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Posted: 3/19/2013 7:00:05 AM EDT
Link Posted: 3/19/2013 7:01:47 AM EDT
Oh let's purposely create runs on all the banks now?

Link Posted: 3/19/2013 7:02:07 AM EDT
No surprise that it is spreading. The only surprise will be if zero isn't talking about this in the next two years.
Link Posted: 3/19/2013 7:02:13 AM EDT
“Depositors will overnight have their savings shaved sheared by the amount needed to keep the bank afloat."

Link Posted: 3/19/2013 7:03:07 AM EDT
WTF?
Link Posted: 3/19/2013 7:03:26 AM EDT
I am truly amazed at the stupidity of humans socialists.
Link Posted: 3/19/2013 7:04:06 AM EDT
What keeps everyone from withdrawing the entirety of their accounts and creating a market crash?
Link Posted: 3/19/2013 7:04:07 AM EDT
It was only a matter of time... This is the beginning of the end, folks.
Link Posted: 3/19/2013 7:04:24 AM EDT
[Last Edit: 3/19/2013 7:08:16 AM EDT by shocktrp]
I guess they don't have something like FDIC?

I hope we see a couple of these countries follow through & collapse their entire economy so the lefties don't try to steal our 401k's here.

EDIT: Apparently they have $250k protection that the government is going to override in order to steal..
Link Posted: 3/19/2013 7:05:35 AM EDT
The only thing that makes sense then is that they must WANT to cause the banks to fail by even mentioning that idea.

People will cash out as fast as possible.
Link Posted: 3/19/2013 7:05:58 AM EDT
Originally Posted By JoeCoastie:
What keeps everyone from withdrawing the entirety of their accounts and creating a market crash?


Cyprus ordered the banks closed & ATM's shut off (not that they had any money left in them) so you couldn't take out your money.
Same thing Bush did after 9/11 with the stock market - shut it off.
Link Posted: 3/19/2013 7:06:20 AM EDT
As disturbing as this is, it is not any worse than using tax money for the bail out.
Link Posted: 3/19/2013 7:07:32 AM EDT
There not gonna be happy till theres blood on the streets. Do they really think people are gonna stand for this? This is just saying the banks and goverment own your money.
Link Posted: 3/19/2013 7:08:39 AM EDT
Originally Posted By fluwoebers:
As disturbing as this is, it is not any worse than using tax money for the bail out.


This is the argument my son makes, I go
Link Posted: 3/19/2013 7:08:41 AM EDT
Originally Posted By scottedward58:
No surprise that it is spreading. The only surprise will be if zero isn't talking about this in the next two years.


I'd be surprised if it takes 2 years.
Link Posted: 3/19/2013 7:08:51 AM EDT
Get ready, here it comes
Link Posted: 3/19/2013 7:10:13 AM EDT
Looks like my 151 Trillion, 151 billion, and 151 million Zimbabwe bucks are becoming more valuable every day. Pretty soon I will be able to buy 2 ready rolled Kool cigarettes instead of just 1.
Link Posted: 3/19/2013 7:13:26 AM EDT
Sigh. Starting to seriously consider eating the early withdrawal penalties and converting my 401k to material goods, now.

Who the heck is going to trust a bank if this shit spreads?
Link Posted: 3/19/2013 7:16:34 AM EDT

Originally Posted By fluwoebers:
As disturbing as this is, it is not any worse than using tax money for the bail out.

It is to those of us with a significant savings account. Not so much to those that do not.
Link Posted: 3/19/2013 7:16:50 AM EDT
Link Posted: 3/19/2013 7:16:50 AM EDT
You mean people actually have "money" and put them in banks?

WOW!!!!!

Link Posted: 3/19/2013 7:17:19 AM EDT
[Last Edit: 3/19/2013 7:18:24 AM EDT by KeithC]
Originally Posted By gene5:
There not gonna be happy till theres blood on the streets.


Precisely this. Ideas that I put firmly in the "Tin foil" column even a year ago are now yesterday's (already forgotten) headlines. I'm really starting to believe they're driving us to violence so that they can quell it and "start over the right way". They've been brilliant and ingenious in their staging of it but they're screwing up the execution because of a combination of hubris (the stupid ones think it'll all always go according to plan) and fear (the smart ones realize that this would be a runaway reaction and might not end up the way they think), hence the overreach-and-pullback routine.

