Before depositors moved to the front of the "eat the loss" line.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>ZIRP is a continued effort to provide cheap money to the big gamblers, witness the equity bubble. The fact that raising rates will push the economy further into the ground is telling of the true state of a fragile economy. Until consumer spending of real money, and not debt, improves the economy will not improve. Put all that newly created real money into the hands of consumers and half the problem will be resolved. Maybe a helicopter is not such a bad idea.
Number of people on govt assistance is indicative of a poor economy. Other than a terribly weak economy let the good times roll. >>
Equities are only 20% higher than 15 years ago. Not even close to a bubble. If the DOW was at 50k I would agree and meet my 7 fold in 7 years criteria.
ZIRP is not pushing the economy into the ground...if you don't think the economy is stronger than in 2008 then it's no wonder why your opinions are so dour.
Consumers are spending their "real money", ie US dollars , to make major purchasers for cash as witnessed in the strong real estate market in your backyard.
Number of people on govt assistance is a direct result of increased population and politics. Yup, that's so damn right I had to restate it. >>
Equities are 20% higher than 15 years ago and 700% higher than 20 years ago. In those 20 years inflation has consumer prices up 50% and real personal incomes are flat vs. inflation. Again, the model works as long as very loose money pours into the crony's coffers. Even that won't last as we all know.
<< <i>After getting a CC skimmed in the Bahamas and continuing to deal with that nonsense, I will continue to stick to my ~97% cash only mantra. >>
Had one skimmed and used this past week. Had to have been done while still in my wallet in my back pocket, I never use it. I advise everyone to regularly monitor their CC transactions on-line.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>After getting a CC skimmed in the Bahamas and continuing to deal with that nonsense, I will continue to stick to my ~97% cash only mantra. >>
Had one skimmed and used this past week. Had to have been done while still in my wallet in my back pocket, I never use it. I advise everyone to regularly monitor their CC transactions on-line. >>
Mine is still in my wallet. Used it for a few meals down in Nassau, only way I can figure is one of the waitstaff took a skim/pic of it while I was paying and they were running it, or the hotel desk did it. Charges in Bahamas and Florida pinged a fraud alert and they only got 1 day of charges before it got frozen and I had them kill it. Still waiting for the replacement card, getting my lawyer to notary the declaration of fraud forms here in a couple hours actually before I send them along.
The only plus is I only carry 1 card and a home depot card, that's it, so I don't have a zillion companies to check with like a lot of folks would in this case.
<< <i>He knows how they work. He also knows what proposals are being made by IMF. >>
C'mon now...he specifically says in that blog you linked that the insured amount is $100,000 >>
Has been well and widely made public years ago that the FDIC raised their insured limits from $100,000 to $250,000 per account. This is very old "news".
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<< <i>He knows how they work. He also knows what proposals are being made by IMF. >>
C'mon now...he specifically says in that blog you linked that the insured amount is $100,000 >>
Has been well and widely made public years ago that the FDIC raised their insured limits from $100,000 to $250,000 per account. This is very old "news". >>
Did you know that it was a temporary increase in 2008 to last until 2010? Then in 2010 it was made permanent. The notion that the insurance is primarily a PR program to quell fear and prevent bank runs is further supported by the fact that it was increased when fear was at it's highest.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
It's widely known that the primary cause of bank runs is: fear of a run on the banks.
It becomes a self-fulfilling prophecy, and spreads in a fashion not unlike a nuclear chain reaction
It's not surprising that there are control rods to absorb the extra neutrons when the emotion of fear is running high, and is stoked by incendiary blog posts "insisting" that critical mass is nigh
cause of bank runs is loss of confidence in the banking system. Once started the word gets out quick. Sorta like a market crash or a game of musical chairs.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
... or someone shouting "Fire!" in a crowded theater, when there is none, and people die at the exit doors of the crush. Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored
<< <i>... or someone shouting "Fire!" in a crowded theater, when there is none, and people die at the exit doors of the crush. Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored >>
Go ahead and stay in the theater.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
there is no fire, despite a few folks running around saying, "I smell smoke! Do you smell smoke? Look at all this flammable material, it could go up in flames!! There could really be a big fire here! Only a fool would deny it! Loook at theeese drapes! Look at all this popcorn! it could buuuurrrnnnn! Do you smell smoke? Look at these lightbulbs! Hot hot hot! wait for it.. wait for it... it's gonna be a big fire!
