RE: Imminent Banking Shutdown - Fact or Fiction?
Does anyone have any corroborating sources to Steve Quayle and friends concerning a rumored banking shutdown/freeze/restrictions that are said to be coming sometime shortly after August 21st?
There are varied reports by the above sources to expect and prepare for such an event. Details range from system-wide shutdown, to regional rolling holidays lasting from 2 days to a month. Accounts would be accessible during this period, but with a limit of $500 in transfers/withdrawals per 7 days per person regardless of the number of accounts one has. (there are serious logistical issue with this I know) There is also rumored to be limited or no access to "safe deposit boxes" as occurred in the 1930's with the contents being confiscated under current rules and orders.
There is also wild speculation, as usual, that this will result in introduction of the Amero, and/or cashless cards, wristbands, or implanted chips in conjunction with vaccination cards for forthcoming "swine or bird flu" pandemic(s) claiming that "cash" is "dirty." (aka - The Mark required to "buy or sell")
There is also a report from an investment newsletter (Harry Shultz) that U.S. Embassies have been instructed to stockpile 1 year of local currency presumably meaning that locals will no longer accept dollars at some point in the near future. (30-90 days by current countdown)
I know most of this sounds like B.S. and considering the source I understand. However, things did get really hairy last fall, and these sources, while making outlandish claims beyond what occurred, did have a pulse on something. I'm just curious if there is anyone else out there giving the same indications that isn't just simply re-spouting what Quayle and his buddies have been posting.
EDIT-------
This is not for my own assurances. I am already prepared as I'll ever be for this. I'm looking for other sources because I have friends and loved ones I need to convince to take appropriate insulating measures like keeping the bank accounts small, and emptying "safe" deposit boxes until further notice. I don't want to see them suffer, and they will listen to me, but I have to have something better by the way of "Hawk and his clandestine bunch of Merry Men" to assure them that this isn't just "the sky is falling" or a "cry wolf" scenario. If it doesn't happen, then they won't listen the next time for sure, unless I can point to some analysis as to why it would and later, why it didn't.
I know I'm taking tomorrow off...
but I'm sure my branch will be just fine without me, because I have a great staff. So, I say it's fiction.
We have been discusing for a
We have been discusing for a couple days now and it's still on the first page right now
http://www.dailypaul.com/node/104265
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End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
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End The Fat
70 pounds lost and counting! Get in shape for the revolution!
Get Prepared!
Credit Unions
When we talk about banks folding, closing, or going on a holiday... Does that also include credit unions? Credit unions are owned by the people that have accounts in them. Does anyone have the info on this? I asked my credit union but didn't get a straight answer that I could understand. It may have been explained in depth to me, but I am deaf and lose a lot of words in between. So, let me know in writing, and I can see it, instead of counting on my ears hearing it. Thank you so very much ahead of time.
credit unions
Credit unions are licensed either by your state, or by the feds for a national presence. They subscribe to a deposit insurance program similar to FDIC but it is not the FDIC. It is a separate program.
http://FlipFlopRomney.blogspot.com
Perhaps some answers
or typical gov. platitudes:
http://www.ncua.gov/
FWIW, we have been very happy with our two CU's. One of them is the oldest CU in the country, still out-performing all the others, in the interest of members- not shareholders or big-wigs, yet Bankrate gives it only *** out of 5. Hmm.
Bank, Thrift and Credit Union Ratings
SAFE & SOUND® STAR RATINGS™
Search for safe financial institutions http://www.bankrate.com/rates/safe-sound/bank-ratings-search...
(This is about the best (IMO) I could ever find)
Everyone is blaming the FED.
Everyone is blaming the FED. RES. for this crisis, but Reality shows the US Treasury , the PRES. & Congress are the people putting the stress on the Dollar currency, if the Reserve is a private entity..I am not saying the Reserve is good, but the Reserve, if private, would want or should want to maintain value ..It would be in their best interests to buy back their own currency ..Your Gov' , Congress & Pres., want theFED to print more bills ...This would put them at odds, if the Reserve is private..That is where we are at ...The US gov't is stealing, not the FED RES. unless the Reserve is actually owned by We the People, incognito.. Don't ask me though, it just makes sense..
