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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­The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed.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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To: null and void

No.


21 posted on 01/25/2013 4:52:15 PM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot

Thanks.


22 posted on 01/25/2013 4:57:28 PM PST by null and void (Gun confiscation enables tyranny. Don't enable Tyranny)
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To: central_va

PS: All the food and supplies will be purchased by the ones who have gold...

No, all the gold will be purchased by the ones who have the food and supplies. It is hard to eat a gold brick; better to have brick cheese.


23 posted on 01/25/2013 5:00:14 PM PST by stars & stripes forever (Blessed is the nation whose God is the Lord!)
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To: Nachum

At less than 1% interest, I feel more secure with my cash in my safe.


24 posted on 01/25/2013 5:02:13 PM PST by mosaicwolf (Strength and Honor)
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To: mosaicwolf

At less than 1% interest, I feel more secure with my cash in my safe

We are doing the same a few thou at a time. Screw the banks.


25 posted on 01/25/2013 5:43:47 PM PST by bikerman (Gun control does nothing to stop gun violence. But then, Washington specializes in the art of doing)
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To: bikerman
Banks have more than $1.5 trillion in excess reserves.

You won't hurt them by pulling out a few thou.

26 posted on 01/25/2013 5:49:38 PM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Nachum; Bikkuri; MestaMachine; Rushmore Rocks; Oorang; KC_Lion; Godzilla; Domestic Church; ...

.

Friday news dump.

.


27 posted on 01/25/2013 6:25:38 PM PST by LucyT (In the 20th century 200 million people were killed by their own governments.)
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To: Travis McGee

Say, that’s great idea! Thanks for the tip.


28 posted on 01/25/2013 6:31:06 PM PST by Obadiah (America is Babylon)
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To: SVTCobra03

People are withdrawing fiat dollars and buying gold and silver.


Monetizing the debt potentially will lead to hyper-inflation...

January 24, 2013

‘Fed’s Holdings of U.S. Gov’t Debt Hit Record $1,696,691,000,000; Up 257% Under Obama’

http://cnsnews.com/news/article/fed-s-holdings-us-govt-debt-hit-record-1696691000000-257-under-obama


29 posted on 01/25/2013 6:31:49 PM PST by Hotlanta Mike ("Governing a great natiorn is like cooking a small fish - too much handling will spoil it." Lao Tzu)
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To: Toddsterpatriot

I imagine the majority of the deposits are quickly withdrawn as most folks are living pretty close to the bone and don’t leave much sitting in the bank for very long.


30 posted on 01/25/2013 6:41:52 PM PST by Tammy8 (~Secure the border and deport all illegals- do it now! ~ Support our Troops!~)
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To: Tammy8
I imagine the majority of the deposits are quickly withdrawn

The article doesn't agree.

"pushing deposits down to $5.37 trillion"

31 posted on 01/25/2013 6:46:35 PM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Travis McGee

I don’t understand why banks have to know why, but the bank here asked about a new tractor and again another piece of household equipment. Those questions were never asked at another location in years past.


32 posted on 01/25/2013 6:51:03 PM PST by beautress
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To: Tammy8

That would be us! $400.00 here for car repairs; $500.00 there for tuition; another $$$ for the son who recently graduated from college and has no job prospects... Hope we have enough saved up to pay our income taxes come April...


33 posted on 01/25/2013 6:53:29 PM PST by lyby ("Mathematics is the language with which God has written the universe." ~ Galileo Galilei)
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To: stars & stripes forever

Should we suffer a major banking collapse, all digital cash and money markets will vanish. No time for a run to the Bedford Falls S&L for greenbacks.

A tall stack of small bills hoarded in advance of the rush. A recommendation only. It might buy a little more time. Nothing more.


34 posted on 01/25/2013 7:05:09 PM PST by Broker (SIG357)
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To: lyby

That would be us as well. Hubby and I were living very comfortable; until everything went up. Not only are our expenses keeping us spending more than ever, all of our kids need help when they have an emergency. Our kids are all employed in what used to be considered decent jobs too. It is getting crazy out there.


35 posted on 01/25/2013 7:13:24 PM PST by Tammy8 (~Secure the border and deport all illegals- do it now! ~ Support our Troops!~)
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To: Broker

Been accelerating prepping purchases. Mostly little stuff in small quatities. Might have to go bigger on some things. Hope any trouble doesn’t happen until it gets warmer.


