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Thread: please don't withdraw your $

  1. #1
    Join Date
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    Default please don't withdraw your $

    very interesting

    why did the FDIC (Federal Deposit Insurance Corporation) chairman make this video on March 24 and say:
    "the last thing you should be doing is pulling your money out of the banks"?
    "I will tell you this, no depositor has lost a penny of their insured deposits since 1933"
    "so if you are talking about keeping your money in a safe place, please keep it in an FDIC insured bank"

    one minute long - https://www.youtube.com/watch?v=jdjz...ature=youtu.be

    silent, slow moving bank run?
    we all know that the banks don't keep enough cash to give everyone their $ back if they seek to withdraw it.
    we do know that ATMs in NYC have run out of cash at least once

    inquiring minds want to know

  2. #2

    Default

    Was in town day before yesterday. Tapped the ATM for 300 bucks, all $20 bills. Branch was open but only 2 customers inside at once and my wait on less than a minute. Teller was happy to exchange smaller bills for $50s. Next time I'm in the "big city" I'll probably do the same thing.

  3. #3

    Default

    The Federal Reserve is desperately trying to make sure we don't run out of money. They are in full panic mode trying to keep John Q Public from going into full run on the bank mode. Much like an old western, where the cowboys were trying to stop a stampede. Once people start talking about a cash shortage, banks will close and your money will be accessible only through credit cards. and electronic means. The other alternative will be what happened in Cyprus in 2012, where banks stole 30% of peoples money, to "save the economy".

    Thanks to fractional banking, banks only have 4% of our money available to us. This is a scary situation at any time, but when people panic, they could cause a cascade event of bank failures that will look like the Great Depression. Tragically, there will be plenty of money in the system, this time. Just a shortage of cash. There is always a shortage of cash. Nobody thinks about it, until they want to withdraw their money from the bank. In this case, the money supply, which is loans, bonds, VC investments are all doing really well.

    I help people with their investments and since I am "retired", I have been spending more time as a financial planner than I have as a cranky old man. I have been VERY busy lately as people start thinking about the stock market and the economy. As we all know, the time to prep for something like bank failures, has come and gone. For them, I have been helping them whether this stock market crash and a potential bank failure.
    "Never accept authority as truth. Always accept truth as authority."

  4. #4
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    Default

    The Federal Reserve is desperately trying to make sure we don't run out of money.....a shortage of cash.
    agree 100%

    part of the problem is Europe which is crashing
    their banking system is in peril
    so people are converting those weak currencies into US dollars
    there are more $100 USD bills out of the US than there are in CONUS
    partly why the USD is rising against the other currencies, the smart money in Europe is moving capital to the USA

  5. #5
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    Default

    I don't see how even pumping many trillions of dollars into the economy can keep it from crashing.
    Sure hope everyone on here has all their ducks in a row.

  6. #6
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    Default

    This was tucked into the "stimulus bill".

    https://www.forbes.com/sites/jasonbr.../#6fd2713f4bea

    "As the markets continue to drop and the U.S. looks to Congress for agreement on a massive stimulus package to save the economy from impacts of the coronavirus pandemic, the newest offer by House Democrats includes a very forward-looking kind of stimulus: the creation of a ‘digital dollar’ and the establishment of ‘digital dollar wallets.’ In what will send shock waves through the cryptocurrency and blockchain industry, particularly for those following central bank digital currencies around the world, this signals the U.S. is serious in establishing infrastructure for a central bank digital currency."
    Μολὼν λαβέ (Molon labe), “Come and get them!”

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  7. #7

    Default

    Quote Originally Posted by explo72 View Post
    agree 100%

    part of the problem is Europe which is crashing
    their banking system is in peril
    so people are converting those weak currencies into US dollars
    there are more $100 USD bills out of the US than there are in CONUS
    partly why the USD is rising against the other currencies, the smart money in Europe is moving capital to the USA
    Yeah, but ain't that always the case? They always piss and moan about our "dirty capitalist pig" society but where do they run for shelter? Maybe they just don't care about their own economies when those with money take their capital and flee to the US?

  8. #8
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    Default

    I was just talking to my mom and brothers about this last week.
    Prepare for the worst, hope for the best

  9. #9

    Default

    Quote Originally Posted by explo72 View Post
    agree 100%

    there are more $100 USD bills out of the US than there are in CONUS
    I think that has always been the case. Drug dealers. foreign governments and banks (I know, I know. I am repeating myself) all keep a supply of greenbacks for a rainy day.
    "Never accept authority as truth. Always accept truth as authority."

  10. #10
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    Default

    Coronavirus package contains $11 billion for three international development organizations


    Among the many provisions in the $2.2 trillion coronavirus relief package that appear to have little to do with the immediate crisis at home is a nearly $11 billion pot of money for three international development groups.

    The Coronavirus Aid, Relief and Economic Security Act (CARES Act) – which the House of Representatives is expected to vote on Friday – includes the funding for the African Development Fund (ADF), the African Development Bank (AfDB) and the International Development Association (IDA).
    https://www.foxnews.com/politics/cor...al-development

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