What better LIE ,skeem, to make money off of it's own people or citizens to purpetuate the rule of the Corporate US gov't.
Good people do Good deeds
and are no respecter of person
Question on FDIC -
Shithead was sworn-in on January 18th. In February, the FDIC rules were changed...each depositor was insured for $100k since I can remember; the new amount? $250k!! Why? They knew then that they were gonna bankrupt the FDIC...then create a bank run, people panicking....then, create more money out of thin air and pump another $500 billion into the FDIC...getting us closer to hyper-inflation!!!
------------------
BC
Silence isn't always golden....sometimes it's yellow.
------------------
BC
Silence isn't always golden....sometimes it's yellow.
"The liberties of a people never were, nor ever will be, secure, when the transactions of their rulers may be concealed from them." - Patrick Henry
Really!
If the banks were to go belly up and close, the money supply would be eviscerated since checking accounts and savings accounts are part of the money supply. So putting more money into the FDIC to keep these accounts from going bad does not increase the money supply; it just keeps it from decreasing. And in reality every bank closing does wipe out some money because of the uninsured portion that bank customers lose.
The only way they could possibly hyper-inflate the money supply is for the federal government to quit borrowing from banks and print up and spend currency into existence.
I think the banking system is trapped and can only implode, wiping out most of the money supply and bringing on massive deflation of prices. But it probably won't happen until the autumn of 2010, a little over a year from now.
"The deepest sin against the human mind is to believe things without evidence." Thomas H. Huxley
Jim Sinclair's Formula: 1.
Jim Sinclair's Formula:
1. First interest rates rise affecting the drivers of the US economy, housing, but before that auto production goes from bull to a bear markets.
2. This impacts many other industries and the jobs report. An economy is either rising at a rising rate or business activity is falling at an increasing rate. That is economic law 101. There is no such thing in any market as a Plateau of Prosperity or Cinderella - Goldilocks situations.
3. We have witnessed the Dow rise on economic news indicating deceleration of activity. This continues until major corporations announced poor earnings, making the Dow fall faster than it rose, moving it deeply into the red.
4. The formula economically is inherent in #2 which is lower economic activity equals lower profits.
5. Lower profits leads to lower Federal Tax revenues.
6. Lower Federal tax revenues in the face of increased Federal spending causes geometric, not arithmetic, rises in the US Federal Budget deficit. This is also true for cities & States as it is for the Federal government.
7. The increased US Federal Budget deficit in the face of a US Trade Deficit increases the US Current Account Deficit.
8. The US Current Account Balance is the speedometer of the money exiting the US into world markets (deficit).
9. It is this deficit that must be met by incoming investment in the US in any form. It could be anything from businesses, equities to Treasury instruments. We are already seeing a fall off in the situation of developing nations carrying the spending habits of industrial nations; a contradiction in terms.
10. If the investment by non US entities fails to meet the exiting dollars by all means, then the US must turn within to finance the shortfall.
11. Assuming the US turns inside to finance all maturities, interest rates will rise with the long term rates moving fastest regardless of prevailing business conditions.
12. This will further contract business activity and start a downward spiral of unparalleled dimension because the size of US debt already issued is of unparalleled dimension.
At the end of the list he added the following two paragraphs:
Therefore as you get to #12 you are automatically right back at #1. This is an economic downward spiral.
I heard all this “slow business” as negative to gold talk in the 70s. It was totally wrong then. It will be exactly the same now.
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
oh you mean steve "the sky is falling" quayle...
steve quayle AND rick wiles.
i used to listen to both of them. i stopped. it was way too much.
from gold to mild silver protein.
the same could be said for alex jones, joyce riley etc.