36 posted on 01/25/2013 7:33:17 PM PST by PLMerite (Shut the Beyotch Down! Burn, baby, burn!)
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To: WorkerbeeCitizen

Germany wants ALL of its gold from France before it gets “nationalized” (ie., stolen) by the communists.
I guess Germany has the same fear with the US.


37 posted on 01/25/2013 7:41:23 PM PST by Lancey Howard
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To: PLMerite
Been accelerating prepping purchases. Mostly little stuff in small quatities.

Same here. Every time I go to Walmart I grab 8 - 10 cans of Campbells Chunky soups. At $1.50/can, it's hard to go wrong. Each one is a meal, and there's a ton of varieties. I get a lot of the chicken/sausage gumbo and beef barley. The old fashioned vegetable soups are good, too.

38 posted on 01/25/2013 7:45:10 PM PST by Lancey Howard
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To: blam

(( ping ))

Check this out.


39 posted on 01/25/2013 7:48:49 PM PST by Lancey Howard
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To: Nachum

Out of curiosity, for people who have to make payrolls,...how do you make ends meet when:

1) The Fed IRS decides they aren’t going to even start processing Fed Income Tax returns until after Jan13.
2) Computer fraud and identity theft wipes out your accounts except for a pittance.
3) Bank policy refuses to freeze accounts which have fraudulent withdrawals being charged against them.
4) Emergency funds placed in the accounts after suffering identity theft are then frozen and removed by the banking institution to pay off the fraudulent withdrawals.
5) State Income Tax procedures are delayed because the state refuses to post 2012 income tax forms until after Jan13.

Is it any wonder other forms of liquidity aren’t being removed out of the system?


40 posted on 01/25/2013 8:22:45 PM PST by Cvengr (Adversity in life and death is inevitable. Thru faith in Christ, stress is optional.)
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To: 1rudeboy

Come on admit it - don’t you trust Russian media more than the New York Times too?


41 posted on 01/25/2013 8:52:19 PM PST by GOPJ ( Do murder laws control murders?..freeper Red Badger Let's try Criminal control - Fr:MadMax)
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To: Lancey Howard
"Check this out."

Yup, I saw this.

(ahem) I didn't think that small withdrawal would even be noticed.

42 posted on 01/25/2013 8:57:05 PM PST by blam
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To: Nachum

Paying down all that credit card debt from Christmas and New Years or Takin’ our money OUT of the country?

Take yer pick.


43 posted on 01/25/2013 9:02:46 PM PST by Candor7 (Obama fascism article:(http://www.americanthinker.com/2009/05/barack_obama_the_quintessentia_1.html))
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To: grobdriver

Hubby and I are going to a gun show in MA this weekend!


44 posted on 01/25/2013 9:22:35 PM PST by SuziQ
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To: Michael Barnes

Food is a good choice, but antibiotics will just disable you when you need your strength the most. Use Garlic, Dell Immune, and zappers to deal with your infections; they always work without raising hell with your immune system. Honey is the best for skin infections, but useless for anything internal.


45 posted on 01/25/2013 9:34:09 PM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: blam

Small to you, but to the rest of us.... :o)


46 posted on 01/25/2013 9:35:35 PM PST by editor-surveyor (Freepers: Not as smart as I'd hoped they'd be)
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To: Cvengr
Is Your Stocks Portfolio Ready for What’s Going to Happen?
47 posted on 01/26/2013 6:38:58 AM PST by blam
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To: Nachum

Proof as to why every gutless Elitist politician in DC has to be voted out; both parties. Proof of their gutless duplicity is evident to all.


48 posted on 01/26/2013 7:18:08 AM PST by ExTexasRedhead
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To: Toddsterpatriot

You won’t hurt them by pulling out a few thou

Maybe true but its a few thou of mine they wont have. A few here and a few their will hurt.


49 posted on 01/27/2013 7:07:59 AM PST by bikerman (Gun control does nothing to stop gun violence. But then, Washington specializes in the art of doing)
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To: bikerman

It’ll take more than a few here and a few there to put a dent in $1.5 trillion in excess reserves.


50 posted on 01/27/2013 7:30:46 AM PST by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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