve Issues Warning, Bank Drills - Feb 15-16

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posted on Feb, 8 2014 @ 06:42 PM
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reply to post by buddha
 




if the banks ware hit by a tornado & earth quake & tilde wave. the money would Still be in the vaults.


In my experience banks do not keep a lot of cash in their vaults. If you wish to make a withdrawal of say $10K and just walk in and ask for it most banks will make you wait a day or two because "We don't keep that much money on hand." At least that's what they've told me in the past.

So the question is, if they don't keep money in the (bank) vault why should we? As soon as you make a deposit your money becomes their (assets) money and you get an IOU in form of a deposit slip. Then they use your money (now their money) for other fun stuff and we get .5% interest if we're lucky.




posted on Feb, 8 2014 @ 07:55 PM
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Phage
reply to post by UxoriousMagnus
 




So what I'm getting here is the Fed telling banks to stress test to ensure compliance with Dodd-Frank and the Bank of OK is saying it's because of tornado's and floods. . ? Maybe I'm reading this wrong.

I don't see anything about stress tests from the Fed. Just a friendly reminder to the 8 to mind their Ps and Qs to avoid the same kind of crap that triggered the banking mess previously.

edit on 2/7/2014 by Phage because: (no reason given)


I think we should panic anyway, just to be on the safe side, no?

Why put off to tomorrow what you can do today?

I say: panic now...dont wait for the last minute rush!!!

LOL



posted on Feb, 8 2014 @ 08:18 PM
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Phage
reply to post by Rosha
 




China and Russia doing it too then eh?

Chinese and Russian banks are having disaster drills?

Read the memo from the Fed. It has nothing to do with disaster preparedness.



edit on 2/8/2014 by Phage because: (no reason given)



No but they are also withholding withdraws, intermittently in several key locations right now.

Yes I saw the 'Chinese whispers' effect, from the first note by the Fed to the one that ended up at at Oklahoma bank, even so why this sudden rush to ready? It is not as if there haven't been massive earth based events for some time or, strains on the economics of the USA system that might give rise to such warnings. This is a set up, sorry but this is what I see, they're going after someone or at least stress testing, and as it is global not only the US this seems to be 'it'. I cant just ignore this. Bank of NZ, Commonwealth bank etc so at least two AU and NZ banks are affected too by these ordered 'drills' both linked to 'events external and climate issues' yet last time we had a big earth event here was hm....a 5.1 quake in Newcastle ten years or so ago no where near a bank and our cash deposits come under different regulations to yours, we do protect 80% of our cash flow and banks are regulated and required by law to guarantee that.


So? Hm..watching listening, waiting.
Time will tell.


Ro.

edit on 8-2-2014 by Rosha because: (no reason given)



posted on Feb, 8 2014 @ 10:14 PM
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Twice before the last debt ceiling fiasco Congress notified America that the Treasury will withdraw funds from our Banks to pay for our Government's obligations. I discern that Banks are being prepared for this eventuality in short order, if everything was ok with the kids on Capitol Hill the Debt Ceiling would have been increased before the 7th!



posted on Feb, 9 2014 @ 06:42 AM
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reply to post by Bassago
 


In terms of what is structurally wrong in the international banking system, the answer is collateral - there isnt enough real collateral.

What is being used as collateral, is usually a debt, or a gambling bet - this has been going on for a very long time.

Debt is denominated in some currency, and based on some promise to pay back that nominal amount. In other words, this type of collateral is a promise to pay back a certain number of pieces of paper with some marks on them - it does not include any promise of actual value. It is intrinsically worthless (due to currency risk and also default risk) - it should never meet the definition of collateral.

The gambling bets are kinds of derivatives that point to stuff that is not collateral, but rather is something like an index - ie a number. The derivative says if that number goes above or below a certain value, then the bet is going to be payed - and that derivative has some value. The problem is that there are way too many bets being made, and everyone is generally betting the same way - so if they all come home, the bookie goes bankrupt. This not collateral either, and is subject to currency risk, and default risk as well - and also it is subject to asymmetric risk, that is the risk that things will skew way out of normal boundaries - but it is widely used AS collateral.

The real collateral is a share in a business, equity in some real estate, a claim over some commodity - however all of these real assets are rehypothecated - so that there are many claims for every piece of real property. Due to this fraud - these cannot be considered collateral either.

Therefore the only things that can be considered collateral are things that you own that are real and unencumbered in any way, commodities you own and have in your hand, real estate that is debt free, a business against which you have no external claims or debts.

The collateral against which massive lending has occurred is being increasingly revealed as being worthless - thus impairing the principles of the loans - ie the big banks.

Many have been talking about financial collapse for years, and the naysayers and skeptics might say 'it hasnt happened, it wont happen' - the fact is IT IS HAPPENING - it is happening every day, but there is a veneer over the top called mark to market accounting, which makes it look like things are fine - they arent.



posted on Feb, 9 2014 @ 10:32 PM
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reply to post by Bassago
 


Eeks! Two unrelated banking items, neither of which should cause anyone to panic...I guess I'd better withdraw my $94.31 from Chase!