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
"Fractional reserve banking is intrinsically dishonest. Bankers promise depositors instant access to their money, even as they lend that same money to unrelated persons. The depositor agreement is a contract the bank knows it cannot possibly fulfill." - Philippe Gastonne
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Equities are only 20% higher than 15 years ago. Not even close to a bubble. >>
Since 2/1/09: SP 500 up 288% (735 to 2122) DOW up 252% (7062 to 17835) NASDAQ up 374% (1377 to 5153) Gold up 129% (918.25 to 1186.69)
Let me guess where cohodk sees the bubble.
<< <i>Consumers are spending their "real money", ie US dollars , to make major purchasers for cash as witnessed in the strong real estate market in your backyard. >>
Last time we let strong real estate convince us we had a strong economy we all ended up looking like cohodks.
Record number of people receiving government assistance has nothing to do with a failed/weak economy? Janet, is that you? >>
Thanks for making my day derryB
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Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
To me, and I'm sure there's more to the story of why this guy wants $30k in cash, but to me it sounds like the bank is following procedure, to prevent fraudulent withdrawls. For example, what if someone was fleeing a warrant, or withdrawing joint money to abscond with it, or it was the Jr. son withdrawing the Sr. dad's money, or visa versa, or whatever, and the bank said, sure, here you go!
And then tomorrow here's the police and the district attorney in your bank asking you all about it. That's the reality of the world, there are a LOT of scammers and they're getting increasingly sophisticated.
Every time my SDB gal checks my ID and signature, she seems apologetic (have known her for years) but I THANK her because the security is exactly what I'm paying for.
Curious, what is the guy going to do with his $30k cash? And did he get it and do it? or was he FOILED by Them? Was his money seized and is he in jail now, wrongly accused?
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Even a court order is no assurance that it would be returned to you.
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now.
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now. >>
Sorry gotta call complete BS, so secret she can't tell huh?, lol, ridiculous, what she now works for CIA, FBI , Homeland? All secret hush hush can't tell anyone, husband, wife, mother, father, children... If she was so shook up she be readying her family for this great catastrophe not hiding it...
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now. >>
Sorry gotta call complete BS, so secret she can't tell huh?, lol, ridiculous, what she now works for CIA, FBI , Homeland? All secret hush hush can't tell anyone, husband, wife, mother, father, children... If she was so shook up she be readying her family for this great catastrophe not hiding it... >>
I never said it was a secret. I said that was all I could get out of her. Why? Because when she starts talking about it she gets all worked up. I see no point in causing the woman anymore emotional stress trying to drag every little detail out of her. There must be something to it because she is considering leaving her position.
You can call it anything you want. I have nothing to gain from sharing a factual situation. You can continue to be a blatant jerk, but I told the truth. If something does come down, I could only hope it affects the skeptics first since they seem to be the people who enjoy laughing at good people that are expressing concern.
things are a fixing to change in the near future where we won't even recognize our country anymore.
That happens every minute of every single day. Some people ignore it, some seek to "explain" certain phenomena using combination of words and numbers, some react to the changes, and some over-react.
<< <i>... or someone shouting "Fire!" in a crowded theater, when there is none, and people die at the exit doors of the crush. Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored >>
Go ahead and stay in the theater. >>
I'd rather be close to an exit and take my chances that way, than be sitting there like a clown laughing and saying there's nothing to worry about.
That's a good plan, if those are the only two choices. You make an excellent point, and I for one agree with you. I, too, would rather be the guy sitting near the exit than the laughing clown.
