POLL: How much time do we have until a "Banking Holiday"?
Posted October 6th, 2008 by FireTeamforFreedom
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I wish I was joking but its time to get the necessities in order. Because listening to Bush this morning "It's going to take some time to get things in order" says to me... "Banking Holiday"
Already around the world stock markets are being halted and it will soon be clear that people no longer trust the safety of their Bank. When that happens it will surely cause the government to do the same thing they did during the Great Depression... shut the banks down for a week or two.
So... how much time do we have? Do you have a guess?
http://mikeandjake.com/po...
Here's some headlines to chew on
"Europe Rocked by financial whoes"
"We risk a disintegration of global finance within days."
My favorite though is this little admission...
"The European Central Bank played a shockingly destructive role "
............................
Don't fear the fear! Have courage!
www.mikeandjake.com
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Nikkei down 11%... this could be it!
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
bump for liberty
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
In just the last few days they started to let the "CAT" out of
the bag... the word "liquidity" has now been replaced with "capitalized"... this is the also the reason Goldman Sacks and all the other investment banks went after Commercial Banks a few weeks ago. A bank with no deposits... is not a bank!
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Bank Holiday on October 13th
Bank Holiday on October 13th columbus Day! Definitely closed!
I think thay may be sinking the stock market to keep the
Bond market from bursting...
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Or to help the commercial banks
All that cash has to go somewhere, it's being deposited in banks.
The Fed started floating some of the Bonds today...
and sure enough the 10 yr rate started going up... can you imagine when the $700 billion hits?
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
If you noticed everyday the Fed has tried to throw
something on the fire...what could they possibly do tomorrow?
Check out the bond market... that could be the next bubble to burst and when it does...the Feds are not going to have an answer
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Peter Schiff has also predicted that the bond market will
be the next disaster du jour.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
bank runs won't happen like
bank runs won't happen like before. They are insured before the crisis this time and people HAVE to keep accounts to pay bills. I know I do. I couldn't do a lot of things without at least a grand in my account
A lot of people even have automated deposits and payments
And so they really don't even use cash anymore. Really only a minor percentage of retail business actually uses cash anymore.
Which has given rise to a new understanding on my part of how/why some actions by bankers have become so inane:
Since the banks are really just "shoveling digits" around -- the difference between even positive and negative balances is just a matter of that small "-" in front of the number. Since they never have any "real" money with positive balances, they are also not really missing anything with a negative balance.
Seriously.
The Fed is doing all kinds of contortions (paying interest on reserves, etc) to maintain the illusion that it somehow "matters" that banks maintain a positive "reserve" balance (even if it is "borrowed" reserves) when in reality they couldn't care less (other than maintaining the illusion -- because they know the outside world DOES care). But a disconnect between the "realities" of all of those things occurred long ago.
This coming Monday
Libera me, let the truth break, what my fears make--Leslie Phillips
As many here have be advising for years, be prepared.
It is foolish to use a credit card and wise to use only cash, usually businesses will negociate a discount with cash since they pay a fee every time you charge. Credit cards also leave an electronic trail.
The first step towards independence is to keep your wealth close to you.
Buy food and supplies first, if you have a large enough property buy livestock, chickens produce eggs, cows produce milk, bulls produce meat. If you don't have property, go into a joint venture with a small local farmer. You could even participate with labor if you have skills. Buy local merchadise to support your economy. If you have a lot of cash left over, then store your wealth in silver and gold.
T-bills are a suckers bet, since even if you buy TIPs, which protect agaist inflation, you lock up your money for 5 years with a three month interest and monetary correction penalty for early withdrawls...
grant
I'm expecting it any day now
I'm expecting it any day now. I don't have direct deposit (never have). With a week of cash on hand automatically by virtue of habit, I'll be ok. But most of my friends in professions that aren't food service are going to be screwed if they can't use their plastic. I've warned them. Multiple times.
The buzz has been big. All it will take to shut the banks down will be a run by their depositors. When that buzz hits critical-mass, it will become a self-fulfilling prophecy. I hope we make it at least another two weeks, but I doubt it. Not with the world coming unglued so quickly.
