Is a run on American Banks in progress? You be the judge

reply to post by DarkspARCS


Banks dont carry physical cash because they can be robbed, its a security thing. Everything money related today is electronic, but i agree, a measly 10.000$ should be no problem even for a small local office.

There should be no problems getting cash. You can follow the M1 from the FED website.
www.federalreserve.gov...

en.wikipedia.org...

From a source at Wachovia...

Withdrawals have been increasing since december, january, february, march... and April will set a new record in withdrawals... so it's a ``slow but gaining speed`` bank run...

I watch MSNBC frequently and that show specifically because he is such a scrapper...what was posted here that everyone is talking about is really nothing new...he has been saying it over and over since he has been on the air...he's just trying to get someone to listen and do something about it...

so I wouldn't panic because it's been said for many months by him and others ...not news ...and sadly no one is doing anything about it.

They are printing it yes but it's electronic credit form.

You can make a infinite amount of electron credit and never cut down a tree.

That's why the banks are apparently going to be open tomorrow. Because people use debit cards and credit cards, have their bills directly debit the bank account, or whatever other method that is not actual cash.

As long as people accept electronic cash, all the real paper money will migrate towards illegal markets. Since you can't buy black market goods with a credit card .

Then money will get outlawed. "Because of organized crime".

The banks aren't collapsing, they are just transitioning from cash to electronic.

Although we may not like it much around ATS, electronic money is taking over the global economy rapidly.


I am just saying I don't see the banks all just calling it quits tomorrow.

There is still a lot of wealth left to steal. People will probably go to work tomorrow and create more new wealth.

Maybe the weaker banks will fall, and a few big ones, but there will be banks tomorrow. You can count on it.

Out of the last 5000$ I have spent in the last several months, I have only held like 1000$ of it in cash. And I tend to use cash more than the Average American actually, because I visit local businesses.

But these local businesses are accepting debit /credit cards now more and more increasingly, because it keeps their businesses "Relevant". Some local places still only take cash or local bank checks, but they are becoming increasingly rare.

Like I said, they are purposely making it so the only reason you will end up with for cash is, primarily organized crime. Services like PayPal can be used as a electronic method of $$$ laundering though, and this has been happening a lot.

Anyways thats all besides the point.

This is Real $$$ of Tomorrow.



I'd say give it another 15 years tops.

Unless the population rejects such a system, that will be what is going to happen. Like I said the Corporations are already in line. Everything is being put into place right now.

I don't want a chip implant though, so that is why until my generation dies out, that they will have to give me a card.

Do you realize how hard life will be off the system?

You have to OWN LAND to get off the system. And I don't own anything, or know anyone. I have to take care of my wife and 2 kids.

Getting off the system will take me years of planning and hard work.

You have to have $$$ to get off the system at least, to buy your way out.

Buying all this stuff to make your own home gardens and solar power for your house, yeah it must be nice. If you have 50,000 $

I don't even own a house. I'm barely making ends meet with what i can make each week.

I am not on welfare, or any of that crap. The only handout I ever got was from my grandparents. So don't worry I don't eat your taxes.

If you are rich, you can get off the system. You can power your house with solar panels. You can grow 75% of your own food. Possibly 95%. If you own good land with clean water under, you can have your own water well. But you will have to give up ATS. You will need an ISP for that.

Point is we are screwed. RFID is coming.

This cash thing you are freaking out over. It's a dinosaur. It's becoming extinct.

The Banks are evolving.

The old system is dying while a new system is replacing it.

Im worried about RFID being stuck in my arm. That's the issue here.

The OP is misunderstanding what is actually happening here, IMO.



[edit on 10-4-2010 by muzzleflash]

Originally posted by cpdaman

the fed is not under control of congress (congress would hyperinflate the currency in order to temporary boost economy during mid term elections)....both groups are corrupt ....but congress is dumber and more short cited

I don't know what scares me more...... a Fed with no oversight and free range or a Fed overseen by Congress and controlled by the whim of Congressmen.

Both are pretty scary, can you imagine the train wreck Congress would make with control of the Fed?

reply to post by Casing


I am with you on this one. It's a great time to be poor. There was a line in a country song I remember,

"somebody told us wall street fell, we were so poor, we couldn't tell."

I just hope my skills will get me and my family through. Unless nothing happens on Monday. then I will just go to work and hope for the best.
You have every right to be proud of your daughter. She is doing great. Mine is graduating this year. Scary times ahead.

A bank run only makes sense for currencies that are backed with something real (e.g. gold). For a fiat currency like ours, a bank run will also almost always mean that the currency has tanked as well.

Oh yeah and withdrawing 5,000 or 10,000 $ from your bank.

That is a huge red flag for the authorities.

Be careful man.

Originally posted by pavil

Originally posted by cpdaman

the fed is not under control of congress (congress would hyperinflate the currency in order to temporary boost economy during mid term elections)....both groups are corrupt ....but congress is dumber and more short cited

I don't know what scares me more...... a Fed with no oversight and free range or a Fed overseen by Congress and controlled by the whim of Congressmen.

Both are pretty scary, can you imagine the train wreck Congress would make with control of the Fed?

I prefer a freer commerce system.