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
To me, and I'm sure there's more to the story of why this guy wants $30k in cash, but to me it sounds like the bank is following procedure, to prevent fraudulent withdrawls. For example, what if someone was fleeing a warrant, or withdrawing joint money to abscond with it, or it was the Jr. son withdrawing the Sr. dad's money, or visa versa, or whatever, and the bank said, sure, here you go!
And then tomorrow here's the police and the district attorney in your bank asking you all about it. That's the reality of the world, there are a LOT of scammers and they're getting increasingly sophisticated.
Every time my SDB gal checks my ID and signature, she seems apologetic (have known her for years) but I THANK her because the security is exactly what I'm paying for.
Curious, what is the guy going to do with his $30k cash? And did he get it and do it? or was he FOILED by Them? Was his money seized and is he in jail now, wrongly accused? >>
Why is it anyone's beeswax what he wants to do [if anything] with the cash? Maybe he just likes looking at it like some people enjoy looking at their coins. If I had the $$$ in my account, whose concern is it if I take some in cash? If I got millions in a lottery win, $100K in cash would be chump change. Maybe some guvmint burrocrat is afraid I'll spend a buck that won't get taxed?
<< <i>That's a good plan, if those are the only two choices. You make an excellent point, and I for one agree with you. I, too, would rather be the guy sitting near the exit than the laughing clown.
Why is it anyone's beeswax what he wants to do [if anything] with the cash? Maybe he just likes looking at it like some people enjoy looking at their coins. If I had the $$$ in my account, whose concern is it if I take some in cash? If I got millions in a lottery win, $100K in cash would be chump change. Maybe some guvmint burrocrat is afraid I'll spend a buck that won't get taxed?
How can you people not get this? It's the "beeswax" of the people handing him the cash. who are going to be "on the hook" if they contribute to a situation that someone complains about.
According to the story (and we're still waiting for an update; WE didn't bring this example up in the first place) the guy wasn't told he couldn't have his money. He was told he'd have to wait, and comply with rules.
Guess what, if people make a deposit or transfer, you also have to "wait" until it goes through.
None of this is new. Society has rules. Don't like it?
<< <i>Why is it anyone's beeswax what he wants to do [if anything] with the cash? Maybe he just likes looking at it like some people enjoy looking at their coins. If I had the $$$ in my account, whose concern is it if I take some in cash? If I got millions in a lottery win, $100K in cash would be chump change. Maybe some guvmint burrocrat is afraid I'll spend a buck that won't get taxed?
How can you people not get this? It's the "beeswax" of the people handing him the cash. who are going to be "on the hook" if they contribute to a situation that someone complains about.
According to the story (and we're still waiting for an update; WE didn't bring this example up in the first place) the guy wasn't told he couldn't have his money. He was told he'd have to wait, and comply with rules.
Guess what, if people make a deposit or transfer, you also have to "wait" until it goes through.
None of this is new. Society has rules. Don't like it?
Move. >>
He was also told that he'd get a cashier's check in 3 days which is not the kind of cash he wanted. I understand the bank has reporting requirements which they'd just as soon not do either. Of course they'd want to do their due diligence. I'd simply discuss it with the head cashier at my bank and see what goes. I expect it would be ok as long as you gave them time to arrange to have the extra cash on hand.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The banks in Baleyville don't even need locks. >>
Sounds like this place.
One evening as the sun went down and the jungle fire was burning Down the track came a hobo hiking and he said boys I'm not turning I'm headin for a land that's far away beside the crystal fountains So come with me we'll go and see the Big Rock Candy Mountains
In the Big Rock Candy Mountains there's a land that's fair and bright Where the handouts grow on bushes and you sleep out every night Where the boxcars are all empty and the sun shines every day On the birds and the bees and the cigarette trees Where the lemonade springs where the bluebird sings In the Big Rock Candy Mountains
In the Big Rock Candy Mountains all the cops have wooden legs And the bulldogs all have rubber teeth and the hens lay soft boiled eggs The farmer's trees are full of fruit and the barns are full of hay Oh, I'm bound to go where there ain't no snow Where the rain don't fall and the wind don't blow In the Big Rock Candy Mountains
In the Big Rock Candy Mountains you never change your socks And the little streams of alcohol come a-trickling down the rocks The brakemen have to tip their hats and the railroad bulls are blind There's a lake of stew and of whiskey too You can paddle all around 'em in a big canoe In the Big Rock Candy Mountains
In the Big Rock Candy Mountains the jails are made of tin And you can walk right out again as soon as you are in There ain't no short handled shovels, no axes saws or picks I'm a goin to stay where you sleep all day Where they hung the jerk that invented work In the Big Rock Candy Mountains
I'll see you all this coming fall in the Big Rock Candy Mountains
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever.
