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(Think Progress)   Do you still have money in your bank account? You might want to withdraw it until after October 18th. You see, the thing with bank runs is you don't want to be the last one there   (thinkprogress.org) divider line 234
    More: Scary, bank accounts, Sen. John McCain, Christine Lagarde  
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18419 clicks; posted to Main » on 08 Oct 2013 at 5:35 PM (27 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-10-08 05:57:52 PM

noazark: [yafh.com image 640x480]


Heh - Oliver.
 
2013-10-08 05:58:33 PM
I heard a Congressman on the radio and he said that all this about default was Obama's ghost stories to scare people into socialism.
 
2013-10-08 05:58:44 PM

skinnycatullus: Yeah, if the US defaults, the FDIC will still pay you. Right?


If the US defaults, the dollar becomes worthless, and the FDIC crumbles...exactly what will withdrawing your money have accomplished?

Sure sure, I guess you could have transferred it to an overseas bank or otherwise into some other currency, but that's not quite what a "bank run" means.  This is 2013, it's either floating and working, or the whole world will be gone to hell.
 
2013-10-08 05:59:04 PM
Hmmm, ATM's overstuffed with cash. Is this something a bank should announce it to everyone?
 
2013-10-08 05:59:47 PM
"Is......is that a bank outside?"

1.bp.blogspot.com
 
2013-10-08 06:00:04 PM
I cash my checks at Walmart and refuse to own a bank account. doubting the line is going to be huge when I go to get MY money.
 
2013-10-08 06:00:43 PM
Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.
 
2013-10-08 06:01:04 PM

LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.


My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns
 
2013-10-08 06:01:24 PM
Well time to get that chest freezer and stock up on venison and boar. Also get the greenhouse up before winter.
 
2013-10-08 06:01:41 PM

Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns



I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims.  Sort of like buying a single stock - easy to manipulate by outside forces.
 
2013-10-08 06:02:00 PM

seanpg71: If everyone suddenly needs cash, this tends to cause banks to collapse.  See 2008.


You know what's crazy? The Wachovia bank run involved only 1% of its total deposits. That single percent was enough to destabilize the bank. Banks don't keep a huge amount of cash on hand, so an unexpected panic that causes a run (justified or not) can cause major issues.
 
2013-10-08 06:02:27 PM

seanpg71: DamnYankees: Why would there be a bank run? I'm confused.

Treasuries are commonly held as a very safe investment used to meet reserve requirments by insurers and lending institutions.  If those are suddenly worth less than they were previously believed to be worth, then the insurers and lending institutions suddenly need to increase their cash positions to offset the loss to maintain their reserve requirements.

If everyone suddenly needs cash, this tends to cause banks to collapse.  See 2008.


This, all the big banks are underpinned with Federal Treasury Bonds. I am not sure the FDIC insures crap in a scenario where banks go under because 25% of their investments aren't receiving interest payments from that same government.

/withdrew my money yesterday, bills paid for the month
//no one sees this coming until suddenly your Cyprus
 
2013-10-08 06:02:30 PM
Good thing I have no money. Showed them!
 
2013-10-08 06:02:57 PM

Majick Thise: Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.

Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere


Are you kidding?  Beer fed, raised on a couch in front of a tv, aged, and very well marbled.  Republicans are delicious.
 
2013-10-08 06:04:12 PM

mediablitz: LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.

My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns


Yeah, my glocks and sigs tried to conquer the gunsafe, had to send in the 1911s and Smith and Wessons, along with the Enfields, to stop em and prevent any more of my Jerichos frombeing gassed. The goddamn nambus started hurling themselves at me though, that was annoying.
 
2013-10-08 06:04:30 PM
Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.
 
2013-10-08 06:04:34 PM

Supes: DamnYankees: Why would there be a bank run? I'm confused.

There shouldn't be. But people are stupid. The problem is bank runs become a self-fulfilling prophecy if there are enough stupid people.


If there's a bank run, the stupidest people are the ones who never thought it could happen. They are the people who show up after the bank doors have been locked and a sign saying "Closed until further notice".

The people who are absolutely sure that a bank run won't happen are those who never bothered to pay attention during their history classes. It has even happened as recently as 2008 at Washington Mutual. I'm certainly not saying that it will happen, but anyone who is sure it won't is an idiot, and should never be relied upon for financial advice.
 
2013-10-08 06:04:56 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.


Most don't. Also, what good is a jewelery metal during doomsday? People are going to want necklaces?
 
2013-10-08 06:05:55 PM

IamAwake: skinnycatullus: Yeah, if the US defaults, the FDIC will still pay you. Right?