Hope you guys paid attention to the WW2 generation - food, water, a roof over your head and a loaded pistol in your pocket can provide a lot of comfort if times get hard. Get to know your neighbors if you don't already. Always good to know who can help, who will deserve help, who will steal from you and who will rat you out. And even if nothing gets any worse, it's still a prudent way to live your life.

Link Posted: 3/19/2013 7:17:23 AM EDT
Originally Posted By shocktrp:
I guess they don't have something like FDIC?

I hope we see a couple of these countries follow through & collapse their entire economy so the lefties don't try to steal our 401k's here.

EDIT: Apparently they have $250k protection that the government is going to override in order to steal..


The statis do no learn from failure. They believe when their schemes fail it is because they didn't do enough, the right people were not doing it, ect...

I anticipate seeing the trial balloons floating here shortly after the mid term elections. Keep a weather eye on California as I believe they will be a test bed for ways to steal private sector money to fund the state. If you haven't done so now is the time to get your financial house in order and if you are so inclined set back some basic food stores, hard currency, and a little PM.

Anyone have updates on Greece and how things are going there? Not much in the msm anymore.
Link Posted: 3/19/2013 7:18:15 AM EDT
No more interest than you get for a savings account.your better off just having a checking account to pay bills.
Link Posted: 3/19/2013 7:18:28 AM EDT

Originally Posted By JoeCoastie:
What keeps everyone from withdrawing the entirety of their accounts and creating a market crash?

In the short term, bank holidays would. In the long term? Nothing.
Link Posted: 3/19/2013 7:19:10 AM EDT
Originally Posted By macros73:
Sigh. Starting to seriously consider eating the early withdrawal penalties and converting my 401k to material goods, now.

Who the heck is going to trust a bank if this shit spreads?


You make an early withdrawal you pay a 10% penalty on top of the 28% federal tax.
Add in your state taxes & you lose 50% of your account anyway (in addition to any future growth).
They steal your money either way & it doesn't matter.
Link Posted: 3/19/2013 7:20:33 AM EDT
For years people have been asking me why I have so many guns and so much ammo. I've always told them that I foresee a collapse of our Government, the system as it is cannot be sustained. People have always laughed or looked at me like .

I'm sad to say that I am going to end up saying "I told you so".

Link Posted: 3/19/2013 7:21:57 AM EDT

Originally Posted By FordGuy:
Originally Posted By scottedward58:
No surprise that it is spreading. The only surprise will be if zero isn't talking about this in the next two years.


I'd be surprised if it takes 2 years.Months


Link Posted: 3/19/2013 7:22:22 AM EDT
Umm...why wouldn't people pull all their savings out of the bank at the first hint this might happen?
Link Posted: 3/19/2013 7:22:50 AM EDT
Originally Posted By gene5:
Originally Posted By fluwoebers:
As disturbing as this is, it is not any worse than using tax money for the bail out.


This is the argument my son makes, I go


really?

you happy to work 3 months for free out of the year to fund a giant swindle?
Link Posted: 3/19/2013 7:23:06 AM EDT
Once the camel sticks its nose under the tent...
Link Posted: 3/19/2013 7:24:53 AM EDT

Hope you guys paid attention to the WW2 generation - food, water, a roof over your head and a loaded pistol in your pocket can provide a lot of comfort if times get hard. Get to know your neighbors if you don't already. Always good to know who can help, who will deserve help, who will steal from you and who will rat you out. And even if nothing gets any worse, it's still a prudent way to live your life.



There is a lot of truth in this. I have taken inventory of friends and family that are close enough to help and be of help. I have also taken note of where a may have problems if things go sideways.

It will be interesting to see which side of the statis camp wins out. Will they go full bore and finish this thing or will they pull back and continue the death by a thousand cuts? If they win the mid terms I can see them getting froggy.
Link Posted: 3/19/2013 7:26:01 AM EDT
Originally Posted By RikWriter:
Umm...why wouldn't people pull all their savings out of the bank at the first hint this might happen?


liberals are really big on legislating outcomes

and they're not big on logic

or nuances
Link Posted: 3/19/2013 7:28:28 AM EDT
Originally Posted By Jerryjeff:
For years people have been asking me why I have so many guns and so much ammo. I've always told them that I foresee a collapse of our Government, the system as it is cannot be sustained. People have always laughed or looked at me like .

I'm sad to say that I am going to end up saying "I told you so".



if society broke down 99% of people would starve immediately

the world is grossly overpopulated due to factory farming

it's a simple fact

if the vast machine that produces 1000000000000000000000000000000000000000 gallons of milk a year stops producing it, in 1 day there will be no milk
Link Posted: 3/19/2013 7:30:27 AM EDT
Time to cash out.