Get your FRNs in hand, friends.
My Shelfari page
LIBOR Surges 144 points to 5.38
On what Sinclair-see below- said, Libor up again/Rate cut won't help
10-08-08
Oct. 8 (Bloomberg) -- The cost of borrowing in dollars overnight in London soared for a third day before central banks around the world lowered interest rates in a joint effort to restore confidence to the global financial system.
The London interbank offered rate, or Libor, that banks charge for such loans jumped 144 basis points to 5.38 percent, the British Bankers' Association said today. It's the second day the rate has risen by more than 100 basis points. It was at 2 percent on Oct. 3. The one-week dollar rate climbed 35 basis points to 4.52 percent, the highest level since December. The Libor-OIS spread, a gauge of cash scarcity among banks, widened to a record and Treasury bills rose even after the coordinated rate cuts.
``This smells like panic to me,'' said Marius Daheim, a senior bond strategist in Munich at Bayerische Landesbank, Germany's second-biggest state-owned bank. ``We don't think this is going to do the trick with freeing up liquidity in the money markets. Banks will still hoard liquidity to meet future funding needs and rate cuts aren't going to do anything about that.''
www.bloomberg.com/apps/ne...
Ok, so lay it out for us...
What is the actual effect of a bank holiday going to be, what real effect will limited withdrawals have, in other words, how long do you think people would have to "hold on" for?
The Retrocon
Hope for America, Ron Paul for President in 2008!
I read
a few articles now that claimed this meant NO electronic transactions. Your credit cards will not work and any money in the system will not be accessible. Fuel will be slow moving if not stopped which in turn will slow if not stop grocery stocks.
I have read it could happen from a one week to two months.
Jim Sinclair says
http://www.jsmineset.com/...
He is also saying that
you should have two months worth of cash on hand. How many people actually have two months worth of cash on hand?
The Retrocon
Hope for America, Ron Paul for President in 2008!
Ok...
Is he saying that you should pull your IRAs and whatnot out as well? I don't really understand the jargon.
The Retrocon
Hope for America, Ron Paul for President in 2008!
bump?
bump, let's get some answers folks!
he Retrocon
Hope for America, Ron Paul for President in 2008!
i am bumping
my October 6 prediction
Wednesday or Thursday
Could be....its gettting close!
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Okay, this is FACT not a guess
ALL U.S. banks will be closed on October 12, 2008… I guarantee that this info is accurate.
"It does not take a majority to prevail... but rather an irate, tireless minority, keen on setting brushfires of freedom in the minds of men." Samuel Adams
October 12 is a Sunday
I think he's trying to make a joke.
Where I am banks have branches in grocery stores and they do business on Sundays.
October 12th where?
My October 12th is your October 11th.
___________
Lisa C.
Boston Tea Party
"Time to Party Like It's 1773!"
Charles Jay 2008.
Oct 12th is a sunday but
it's Columbus Day, which is always observed on the nearest (or is it next) Monday.
SO
There will be a TWO DAY banking Holiday !!! OMG!!
Oct 12th, AND the 13th - oh the inhumanity of it all!!
Think.........
There is no lack of liquidity.
THERE IS A LACK OF CAPITAL. Capital is funds deposited in banks and investment in corporations.
Since the FED can print unlimited supplies of cash, why would they risk bank runs for lack of cash?
It is not the style of these criminals in power to take money out of our hands. It IS their style to take our money through inflation and government debt which is paid through taxes.
So while everyone is chattering about bank holidays they are creating new government projects that are charged to you and me. All without public knowledge or approval.
~~~~~~~~~~~~~
World's Greatest Business
http://www.gbemembers.com...
"The Number one reason people lose money is the FEAR of losing money." Sir John Templeton
"Committed To The Eradication Of Poverty Among Patriots"
I say next week! "When
I say next week!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
It will likely be leeding
It will likely be leeding into the weekend. Like on a Friday. This one or next one is my best guess.
