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The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed.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 ...
The list, Ping
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The list, Ping
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yeah, thas not gud
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.
People are withdrawing fiat dollars and buying gold and silver.
these were not small depositors - I would have thot the hint was when Germany and others withdrew it gold from America
Silver is up a few percent since last month but gold sure isn’t.
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.
And brass and lead.
Buy brass, powder, lead and food. Those can be traded when the dollar tanks to worthless paper and digits.
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?
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.
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.
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
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.
Banks have more deposits than they know what to do with. Don't mean a thing.
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