Ron Paul is my President
Ron Paul is My President
I think the reason for these banking shutdown predictions is;
Most American bank accounts are insured by an agency that goes by the letters of FDIC.
FDIC has already paid out billions in claims because of the bank failures already in 2009.
According to some economists, FDIC insurance money is running low, right now.
The biggest banks claim way more assets than FDIC can cover if they fail. Please read this article:
http://blogs.reuters.com/rolfe-winkler/2009/08/21/big-banks-...
If the American public who have money sitting in banks that may fail ever realize that FDIC may not pay off in a bankruptcy or takeover proceeding in their bank,,,,it could start the daddy of all bank runs which would force Americans to use a different medium of exchange for necessities.
I'm saving Gold/Silver just in case this does happen !
beesting
"Bank Holiday" is a much too pleasant term. How about "total..
collapse of the dollar." All a bank holiday does is buy a little time while the banks are closed. Regional rolling bank holidays will do nothing to stop the collapse of the dollar. Imagine when they get to California, New York, or Florida! Will they further divide them up into North/South/NY City/LA/etc?
Most importantly, when/if the first regional bank closings occur, WHAT DO YOU THINK WILL HAPPEN IN THE OTHER PARTS OF THE COUNTRY? There will be relentless runs on those open banks, which will finish them off for sure.
See this very interesting article and the chart that tells it all.
Monetization of US Treasurys In Isolation
by Jim Willie, August 20, 2009
Every few months a chart comes along that needs almost no follow-on paragraphs to make the point of the issue. The chart provided by CIGA Eric covers several important types of US$-based bonds, their inflow and outflow, and the aggregate GrandNet. The financial data is publicly available from the USGovt TIC Reports. The messages are clear. Inflows of foreign funds are dwindling. In the case of USAgency Mortgage Bonds and USCorp Bonds, the nation is witnessing something unprecedented, the net outflow of funds. This is outright rejection. This chart exposes the isolation problem of the USDollar in the bond world, clearly the most important market beneath the currency market. The printing press is the last option.
Ominous is a strong word. Abandonment is better, but disaster is better still. “I find this simple chart so ominous I had to send it. Decelerating year-over-year inflows and outflows across the board. Stick your head in the sand if you like, but string this trend out a little longer and you’re going to have flight from the dollar.” So wrote CIGA Eric.
http://www.financialsense.com/fsu/editorials/willie/2009/082...
two topics
SteveMT understands there are two separate issues:
"... bank holidays will do nothing to stop the collapse of the dollar."
Earlier this year, FASB allowed market to model accounting. As long as mark to model or mark to cash flow continues, banks can have bogus balance sheets. If this rule reverts to mark to market, there could be a need for bank holidays because overnight many banks would be insolvent and the FDIC would need time to slice and dice everything and reopen the banks with new names.
I don't see how a currency implosion or explosion can be helped by closing the banks. Once (if) it happens, it will likely go quickly and USA dollars and debt instruments will continue to trade outside of the USA. If banks inside the USA are closed, the worldwide would continue.
Therefore, in my opinion, the most likely cause of a bank holiday will be FASB returning to mark to market and the FDIC needing time to clean up the mess. (There mess already exists today, it is just being covered up.)
http://FlipFlopRomney.blogspot.com
Harry Schultz is a very . . .
. . . credible and well respected source. Jim Willie from the Hat Trick Newsletter is also predicting same.
I passed along the Schultz conclusion and the article by Jim Willie to all my friends and familly. What they do with the information is up to them.
sorry, double post
sorry, double post
Isn't this scenario VERY possible?
Close the banks on a rotating basis (in late August/Early Septembert), during which periods of closure the banks’ accounts will be adjusted to cater for a massive devaluation of the US dollar, by between 60% and 80%, and/or the introduction of a two-tier dollar, with the external version drastically devalued.
