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A run on the banks happening now - true or bullshit


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Posted

I have heard through the grapevine from someone I know that works at a large bank that apparently lots of people are pulling cash out of the banks. So much that the federal reserve is shipping billions of dollars to prevent bank runs. Obviously, the situation in DC is the reason why. The question to the surly collective is do you believe this and if so what should we do if that in fact is occurring for reals.

  • Like 1
Posted
1 minute ago, Iconoclast Texan said:

I have heard through the grapevine from someone I know that works at a large bank that apparently lots of people are pulling cash out of the banks. So much that the federal reserve is shipping billions of dollars to prevent bank runs. Obviously, the situation in DC is the reason why. The question to the surly collective is do you believe this and if so what should we do if that in fact is occurring for reals.

Yes, it is happening for real. My wife is a bank teller and she just confirmed this. Get off Surly and go buy you some Hookers and Blow. Whatever is left over buy Bitcoin. 

  • Like 7
  • Haha 1
Posted
Just now, Huckleberry said:

It's true. Everyone is moving their cash into Ameros. Beat the rush.

False -- the currency of the future will be tailored Texan jerseys and rubber bullets.  Icono is, fortunately, all set.

  • Like 3
  • Haha 1
Posted
Just now, Brisketexan said:

False -- the currency of the future will be tailored Texan jerseys and rubber bullets.  Icono is, fortunately, all set.

Damn. That is a quality post. Good to see you have your sense of humor back. Pos rep.

Posted
2 minutes ago, Iconoclast Texan said:

Damn. That is a quality post. Good to see you have your sense of humor back. Pos rep.

Yup. Just good old fashioned shooting-immigrants-with-rubber-bullets humor. Glad to see you can recognize Brisket's sincerity.

  • Like 1
Posted
15 minutes ago, Iconoclast Texan said:

I have heard through the grapevine from someone I know that works at a large bank that apparently lots of people are pulling cash out of the banks. So much that the federal reserve is shipping billions of dollars to prevent bank runs. Obviously, the situation in DC is the reason why. The question to the surly collective is do you believe this and if so what should we do if that in fact is occurring for reals.

If you don't need cash immediately and have less than the FDIC insured amount in the bank, who cares?

Posted
18 minutes ago, David Dennison said:

If you don't need cash immediately and have less than the FDIC insured amount in the bank, who cares?

Americans don't understand the risk that political instability or revolution can have on one's wealth. Iran 1979 70 Rials = $1USD; Iran 2019 160,000 Rials = $1USD. Wealth preservation ideas and recommendations would be appreciated. 

Posted (edited)
42 minutes ago, Iconoclast Texan said:

I have heard through the grapevine from someone I know that works at a large bank that apparently lots of people are pulling cash out of the banks. So much that the federal reserve is shipping billions of dollars to prevent bank runs. Obviously, the situation in DC is the reason why. The question to the surly collective is do you believe this and if so what should we do if that in fact is occurring for reals.

The Fed did have to give banks a lot of money this week, but it was just about a spike in inter-bank lending rates: https://www.economist.com/finance-and-economics/2019/09/19/why-the-fed-was-forced-to-intervene-in-short-term-money-markets

Edited by texifornia
  • Like 1
Posted
5 minutes ago, Iconoclast Texan said:

Americans don't understand the risk that political instability or revolution can have on one's wealth. Iran 1979 70 Rials = $1USD; Iran 2019 160,000 Rials = $1USD. Wealth preservation ideas and recommendations would be appreciated. 

blued steel, brass, lead, powder

land with water, seed, tractor that is void of electronic controls

windmill, QUALITY solar panels, diesel generator or propane/butane

pre-efi truck or diesel pre-electronic controls

T-Bills

map to the unarmed Mormon families in the area

 

  • Like 2
Posted (edited)

If you're asking about the run, its too late. That run already ran.  I saw this coming and invested all my cash into Beanie Babies and Buffalo Gold Coins. 

Edited by Foosters
  • Haha 1
Posted

Thankfully all mine is in gold so I don’t have to worry.

You know, because if everything went to hell in a hand basket, I could give a couple pieces of gold for a loaf of bread.

Or if our currency was obsolete, I can just use gold everywhere!

  • Like 2
Posted
6 minutes ago, Foosters said:

If you're asking about the run, its too late. That run already ran.  I saw this coming and invested all my cash into Beanie Babies and Buffalo Gold Coins. 

Cabbage Patch Kids is where I've got my wealth stashed. Bitches love the cabbage.