Seriously though, maybe its just that I don't keep much cash in the bank, but, the only real reason I can figure people get all jittery is not having a clue how economic systems work and being misled by the Peter Schiffs of the world into thinking we're facing imminent collapse, even though we're very NOT in any danger of collapse.

I believe the psychological warfare which leads people to believe things are so precarious is mostly just part of US economic warfare strategy & tactics. It works well, always has. Give it another 5 years and everyone panicking now will be rollicking in another economic golden age. Too bad for most they will have missed out on the best part of it thanks to fear and irrational thinking.



posted on Feb, 9 2014 @ 11:17 PM
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reply to post by dogstar23
 





I guess I'd better withdraw my $94.31 from Chase!

even though we're very NOT in any danger of collapse.


I'll see your $94.31 and raise you another $100.

You really believe our current economy, our $17 trillion debt ($64 trillion if you count unfunded liabilities) our 47 million EBT users and the fact that we need bank loans every year to function is a sign we are in no danger of collapse?

OK then, carry on my friend.



posted on Feb, 10 2014 @ 01:57 AM
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Rosha

If drills of this type are are so common place then,could you please quote/provide us with an item of paperwork or an image of said paperwork that shows this kind of event occurring as globally, ever before, ever? Can you provide any internal banking announcement to us that demonstrates previous drills of this nature have occurred on this same scale? I do not mean ones that are routinely scheduled, like internal fire drills or similar, ones that are required by law...


Naturally i cant show you any kind of internal documentation. I can, however, show you the prudential standard that outlines the business continuity requirements for banks in Australia. You'll note that they need to have disaster recovery plans and a program of testing that occurs at least annually. It is in relatively plain English and is pretty easy to understand.

www.apra.gov.au...

These drills arent global. The RBNZ drills are completely unrelated to the drills occurring in the US, they are to do with payment clearing systems of the central bank and not commercial bank disaster recovery. Given the number of banks that exist you are bound to have some having non-related drills on the same day. The banks listed in the link are part of one conglomerate; clearly that is a single corporate-wide disaster recovery test.



Rosha
It is not as if there haven't been massive earth based events for some time or, strains on the economics of the USA system that might give rise to such warnings.


You dont do preparedness drills when the event occurs, you do it before to ensure your disaster recovery programs work. You do it regularly to ensure that your systems are operational and will work IF the time comes. You should be more worried if your bank is not performing such drills...these drills are the reason that banks and regulators can be pretty sure the system will stay online.


This is a set up, sorry but this is what I see, they're going after someone or at least stress testing, and as it is global not only the US this seems to be 'it'. I cant just ignore this. Bank of NZ, Commonwealth bank etc so at least two AU and NZ banks are affected too by these ordered 'drills' both linked to 'events external and climate issues' yet last time we had a big earth event here was hm....a 5.1 quake in Newcastle ten years or so ago no where near a bank and our cash deposits come under different regulations to yours, we do protect 80% of our cash flow and banks are regulated and required by law to guarantee that.


You're reading way, way too much into it. And as above, the banks are required to be prepared for disaster. Here's some examples of what they do. They have multiple data centres on different power grids that have to be geographically separate. The data centres can and do fail over to one another in time of disaster. For more complicated structures they have dedicated links across multiple data centres. The "external events" are merely a scenario that they use to fail over, it is a simple scenario that allows them to mock up a response and fully test the systems. They NEED to do this because you simply won't find issues if you do not test. Scenarios have included flood, earthquake, pandemic, damaged power grids and numerous others. The banks dont necessarily just have infrastructure in Australia, either.

BTW you need to read the regulations in greater depth, there is no requirement to "protect 80% of our cash flow" in Australia.



posted on Feb, 11 2014 @ 02:55 AM
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reply to post by zvezdar
 


I'd offer reply but your post was so patronizing it reeked.

Have a nice day.


Ro



posted on Feb, 13 2014 @ 05:08 AM
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reply to post by Rosha
 


are you serious?

how would you like me to reply when you seem to be ignoring most of what i have posted?

Go on believing what you like then mate.



posted on Feb, 13 2014 @ 10:17 AM
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reply to post by Phage
 


DIsaster Recovery is very important, they should have as many drills as humanly possible.



posted on Feb, 13 2014 @ 10:47 AM
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Ladies and Gentlemen, American's "Critical Infrastructure" is weak and vulnerable. These Critical Systems "House" important data. Think of these facilities as the old "Filing Rooms" that were used back in the day. Except now it's not on paper, it's all digital.

Inside these "data centers" are "redundent, critical systems" I.E: Multiple Generators, Air Conditioners, Fuel Tanks, STS/ATS switches all linked together so that in the case that SHTF these systems are set to keep running from weeks to months. The Patriot, SOX, Sarbones acts all talk about Critical Infrastructure. All Conspiracies aside, unless you have seen or know about these centers then it's hard to imagine why "Drills of this nature would take place".

Imagine if you were at a store and your debit/credit card wouldn't work FOR ANYONE! These systems are 24hr operations and need to be tested to the extreme for reliability purposes.

