[I_Like_Plants]

Read this thread....

http://www.tickerforum.org/cgi-ticker/a ... post=26947

Then feel free to panic.....

[joeltrout]

I'm not a doom and gloom guy but if people start bank runs that can be very scary. 99.999999% of my "money" is electronic. I have physical assets such as land, silver, and trade goods but those are minor compared to the rest of the investments.

joeltrout

[mekrob]

Remind me to go to the ATM from now on and start taking some of my cash out. It's not much, but I need a thousand or so in cash just to be safe, I feel. Whether or not a bank run happens, it's good insurance and a safe bet - interest from that money is almost nothing (and, as a Muslim, I can't even take it - I was donating it). What's the odds of most large banks (Wachovia, BBT, SunTrust, etc) closing down?

[frankthetank]

Just a thought, but most Americans have NO money in the bank, right? So wouldn't this leave the elderly? There are slow as hell, i'll easily get to my money before them!

[joeltrout]

$this->bbcode_second_pass_quote('mekrob', ' ')interest from that money is almost nothing (and, as a Muslim, I can't even take it - I was donating it).

[I_Like_Plants]

Joeltrout - I like your posts and think yours is the only thought-out one on your predictions for 2008 thread - I pretty much have to go with yours and agree.

Meknob - I know, as a Muslim you can't take or charge interest. A little thing called "usury" which the Jews have convinced us in the US is A-OK but it's not. The collapse we're seeing now is the only outcome of a usury-based system like ours. Even our own Ben Franklin said "Neither a borrower nor a lender be". He had some choice things to say about the parasites too. When you think of how US banks lend out each dollar you deposit to about 7 other people, being devout would see to mean not doing business with any US bank.

The point of this thread is, the banks are out of reserves of cash, so they've borrowed it from the Fed and since they've burned through their own reserves, they're using this borrowed money to cover our cash withdrawals, etc. Well! With their own reserves, the account holder is first in line to get their money if the bank fails. Under this borrowed money, the FDIC /FEDS are first in line. Read the Tickerforums discussion, these guys seem to really know their stuff.

As for worrying about what banks will fail, I'd say, the more they seem trustworthy the more likely there's just papier-mache' behind the facade. They're all set to topple.

[mekrob]

You seem like a reasonable and intelligent person, ILP, when discussing issues like these. But you always have to throw in that little "Jew" or "black" into your posts, don't ya?

[Fishman]

All three of the monotheistic religions have some comments at least about usary. Debt leads to subservience, always has, always will. Keep it to a minimum

[Starvid]

$this->bbcode_second_pass_quote('joeltrout', '')$this->bbcode_second_pass_quote('mekrob', ' ')interest from that money is almost nothing (and, as a Muslim, I can't even take it - I was donating it).

[americandream]

$this->bbcode_second_pass_quote('mekrob', 'Y')ou seem like a reasonable and intelligent person, ILP, when discussing issues like these. But you always have to throw in that little "Jew" or "black" into your posts, don't ya?

[SchroedingersCat]

For what it's worth, my bank pulled half its ATM's this week. No notice, no signs. Just nice metal panels where they used to be.

[roccman]

Thanks for the post ILP ...

Bottom line: FDIC pays banks first then (maybe) you.

[TT]

I am in Aussie.

Does anyone know how all of this will affect Aussie Banks? I believe quite a few of them had had exposure to the US subprime problems.

It seems that every time America has a problem in the finance sector our economy takes a hit. I really dont understand how that happens as we have our own resources and industries. Still I have some money in a bank. Not a lot, but it is all I've got and I don't want to lose it.

Any thoughts would be appreciated.

[FreedomSlave]

I've been keeping most of my money out of the bank and in hand for about two years now, depositing what and when I need to cover bill payments. Bank runs will not be televised, so to speak, and when they are, it will be too late to get your money out.

After that, I wouldn't doubt it if we're seing new "bank holidays" and a new currency, given how far we have to fall.

On a related note, remember this:
http://www.gold-eagle.com/editorials_01 ... 62001.html

[I_Like_Plants]

TT what we have going on is worldwide, and will get worse worldwide, but there does seem to be a sort of "penalty" for being an English-speaking country lol. I'd say, Look out for the same kind of things happening in Oz, just .... becoz!

[mmasters]

If there's a "crisis" anytime soon (whatever that means) it's quite likely people's bank activity will be rationed with the current state of affairs. If you have a good amount of money in a bank, it's probably best to split it up between a few different banks and keep wads of cash handy.

[mattduke]

I doubt we'll see a Corralito. Maybe, but I doubt it. Argentina couldn't print dollars.

http://en.wikipedia.org/wiki/Corralito

[patience]

Putting a time frame on Credit Crunch, part 3:

http://www.tickerforum.org/cgi-ticker/a ... 105&page=2

These people think that a massive amount of commercial paper needs to roll over the first two weeks in February, into a very illiquid market. If it does not roll over, we have a problem.

TPTB will try everything to backstop this, but the FED may be short on reserves, evidenced by the announcement that they won't continue the TAF auctions. (Hope I got this right.)

I'm not very good with links, either, but the story is there-iceberg, dead ahead.

[Cid_Yama]

A few years back, I pulled out of all my investments, including withdrawing from my pension plan and taking the cash instead. Instead I purchased property off the beaten path, rural and invested in self sufficiency. Property is paid for, no rent or mortgage. 2 wells, one driven by windmill, one driven by a solar powered pump. (actually 3, I have an old timey hand pump as well.) Solar panels provide enough electricity. (I have spare panels and other equipment in storage.) I considered wind generation but those things stick out like a sore thumb and might draw unwanted attention. I built a house underground, I use fiber optic lighting that gives you daylight. The ground provides perfect insulation and very little is needed to heat or cool. (Not being above ground also maintains a low profile.) I am within walking distance of a lake for fishing. I own a woods for firewood and hunting. I am well stocked with non-perishables, also stored in an underground storage. These are rotated, eating the first stored and adding to the stores so nothing gets too old. I have 20 years left if I'm lucky. (Actually most of my family has lived to their 90's, but lacking a thriving civilization I doubt that will happen to me.) I walk and bike ride everywhere. Instead of investing in precious metals, I expanded my storage of non-perishables, not just food, but 30 years worth of toilet paper(I don't want to run out) deodorant, toothpaste, toothbrushes, Q-tips(life would be hell without those) peroxide, aspirin, alchohol(rubbing and drinking), clothing, tennis shoes, etc.. I practically have my own personal Wal-Mart. Also various Pharmacuticals. (they will lose potency over time, but are better than nothing.) Lots of Video Games (ones that you will not tire of over the years; i.e Tiger Wood PGA Tour, Chess, Hearts of Iron II, etc.) and several computers. I got my inspiration from some movie that had Christopher Walken in it where they thought a nuclear war had occured during the Cuban Missile Crisis and had lived underground ever since. I now know I can now do the same thing. (Also, the locals haven't a clue, and because I walk and ride a bike, wear sweats and tee shirts, I appear to be poor.)(NO ONE comes to my house, I've been offered rides, but have them drop me near by.)

[wisconsin_cur]

Post TSHTF party at Cid's place!!!!

Shanny bring the goats,

Jack bring the ammo,

and I'll bring a bag of chips!

Now what was that address again?