Professor, fearing financial crisis, pulls $1M from bank

www.cnbc.com...

"The Fed has set interest rates at zero. So the reward is zero and the risk is greater than zero," Burnham said on "Fast Money." "I'm not sure it has to be a black swan—maybe it has to be a gray swan. Banks have the same problem that they've had throughout history, which is that they borrow short term and lend long term, so they're always at risk for problems, and the next problem will come along at some point and BofA will be in trouble then."

The Fed's low interest rate policies puts the stock market in jeopardy, too, he said, because the central bank can destroy or transfer wealth, but "it cannot create wealth." He suggested that the Fed's stimulus program has inflated asset prices, leaving investors vulnerable.

When Harvard economics professors start pulling their money out of banks, is it time to get scared? I have to admit, this article really has me concerned.

A few have been fearful of a collapse of epic proportions for years now, and the mainstream is starting to cover it regularly. On top of the global turmoil and markets around the world getting slammed RIGHT NOW, is this what those few have been waiting for and warning about?

Add me to the "was really hoping the few were wrong, but is now part of the few" group.

reply to post by Proctor11


I'm still unsure if there is an agenda behind all the media reporting on the meltdown / money pulled...
The more they report on this the more people get scared and might pull their money from bank accounts. And if enough people do this we will have a global meltdown.

It's simply a self-fulfilling prophecy. Maybe this is exactly what the media (or the one person behind all those media outlets) would like to archive?

I'm not saying that everything is ok and I'm pretty sure that those big banks take our money to fill their own pockets. But maybe it's not as bad as someone would like us to believe. Just a thought...

There is a lot of hype about a global financial meltdown. I don't doubt it - I really don't understand it though, either.

If such a thing were to occur (this meltdown), would it matter if our money was in the banks or under our mattresses? Would our money be worth anything anyway? It would all be chaos...who would care about money? Food and water on the other hand...

Perpetual fear OMG

Stay in survival mode so we can control you! i want to hypnotise you!!!

you are going to die unless you follow my suggestions AHHHHHHHH

reply to post by UnixFE


I love this site's willingness to question everything, but i just don't see it.

Think of the alternative. Would you rather the media not report it at all? It's plain to see that the numbers is this schematic don't add up and they never have.

Now, is this all orchestrated? That's a different issue all together.

onequestion
Perpetual fear OMG

Stay in survival mode so we can control you! i want to hypnotise you!!!

you are going to die unless you follow my suggestions AHHHHHHHH

George Orwell's 1984 contained that exact scenario. They we're always at war somewhere with some one, DoubleThinking who they were at war with every so often

It does not matter where your paper money is..when hyperinflation starts, it will have less and less value. The domino meltdown is a fact, not by media, but originated by economic experts from all arenas and countries. This mega ponzi scheme is a shell game waiting on the right move and cannot maintain forever. If this were not the case the fight over the debt and spending would not have been so easy, and the game of D/R is just for show, this is why the hardline conservitives caved so easily in the last cycle and will in the upcoming debt talks, they know it will happen and there is no stopping it...the first shot over the bow will be the china central bank....oh wait....

and none of this would be a problem if people would learn how to survive without "big brother".....sad part is if people did learn how to become self sufficient we would starve out big business ...instead we feed them as the majority are way too lazy to bother

UnixFE
reply to post by Proctor11

 

I'm still unsure if there is an agenda behind all the media reporting on the meltdown / money pulled...
The more they report on this the more people get scared and might pull their money from bank accounts. And if enough people do this we will have a global meltdown.

It's simply a self-fulfilling prophecy. Maybe this is exactly what the media (or the one person behind all those media outlets) would like to archive?

I'm not saying that everything is ok and I'm pretty sure that those big banks take our money to fill their own pockets. But maybe it's not as bad as someone would like us to believe. Just a thought...

Its happened before, the last great depression was triggered much the same way.

Crash the economy with bad debt, by real assets at penny on the dollar, rinse repeat, profit.

reply to post by EyesOpenMouthShut


Perpetuel fight or flight. Look into the research done on humans and hypnosis and instincs. I'm pretty sure this info is documented. Ill have to make a thread out of it so people understand why its so aparent and easy to pick out for me but all you have to do is learn about hypnosis and its so obvious you cant help be hate it and fight it. Not fight it literally but fight it spiritually.

reply to post by Proctor11

This whole money thing is an illusion anyway. Just look at the global debt and the global assets. The present global debt (all countries and people combined) is around 700 trillion USD. The GGP (Gross Global Product) meaning the established value of everything produced on a yearly basis is around 68 trillion dollars. The minimum time for the entire world to pay off the debt if all of the value was used, would be around 10 years. But assuming interest is applied and 25% of the GGP is applied, we'd be looking more like 50 years or more, so our governments have sold us, our kids, our grandchildren and very likely our great grandchildren down the river to their own benefit.