As a consequence of these manoeuvres, steal a profit of between 60% and 80% overall, retaining the bulk of it, to be deployed as the base for an internal hedge fund to be operated without checks and balances between the corrupt US Treasury via the Federal Reserve Interbank Settlement Fund, which has no oversight, with selected corrupt foreign central banks.
Then it would appear The Federal Reserve has been made whole, which is why Dr Ben Bernanke now looks so smug, stroking his beard, when he appears before Congressional Committees these days. Not only does he know that many of the legislators facing him are being blackmailed, are blackmailable, bribed or otherwise compromised, but he is also aware that none of them can do anything whatsoever to interfere with this operation, the strings of which he is in charge of pulling.
Give me some opinions...
In Christ,
Dave
"where the Spirit of the LORD is, there is liberty." 2 Cor. 3:17
Check us out @
www.lionandlambministry.com
Grace be to you, and peace, from God our Father, and from the Lord Jesus Christ.
In The LORD Jesus Christ;
Dave
"where the Spirit of the LORD is, there is liberty." 2 Cor. 3:17
http://www.lionandlambministry.com
Think about it.. Bank
Think about it.. Bank closure does not stop intake payments, it stops out go .. Closures would allow banks to recoup funds on a periodoc basis..
Good people do Good deeds
and are no respecter of person
Every time this happens
... that is: Severe downturns in the economy, the doomsayers are out in numbers saying, "The sky is falling!" I have been though multiple recessions (66 y/o) and really never paid much attention to any of them. Only twice in separate recessions did it ever effect my life (mildly) the wife got laid off for a few months in one, and I one day in another.
Although my fathers mother lost her home in the Great Depression and my Mom's parents almost lost theirs except for FDR's WPA. Keep what I just said in perspective, the majority of Americans did not loose their home in the Great Depression. Just some, like now.
As I said, I never gave recessions much thought, and looking around I believe a lot of Americans aren't thinking a lot about this one either.
For those here that have had teenage blemishes, do you remember the more you looked into the mirror, the worse it got ? Get the idea ? Don't be hanging on every scrap of bad news someone digs up and posts on dailypaul, your pimples will get worse !
Before all you people start jumping on me, "It is different this time!" read this first >> http://en.wikipedia.org/wiki/List_of_recessions_in_the_Unite...
"bonehead" richard...
"bonehead" richard... educate yourself..
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
Dude, the Fed is monetizing
Dude, the Fed is monetizing our own debt. Nobody is buying T-Bills, so the Fed is buying them. In other words, They are loaning the money to themselves. Tick, tock, tick tock. The last thing a Government does before taking control of everything is steal all of the money. They are stealing all of the money right now! See Nazi Germany, 1934.
"The price of Freedom is Eternal Vigilance"- Thomas Jefferson
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
Germany did not have a FED
Germany did not have a FED Res. this, supposedly, is a private business entity..Therefore there is no comparison to Germany & a gov't takeover of Currency ..The dollar does not actually belong to America..It is America's private RESERVE...Whoever, or what ever, that means, ? For the FED to buy back it's own money would be a good thing ,unless loan outs would significantly increase.. Loan out is not happening, we have a stagnant economy ..the Fed needs to reign in the excess funds to counter the sluggish economy..BUT, the gov't or Treasury Dept ( Congress & Pres.) is asking for more funds to waste, so you have the two entities fighting each other for control of the economy & value of currency ..That is where we are at.
Good people do Good deeds
and are no respecter of person
Germany had a Central Bank,
Germany had a Central Bank, which dictated its monetary policy which has the same effect as the Federtal Reserve. There should be "0" meddling with the markets and currency.
"The price of Freedom is Eternal Vigilance"- Thomas Jefferson
There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan
"Invest only in things that you can stand in front of and pr
Monetizing Debt: Disinformation in the Blogosphere
The internet is a wonderful tool for the dissemination of information. Sometimes, though, authors can publish information and bend the facts to suit some sensational purpose and in so doing distort reality and the truth.
