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Liberty News ForumLNF Forums HereEconomics, Financial News › Get Your Money Out of The Banks
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Hot Topic (More than 10 Replies) Get Your Money Out of The Banks (Read 511 times)
Possumpoint
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Get Your Money Out of The Banks
Jun 7th, 2017 at 3:15pm
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All too many bank depositors in the US are oblivious to what could happen to their money if a "Bail-In" is utilized to make their bank solvent. "Bail-Outs" are no longer going to used, that is, taxpayer money used to re-collateralize a failing bank. Under the Dodd-Frank law, banks are now required to seize their depositor's money and issue the depositor stock certificates. If the bank then folds after that, bye bye money.

Don't be looking for the FDIC to be insuring your deposits under those circumstances. At present, the FDIC only has $25 Billon on hand to cover small banks.  Watch what has happened and what will happen in Europe at some of their banks. Checking accounts, saving accounts and CD's are subject to seizure by banks that need collateral.

Warning, if you withdraw large amounts in lump sums, the banks are now required to notify the Feds. Steady, small draw downs would work better.
  

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Possumpoint
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Re: Get Your Money Out of The Banks
Reply #1 - Jun 7th, 2017 at 8:02pm
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A "Bail-In" has just been imposed on Banco Popular, the 6th largest bank in Spain. The Bank was then sold to an investor for 1 Euro. What a deal! Funny, MSM isn't talking about it.
  

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The Original Wally
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Re: Get Your Money Out of The Banks
Reply #2 - Jul 17th, 2017 at 1:42pm
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Possumpoint wrote on Jun 7th, 2017 at 3:15pm:
All too many bank depositors in the US are oblivious to what could happen to their money if a "Bail-In" is utilized to make their bank solvent. "Bail-Outs" are no longer going to used, that is, taxpayer money used to re-collateralize a failing bank. Under the Dodd-Frank law, banks are now required to seize their depositor's money and issue the depositor stock certificates. If the bank then folds after that, bye bye money.

Don't be looking for the FDIC to be insuring your deposits under those circumstances. At present, the FDIC only has $25 Billon on hand to cover small banks.  Watch what has happened and what will happen in Europe at some of their banks. Checking accounts, saving accounts and CD's are subject to seizure by banks that need collateral.

Warning, if you withdraw large amounts in lump sums, the banks are now required to notify the Feds. Steady, small draw downs would work better.


I don't see pulling all of our money out of banks as really being any better an idea than buying gold.

(snip)
" 1933 NY Times newspaper President Franklin D Roosevelt Proclamatoin calls for a BANK "HOLIDAY" and outlaws the private OWNERSHIP of GOLD in the US - "

http://www.stockmarketsreview.com/store/1933-NY-Times-newspaper-President-Roosev...

Any POTUS can do this by Executive Order and pay you off with a bushel of worthless dollars (or whatever they are worth at the time of the emergency)  Failure to comply simply means one becomes an outlaw and has their assets seized! 

(snip)

"FDR's Executive Order outlawing gold was immediately backed up by Congress creating legislation ( The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act), Public Law 1, 48 Stat. 1 (March 9, 1933), was an act passed by the United States Congress in March 1933 in an attempt to stabilize the banking system. )

The Emergency Banking Act, an amendment to the Trading with the Enemy Act of 1917, was introduced on March 9, 1933 to a joint session of Congress, and was passed the same evening amid an atmosphere of chaos and uncertainty as over 100 new Democratic members of Congress swept into power determined to take radical steps to address banking failures and other economic malaise. The EBA was one of President Roosevelt's first projects in the first 100 days of his presidency. The sense of urgency was such that the act was passed with only a single copy available on the floor of the House of Representatives and legislators voted on it after the bill was read aloud to them by Chairman of the House Banking Committee Henry Steagall. Copies were made available to senators as the bill was being proposed in the Senate, after it had passed in the House."
  

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michiganFats
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Re: Get Your Money Out of The Banks
Reply #3 - Jul 17th, 2017 at 2:04pm
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The Original Wally wrote on Jul 17th, 2017 at 1:42pm:
I don't see pulling all of our money out of banks as really being any better an idea than buying gold.

(snip)
" 1933 NY Times newspaper President Franklin D Roosevelt Proclamatoin calls for a BANK "HOLIDAY" and outlaws the private OWNERSHIP of GOLD in the US - "

http://www.stockmarketsreview.com/store/1933-NY-Times-newspaper-President-Roosev...

