[idiom]

Okay so can anyone tell me what this will do to the world if enough people get on board? This June 5th

I am guessing that this is not harmless and maybe the worst idea in a while. The last one of these things was a positive money bomb that had over 100,000 participants. How many would it take to be destabilising and what are the odds of a chain reaction occuring?

[Micki]

Looks and feels like and anarchistic attempt to get some bank failures going.
In no way do I think this would strengthen the US$ as they claimed. It would more likely result in further easing of rules regarding reserves held by banks and easing off requirement of collateral when borrowing from Fed Reserve.
Either that, or if successful, send the country into a depression. (And no, I don't think that will be bullish for the US$ as there are too many and too large fundamental issues with the US economy)

[Cashmere]

I wonder if Benjamin Shalom Bernanke has heard of this?

[ivanillich]

It's from Ron Paul supporters. I'm pretty sure that's the guy talking at the beginning, anyway. And it is well known that he favors a return to the gold standard. Hardly anarchists.

[Ferretlover]

$this->bbcode_second_pass_quote('idiom', 'O')kay so can anyone tell me what this will do to the world if enough people get on board?
This June 5th
I am guessing that this is not harmless and maybe the worst idea in a while.
The last one of these things was a positive money bomb that had over 100,000 participants.
How many would it take to be destabilising and what are the odds of a chain reaction occuring?

[joeltrout]

Sounds pretty stupid to me.

If you do withdraw all your money make sure you have an escort because I wouldn't want to walking around with a couple of suitcases full of cash.

joeltrout

[Roy]

Domestic terr threat!!!!! Shiver me timbers!!!

Joel, has it occurred to you that most Americans don't have suitcases full of cash in their bank accounts, even if you do? I would guess half probably have a month or two of expenses in their accounts, if that.

And people who understand the current financial situation in the US have already diversified their assets(metals, property, foreign currency, hard goods etc) so as not to be left holding huge amounts of worthless paper once the fat lady sings for the USD.

Also, prudent folks would stagger their withdrawals, as suggested in the embedded video. After all, most banks have a max limit per cash withdrawal, and if the amount withdrawn is deemed 'suspicious' (greater than $2k), the bank will inform Homeland Security (Ein Volk, Ein Heimatland, Ein Gesetz and all that). Prudence demands subtlety if one does decide to participate.

I say go for it. I like the idea of stopping inflation for sure. Inflation is kicking my ass!!!

Will it work? I hope it does.

Just so happens that my small, local bank is being bought out by a much larger, heavily invested in real estate, national bank.

New account numbers will be issues to small bank's customers, auto drafts re-done etc. That will happen on June 15th or so.

I was going to pull my money out of said bank before large real estate lender takes over, and move it to another small bank. My reasoning for banking small is related to the ideas proposed by Katherine Austin Fitts. Voting with a checkbook, etc. If you're not familiar with her or her work it's worth looking at, IMHO.

So there may be a slight delay in opening my new accounts which, merely by coincidence, falls during the time of this protest.

Finally, if a person doesn't understand how money is created and the Federal Reserve's role in the whole operation, then this movement won't make a bit of sense to that person.

Nothing to see here, move along.

Edit: In the end though, this will probably have the same effect as campaigns to stop buying gas from Exxon... IE no effect whatsoever.

[joeltrout]

$this->bbcode_second_pass_quote('Roy', 'D')omestic terr threat!!!!! Shiver me timbers!!!

Joel, has it occurred to you that most Americans don't have suitcases full of cash in their bank accounts, even if you do? I would guess half probably have a month or two of expenses in their accounts, if that.

And people who understand the current financial situation in the US have already diversified their assets(metals, property, foreign currency, hard goods etc) so as not to be left holding huge amounts of worthless paper once the fat lady sings for the USD.

Also, prudent folks would stagger their withdrawals, as suggested in the embedded video. After all, most banks have a max limit per cash withdrawal, and if the amount withdrawn is deemed 'suspicious' (greater than $2k), the bank will inform Homeland Security (Ein Volk, Ein Heimatland, Ein Gesetz and all that). Prudence demands subtlety if one does decide to participate.

I say go for it. I like the idea of stopping inflation for sure. Inflation is kicking my ass!!!

Will it work? I hope it does.

Just so happens that my small, local bank is being bought out by a much larger, heavily invested in real estate, national bank.

New account numbers will be issues to small bank's customers, auto drafts re-done etc. That will happen on June 15th or so.

I was going to pull my money out of said bank before large real estate lender takes over, and move it to another small bank. My reasoning for banking small is related to the ideas proposed by Katherine Austin Fitts. Voting with a checkbook, etc. If you're not familiar with her or her work it's worth looking at, IMHO.

So there may be a slight delay in opening my new accounts which, merely by coincidence, falls during the time of this protest.

Finally, if a person doesn't understand how money is created and the Federal Reserve's role in the whole operation, then this movement won't make a bit of sense to that person.

Nothing to see here, move along.

[joeltrout]

$this->bbcode_second_pass_quote('idiom', '
')
The last one of these things was a positive money bomb that had over 100,000 participants.

[joeltrout]

$this->bbcode_second_pass_quote('Roy', '
')
And people who understand the current financial situation in the US have already diversified their assets(metals, property, foreign currency, hard goods etc) so as not to be left holding huge amounts of worthless paper once the fat lady sings for the USD.

[joeltrout]

When I looked there were only 1428 downloads. Is that a counter to how many people agree to pull their money? If so, they better get a move on since June 5th is less than a month away.

This stuff bugs me so sorry for unloading.

joeltrout

[Roy]

No offense taken friend.

I'm talking about people who can conceptualize the amount of debt owed by the US government (both actual and future obligation), the rate at which the Fed is injecting money into the system, how money is created, exponential functions, how ~3800 paper currencies have gone defunct, and the energy situation, among others things.

There are many here on this site, who I am sure are quite capable of explaining it better than myself. Those concepts have been discussed in great detail here at PO.com, to many posters benefit I'm sure.

Granted, most of the talking heads on financial TV, investment advisers etc, either don't get it, or don't want to let on that they get it because they have a vested interest in maintaining the status quo. The somewhat famous quote "It is difficult to get a man to understand something when his salary depends on him not understanding it" comes to mind.

Would you agree with me that:

People who are wealthy might not be noticing or feeling the effects of $4 gas and food price increases yet? Or that those folks may be making immense profits from the current situation would have no interest in changing anything, regardless of how it affects those of us who make less than $100k for a family of four?

Honestly I don't expect to ever hear the truth about the situation being discussed in the mainstream media. Occaisionally a nugget of truth does get out, like when Glenn Beck had David Walker, the former comptroller of the US Government, on his show.

But for the most part, we hear that everything is fine, the subprime contagion is contained, oil prices are due to speculation, etc etc etc.

Pablum designed to pacify the masses.

I leave you with this verse from the Bible. I am not a religious guy, but this verse applies regardless.

"A prudent man foresees the difficulties ahead and prepares for them; the simpleton goes blindly on and suffers the consequences." - Proverbs 22:3

By the way, its funny that you mentioned the Exxon email protest, because I thought of that just after I wrote my post, and edited it before I saw your post to that effect.

Believe me, I harbor no illusions about the efficacy of such efforts against the massive intertia of our system. But sometimes, it just feels good to do what you believe is the right thing, regardless if it makes a real difference or not.

So there you go.