Get ahead of the Bank Run!

Discussion in 'Financial Cents' started by Clyde, Mar 17, 2008.

  1. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    I did. I am way up on the flag-o-meter for bank withdrawals in a single day.
    Third branch manager just about wigged out and had no idea why I would want to go to so many branches to withdraw the same sum of money in a single day. Well, because I want it so **** off.

    Well....I don't give a shit! Get ahead of the curve and get it now...before its to late....
  2. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Oh yeah..

    **** YOU BEN
  3. RouteClearance

    RouteClearance Monkey+++

    Why do they feel that your money belongs to them anyway.
  4. Tracy

    Tracy Insatiably Curious Moderator Founding Member

    I ran to the bank ;)
  5. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    i had this problem before on a cash purchase. It is mine. Never thought it was theirs, but once it is a digital credit, it is difficult for to move it unless you never let it become digital in the first place.
  6. franks71vw

    franks71vw Monkey+++

    Yup getting upquestion is what to do with it...
  7. TNZ71


  8. groovy mike

    groovy mike Immortal

    The timing was good for me. I just had a CD mature so I closed it out and took it home in small bills.

    I recommend anyone else in the same situation to follow suit.

    It's not like that 2% interest you would earn is worth the risk of losing it anyway.
  9. ColtCarbine

    ColtCarbine Monkey+++ Founding Member

    Yeah but we didn't have enough for them to question giving you ours. [booze]
  10. NWPilgrim

    NWPilgrim Monkey++

    Even though I plan to pay the remainder of my taxes of $1,900 April 10th, I am going in tomorrow to pull it out in cash until a couple of days before I need to transfer it. All of the money we are saving for our trip to Germany this summer (daughter and SIL in the USAF) we are sending to her to convert to Euros. She can do a very low cost conversion through USAAF services.

    From now on I am not keeping anymore than $500 excess in checking and keeping the rest of savings in a safe as cash, "invested" in metals or goods.

    When we start getting paid every week with adjustments for inflation then we are close to total bank failures and account confiscations. Hard to believe I would ever be contingency planning for such an event in the USA.

    Thanks for the prompting. Time to dump bank account balances for cash on hand. And time to dump the dollar for food, ammo, guns, gear, metals,
    fuel, etc.
  11. melbo

    melbo Hunter Gatherer Administrator Founding Member

    Every fiat currency in the history of our world has collapsed and become worth zero. They didn't start the peso with 50,000 peso bills.

    You need to order a copy of <a href="">The Creature from Jekyll Island: A Second Look at the Federal Reserve</a><img src="" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />

    takes you through this entire problem. I'd send you a copy but I'm still packed in boxes.
  12. ColtCarbine

    ColtCarbine Monkey+++ Founding Member

    We paid off 2 creditors and almost paid off a 3rd creditor with our $3500 tax return, which eliminated about $500/month in payments. Came at just the right time, being that work has slowed down a bit. Man that would have bought a lot of food and reloading supplies but eliminating debt was more important.
  13. Tango3

    Tango3 Aimless wanderer

    How safe are accounts ?(fdic and all...) I heard yesterday investments (401k's) are protected by something called SIPIC and are untouchable by a bankrupcy of a brokerage.
  14. NWPilgrim

    NWPilgrim Monkey++

    FDIC and other "insurance" and regulations, promises are only good for the normal situations. FDIC is insurance so it has funds to cover the anticipated amount of failures. But if we get into more credit failures then one or more major banks could wipe that out. The government will probably keep doing what it recently started doing, swapping worthless debt for Treasuries, meaning that tax payers will be paying for the bailout and the money supply increases which leads to longer term inflation.

    Or, they could just be bought out at ridiculous rates (e.g., Bear Sterns). Investors lose everything and deposit accounts may be frozen for some period of time, "until we get things straightened out from the merger."
    Many hedge funds are already freezing accounts.

    No matter what happens it appears the federal government will use inflation of the money supply to avoid or delay failures. So the best case scenario is that we get geometrically escalating inflation rate.

    The worst case is that failures reach a point where even the government can no longer pretend the taxpayers can keep paying for new Treasuries and quit trying to keep failed intitutions afloat. That is when massive failures will cascade through the economy and it will be too late to move your money.
  15. NWPilgrim

    NWPilgrim Monkey++

    Thanks melbo, I will check out the book. Hard to believe that such evil as the Federal Reserve could be implemented into our economy, but just goes to show how determined and embedded is the enemy.

    I have read "about" the Fed Reserve, but not an entire book. Looks like it is about time I dig into it and get the gory details.

    I hope there is a day in which we can rid our country of a central bank. Afraid that is going to take a monumental disaster that could make it even worse or get rid of it entirely. Thanks, Melbo!
  16. RouteClearance

    RouteClearance Monkey+++

    Fiat currencies take a lot of fanatical faith to keep going, but there has always been that point where the flock finaly sees that their God is totaly worthless, but that is what happens when you put a false god before "GOD"
  17. melbo

    melbo Hunter Gatherer Administrator Founding Member

    <a href="">The Creature from Jekyll Island: A Second Look at the Federal Reserve</a><img src="" width="1" height="1" border="0" alt="" style="border:none !important; margin:0px !important;" />
  18. nathan

    nathan Monkey+++

    am I missng something?Why are you folks running on banks?
  19. TXKajun

    TXKajun Monkey+++

    This is a resurrection of posts from 2008! Folks been waiting/predicting bank runs for years now. Nothin' yet. [dunno]

  20. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

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