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US banks shaken by biggest deposit withdrawals since 9/11
Russia Today ^ | 1/25/13 | Joe Raedle

Posted on 01/25/2013 3:30:02 PM PST by Nachum

US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

­The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.

So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31.

(Excerpt) Read more at rt.com ...


TOPICS: News/Current Events
KEYWORDS: banks; bankwithdrawals; deposit; economics; withdrawals
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Obamanomics, hard at work
1 posted on 01/25/2013 3:30:04 PM PST by Nachum
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


2 posted on 01/25/2013 3:31:26 PM PST by Nachum (The Obama "List" at www.nachumlist.com)
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To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...

The list, Ping

Let me know if you would like to be on or off the ping list

http://www.nachumlist.com/


3 posted on 01/25/2013 3:32:26 PM PST by Nachum (The Obama "List" at www.nachumlist.com)
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To: Nachum

yeah, thas not gud


4 posted on 01/25/2013 3:33:50 PM PST by WorkerbeeCitizen (I'll surrender my guns alright - bullets first)
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To: Nachum

Ammo and guns are expensive. If I had some money I would take it out to to replace all my guns that I sold at gun shows to strangers.


5 posted on 01/25/2013 3:34:39 PM PST by Hang'emAll (Those who abuse Liberty, sentence themselves to Death! - Soldier LT)
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To: Nachum

People are withdrawing fiat dollars and buying gold and silver.


6 posted on 01/25/2013 3:35:43 PM PST by SVTCobra03 (You can never have enough friends, horsepower or ammunition.)
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To: Nachum

these were not small depositors - I would have thot the hint was when Germany and others withdrew it gold from America


7 posted on 01/25/2013 3:36:12 PM PST by WorkerbeeCitizen (I'll surrender my guns alright - bullets first)
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To: Hang'emAll
My take too - folks are heading to weekend gun shows.
Those ARs, cases of .223 and 30-round mags are getting expensive!
8 posted on 01/25/2013 3:37:07 PM PST by grobdriver (Sic semper tyrannis!)
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To: SVTCobra03

Silver is up a few percent since last month but gold sure isn’t.


9 posted on 01/25/2013 3:41:06 PM PST by steve86 (Acerbic by Nature, not NurtureĀ™)
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To: Nachum
I fondly remember the day when people questioned economic data, even when it reinforced their biases. Now, I get to watch FReepers yap like dogs at Russian state-owned media.
10 posted on 01/25/2013 3:45:15 PM PST by 1rudeboy
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To: Nachum

Today, when you withdraw “too much cash,” (they won’t tell you how much is too much,) you have to swipe your driver’s license etc.

Just tell them you need it go buy some assault weapons and ammo.


11 posted on 01/25/2013 3:45:26 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: SVTCobra03
People are withdrawing fiat dollars and buying gold and silver

And brass and lead.

12 posted on 01/25/2013 3:50:24 PM PST by Noumenon (One individual with courage, determination and a rifle can change the course of history.)
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To: Nachum

Buy brass, powder, lead and food. Those can be traded when the dollar tanks to worthless paper and digits.


13 posted on 01/25/2013 3:54:00 PM PST by FreeAtlanta (bahits.com)
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To: SVTCobra03
gold and silver are great for economies that *might* survive outside the U.S.; but when we go down, so does the world. Shiny metal won't mean a hell of a lot. I will get MUCH more worth out of a few antibiotics or even aspirin (maybe even a couple year old pressure canned filled meat jar) than I will with shiny stuff.

Bottom line, your family is hungry and one of yours has a 102 degree temp. Is gold and silver what you wish to trade with at that time?

14 posted on 01/25/2013 4:13:16 PM PST by Michael Barnes (Obamaa+ Downgrade)
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To: Michael Barnes

You dance like a little circus poodle for a piece of my gold.....PS: All the food and supplies will be purchased by the ones who have gold.


15 posted on 01/25/2013 4:19:51 PM PST by central_va ( I won't be reconstructed and I do not give a damn.)
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To: Michael Barnes

Gold and silver , for thousands of years, have had value. why would that change? There maybe a brief time where food and medicine would have greater value but a means of exchange would eventually come about and I’m sure gold and silver would play a part.


16 posted on 01/25/2013 4:28:10 PM PST by MCF
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To: 1rudeboy

It is also reported in Bloomberg and other sites.
http://www.bloomberg.com/news/2013-01-23/u-s-deposits-post-biggest-drop-since-9-11-as-fdic-ends-support.html


17 posted on 01/25/2013 4:34:26 PM PST by MCF
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To: central_va; Michael Barnes; MCF

I am with Michael. If the collapse is as bad as it likely will be, food, medicine, guns and ammo will be the most valuable commodities until things straighten out. If nothing else, you can hide out and eat your food, but you can’t do that with your gold.

Gold depends on a functioning economy to establish value. Ammo, food, medicine’s value is whatever you can barter for.

I hope we don’t see a collapse in our life times. Make it through a collapse with a lot of gold, then you might be a wealthy man, but consider this.... there will be a lot fewer people so there will be a lot more ounces of gold per person.


18 posted on 01/25/2013 4:36:59 PM PST by FreeAtlanta (bahits.com)
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To: Nachum
Any discernible connection to Apple's flash dump?
19 posted on 01/25/2013 4:37:31 PM PST by null and void (Gun confiscation enables tyranny. Don't enable Tyranny)
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To: Nachum
So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe.

Banks have more deposits than they know what to do with. Don't mean a thing.

20 posted on 01/25/2013 4:46:56 PM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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