edited to add: on a side note, I have a checking account at a larger bank. Last year I wanted $4k in cash...and they had to jump through hoops to make it happen. They were pretty put out by the whole thing. I no longer bank there.
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
I hope he takes you up on this challenge and will report back the entire truth as to what the bank tells him. Baley, are you game? >>
Assignment is for everyone and for cash, not a cashier's check. If they give you the story about not having that much cash available, ask them how will it take them to get it that you can come back.
<< <i>FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever. >>
Cash or a check?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Derry, I took it as a check since I was just depositing it into another bank, but I recall the teller asking me "how I wanted it". I suppose she could have meant bank check or money order. I cannot confirm if cash was an option.
Let me get this straight. Some say the reason you are forced to jump through hoops and get put on a list for possessing, depositing, or requesting large sums of your money is because they are just doing it to make the world a better and safer place. Right? Yet, these same people allow the drug money to be laundered through the banks. That is on record and has came out in court. I guess one has to remove the blinders and be real with themselves and ask what is the real reason for this crack down on cash?
Is there one single "real reason," Stan? Is it because of the upcoming New World Order being imposed by The Man? We'll all have to Musial on this concept for a while.
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever.
edited to add: on a side note, I have a checking account at a larger bank. Last year I wanted $4k in cash...and they had to jump through hoops to make it happen. They were pretty put out by the whole thing. I no longer bank there. >>
This here is just one more reason I switched to a CU and will never look back.
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
Why in the world would anyone do this? All the problems associated with your "homework assignment"
-sample size would be totally meaningless -a lot of time spent on people's parts to prove NOTHING -the problem isn't taking it out (which I have done and will continue to do even above 5 figs), it's putting it back in which leaves the person with an unnecessary problem on their hands >>
I said "ask." Everyone should know, ahead of time, how much of their cash they can really access.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
If I went to a bank and did as you ask, then I'd be dancing on your strings, wouldn't I?
I already know the answer for myself, but if I told you, you wouldn't believe it, so there is no point anyway.
And yes, any number over $10k individual or aggregate cash transactions, and also anything seeming "suspicious" will be "reported", but everything we do is "on the record" anyway.
I recently asked my CU manager about the "reporting" deal. CU policy is $1500 -3000 daily cash withdrawal is monitored, possibly reported for pattern, depends, that's the threshold as opposed to the mandatory report.
How can you people not get this? It's the "beeswax" of the people handing him the cash. who are going to be "on the hook" if they contribute to a situation that someone complains about.
What baloney. It's your account and your money. It's none of the teller's business why you want the cash, what amount you want, or what you plan to do with it. It's coming out of your own account and they know who they're giving it to. It's not the government's business either.
The bank has your photo ID and your signature. The tellers can verify who you are, so nobody's "on the hook" for dispensing cash. The bank would have the same liability issuing a cashier's check or transferring funds to another bank.
For now, it's about eliminating cash so they can charge transaction fees on every transaction and gov.com can find a way to tax every transaction. In the final analysis, it's about control.
Q: Are You Printing Money? Bernanke: Not Literally
Comments
<< <i>Heh, when was that? >>
Before depositors moved to the front of the "eat the loss" line.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>ZIRP is a continued effort to provide cheap money to the big gamblers, witness the equity bubble. The fact that raising rates will push the economy further into the ground is telling of the true state of a fragile economy. Until consumer spending of real money, and not debt, improves the economy will not improve. Put all that newly created real money into the hands of consumers and half the problem will be resolved. Maybe a helicopter is not such a bad idea.
