User Panel
Posted: 1/30/2006 2:19:08 AM EDT
I just read about this on another site...and found it curious that snopes has not yet put the boot to the story so far.... Link to Snopes on this topic
Makes me think twice about what I store where. Not changing anything just yet...but depending on what comes out of this, some planning might be in order. It does sound like BS...I can't see how the fed would have the staffing or time to deal with the task of policing the number of safe boxes in America. Thoughts? |
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Who do you think is going to go to work at a bank to let you in? Think customer service is poor now? Wait till the SHTF.
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The Feds dont have to have the staff. They have the Banks do it for them.
That said, I'm skeptical. I personally dont have a Bank box anyways. I dont like the thought of having something I might need be on restricted access to me in the sense that I have to go to the bank when the bank is open. Well, if SHTF on a weekend what am I supposed to do? Cant exactly write a memo to the SHTF event and ask it to postpone itself for 72 hours till I can get to a bank.......... |
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I have often considered that point. Depending on the impact to our financial infrastructure, there might not be a reason for a bank to be open in the first place. We have already seen an attack close our stock market. I can image that it wouldnt take much to close a bank as well. |
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Ask a great depression surviver about how much they trust banks.
When you sign the bank card you sign away all rights to anything in that bank, don't believe ? then sign the bank card all rights reserved with prejudice and see if they will open an account for you ? friend have tried, they refuse to open the account. I had a bank manager say to my face as well as the account holder and a witness that the bank was first party holder in due course of the bank account. That means if it is in their bank, it is their money/property if safe deposit box. |
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+1 Once you sign it's their money. |
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They didn't trust banks because there was no FDIC back then. |
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And the FDIC can cover what percentage of bank deposits? 1% if I recall...hardly a drop in the bucket. It's merely a feelgood measure. |
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When you open an account with a bank, whether it is a safety deposit box, checking or savings account or a CD it is THEIR money you loaned it to them. To compensate you they give you intrest. This is how banks are able to loan people money for credit cards, home and car loans.
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uh, Feds just call or fax all the major bank chains, issue the order |
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It is quite a bit more than that. A lot of banks have failed since the inception of the FDIC. Many more have been prevented from failing due to ploicies of the FDIC. Those poilcies are kinda of a pain in the ass to some of us. Like I remember when I could decide I wanted to buy something on Tuesday, call the bank and write the check. The bank would cover the check until I could get to the bank on Sat, and sign the note. Banks don't do that anymore. (They still will they just don't like to) NOT ONE DEPOSITOR HAS LOST A SINGLE DIME IN A BANK FAILURE OF A FDIC INSURED INSTITUTION. ETA.....I know how to spell policy |
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Uh, the FDIC protects the bank, not the depositor. |
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Uh.. the Feds know that the public MUST have confidence in the banks. The FDIC protects depositors money up to whatever the max is now. But again NO depositor has EVER lost a dime no matter how many millions they had deposited in a FDIC protected institution that failed. PERIOD. |
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Your deposit are guranteed up $100,000 by the FDIC if it is a FDIC bank, which most are. However in total break down, the government will not be able to cover all losses from every bank. Individual banks are easily covered, but if you are FDIC bank you are strickly audited. I work at a bank, total SHTF and I won't be here I will have drained my account and gotten any needed items out of my box yesterday.
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Is that why it is called Federal DEPOSIT Insurance Corporation? |
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My way of looking at it has always been, in the event of a true, total breakdown...or as some here put it, SHTF....the 'dollar' could be devalued to the point where paper currency is useless to begin with. In an environment where the conceptual value of the currency trends toward zero, the only medium of exchange will be items with intrinsic value. To put it another way, in a complete meltdown of the banking system, we would resort to barter and trade. Beyond that, we would resort to force. Those from families that lived through wars (meaning in war torn countries, for example a family living in Poland in the late 30's) might agree that when the banks fail, ammunition becomes the accepted currency. |
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Will FDIC protect your loses?