Any POTUS can do this by Executive Order and pay you off with a bushel of worthless dollars (or whatever they are worth at the time of the emergency)  Failure to comply simply means one becomes an outlaw and has their assets seized! 

(snip)

"FDR's Executive Order outlawing gold was immediately backed up by Congress creating legislation ( The Emergency Banking Act (the official title of which was the Emergency Banking Relief Act), Public Law 1, 48 Stat. 1 (March 9, 1933), was an act passed by the United States Congress in March 1933 in an attempt to stabilize the banking system. )

The Emergency Banking Act, an amendment to the Trading with the Enemy Act of 1917, was introduced on March 9, 1933 to a joint session of Congress, and was passed the same evening amid an atmosphere of chaos and uncertainty as over 100 new Democratic members of Congress swept into power determined to take radical steps to address banking failures and other economic malaise. The EBA was one of President Roosevelt's first projects in the first 100 days of his presidency. The sense of urgency was such that the act was passed with only a single copy available on the floor of the House of Representatives and legislators voted on it after the bill was read aloud to them by Chairman of the House Banking Committee Henry Steagall. Copies were made available to senators as the bill was being proposed in the Senate, after it had passed in the House."


Excellent post Wally.
  
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Possumpoint
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Re: Get Your Money Out of The Banks
Reply #4 - Jul 18th, 2017 at 11:07pm
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Suit yourself, leave your money in the bank and be given stock in the bank in place of the money. When the bank goes belly up you have a worthless piece of paper.

If you're dumb enough to leave your precious metals where the government can find it then you deserve to lose it.
  

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michiganFats
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Re: Get Your Money Out of The Banks
Reply #5 - Jul 21st, 2017 at 1:54pm
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Possumpoint wrote on Jul 18th, 2017 at 11:07pm:
Suit yourself, leave your money in the bank and be given stock in the bank in place of the money. When the bank goes belly up you have a worthless piece of paper.

If you're dumb enough to leave your precious metals where the government can find it then you deserve to lose it.


Your philosophy causes the problem you claim to want to avoid.
  
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TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #6 - Jul 23rd, 2017 at 1:05pm
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michiganFats wrote on Jul 21st, 2017 at 1:54pm:
Your philosophy causes the problem you claim to want to avoid.


In Cyprus insolvent banks bailed-in their depositors without there being any kind of change in the frequency of withdrawals.

This is all to say that there is a problem even if people do not rush to pull out their money.
« Last Edit: Jul 23rd, 2017 at 1:34pm by TowardLiberty »  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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michiganFats
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Re: Get Your Money Out of The Banks
Reply #7 - Jul 24th, 2017 at 1:34pm
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TowardLiberty wrote on Jul 23rd, 2017 at 1:05pm:
In Cyprus insolvent banks bailed-in their depositors without there being any kind of change in the frequency of withdrawals.

This is all to say that there is a problem even if people do not rush to pull out their money.


Are we Cypress? No.

Go buy your Gold and your pre-prepared food and hide in your shelter you little prepper, but don't ever, ever, talk economics again because you don't know what you're talking about.
  
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michiganFats
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Re: Get Your Money Out of The Banks
Reply #8 - Jul 24th, 2017 at 1:52pm
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TowardLiberty wrote on Jul 23rd, 2017 at 1:05pm:
In Cyprus insolvent banks bailed-in their depositors without there being any kind of change in the frequency of withdrawals.

This is all to say that there is a problem even if people do not rush to pull out their money.


One more thing..."economist of the year"...is that the norm?
  
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TowardLiberty
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Re: Get Your Money Out of The Banks
Reply #9 - Jul 25th, 2017 at 11:32am
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michiganFats wrote on Jul 24th, 2017 at 1:34pm:
Are we Cypress? No.


No but the same thing is coming here and to the rest of Europe.

And we have had crisis in our banking and financial system that were not the product of bank runs.

Quote:
Go buy your Gold and your pre-prepared food and hide in your shelter you little prepper, but don't ever, ever, talk economics again because you don't know what you're talking about.


This coming from the poster who thinks fiat money is money that is not subject to market forces.

If you make bad argument, expect to be called on it.

The financial news board is not your safe space.
  

"Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." J M Keynes

"In the first place, the dichotomy between "theoretical" and "practical" is a false one. In economics, all arguments are theoretical. And, since economics discusses the real world, these theoretical arguments are by their nature "practical" ones as well." M Rothbard
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