Number of people on govt assistance is indicative of a poor economy. Other than a terribly weak economy let the good times roll.
Equities are only 20% higher than 15 years ago. Not even close to a bubble. If the DOW was at 50k I would agree and meet my 7 fold in 7 years criteria.
ZIRP is not pushing the economy into the ground...if you don't think the economy is stronger than in 2008 then it's no wonder why your opinions are so dour.
Consumers are spending their "real money", ie US dollars
Number of people on govt assistance is a direct result of increased population and politics. Yup, that's so damn right I had to restate it.
Equities are 20% higher than 15 years ago and 700% higher than 20 years ago. In those 20 years inflation has consumer prices up 50% and real personal incomes are flat vs. inflation. Again, the model works as long as very loose money pours into the crony's coffers. Even that won't last as we all know.
<< <i>After getting a CC skimmed in the Bahamas and continuing to deal with that nonsense, I will continue to stick to my ~97% cash only mantra. >>
Had one skimmed and used this past week. Had to have been done while still in my wallet in my back pocket, I never use it. I advise everyone to regularly monitor their CC transactions on-line.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>After getting a CC skimmed in the Bahamas and continuing to deal with that nonsense, I will continue to stick to my ~97% cash only mantra. >>
Had one skimmed and used this past week. Had to have been done while still in my wallet in my back pocket, I never use it. I advise everyone to regularly monitor their CC transactions on-line. >>
Mine is still in my wallet. Used it for a few meals down in Nassau, only way I can figure is one of the waitstaff took a skim/pic of it while I was paying and they were running it, or the hotel desk did it. Charges in Bahamas and Florida pinged a fraud alert and they only got 1 day of charges before it got frozen and I had them kill it. Still waiting for the replacement card, getting my lawyer to notary the declaration of fraud forms here in a couple hours actually before I send them along.
The only plus is I only carry 1 card and a home depot card, that's it, so I don't have a zillion companies to check with like a lot of folks would in this case.
<< <i>
<< <i>He knows how they work. He also knows what proposals are being made by IMF. >>
C'mon now...he specifically says in that blog you linked that the insured amount is $100,000 >>
Has been well and widely made public years ago that the FDIC raised their insured limits from $100,000 to $250,000 per account.
This is very old "news".
<< <i>
<< <i>
<< <i>He knows how they work. He also knows what proposals are being made by IMF. >>
C'mon now...he specifically says in that blog you linked that the insured amount is $100,000 >>
Has been well and widely made public years ago that the FDIC raised their insured limits from $100,000 to $250,000 per account.
This is very old "news". >>
Did you know that it was a temporary increase in 2008 to last until 2010? Then in 2010 it was made permanent. The notion that the insurance is primarily a PR program to quell fear and prevent bank runs is further supported by the fact that it was increased when fear was at it's highest.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
It becomes a self-fulfilling prophecy, and spreads in a fashion not unlike a nuclear chain reaction
It's not surprising that there are control rods to absorb the extra neutrons when the emotion of fear is running high, and is stoked by incendiary blog posts "insisting" that critical mass is nigh
Liberty: Parent of Science & Industry
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored
Liberty: Parent of Science & Industry
<< <i>... or someone shouting "Fire!" in a crowded theater, when there is none, and people die at the exit doors of the crush.
Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored >>
Go ahead and stay in the theater.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
And there is no fire.
Liberty: Parent of Science & Industry
Liberty: Parent of Science & Industry
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>I smell smoke. >>
Then put down the bong. Lol
Knowledge is the enemy of fear
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Equities are only 20% higher than 15 years ago. Not even close to a bubble. >>
Since 2/1/09:
SP 500 up 288% (735 to 2122)
DOW up 252% (7062 to 17835)
NASDAQ up 374% (1377 to 5153)
Gold up 129% (918.25 to 1186.69)
Let me guess where cohodk sees the bubble.