I'm not saying by any means that I'm happy this is taking place, but giving fair warning that a drill like this is taking place is keeping the American public informed.

This has been your crash course in "Critical Systems 101"

Pull your money out if your scared, but there's nothing to worry about... OR IS THERE!!!! DUN DUN DUN!



posted on Feb, 13 2014 @ 10:54 AM
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Hmmmm, couple of bankers
are dead.. and the Drill is coming..
Me wonders..
maybe i should bring my moneys home...
and remove them from the grasp of the bank...



posted on Feb, 13 2014 @ 10:57 AM
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I grow SOOOO tired of our own Government maximizing every opportunity to have drills timed to coincide with instability or rumors of it in precisely the area being drilled.

You'd almost think keeping the nation on edge and stressed 24/7 without let up was the end goal here...and I'm thinking it is actually. I've suspected that for quite awhile now, but stories like this do much to confirm it.

Enough with the perpetual crisis...we're sick and tired of our own leaders pumping up the ulcer and stroke rate across our nation, as if it's a sporting event someone is keeping score with.



posted on Feb, 13 2014 @ 11:08 AM
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reply to post by Wrabbit2000
 


That is the other side of the coin here, I tried to keep the conspiracy mentality out of it. Yourself and Lil Drummer Boy touched nicely on it.

Honestly, when is the right time? There is no right time. Part of me is worried w/ all these bankers dying off as of recent. At the same time, they need to test these systems to make sure they are set to keep running while were in the streets causing a ruckus if SHTF and the power goes out. These systems need to stay running though, there's no more cash in vaults like others have stated (not on the scale that used to be at least) everything is digital.

It's the double edged blade that keeps the pendulum swinging.

I understand why these drills need to take place. I am not however ok with the recent events leading up to the drill. It really leaves an uneasy feeling and the conspiracy wheels turning...

Bahhh... What do I know anyway, I'm just a pawn in the greater game of life.. I digress.



posted on Feb, 13 2014 @ 11:09 AM
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I am going to predict because of this 'drill' many ATMs, debit, and credit cards will not work out of the US. This inconvenience will cause enough doubt and fear for the stock market to take a big dive on Monday. However things will be quickly sorted out and it will recover, kind of like the bitcoin 'crash' earlier this week.



posted on Feb, 13 2014 @ 11:09 AM
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Wrabbit2000
I grow SOOOO tired of our own Government maximizing every opportunity to have drills timed to coincide with instability or rumors of it in precisely the area being drilled.

You'd almost think keeping the nation on edge and stressed 24/7 without let up was the end goal here...and I'm thinking it is actually. I've suspected that for quite awhile now, but stories like this do much to confirm it.

Enough with the perpetual crisis...we're sick and tired of our own leaders pumping up the ulcer and stroke rate across our nation, as if it's a sporting event someone is keeping score with.


Well anyone on this site that has seen how "Drills" go
will know there is at least a %50 probability it may turn real

at those odds its not just fear mongering by the government



posted on Feb, 13 2014 @ 11:10 AM
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Wrabbit2000

Enough with the perpetual crisis...we're sick and tired of our own leaders pumping up the ulcer and stroke rate across our nation, as if it's a sporting event someone is keeping score with.


Heck, I don't even care if they start working to harden our grid against a possible X-class solar flare. Just seems like now all they're saying is;
    "Hey we messed up the financial markets and banking so bad we've got to keep applying duct tape, and we want the public to know it."



posted on Feb, 13 2014 @ 11:18 AM
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reply to post by sulaw
 


I agree, they do need to test them. Drills are necessary. Just as military training is necessary and practicing things like passenger screening for special needs in transportation is necessary. All this training is very important, just in case. No questions from me there.

Where I think the case for legitimate gripe and fatigue over it comes is how and when they do it. My mind goes all the way back to Sept of 2011 and Comet Elenin...They timed FEMA drills and catasrophic event drills to coincide with some of the events over those couple months too. We all commented at the time that they must have had the sickest sense of humor ever to come along....although we've seen it carry so much further now. Little Bird Gunships with miniguns turning and dumping brass over Miami-Dade populations and right inside the city itself....as just one example.

Or...banking drills when the stock market is as jittery as a college student on a caffeine overdose and all the news has been talking about, seemingly, are banks having issues with withdrawal ability and access to money deposited. Indeed.. what better time to remind everyone the people we look to for stability and trust are just as scared as they appear to be, in runinng drills during the heart of what could be the start of the real thing.

Not the warm and fuzzy calming reassurance I've known Government to be there to supply, most of my life. This need to keep up stressed and worried night and day, every day is a very new thing that started at the end of Bush's second term and has exploded in absurdity from there, IMO.



posted on Feb, 13 2014 @ 11:18 AM
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So lets see here,
we have a drill issued by the Fed to occur this weekend
A invester guy make a comment "Have an exit plan"
A now not so coincidental sting of banker deaths
and an almost exact trend of the markets to the 1929 market crash happening THIS month..

Yeah, nothing to see here.. move along with your eyes closed.... LOL



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