Posted on 08/27/2014 8:27:26 PM PDT by Kartographer
At the height of the financial crisis in 2008 the U.S. government forced some of the countries largest banks to take “bailout” funds amounting to billions of dollars in order to keep them from going bankrupt. It was a move designed to not only keep too-big-to-fail financial institutions afloat, but one that would inspire confidence and keep American consumers spending. As a result, the last several years have seen stock markets reach record highs with Americans continuing to rack up personal debt for real estate, vehicles, education, and consumer goods as if the financial crisis never happened.
(Excerpt) Read more at shtfplan.com ...
Who still has a bank account?
Every paycheque, I remove everything from my account to ensure this doesn’t happen to me.
What do you do with it?
Well, they’re too damn late. The CA franchise tax board got most of mine today.
You still need a bank account if you’re running a business today for AR and expenses. But as far as a personal account, you’re right.
These guys are all about continuity of government.
The US government is the biggest enemy ever faced by the American people. They are Nazis in a pink uniform with a smiley face.
Smells like bs. If banks did this the system would immediately crash and never recover.
Bkmk
Its already been done in Europe.
Even people who don't pay attention to politics have a “point of no return”.
Sooner or later, Obama is going to get what he's pushing for, but I'm of the opinion that the endgame will not be to his liking.
I worry that we would end up facing a lamppost storage.
Every industrialized nation has already revealed it will follow this path.
I think I’ve told you this story before.
Something like this happened in Ecuador a number of years ago, when they switched from the national currency to the dollar.
The country was bankrupt and had been, government employees weren’t getting paid for months. The national currency had been steadily losing value but suddenly went into free fall. So the government closed the banks overnight and froze everyone’s bank accounts.
People had to get by on whatever money they had in their pockets and whatever food they had in the pantry for about a month. It took about a month for the money to start flowing again and the banks to reopen and give people access to the banking system. People helped each other and pulled through.
But what was in your account when they froze it remained frozen for 18 months. When it was returned, a year and a half later, it was returned at the equivalent of 25 cents on the dollar.
What they did do that was good was switch to the US dollar which took monetary policy away from the banks and the government. The government was eventually overthrown over that issue, but the new regime and all subsequent regimes have kept the dollar.
Anyway, that has become my benchmark for what you have to endure when the banks collapse; you’d better have a month’s cash and a month’s food for you and your immediate circle.
Although, I grant you, they had the US dollar to fall back to. In our case, it would be the dollar itself on the ropes so who knows.
Although in business for myself, I’m an independent associate for a larger entity so I have no need for such.
Pockets.
not bs.
they don’t take everything, they take a percentage from everyone. 10%. 20%. everyone gets a haircut.
like they did in greece and a few other countries in europe so far.
the next bailouts are going to be bail-ins. as described in this piece.
If all else fails, time to start producing Guillotines!
This is fair. After all, I "may" do the moral equivalent, and stick up a bank.
What's not fair are the respective consequences. I go to jail. The banker goes scot-free (with no disrespect to Scots).
Canada has enacted a bail-in provision.
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