If the US defaults, the dollar becomes worthless, and the FDIC crumbles...exactly what will withdrawing your money have accomplished?

Sure sure, I guess you could have transferred it to an overseas bank or otherwise into some other currency, but that's not quite what a "bank run" means.  This is 2013, it's either floating and working, or the whole world will be gone to hell.


There is room for a middle ground where banks freeze withdrawals until the debt ceiling is raised. Better have a physical representation of your money than a situation where its involuntarily frozen (or seized in Cyprus' case). Even a temporary freeze is no bueno.
 
2013-10-08 06:05:56 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.


I know where it is I keep the wrench I'll be using to extract the information.
 
2013-10-08 06:07:02 PM

mediablitz: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Most don't. Also, what good is a jewelery metal during doomsday? People are going to want necklaces?


It's not a personal statement, it's just that in the coming weeks we'll need a more portable form of wealth.
 
2013-10-08 06:07:04 PM
just remember to fill up your car and every gas can you can find before the 17th.
/value of dollar drops, gas prices increase
 
2013-10-08 06:07:38 PM

TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.



but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high
 
2013-10-08 06:07:51 PM

rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.


And yet a very very large slice of FARKers.
 
2013-10-08 06:09:23 PM

Atomic Spunk: If there's a bank run, the stupidest people are the ones who never thought it could happen. They are the people who show up after the bank doors have been locked and a sign saying "Closed until further notice".

The people who are absolutely sure that a bank run won't happen are those who never bothered to pay attention during their history classes. It has even happened as recently as 2008 at Washington Mutual. I'm certainly not saying that it will happen, but anyone who is sure it won't is an idiot, and should never be relied upon for financial advice.


Honestly what people are talking about here isn't so much a bank run as much as a full-fledged banking panic. If that happens, we'll have way bigger issues to deal with, no matter how much money people have withdrawn and stuffed under their mattresses.
 
2013-10-08 06:09:35 PM

Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.


Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.
 
2013-10-08 06:10:03 PM

Gimli_Gloin: As high as he wants and let him spend what he wants.


Gimli, son of Gloin, the money has already been spent, this is debt not new spending.
 
2013-10-08 06:10:30 PM

Gimli_Gloin: Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.


Yet another idiot who doesn't understand what the debt ceiling is before weighing in on it.
 
2013-10-08 06:11:43 PM
invest in Shipstone
 
2013-10-08 06:11:53 PM

mediablitz: LemSkroob: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

And I have a gun that says I own a gun. I win.

My guns say they will treat your guns like long lost relatives after I take them.

/everybody has guns


My guns say I should stare at the sun. The neighbor's dog tells me not to. So I pitted them against each other in a cockfight.

The dog picked up the guns and shot at the sun.

What's the lesson?

Cough syrup is tasty.
 
2013-10-08 06:11:56 PM

RexTalionis: OnlyM3: // Nothing is gonna happen (much like their G.W. predictions)

The one where G.W. is going to insert us in an unnecessary military conflict that resulted in lots of unnecessary American and Iraqi lives lost?


In his defense, quite a few of those lives were necessary.
 
2013-10-08 06:12:05 PM
Speaking of Bank Accounts, someone should put some cash in my Google Wallet so I can get some more TF and annoy DGS some more.

EIP.

/not like I couldn't annoy him via e-mail
 
2013-10-08 06:12:40 PM

Pointy Tail of Satan: "Is......is that a bank outside?"

[1.bp.blogspot.com image 512x277]


i.imgur.com
 
2013-10-08 06:13:07 PM
I don't need cash, I have a credit card.
 
2013-10-08 06:13:13 PM

Isitoveryet: TheDirtyNacho: I would hope people who buy gold as a doomsday currency would actually have it in their possession, or buried where they know where it is.

Some people do actually buy gold as a financial hedge, though I think its a somewhat poor investment that is subject to many whims. Sort of like buying a single stock - easy to manipulate by outside forces.


but that's just it!

as far as i know (i my knowledge is limited, to say the least) everyone who invests in gold against the value of the dollar are left with nothing to show for it in a situation where the dollar actually goes to shiat.  that value (gold) only has value (real monetary value) in a stable economic environment.

there'll be some guy standing behind me in the food lines with some heavy metal in his pocket.


/buy low sell high


Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.
 
2013-10-08 06:13:44 PM

Kit Fister: Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.

Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.


I'm not a prepper by any stretch of the imagination, but I live in Montana. I always have plenty of extras on hand. It's just good sense in this part of the country.

No. You can't have any of my Elk...
 
2013-10-08 06:13:47 PM

Duke_leto_Atredes: invest in Shipstone


hey, you watch your language.... oh, shiPstone.

beer?