This situation is unsustainable, we live in a finite world with limited resources. A tipping point will be forced on us, either by design and agenda or by nature and resources. In this "information age" it has become very difficult to maintain the illusion of stability when the data is a few keystrokes away. Since the present currency structures are based on a belief that they are real, this is a ponzi scheme and also a confidence game. It will only last as long as people remain uninformed and hide their collective heads because they have a vested interest in this present system of corruption. However, as soon as a large portion of the people realize what a scam this actually is, the confidence game will collapse. This will be facilitated by fewer people in the workforce who have the time to research what it is going on, probably simply out of anger.

There is only one problem, money or value will still be attached to power and when money collapses, power will erode and in that case we will have a power vacuum. This is when dictators rise to fill the void. It's a precarious ledge we are upon and one wrong move could result in a much worse world than we can imagine.

Cheers - Dave

reply to post by onequestion


Mind control is one thing, monetary control is another, TARP, QE1, QE2, QE3, bank and TBTF bailouts, the list goes on...global markets have global implications and that is the problem here, the dollar is over valued, the rubber band effect will not be sofened by emerging markets as they are not getting their hasitly built economic engines started. Our own government, controlled by greedy banks and corporations(bailouts when failing and tax exempt when profitable) wanting total control of all tried to handle an octopus with 2 hands, now it will choke them......

reply to post by teslahowitzer


Everyones afraid of not having money.

reply to post by onequestion


There are many that do not have money, and live day to day. there confidence is zero, even with money there are those in fear, This crap is not media driven, just so much of an elephant in the room even the blind find it easily.

reply to post by Proctor11

The tried and tested principal for surviving any kind of meltdown, be it banking or war, is to turn currency into tangibles, and use tangibles as currency. Some people stockpile food or fuel, others medicine and knowledge, and a few stockpile gold. The problem is, you have to do this before the storm, not during, and history has shown that most people think they will have plenty of time. The markets may seem complicated to follow, but they really aren't. Even if you are not invested in them, you should understand the basis of their influence. They have their own obvious tells.

Regrettably, I suspect this market will tank, and tank soon. People have a lot to gain by it tanking, that is why many here suspect it is planned. QE tapers just as Bernake leaves followed by the default, and voilà, poof! A handful of folks own everything, and the nouveau rich become peasants. Even today’s gains follow the same format of the 1929 crash. It is all quite a disgusting mess they have orchestrated for us. If people leave their money in the banks, and not go on a "bank run", then the banks would not be forced to be liquidated, and in turn be sold to one individual. Remember how Jimmy Stewart saved his savings and loan bank in the movie a wonderful life. If they didn't want us to run to the banks and demand our cash, they wouldn't have reported on this story.

AX
FTNWO

I think being known as a man who has recently taken 1 million out of the bank is far more dangerous than losing 1 million in a financial collapse. One needs to be healthy to enjoy money but doesn't necessarily need money to enjoy good health.

Letting the world know about such a personal fear reaction doesn't strike me as the best path to good health. Maybe I'm cynical, but a few articles over the years of lottery winners taking their cash for granted where others didn't ..come to mind for how such things come to pass. Hopefully nothing like that happens during this period of madness.

* If you take a bunch of money out .. Shhhhhhh.... Don't tell folks about it.

Take a look at your local town 'crime blotter' or whatever your paper calls the crime coverage and see how far people go for pennies on the dollar by comparison. Pretty bad times for taunting fate, IMHO.

So...in what form was his withdrawal?
A cashier's check?

I'm gonna hope that he is taking that cash and going about the poorer Cambridge neighborhoods handing out Benjamins to the less fortunate and warning them in person of what they are about to witness. I'll bet that would get the word out via social networks.

reply to post by Proctor11





What will be the final straw? The dollar bubble is going to burst the problem is when? For all of you that say nothing is wrong think back 2 years ago and how much you used to spend at the grocery store. Inflation is already here.



Why do you think they have to give out 10 year car loans. Across the board people are not gaining higher wages as inflation is taking more and more. 100,000 a year is not that much money anymore..........Why is that? If you make under 14 dollars and hour it is a struggle just to survive. This can not go on forever.

Phage

So...in what form was his withdrawal?
A cashier's check?

I'd like to know that and what he was going to do with the money? I figure he's not going to leave it as any form of cash since he thinks it's going to be a global meltdown.