Yes, but when is the question. Banks can take a week or more to process a simple check, how long do you think they will take to process an FDIC request, not to mention the .gov slow down. If you can't live without it, don't let someone else controll it. |
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Sure it will. It'll make good on 100% of deposits - in worthless $100 bills pronted on rolls like toilet paper. |
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That's why my valuables are in my safe at home.
They have the best security system in the world, a slightly off big fat guy with a gun. |
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Documents are the only thing I keep in a Safe Deposit box. If the SHTF, then my insurance policy and IRA info is pretty much f'n useless, now isn't it? People who keep weapons in a safe deposit box are going to be among the first to submit to the Zombie virus, anyway...
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And my question would be:
Why would the Feds wish to stop you from procuring what obviously belongs to you, that rests in your safe-deposit box? You know the answer. |
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IIRC during the S&L problems, there were folks who 2 years down the road still didn't have access to their money. But, thats OK, because they didn't "lose" it, afterall, "No one has ever lost a dime of money insured by the FDIC" RIGHTTTTTTTT |
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I work in a bank.
Safety Deposit boxes are done as a service for customers. Yes banks usually charge a fee for a box but less than .01% of our revenue is from the fees. There are a lot of Federal regulations about safety deposit boxes. It is a common misconception that banks will compensate you if you safety deposit box is broken into. The contents of boxes are not insured by the bank or the Fed. We have not received any requirements from the Fed regarding safety deposit boxes and SHTF scenarios. I also do not see this ever happening. It is possible that the Fed might limit access to customers' money during SHTF. All that said, I personally wounldn't keep any SHTF items in a safety deposit box and I work less than 100 feet from my box. ETA: I can speak from experience when I say it takes about 10 minutes to rip out a lock. When a customer looses there keys the locks are actually drilled and ripped out. Banks are never allowed to keep spare keys of boxes that are issued, federal law. With a court order someone could gain access to your box, again only by destroying the lock or using your key. |
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You do not recall correctly. For starters, the FDIC did not insure S&Ls. |
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if you have something thats that important, buy a really good safe and keep it at home. that way you can guard it at night as well i'm sure that the average arfcommer is much more heavily armed than the average bank-ninja.
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I work in a local bank and have been part of the Disaster Recovery Team for the past three years.
Have never seen any news like this from the Feds or DHS. Don't believe everything you see on the 'net . . . . |
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99%of Arf.com....myself included.... |
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That isn't accurate, and the common misperception that this is how the banking system works is extremely destructive. Banks don't loan out deposits, banks use deposits as reserves. The money they loan, they borrow themselves. They conjure it into existence by calling your signature on the loan agreement an asset, against which they borrow newly minted money from the fed at whatever the interbank rate (fed funds esentially) is at the time, and they make money on the spread. When you borrow money from a bank, it isn't money that somebody somewhere earned and then loaned the bank so they could loan it to you, it's money they're "printing", and then loaning at interest. All debt is inherently irredeemable, once the interest begins to accrue there isn't enough money created to pay the debt incurred by it's creation. If people all started paying off debt faster than others were borrowing new money the money supply would decline, even if we just stopped borrowing more, if total debt in the system stabilized, the money supply would decline as the interest consumed it. The total debt is about 4 times the current money supply. There isn't enough money in the world to repay the debt, and there certainly aren't enough deposits to fund all the loans made by banks. Almost everybody owes a bank FAR more than they keep on deposit, those who have lots of assets don't keep them in savings accounts. Once debt is created, it can only be destroyed by default or inflation, the individual can pay off his debts, but the society must continue to borrow more and more money faster and faster forever or the system ceases to function. That is the nature of a fiat currency regime, a system that makes debt instruments legal tender in payment of all debts. It's a system that requires constant, exponential growth operating in a finite environment. Free market capitalism requires a free market for capital. The federal reserve system has been slowly strangling the republic for nearly a century now. |
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No actually we do loan funds based on deposits, it is ussually our cheapest money. Yes we do borrow from the fed fund only after we have loaned out all of our deposits. Are loan spread is based on a combination of both. We also have several customers that have way more in deposists than loans. Money is constantly being made, every hour you work, money is made, every product converted from raw material to product, money is made.