Tim
GOLD
bump for liberty
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
bump for liberty
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Excellent points iehuvihs!
I think the Amish have know this for a long time... we can live together..in our local community quite efficiently... Take it another step and we can all reap the rewards as well...
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Keep your wealth close to you.
It is wise not to use a credit card and use only cash, usually businesses will negociate a discount with cash since they pay a fee every time you charge. Credit cards also leave an electronic trail.
The first step towards independence is to keep your wealth close to you.
Buy food and supplies first, if you have a large enough property buy livestock, chickens produce eggs, cows produce milk, bulls produce meat. If you don't have property, go into a joint venture with a small local farmer. You could even participate with labor if you have skills. Buy local merchadise to support your economy. If you have a lot of cash left over, then store your wealth in silver and gold.
T-bills are a suckers bet since even if you buy TIPs, which protect agaist inflation, you lock up your money for 5 years with a three month interest and monetary correction penalty for early withdrawls...
grant
Couple of days, maybe
"The lesson of the 1930s is that any country trying to reflate in isolation will be punished. The crisis will ricochet from one economy to another until every one is crippled. We are seeing it play again in this drama as our leaders fail to rise above their narrow, parochial agendas."
I think this was actually the most important part of the article. Ambrose is implying that due to the global integration of our economy with all the others, each individual country and people is pretty much screwed. Even if there was one country with a spot-on leader who knew what the heck he was doing, the failure of all the other morons to act in a correct way would drag the rest down due to all the interconnections among markets and multi-national corporations.
This, to me, is the best argument for NOT integrating per the "globalist" agenda. It's pretty obvious that no one person or government will be able to handle a crisis in such a scheme, so the scheme itself is doomed to failure.
Well I do hope that folks have at least considered
Jim Sinclair's warning that you ought to make sure to have enough cash on hand to carry you through any such period.
_________________________________________
"An economy built on fiat money is a society on its way to ashes."
I can see them limiting the amount of withdrawls
and some lines at the cash machine - they want order, so Im not so sure theyd cut us off from the ability to purchase necessities completely- tho im not banking on that opinion lol. Ive got some cash on hand and some supplies as many of you have suggested.
Live Free or Diebold
Most ATM's set transaction limits...
And most people's debit cards also have daily ATM withdrawal limits. Plus, ATM machines themselves contain a limited amount of money.
If people fail to be able to get cash from ATM's then they will doubtless try the "cash-back" at retail stores (which the stores themselves will stop for fear of running out of FRN's).
Then people would begin lining up at their banks, and THAT would be when/where some type of "rationing" would start to take place (most banks and especially branch banks have VERY limited amounts of FRN's in their vault -- back in the 80's small branches kept maybe $10,000 to $20,000 total, with a few hundred thousand at their main bank: nowadays with debit and credit cards being 90% of all transactions they probably have even LESS).
The banks themselves would panic if this started, and insanity would set in at various places around the country (panics tend to expand at an exponential rate).
End of October.
.
The classic date.
Good call!
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
I Threw My Credit Card Machine Away
Right after Bush signed the Housing Bill. The bill requires all credit card sales to be reported to the IRS.....no judge, no warrant (which it used to take to get this information).
No doubt they're tracing sales of gold and silver and over valuable assets
I've never used a credit card again.
Did all of you know this?
Deb
thanks for the reminder
thanks for the reminder
Ahhh...Yes
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
Maybe they'll just take the money back...
I had a direct deposit that was credited then uncredited once...
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
According to one recent
According to one recent post, banks no longer are required to keep any money...so maybe they wouldn't have to close at all..they could just say, they couldn't fulfill the transaction or something...
Well, every time I accept a credit card something goes wrong
I took one today. I should have the funds by thursday. So, my answer is: Wednesday
It's when Bush says "Everything will be OK" that I start to
WORRY...
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
It's when Bush's lips move that I start to
WORRY...
wednesday
or thursday...
One more time!
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com
bump for liberty
Mike
"Fire Team for Freedom" and "Revolutionary Business"
visit www.mikeandjake.com