Skip to comments.The electronic run on banks nobody seemed to notice
Posted on 01/17/2010 7:22:01 AM PST by opentalk
Sixteen months after the 11 a.m. simultaneous withdrawal of billions of dollars out of money market accounts in the aftermath of Lehmans demise a few days earlier, no one seems to care about the dimensions of this event.
After all, this catastrophic event did not have quite the physicality of say an actual bank run.
There were no investors standing in line waiting to take their money out for Americans to see just who they werefrom what country, wearing what kind of clothes, honest or squirrelly looking, working in tandem with each other? Just computer generated orders simultaneously withdrawing billions of dollars adding up to $550 billion within about an hour.
And, certainly, if it were an act of economic terrorism, which no one seems to have the imagination or cojones to raise, the visual is not there. No Boeing 737 ramming into the Twin Towers, bursting into flames, innocent victims burning alive jumping out the windows to their death, prior to the buildings collapse into rubble.
But, make no mistake, this electronic run on the banks of Sept. 18, 2008, was every bit as catastrophic, with numerous victims.
Sure, it could be pure coincidence that exactly at 11 a.m. a wave of concerned investors all decided it was time to electronically withdraw their funds thus creating this crescendo drawdown effect setting in motion a worldwide panic. It could be coincidence. But, its doubtful.
The fact that the identities of those who simultaneously decided to withdraw their money at 11 a.m. on Sep. 18, precipitating this panic, were never released, does lead one to question whether or not something sinister was at work.
Is there no one else with even the vaguest curiosity to ask if it was a coincidence or not? And, to suggest maybe an investigation is in order to deliver that vaunted transparency that voters seemed to believe they would get after the 2008 elections.
If nothing sinister was at work, then why so much secrecy concerning the destination of this $550 billion in money withdrawn on Thursday, Sept. 18, and those responsible for redirecting these funds out of the U.S. money markets.
Surely the money didnt go back into the American economy.
No, $550 billion was drained away from the American economy, the consequences of which we suffer to this day.
The exact contours of this event were described by Rep. Paul Kanjorski (D-Pa.) on C-SPAN on Wednesday, Feb. 11, two days after the 200th anniversary of Abe Lincolns birth.
An enraged caller had just erupted over the ill-advised $700 billion bailout a few months earlier and Rep. Kanjorski felt pressed to reveal what Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke had told Congress behind closed doors, which so shocked them into supporting this mind-bogglingly huge bailout.
On Thursday [Sept. 18, 2008] at about 11 oclock in the morning, Kanjorski began, the Federal Reserve noticed the tremendous drawdown of money market accounts in the United States to the tune of $550 billion dollars being drawn out in a matter of an hour or two. The Treasury opened up its window to help. It pumped $105 billion in the system and quickly realized that they could not stem the tide.
At that point, officials realized, Kanjorski relates, We were having an electronic run on the banks.
In response, Kanjorski continued, They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldnt be further panic out there and thats what actually happened.
And, if nothing had been done, Kanjorski revealed, their estimation was that by two oclock that afternoon, five and 1/2 trillion dollars would have been drawn out of the money market system of the United States, would have collapsed the entire economy of the United States and within 24 hours the world economy would have collapsed (which would have meant) the end of our economic system and our political system as we know it.
Kanjorski concluded, Someone threw us in the middle of the Atlantic Ocean without a life raft. And, were trying to determine which is the closest shore, and whether theres any chance in the world to swim that far. We dont know.
But why is no one in the least bit curious to know who that someone is who threw us in the middle of the Atlantic Ocean without a life raftthe consequences of which have so damaged our economys job-creating engine?
This writer, for one, would like to know.
note the the curious silence of wall street, obama, bush, the us congress, the treasury secretary, and the world media
I’m very curious...wish I had the skills to find out where the money went. If I was a hacker, I’d be all over this. It has to be traceable...yes?
Ever since watching the Kandorski video, I’ve thought exactly as you. Since the withdrawals were electronic, the banks know those who were taking out the money. It is no secret. I’ve always thought the Democrats were behind it one way or the other.
So, who was doing the withdrawing?
Because it helped elect O Bama, and that was good enough for his media.
Very interesting. I’d like to see a viral buzz about this begin.
What has been done to keep this from ever happening again???
Did not know about this til reading this post - wasn’t feeling too well this morning....now feel a bit sicker.
But, what the hay....good football coming on this afternoon and earthquake election coming Jan 19.....
And God is still on the throne....
Life is good.
exactly...if you know who, you can answer why.
“The fact that the identities of those who simultaneously decided to withdraw their money at 11 a.m. on Sep. 18, precipitating this panic, were never released, does lead one to question whether or not something sinister was at work.” ... Some businesses are too big to fail, or be allowed to fail, as in the unions would be too heavily impacted. Well, the details of this thuggery are traceable because with every withdrawal there had ot be a target transfer. But we see that the truth of it is being avoided. Someone/something is too big to be exposed, too big to be investigated. We the people are no longer the sovereigns. We are the subjects living under a federal oligarchy.
But they're not talking. Why is that, do you think?
It does need to pushed to the forefront; maybe there'll be renewed Congressional interest in it around, say, November 2010.
Soros has his fingerprints all over this.....ensuring a ‘Rat victory and shoving socialism down our throats.....the timing and depth of this event was done on purpose....This event was engineered from the get go as the Rat’s October surprise .and it will lead to their demise. Let the investigation begin and end at the hangman’s noose. This was done to us on purpose to ensure the commie takeover.
It’s their money. They can take it out any time they wish. If the banks can’t cover it, that’s their own dam stupid worthless fault. Quit making bad loans.
I still would like to know who the people were though, and where the bulk of the money went. My suspicion is middle east oil tycoons. They’ve been talking about an oil bourse trading in petro dollars for awhile. I think they saw their chance to weaken the dollar and loosen it’s grip on the oil markets.
Deep capture covers this. Almost certainly hedge funds with short position.
Soros and friends?
oh the list just goes on and on ...
“no one seems to care about the dimensions of this event.”
of course not...
“Bush’s Fault!!(tm)” is all you need to know!!
My tin-hatted opinion?
McCain was up TWO and rising. Some Middle Eastern Dubai-based sources wanted to make sure Obama became President.
ANOTHER thing you will never hear about in the media is how Democrat-supporting Goldman-Sach’s was manipulating Oil Speculation markets in late-2007/2008. Note how fast Pelosi’s “Evil Oil Companies!” hearings ended when that tidbit came out?
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