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I realize that, that isn't the point. What is the ratio of deposits/money owed the fed? What is your reserve requirement? Money isn't created whenever value is added, wealth is. Money and wealth aren't necessarily the same thing. Wealth becomes money, new money that wasn't before in circulation, only when it's borrowed against. selling it only transfers money from one individual to another. All new money is loaned into existence, there's no other mechanism to put it into circulation unless you just give it away... |
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gee the whole world SHTF, all the banks fail and people are surprised that the FDIC is going to have issues? What a concept.
What are you keeping in there that you would need in an SHTF? If you can get in the door to get to the box, they will be able to fund you some money. If you really are scared that things will be so bad that the money won't be any good what do you think in your box will be any better? Out here in earthquake country, most sane preparedness advisors recommend a few hundred in small bills at home, there are a variety of in place plans and preps to get emergency ATMs up and emergency banks and running in really badly fouled up places and contingency plans to get the banks back into communications with the outside world. Like any other SHTF you better have what you need where YOU are. Bank vaults are pretty much earthquake proof, you just might need to wait a few days until they get dug out. |
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This is another internet bs myth............
The banks don't have a "secret" plan to call in the homeland-security-we-can't-find-illegals-on-every-street-corner-agents to "monitor" safe deposit box removals, not saying those a$$hats won't try to do it but, as of now, there is no "secret" plan to deny gold, silver, cash and weapons to bank customers, and I'll personally laugh in the face of anyone that says its true |
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HAH, your part of the conspiracy. I bet you even have a flag with fringe in your office. You think I'm going to believe you, a co-conspirator when I can read it in the book I found in a website recommended by a guy who was on all night radio? Besides everybody knows the Feds are going to be taking away the guns, so there Nyah |
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Your right about that. According to Newsmax magazine there is a law on the books that if there is a national emergency the government call confiscate individual owned gold and silver. |
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I don't suppose you can give us a cite to that law? Or is it like the secret Executive Orders that Clinton had putting all reporters on double secret probation? |
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--------------------------------------------------------------------- The Gold Confiscation Of April 5, 1933 From: President of the United States Franklin Delano Roosevelt To: The United States Congress Dated: 5 April, 1933 Presidential Executive Order 6102 Forbidding the Hoarding of Gold Coin, Gold Bullion and Gold Certificates By virtue of the authority vested in me by Section 5(b) of the Act of October 6, 1917, as amended by Section 2 of the Act of March 9, 1933, entitled An Act to provide relief in the existing national emergency in banking, and for other purposes~', in which amendatory Act Congress declared that a serious emergency exists, I, Franklin D. Roosevelt, President of the United States of America, do declare that said national emergency still continues to exist and pursuant to said section to do hereby prohibit the hoarding gold coin, gold bullion, and gold certificates within the continental United States by individuals, partnerships, associations and corporations and hereby prescribe the following regulations for carrying out the purposes of the order: Section 1. For the purpose of this regulation, the term 'hoarding" means the withdrawal and withholding of gold coin, gold bullion, and gold certificates from the recognized and customary channels of trade. The term "person" means any individual, partnership, association or corporation. Section 2. All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following: (a) Such amount of gold as may be required for legitimate and customary use in industry, profession or art within a reasonable time, including gold prior to refining and stocks of gold in reasonable amounts for the usual trade requirements of owners mining and refining such gold. (b) Gold coin and gold certificates in an amount not exceeding in the aggregate $100.00 belonging to any one person; and gold coins having recognized special value to collectors of rare and unusual coins. (c) Gold coin and bullion earmarked or held in trust for a recognized foreign government or foreign central bank or the Bank for International Settlements. (d) Gold coin and bullion licensed for the other proper transactions (not involving hoarding) including gold coin and gold bullion imported for the re-export or held pending action on applications for export license. Section 3. Until otherwise ordered any person becoming the owner of any gold coin, gold bullion, and