<< <i>Consumers are spending their "real money", ie US dollars , to make major purchasers for cash as witnessed in the strong real estate market in your backyard. >>
Last time we let strong real estate convince us we had a strong economy we all ended up looking like cohodks.
Record number of people receiving government assistance has nothing to do with a failed/weak economy? Janet, is that you?
Thanks for making my day derryB
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
To me, and I'm sure there's more to the story of why this guy wants $30k in cash, but to me it sounds like the bank is following procedure, to prevent fraudulent withdrawls. For example, what if someone was fleeing a warrant, or withdrawing joint money to abscond with it, or it was the Jr. son withdrawing the Sr. dad's money, or visa versa, or whatever, and the bank said, sure, here you go!
And then tomorrow here's the police and the district attorney in your bank asking you all about it. That's the reality of the world, there are a LOT of scammers and they're getting increasingly sophisticated.
Every time my SDB gal checks my ID and signature, she seems apologetic (have known her for years) but I THANK her because the security is exactly what I'm paying for.
Curious, what is the guy going to do with his $30k cash? And did he get it and do it? or was he FOILED by Them? Was his money seized and is he in jail now, wrongly accused?
Liberty: Parent of Science & Industry
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Even a court order is no assurance that it would be returned to you.
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now.
<< <i>
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now. >>
Sorry gotta call complete BS, so secret she can't tell huh?, lol, ridiculous, what she now works for CIA, FBI , Homeland? All secret hush hush can't tell anyone, husband, wife, mother, father, children... If she was so shook up she be readying her family for this great catastrophe not hiding it...
<< <i>
<< <i>
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
Yes, they are being forced to do it if they want to keep their jobs. I have a former family member that works higher up the ranks of a major bank and I have been told things are a fixing to change in the near future where we won't even recognize our country anymore. That is all I could get out of her. She has been in the business for nearly 40 years and she is pretty shook up right now. >>
Sorry gotta call complete BS, so secret she can't tell huh?, lol, ridiculous, what she now works for CIA, FBI , Homeland? All secret hush hush can't tell anyone, husband, wife, mother, father, children... If she was so shook up she be readying her family for this great catastrophe not hiding it... >>
I never said it was a secret. I said that was all I could get out of her. Why? Because when she starts talking about it she gets all worked up. I see no point in causing the woman anymore emotional stress trying to drag every little detail out of her. There must be something to it because she is considering leaving her position.
You can call it anything you want. I have nothing to gain from sharing a factual situation. You can continue to be a blatant jerk, but I told the truth. If something does come down, I could only hope it affects the skeptics first since they seem to be the people who enjoy laughing at good people that are expressing concern.
That happens every minute of every single day. Some people ignore it, some seek to "explain" certain phenomena using combination of words and numbers, some react to the changes, and some over-react.
"Things" are "Fixing to change" huh?
Wow!
Liberty: Parent of Science & Industry
<< <i>
<< <i>... or someone shouting "Fire!" in a crowded theater, when there is none, and people die at the exit doors of the crush.
Or one of the concerts or soccer games or street mobs that gets out of control and folks get stampeded by the herd before sense and order are restored >>
Go ahead and stay in the theater.
I'd rather be close to an exit and take my chances that way, than be sitting there like a clown laughing and saying there's nothing to worry about.
See, the world is a very simple place!
Liberty: Parent of Science & Industry
<< <i>
<< <i>Had a friend go to his local credit union. He told them he wanted to withdraw $30K in cash. They said no. Most they can give him in cash is $3,000. Also said he'd be required to talk with one of their financial advisors. Said he'd be back for it $3,000 at a time. They said they would be required by bank regs to report him for "structured" withdrawals. They did say he could have it all at once in a cashier's check but it would take 72 business hours before they would release it. I reminded him that a cashier's check would just start his problems all over again with a different financial institution. I also bank at this credit union and it is one of the best in town. My gut tells me they are only doing what Federal Reserve regulators are making them do.