The Federal Reserve can only buy securities from the Treasury when it rolls over maturing holdings. The Treasury only resurrected the 7 year note in March and consequently the Federal Reserve would have no bonds to roll in the auction. Ergo there lack of participation.
FYI, the money the Federal Reserve gave to banks never left the Federal Reserve Bank and accruing .5 % interest. The Federal Reserve is paying banks not to lend money to prevent inflation.
lol....... sigh..............
lol....... sigh..............
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
Jim Sinclair's Formula: 1.
Jim Sinclair's Formula:
1. First interest rates rise affecting the drivers of the US economy, housing, but before that auto production goes from bull to a bear markets.
2. This impacts many other industries and the jobs report. An economy is either rising at a rising rate or business activity is falling at an increasing rate. That is economic law 101. There is no such thing in any market as a Plateau of Prosperity or Cinderella - Goldilocks situations.
3. We have witnessed the Dow rise on economic news indicating deceleration of activity. This continues until major corporations announced poor earnings, making the Dow fall faster than it rose, moving it deeply into the red.
4. The formula economically is inherent in #2 which is lower economic activity equals lower profits.
5. Lower profits leads to lower Federal Tax revenues.
6. Lower Federal tax revenues in the face of increased Federal spending causes geometric, not arithmetic, rises in the US Federal Budget deficit. This is also true for cities & States as it is for the Federal government.
7. The increased US Federal Budget deficit in the face of a US Trade Deficit increases the US Current Account Deficit.
8. The US Current Account Balance is the speedometer of the money exiting the US into world markets (deficit).
9. It is this deficit that must be met by incoming investment in the US in any form. It could be anything from businesses, equities to Treasury instruments. We are already seeing a fall off in the situation of developing nations carrying the spending habits of industrial nations; a contradiction in terms.
10. If the investment by non US entities fails to meet the exiting dollars by all means, then the US must turn within to finance the shortfall.
11. Assuming the US turns inside to finance all maturities, interest rates will rise with the long term rates moving fastest regardless of prevailing business conditions.
12. This will further contract business activity and start a downward spiral of unparalleled dimension because the size of US debt already issued is of unparalleled dimension.
At the end of the list he added the following two paragraphs:
Therefore as you get to #12 you are automatically right back at #1. This is an economic downward spiral.
I heard all this “slow business” as negative to gold talk in the 70s. It was totally wrong then. It will be exactly the same now.
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
exactly
In Christ,
Dave
"where the Spirit of the LORD is, there is liberty." 2 Cor. 3:17
Check us out @
www.lionandlambministry.com
Grace be to you, and peace, from God our Father, and from the Lord Jesus Christ.
In The LORD Jesus Christ;
Dave
"where the Spirit of the LORD is, there is liberty." 2 Cor. 3:17
http://www.lionandlambministry.com
a horse with blinders on....
a horse with blinders on....
A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences. Proverbs 22:3
Matthew 10:34 Think not that I am come to
send peace on earth: I came not to send peace,
but a sword.
They have eyes, but cannot see...
Superimpose this chart over that one.
http://www.aier.org/images/stories/charts_large/ppd_lg.png
Then keep not thinking about it, I guess... :)
~Live life to its fullest, with an open heart, open arms and most important... an open mind~
Records show
... that the ancient Greeks seemed unsure about the status of zero as a number. They asked themselves, "How can nothing be something?"
Easy, just keep adding zeros behind a number/s.
My house in 1947 cost less than $2000, I paid $27,500 in 1971, the same house like mine next door sold for $269,500 in early 2000. Things are getting better, the house next door only costs $160,000 now. Superimpose that ! I imagine in ten years it will be worth $269,500 again or more. History repeats itself like boom and bust recessions (my chart above).
Have you ever considered that maybe the dollar will start appreciating again ? America has a lot of cheap labor, the unions are gone or weak, a Republican's wet dream come true !