gold certificates after April 28, 1933, shall within three days after receipt thereof, deliver the same in the manner prescribed in Section 2; unless such gold coin, gold bullion, and gold certificates are held for any of the purposes specified in paragraphs (a),(b) or (c) of Section 2; or unless such gold coin, gold bullion is held for purposes specified in paragraph (d) of Section 2 and the person holding it is, with respect to such gold coin or bullion, a licensee or applicant for license pending action thereon. Section 4. Upon receipt of gold coin, gold bullion, or gold certificates delivered to it in accordance with Section 2 or 3, the Federal reserve bank or member bank will pay thereof an equivalent amount of any other form of coin or currency coined or issued under the laws of the Unites States. Section 5. Member banks shall deliver alt gold coin, gold bullion, and gold certificates owned or received by them (other than as exempted under the provisions of Section 2) to the Federal reserve banks of there respective districts and receive credit or payment thereof. Section 6. The Secretary of the Treasury, out of the sum made available to the President by Section 501 of the Act of March 9, 1933, will in all proper cases pay the reasonable costs of transportation of gold coin, gold bullion, and gold certificates delivered to a member bank or Federal reserve bank in accordance with Sections 2, 3, or 5 hereof, including the cost of insurance, protection, and such other incidental costs as may be necessary, upon production of satisfactory evidence of such costs. Voucher forms for this purpose may be procured from Federal reserve banks. Section 7. In cases where the delivery of gold coin, gold bullion, or gold certificates by the owners thereof within the time set forth above will involve extraordinary hardship or difficulty, the Secretary of the Treasury may, in his discretion, extend the time within which such delivery must be made. Applications for such extensions must be made in writing under oath; addressed to the Secretary of the Treasury and filed with a Federal reserve bank. Each applications must state the date to which the extension is desired, the amount and location of the gold coin, gold bullion, and gold certificates in respect of which such application is made and the facts showing extension to be necessary to avoid extraordinary hardship or difficulty. Section 8. The Secretary of the Treasury is hereby authorized and empowered to issue such further regulations as he may deem necessary to carry the purposes of this order and to issue licenses there under, through such officers or agencies as he may designate, including licenses permitting the Federal reserve banks and member banks of the Federal Reserve System, in return for an equivalent amount of other coin, currency or credit, to deliver, earmark or hold in trust gold coin or bullion to or for persons showing the need for same for any of the purposes specified in paragraphs (a), (c), and (d) of Section 2 of these regulations. Section 9. Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both. This order and these regulations may be modified or revoked at any time. /s/ Franklin D. Roosevelt President of the United States of America April 5, 1933 ------------------------------------------------------------------------------ While things changed back to public ownership of gold bullion being allowed under Nixon's administration, the FDR-authorized confiscation of American wealth has been made a legal precedent, and many people feel it could be enacted again, just as quickly and easily as FDR did it, if the .gov desired to do it. Scoff if you may, but it has been done in the past, and could easily be done again.(or tried, anyway) |
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I realize that, that isn't the point. Ok What is the ratio of deposits/money owed the fed? 81% deposits 19% fed funds What is your reserve requirement? Not sure I assume you mean deposit resurve, not loan loss, maybe 1%. Money isn't created whenever value is added, wealth is. being pretty picky here. I work for money and so do you, we don't work for wealth. Money and wealth aren't necessarily the same thing. They aren't necessarily different, wealth can be money and money can be wealth. Assets are assets and some times thay are money. Wealth becomes money, new money that wasn't before in circulation, only when it's borrowed against. selling it only transfers money from one individual to another. Not if I sell it for more than it cost to produce, anyways the fed is not making the money producers are buy adding value to products. Money and wealth is also being lost through depriciation and use every second. All new money is loaned into existence, there's no other mechanism to put it into circulation unless you just give it away... |
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Living in NOLA, I've just gone through this first hand. Basically, the banks were more than happy to let people get stuff out but it took them weeks to get the staff to do it. Some banks fucking had their boxes on the bottom floor or in a basement. I have a bunch of family that still lost everything in their bank boxes because the banks had them too low.
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