War on cash? Sure looks like it.
To recover a cash seizure (at great legal expense) by law enforcement one should keep all records of proof of where their money came from. Guilty until proven innocent, the new norm. >>
To me, and I'm sure there's more to the story of why this guy wants $30k in cash, but to me it sounds like the bank is following procedure, to prevent fraudulent withdrawls. For example, what if someone was fleeing a warrant, or withdrawing joint money to abscond with it, or it was the Jr. son withdrawing the Sr. dad's money, or visa versa, or whatever, and the bank said, sure, here you go!
And then tomorrow here's the police and the district attorney in your bank asking you all about it. That's the reality of the world, there are a LOT of scammers and they're getting increasingly sophisticated.
Every time my SDB gal checks my ID and signature, she seems apologetic (have known her for years) but I THANK her because the security is exactly what I'm paying for.
Curious, what is the guy going to do with his $30k cash? And did he get it and do it? or was he FOILED by Them? Was his money seized and is he in jail now, wrongly accused? >>
Why is it anyone's beeswax what he wants to do [if anything] with the cash? Maybe he just likes looking at it like some people enjoy looking at their coins. If I had the $$$ in my account, whose concern is it if I take some in cash? If I got millions in a lottery win, $100K in cash would be chump change. Maybe some guvmint burrocrat is afraid I'll spend a buck that won't get taxed?
<< <i>That's a good plan, if those are the only two choices. You make an excellent point, and I for one agree with you. I, too, would rather be the guy sitting near the exit than the laughing clown.
See, the world is a very simple place!
Right on.
How can you people not get this? It's the "beeswax" of the people handing him the cash. who are going to be "on the hook" if they contribute to a situation that someone complains about.
According to the story (and we're still waiting for an update; WE didn't bring this example up in the first place) the guy wasn't told he couldn't have his money. He was told he'd have to wait, and comply with rules.
Guess what, if people make a deposit or transfer, you also have to "wait" until it goes through.
None of this is new. Society has rules. Don't like it?
Move.
Liberty: Parent of Science & Industry
Is he asking them to circumvent these agreements, and then complaining about it?
If he wanted quick access to his $30k, why did he deposit the money in the first place?
Death of Cash indeed
Liberty: Parent of Science & Industry
<< <i>Why is it anyone's beeswax what he wants to do [if anything] with the cash? Maybe he just likes looking at it like some people enjoy looking at their coins. If I had the $$$ in my account, whose concern is it if I take some in cash? If I got millions in a lottery win, $100K in cash would be chump change. Maybe some guvmint burrocrat is afraid I'll spend a buck that won't get taxed?
How can you people not get this? It's the "beeswax" of the people handing him the cash. who are going to be "on the hook" if they contribute to a situation that someone complains about.
According to the story (and we're still waiting for an update; WE didn't bring this example up in the first place) the guy wasn't told he couldn't have his money. He was told he'd have to wait, and comply with rules.
Guess what, if people make a deposit or transfer, you also have to "wait" until it goes through.
None of this is new. Society has rules. Don't like it?
Move. >>
He was also told that he'd get a cashier's check in 3 days which is not the kind of cash he wanted. I understand the bank has reporting requirements which they'd just as soon not do either. Of course they'd want to do their due diligence. I'd simply discuss it with the head cashier at my bank and see what goes. I expect it would be ok as long as you gave them time to arrange to have the extra cash on hand.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
Liberty: Parent of Science & Industry
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>The banks in Baleyville don't even need locks. >>
Sounds like this place.