Link Posted: 3/19/2013 7:31:12 AM EDT
Link Posted: 3/19/2013 7:31:31 AM EDT
Originally Posted By JoeCoastie:
What keeps everyone from withdrawing the entirety of their accounts and creating a market crash?



I have no idea. I can't figure why it isn't happening already.

Link Posted: 3/19/2013 7:32:50 AM EDT
Originally Posted By skebe:
Oh let's purposely create runs on all the banks now?



First it's guns & ammo that citizens are hoarding, now we'll all start hoarding our money at home instead of keeping it deposited in banks. I can easily see some people doing this soon, and I'm not talking about preppers either.
Link Posted: 3/19/2013 7:33:38 AM EDT
Originally Posted By scottedward58:
No surprise that it is spreading. The only surprise will be if zero isn't talking about this in the next two years.


Agreed...unfortunately.

Link Posted: 3/19/2013 7:36:18 AM EDT
I just wish 'they' (meaning most everyone/everywhere) would use the correct terminology (rather than 'tax', etc.) and just call it what it is - theft.
Perpetrated by (of course) the banks in conjunction with the (now) various central governments.
Of course, it can't happen here ..............................
Link Posted: 3/19/2013 7:37:47 AM EDT
[Last Edit: 3/19/2013 7:38:29 AM EDT by testify4]
Originally Posted By DragoMuseveni:
Time to cash out.



No kidding. I have spent decades saving for my retirement when I embraced reality and realized there would be no Social Security for me.

With this kind of talk going around it is tempting to cash out, fill the safe with gold and roll around it in my boxers on Friday nights.

It's not like the US Government would ever seize physical gold!

Ok, St. Kitts?
Link Posted: 3/19/2013 7:37:51 AM EDT
Originally Posted By JoeCoastie:
What keeps everyone from withdrawing the entirety of their accounts and creating a market crash?


I'm sure their percentage of cash vs. total money supply is small just like ours. It would take only a small percentage of depositors withdrawing their money for the bank's physical cash to be depleted.
Link Posted: 3/19/2013 7:39:29 AM EDT
Originally Posted By gene5:
There not gonna be happy till theres blood on the streets. Do they really think people are gonna stand for this? This is just saying the banks and goverment own your money.


With what weapons? New Zealand and Cyprus both have string gun laws.
Link Posted: 3/19/2013 7:39:54 AM EDT
Looks like this will be my new savings bank.




+
Link Posted: 3/19/2013 7:41:32 AM EDT
Originally Posted By gene5:
There not gonna be happy till theres blood on the streets. Do they really think people are gonna stand for this? This is just saying the banks and goverment own your money.


let there be no question that is the end result - yet again - of socialism.


Link Posted: 3/19/2013 7:42:35 AM EDT


"You are under arrest for drug trafficking. There is a tiny amount of cocaine residue on these bills."
Link Posted: 3/19/2013 7:43:58 AM EDT
The day approaches faster that may allow an insightful man to unload a 91/30 and a bandoleer of strippered ammo for ten ounces of gold from a neighboring investment firm manager. That is if such a creature had the sense to stack any.
Link Posted: 3/19/2013 7:46:43 AM EDT
Link Posted: 3/19/2013 7:47:08 AM EDT
[Last Edit: 3/19/2013 7:49:38 AM EDT by callgood]
Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.


Sheer genius! Give the depositors a heads up and a head start. It seems the New Zealand banks don't have the equivalent of our FDIC. (eta- according to shocktrp they're just abrogating that ) I'd need a pretty hefty return on my savings to leave it hanging out there like fruit waiting to be plucked.

I think what we are seeing here are the beginnings of the cracks in the dike.

Act accordingly.
Link Posted: 3/19/2013 7:50:04 AM EDT
Originally Posted By macros73:
Sigh. Starting to seriously consider eating the early withdrawal penalties and converting my 401k to material goods, now.

Who the heck is going to trust a bank if this shit spreads?


I ate the 10 percent penalty in 2012 to pay cash for a house. I figured that the tax rates were going to go up and so were the prices of homes. Yes it hurts to have to pay the IRS but it would only hurt more later when the marginal tax rate is 50 percent. or the dollar is devalued
Link Posted: 3/19/2013 7:51:49 AM EDT

Originally Posted By RikWriter:
Umm...why wouldn't people pull all their savings out of the bank at the first hint this might happen?



Because 'they' don't give any hint until they've already locked down your account.


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