/i like beer
//just ask the 30lb keg i wear around my waist
 
2013-10-08 06:14:19 PM
Money is a useful fiction, and we can always make more. And the more I think about it, the more I like the whole Coin of Massive Value idea, but expanded: make a few of them, pay off our debts with them, then refuse to break them for change or allow them to be deposited. Their holders can then put them up on eBay and get at least some of their investment back.
 
2013-10-08 06:15:15 PM

Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns


I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.
 
2013-10-08 06:16:43 PM

Russ1642: Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.


that makes more sense.

actually i seldom consider a recovery from something so socially catastrophic.

you're a glass half full kind of guy.
 
2013-10-08 06:17:37 PM

Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


I'm going with no, they don't. Anyone who thinks gold is important for doomsday is a rube.
 
2013-10-08 06:17:46 PM

Gimli_Gloin: Eff it, raise the debt ceiling for Obama. As high as he wants and let him spend what he wants.

Kick the can down the road and let our children and grandchildren pay it off.

We will all likely be dead by then of natural causes.


Jokes on you.

I have a Tardis, and I can tell you with great certainty that our grandchildren will be the ones to rid us of the concept of money.
 
2013-10-08 06:17:56 PM

unyon: Majick Thise: Isitoveryet: Majick Thise: I have all the money that will still be worth anything locked up in a safe. Also I have guns and neighbors so I won't go hungry

i never thought about eating my neighbors.

Most of mine are republican so they would probably be mostly gristle. Definitely not a T-bone to be found anywhere

Are you kidding?  Beer fed, raised on a couch in front of a tv, aged, and very well marbled.  Republicans are delicious.


Maybe, but they all smell like they've gone rancid. So how can you tell?
 
2013-10-08 06:17:57 PM

Atomic Spunk: Isitoveryet: mediablitz: I don't need money. I have these certificates saying I own gold. My plan is foolproof.

this is my goto argument with the "gold will always have value" crowd (in terms of apocalyptic scenarios).

first ask them if they've invested in gold, then continue with the "and how much gold do you have in your possession" blow.

then ask them to explain how they plan on gaining access to their gold.

they usually shrug, hard to actually counter on that one.

/yes investing in it can yield substantial returns

I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


"Our doomsday plan is to sell our five million in bullion to Switzerland for a nice chateau and an alpine horn." Oh, really. And where do you keep this gold?
 
2013-10-08 06:18:29 PM
Oh.  Think Progress.  The left's version of WND.
 
2013-10-08 06:19:07 PM

noazark: [yafh.com image 640x480]


Good ol' Bloom County.  Still relevant decades later.  =^__^=
 
2013-10-08 06:19:17 PM

mediablitz: Kit Fister: Cataholic: rthill6: Considering the source site of the story and the overall the gullibility of their average reader, this is going to be believed by a pretty small slice of online consumers.

And yet a very very large slice of FARKers.

Look, better safe than sorry. You go in, pull out some cash just in case, stock up on food, whatever, and if nothing happens, just some extra groceries in the house.

I'm not a prepper by any stretch of the imagination, but I live in Montana. I always have plenty of extras on hand. It's just good sense in this part of the country.

No. You can't have any of my Elk...


Thanks, but I shoot my own. :)
 
2013-10-08 06:19:17 PM

Isitoveryet: Russ1642: Gold is worthless when everything goes for shiat. Food, water, the bare essentials become very valuable. You hold onto gold so that when things recover you can have some of your lost wealth back.

that makes more sense.

actually i seldom consider a recovery from something so socially catastrophic.

you're a glass half full kind of guy.


Copper is going to be MUCH more valuable than Gold, and much sooner. Maybe way down the road gold will be somewhat valuable, but a complete social collapse? Gold won't matter.
 
2013-10-08 06:19:47 PM

Atomic Spunk: I can't speak for the people you've spoken to, but I know a couple of family members who hold physical gold. If someone (other than maybe a few close family members) asked them how much gold they had in their possession, they'd give you the same reaction. It's not that they don't have an answer. It's they don't want to tell just anyone their answer. They have their doomsday plan well thought out. It's just best to keep that sort of information a secret, and they know it.


I've known (knew, it's been a long time) some Chinese Americans who would actually, hold gold.  They would also recollect family members in China keeping the paper that gold came wrapped in.
 
2013-10-08 06:21:13 PM

doofusss: Hmmm, ATM's overstuffed with cash. Is this something a bank should announce it to everyone?


www.hollywoodreporter.com
Doesn't matter. If you look under the bottom of the new ATM machines, there is a 'weak point'.

Don't call me SKANK!
 
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