One evening as the sun went down and the jungle fire was burning
Down the track came a hobo hiking and he said boys I'm not turning
I'm headin for a land that's far away beside the crystal fountains
So come with me we'll go and see the Big Rock Candy Mountains
In the Big Rock Candy Mountains there's a land that's fair and bright
Where the handouts grow on bushes and you sleep out every night
Where the boxcars are all empty and the sun shines every day
On the birds and the bees and the cigarette trees
Where the lemonade springs where the bluebird sings
In the Big Rock Candy Mountains
In the Big Rock Candy Mountains all the cops have wooden legs
And the bulldogs all have rubber teeth and the hens lay soft boiled eggs
The farmer's trees are full of fruit and the barns are full of hay
Oh, I'm bound to go where there ain't no snow
Where the rain don't fall and the wind don't blow
In the Big Rock Candy Mountains
In the Big Rock Candy Mountains you never change your socks
And the little streams of alcohol come a-trickling down the rocks
The brakemen have to tip their hats and the railroad bulls are blind
There's a lake of stew and of whiskey too
You can paddle all around 'em in a big canoe
In the Big Rock Candy Mountains
In the Big Rock Candy Mountains the jails are made of tin
And you can walk right out again as soon as you are in
There ain't no short handled shovels, no axes saws or picks
I'm a goin to stay where you sleep all day
Where they hung the jerk that invented work
In the Big Rock Candy Mountains
I'll see you all this coming fall in the Big Rock Candy Mountains
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever.
edited to add: on a side note, I have a checking account at a larger bank. Last year I wanted $4k in cash...and they had to jump through hoops to make it happen. They were pretty put out by the whole thing. I no longer bank there.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
I hope he takes you up on this challenge and will report back the entire truth as to what the bank tells him. Baley, are you game?
<< <i>
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
I hope he takes you up on this challenge and will report back the entire truth as to what the bank tells him. Baley, are you game? >>
Assignment is for everyone and for cash, not a cashier's check. If they give you the story about not having that much cash available, ask them how will it take them to get it that you can come back.
<< <i>FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever. >>
Cash or a check?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
Liberty: Parent of Science & Industry
Baley, will you take that other poster up on his challenge to go to your bank and see what is the max in cash you can withdraw?
<< <i>Furthermore, when the guy opened his bank account and deposited the money, he signed papers AGREEING to all this.
Is he asking them to circumvent these agreements, and then complaining about it?
If he wanted quick access to his $30k, why did he deposit the money in the first place?
Death of Cash indeed
True enough. He agreed to whatever he signed up for with the bank.
I understand what you are saying on the money, but where else could he have kept such a large sum that would have been a safer place?
<< <i>
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
FWIW, I withdrew $20k from my local credit union in February. The transaction took about 2 minutes. No hassle what so ever.
edited to add: on a side note, I have a checking account at a larger bank. Last year I wanted $4k in cash...and they had to jump through hoops to make it happen. They were pretty put out by the whole thing. I no longer bank there. >>
This here is just one more reason I switched to a CU and will never look back.
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#1 1951 Bowman Los Angeles Rams Team Set
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<< <i>
<< <i>Homework assignment: Go to your bank and ask what is the maximum amount of cash you can withdraw today. Report your results here. >>
Why in the world would anyone do this? All the problems associated with your "homework assignment"
-sample size would be totally meaningless
-a lot of time spent on people's parts to prove NOTHING
-the problem isn't taking it out (which I have done and will continue to do even above 5 figs), it's putting it back in which leaves the person with an unnecessary problem on their hands >>
I said "ask." Everyone should know, ahead of time, how much of their cash they can really access.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I already know the answer for myself, but if I told you, you wouldn't believe it, so there is no point anyway.
And yes, any number over $10k individual or aggregate cash transactions, and also anything seeming "suspicious" will be "reported", but everything we do is "on the record" anyway.
Liberty: Parent of Science & Industry
Fun, fun joy, joy! Yea
What baloney. It's your account and your money. It's none of the teller's business why you want the cash, what amount you want, or what you plan to do with it. It's coming out of your own account and they know who they're giving it to. It's not the government's business either.
The bank has your photo ID and your signature. The tellers can verify who you are, so nobody's "on the hook" for dispensing cash. The bank would have the same liability issuing a cashier's check or transferring funds to another bank.
For now, it's about eliminating cash so they can charge transaction fees on every transaction and gov.com can find a way to tax every transaction. In the final analysis, it's about control.
I knew it would happen.