Posted

So, someone hears a specious rumor about a run on banks, and their first reaction is to run to an anonymous message board and ask faceless strangers who may or may not enjoy trolling you for the lolz for corroboration and for financial advice.

Seems about right. 

  • Like 8
Posted
54 minutes ago, Brisketexan said:

False -- the currency of the future will be tailored Texan jerseys and rubber bullets.  Icono is, fortunately, all set.

And the Financial TImes, copies of the Financial Times.

  • Haha 1
Posted
55 minutes ago, Iconoclast Texan said:

I have heard through the grapevine from someone I know that works at a large bank that apparently lots of people are pulling cash out of the banks. So much that the federal reserve is shipping billions of dollars to prevent bank runs. Obviously, the situation in DC is the reason why. The question to the surly collective is do you believe this and if so what should we do if that in fact is occurring for reals.

no, the repo rates were spiking last week due to cash not being available for overnight lending and the fed had to jump in with cash.  a confluence of several factors led to this happening-  tax payments for lots of companies were due, asia had a holiday so their banks were shut for lending, and a gvt bond auction had just happened so money was needed to clear those transactions.  

 

whomever your source was, you need to seriously question any further financial "info" they have considering that's supposed to be their area of expertise.  

  • Like 1
Posted
6 minutes ago, Iconoclast Texan said:

Trading sexual favors for something of value would still work in such a world too.

Well, we all know that you've got that arena covered, so I'm not sure why you're worried. 

  • Like 6
  • Haha 2
Posted
18 minutes ago, Iconoclast Texan said:

Americans don't understand the risk that political instability or revolution can have on one's wealth. Iran 1979 70 Rials = $1USD; Iran 2019 160,000 Rials = $1USD. Wealth preservation ideas and recommendations would be appreciated. 

Well getting all your money out of the bank isn't really going to help in that situation; you need to buy hard goods, precious metals (bars, not ETF's), and a couple of years worth of food, water, and ammo.

So rank the following groups in rank of craziness (most to least crazy) - preppers, crypto currency wonks, Area 51 invaders, alien abductors, aggie, Pastafarians, isolationists, and the pizza gate crowd.

 

  • Like 1
Posted
Just now, Brisketexan said:

Whoa whoa whoa....I was not informed that this was going to be a mixed-race apocalypse.

Don't worry - it's not, whitey gonna be the target for everybody.
You'd do well to start identifying as other than anglo-european

Posted
12 minutes ago, gsoda3 said:

no, the repo rates were spiking last week due to cash not being available for overnight lending and the fed had to jump in with cash.  a confluence of several factors led to this happening-  tax payments for lots of companies were due, asia had a holiday so their banks were shut for lending, and a gvt bond auction had just happened so money was needed to clear those transactions.  

 

whomever your source was, you need to seriously question any further financial "info" they have considering that's supposed to be their area of expertise.  

hey man

take your serious and accurate explanation and get the fuck outa here! 

  • Like 4
Posted

I opened this thread and immediately then looked over to the teller window and saw there was literally nobody in line. I guess they cleaned us out already and amazingly I'm still lending money out today.

Posted
10 minutes ago, SimonBolivar said:

I opened this thread and immediately then looked over to the teller window and saw there was literally nobody in line. I guess they cleaned us out already and amazingly I'm still lending money out today.

that's just worthless fiat

Posted
48 minutes ago, SimonBolivar said:

I opened this thread and immediately then looked over to the teller window and saw there was literally nobody in line. I guess they cleaned us out already and amazingly I'm still lending money out today.

Teller about it, teller everything you feel.  Give her every reason to accept that you're for real.

  • Haha 1
Posted

As the proud assistant vice president of a federally chartered thrift savings institution, I can tell you that we are also out of coffee.  

Posted
2 hours ago, DaggerHorns said:

Thankfully all mine is in gold so I don’t have to worry.

You know, because if everything went to hell in a hand basket, I could give a couple pieces of gold for a loaf of bread.

Or if our currency was obsolete, I can just use gold everywhere!

A little gold and plenty of ammo are always good investments.  

Posted

On a call this morning with my OCC and FDIC regulators, this did not come up.  We are a small bank, but federally chartered.  There is either nothing worry about, or we are the vanguard sacrifice.  

Posted
Awesome (near) back-to-back combo. Runs on banks and gas shortages. Lulz. Are y’all 14 and studying the Depression and 70s stagflation?  Hopefully this 2nd post is pure sarcasm as a follow up to idiotic OP. 
Well mr know-it-all, what are we supposed to do.

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