US banks shaken by biggest deposit withdrawals since 9/11 — RT In all their hypotheses as to why, no one suggested "the inauguration was a sobering slap of the reality that this idealistic SOB of a president is going to finish running this country into the ground and I need to buy PMs." US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks. The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government. The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves. So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31. There are a number of reasons behind this unpredicted fund outflow. Some experts believe it has to do with the beginning of the year when the money is randomly needed here and there. Others have concluded the funds are getting down to business and being invested. Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another.
Converting those FRNs into "liquid" assets IMO is a wise step. Green backs are going to continually decline in value and the drop may become rapid if/when the sheeple panic. Has some egg head several years ago say that we could never have another depression--Methinks he may get a good education in reality soon. Remember just 6-7 years ago when so many lost such a big percentage of their savings. A bud lost over $90,000 dollars from his plans and another with international dealings lost millions. It can happen again and will. Put your cash into things that you can put your hands on. Ask yourself--what if money was worthless--what would I do to trade for food/etc.
Social engineering is definitely a big deal and alive and well in our society. I don't trust RT any more than I trust our home grown Corrupt News Network or Faux News. RT being sponsored by the Russian Gvt has everything to gain and nothing to loose in helping destabilize the USA.