With no FED. Yep a world with no FED, hehe.

Then the US Treasury could run our finances themselves, rather than delegating it to a private bank.

This would save us tons of $$$ on interest. As a Nation.

Originally posted by krunchy
A bank run only makes sense for currencies that are backed with something real (e.g. gold). For a fiat currency like ours, a bank run will also almost always mean that the currency has tanked as well.

No that doesn't make any sense??

Why would they run to the bank to get a currency that tanked??

It seems to me, if they all ran to the bank, that whatever currency was being given was worth something to these misled people?

I bet the reason people run on a bank, is because they feel that bank is insolvent. Meaning, if they don't get their money now, they will close shop and they will not have anything left to claim.

[edit on 10-4-2010 by muzzleflash]

Originally posted by network dude
reply to post by Casing

 

I am with you on this one. It's a great time to be poor. There was a line in a country song I remember,

"somebody told us wall street fell, we were so poor, we couldn't tell."

I just hope my skills will get me and my family through. Unless nothing happens on Monday. then I will just go to work and hope for the best.
You have every right to be proud of your daughter. She is doing great. Mine is graduating this year. Scary times ahead.

Definitely scary. Its hard enough to see them off to college (I've had three leave the nest already - it doesn't get easier) but to also wonder if .... well you know all the what ifs.

I like the quote - Right on the money...
sorry couldnt resist

Casing

Ok here is our two choices.

Either use $$$$, or don't.

What will your prospects be if you don't use it???

I don't know anyone who barters. Do you?

I guarantee that currency will be worth something tomorrow.

With the way people are killing each other over it today, it can be easily deduced that tomorrow they will consider that money worth something.

Well, with all due respect, large amounts of cash are requested on Fridays for the weekend, and on Saturdays because people are wiped from grocery shopping in the afternoon and want to go out for Saturday night and breakfast before church on Sundays.

I have friends who work at 2 different banks / 2 different companies and I myself worked at one for 4 years. A large run on cash is normal for the weekends.

Please stop spreading rumors and fear based on personal opinions and something one hears on a news program. Jumping to conclusions is a dangerous practice.

Keep this in mind...you will know--EVERYONE will know when the time to start taking money out of the banks is occurring. And sadly, by this time, it'll be too late because even if you were able to make a withdraw, the printed paper money would be worth next to nothing.

Originally posted by MMPI2
I'm not sure what the big deal is here...If a run happens (and it won't), all it means is that the Fed has another excuse to pump another 50 billion US dollars into circulation, thus perpetuating the cruelest tax of all on the working man...hyperinflation.

Not only that but with Obama's tax plan where people mking over 250K are in the highest tax bracket. What will the backlash be when hyperinflation hits and the minimum wage burger flippers are put into that tax bracket because the dollar is worthless?

Originally posted by muzzleflash
Oh yeah and withdrawing 5,000 or 10,000 $ from your bank.

That is a huge red flag for the authorities.

Be careful man.

Yep, by law, the bank has to fill out forms for when a deposit or withdraw of $5000 or more is made. You can thank 9/11 for this. It used to be $10,000 but was reduced to the current $5000. Any deposit or withdrawal that exceeds that amount will be investigated.

A huge red flag indeed. Watch lists are so easy to get on, and oh so hard to be removed from.

reply to post by DarkspARCS


It is Saturday. You will find large amounts of cash easy to get on Monday.

The amounts your talking about are tiny. I draw far more than that twice a week. You should see the incoming cash deposits from shopping malls.

Often there is a person getting a change order in front of me pulling ten times what your talking about. You should see what goes through a typical Supermarket in one day.

Bank runs are caused by rumors. Rumors can cause nightmares where none existed before. They can be self perpetuating and cause harm. Even the most stable bank could not come up with cash to cover all accounts at one moment, even when the economy is booming.

You remember when the Savings and Loans fell and there was a run? They all had their money within a week. Be careful how you spread panic.

Originally posted by OneNationUnder

Originally posted by muzzleflash
Oh yeah and withdrawing 5,000 or 10,000 $ from your bank.

That is a huge red flag for the authorities.

Be careful man.

Yep, by law, the bank has to fill out forms for when a deposit or withdraw of $5000 or more is made. You can thank 9/11 for this. It used to be $10,000 but was reduced to the current $5000. Any deposit or withdrawal that exceeds that amount will be investigated.

A huge red flag indeed. Watch lists are so easy to get on, and oh so hard to be removed from.

You got that a bit screwed up. It's transactions, not withdrawals. You buy a money order or cashiers check they will notice. You deposit lots of cash they notice. You withdraw your own money, no problem. Your deposits explain its source.

reply to post by PRS395
That's funny, my funds at wachovia said unavailable on the online site, due to their conversion to wells fargo........

interesting read

[edit on 10-4-2010 by troyfalls]

reply to post by Casing


when the first one left, she went in the Army. that was a blessing as money was going away quicker than it was coming in, but this one wants to be president. She is a scrapper, and a smart one. There is one more in the wings. I have a few years to figure his future out. (14yo) I hope this economy rebounds soon. The lessons learned in the past three years are invaluable though. My goal is to be in your shoes. No debt. You have the right idea.