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A run on the banks happening now - true or bullshit

GHOSTUSER

By GHOSTUSER
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GHOSTUSER

GHOSTUSER 361

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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.

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Errestaurants

Errestaurants 2570

Posted
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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. 

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David Dennison

David Dennison 18860

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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?

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GHOSTUSER

GHOSTUSER 361

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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. 

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texifornia

texifornia 56961

Posted
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
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ButtFumble

ButtFumble 5179

Posted
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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

 

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gsoda3

gsoda3 3261

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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.  

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Wally Fairway

Wally Fairway 5550

Posted
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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.

 

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Errestaurants

Errestaurants 2570

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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! 

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clapclapclap

clapclapclap 9000

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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.

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SDG

SDG 3319

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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.  

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Guest Lobo

Guest Lobo

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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.  

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