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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 76
    More: Scary, bank accounts, Sen. John McCain, Christine Lagarde  
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18428 clicks; posted to Main » on 08 Oct 2013 at 5:35 PM (50 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
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2013-10-08 05:53:38 PM
6 votes:
Don't worry, it will be just like the Great Depression. When after the economic collapse a charismatic leader rose up and showed the oppressed how to fight back. Sure he was a community organizer and socialist, but he sure did get those trains to run on time, built a car for everyone, and showed those rich accountant, banker, money grubbing 1%er why they could no longer hoard money. Why he even had a Freedom Through Work program that put those lazy undesirable welfare bums to work on useful civic projects. Like building community gas lines, ovens, and vehicles.
2013-10-08 05:42:48 PM
5 votes:

dustman81: skinnycatullus: cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit

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

/don't think there are going to be bank runs

FDIC operates under the Full Faith and Credit of the United States. If no one has faith and credit in the ability of the United States to pay its obligations, game over.

/Then again, if no one has faith in the US paying its obligations, the US Dollar becomes worthless anyway


If the US currency collapses you have far bigger concerns than the $30,000 you had in savings.
2013-10-08 07:03:38 PM
4 votes:
My shorts on the high flying stocks are working, but this sh*t scares the crap out of me. Glancing at the indexes today periodically, I get the sense that the big money guys are looking to build up cash for a big drop so they can buy it. The retail investors are going to get roasted, if they sell into this. But, that much red, if you're loaded up on high flyers, is going to cause you to want to maintain your gains. (No one enjoys watching their big green numbers starting to shrink.)

Of course, none of that matters if we get to 24 hours before the limit. Then we start talking about circuit breakers and thousand point moves. Hell, if we get to Monday, all markets are going to be awash in red like 2008 and 2009. Gold isn't even a safe haven.

This is suicide and the Republicans will not give in on this. Whatever brings them closer to Jesus.
2013-10-08 05:35:51 PM
4 votes:
You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.
2013-10-08 05:34:11 PM
4 votes:

skinnycatullus: cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit

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

/don't think there are going to be bank runs


FDIC operates under the Full Faith and Credit of the United States. If no one has faith and credit in the ability of the United States to pay its obligations, game over.

/Then again, if no one has faith in the US paying its obligations, the US Dollar becomes worthless anyway
2013-10-08 09:36:12 PM
3 votes:

OKObserver: I have personally never seen a bank run before.  Wouldn't physics or something get in the way?


These days are very different. If the credit markets seize, and they would if someone declared the U.S. in default, your credit/debit card would simply stop working. Society as you know it would collapse.

This is what those "evil socialist" programs in 2008-9 helped prevent. GE has to borrow to pay their workers and for raw materials and then they pay it back fairly quickly. Short term lending. The Fed became that lender in an emergency. If they actually declare the U.S. in default, that whole scenario goes right out the window because lending as we know it stops immediately. No one would trust anyone and they would question the solvency of everybody.

Basically, all the worst parts of the bible. If the world financial markets can't rely on U.S. debt, the whole system crashes because that's what it's based on. The secret to our power is the U.S. Treasury Bill. And about 13 Aircraft Carrier Battle Groups.
2013-10-08 07:46:56 PM
3 votes:

OnlyM3: Oh look, the left trying fear mongering.

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


The reserve currency of the world will no longer be worth what the world thought it was.
The collateral that financial institutions use as they borrow from one another (T-Bills) is no longer stable.
They demand other collateral from each other as they loan between them.
There is a crisis of confidence.
The market freezes.

This is serious, and will have systemic global consequences. This is not a gradual shift to another reserve currency like the Euro or the Yuan. This is a shock. 2008 will look like a party compared to this.

I am truly scared that the Tea Party is going to bring a collapse.
2013-10-08 06:15:15 PM
3 votes:

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 05:53:38 PM
3 votes:

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.
2013-10-08 05:36:32 PM
3 votes:

Necessary: You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.


Um..what?

Stating that Bank of America is a cocksucker is not a felony.
2013-10-08 05:35:56 PM
3 votes:

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


I have penicillin and a working uterus. I will be your overlord.
2013-10-08 05:32:13 PM
3 votes:
and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?
2013-10-08 05:27:33 PM
3 votes:
I don't need money. I have these certificates saying I own gold. My plan is foolproof.
2013-10-08 08:22:07 PM
2 votes:

jtown:
Your "thousands of years" of history is various societies improving efficiency and progressing.  The collapse of society/doomsday is the opposite off that.  What happened to societies that collapsed during these thousands of years?  How did their economies evolve?  Unless you can answer that, we're talking apples and elephants.


When societies rebuilt after collapsing, they implemented a currency to facilitate transactions. In many of those rebuilt societies, gold (and silver) was the currency.

Perhaps we are talking past each other because we're not in agreement as to what kind of "doomsday scenario" the other is thinking about. If the doomsday scenario you're talking about is such that there is no hope for rebuilding, and the only thing that is important is survival, then yes, I tend to agree that gold will probably have little value.

But if society does rebuild, there will need to be some sort of currency created. In all likelihood, that currency will be based on gold or silver, because that's the way it's been done for thousands of years, and the properties of gold, in particular, make it well-suited for use as currency. If you want to know the reasons why gold was the best choice for currency throughout history, listen to Mighty_Joe's link above.
2013-10-08 06:22:34 PM
2 votes:

mediablitz: 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.


TP, batteries, canned goods, booze and bullets. Also, warm clothes, fuel, and medicines.

Gold is only valuable because we believe it does. As a starving man what's more valuable: gold or food.
2013-10-08 06:17:37 PM
2 votes:

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 06:13:13 PM
2 votes:

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 06:10:30 PM
2 votes:

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 05:58:44 PM
2 votes:

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 05:54:20 PM
2 votes:

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.
2013-10-08 05:46:54 PM
2 votes:
I have hoarded over 50 terabytes of ebony tickle porn and several cans of catfish grease. My left forearm looks like Popeye's so I'm pretty sure I will be able to find a vein if I decide to overdose on cheap Mexican heroin.

Seriously, please put more pictures of your fat children on Facebook. I'm thinking that not only will they be plump and tender, but slow and easy to catch.
2013-10-08 05:35:03 PM
2 votes:
I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.
2013-10-08 05:31:27 PM
2 votes:

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


I'm not sure where the FDIC fits in Ted Cruz' list of priorities. I don't want to say he'd actually toy with allowing the credit of the United States to be called into question, but... ok, yeah, I actually think I do want to say that.

Is "every person who owns a T-Bill" on the LOPCATGOPATA yet?
2013-10-08 05:30:50 PM
2 votes:

cman: Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit


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

/don't think there are going to be bank runs
2013-10-08 05:21:49 PM
2 votes:
I intended to leave my money in the bank.  I have bills to pay.
2013-10-08 05:17:00 PM
2 votes:
Why do we still have bank runs?

Besides those who have over 100k in the bank, people don't have to worry one bit
2013-10-08 10:09:07 PM
1 votes:

mediablitz: highendmighty: 12349876: No it's not

I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.

Oh please. Show me one story on Think Progress with HALF the hyperbole and bullshiat of WND's "Obama the secret Muslim" crap.

Pretending they are the same shames you, not Think Progress.


I don't think that was his point.

 It's not the size of the lie... "I ate an elephant!" vs "Oh yeah, well I ate a *whale*!"

 It's the fact that both are lying.

 Likewise, it's not the size of hyperbole and bullshiat that one side is doing vs the other. It's the fact that both sides are doing it that disgusts people.

And generally, only those who are blindly partisan that fail to understand that.
2013-10-08 09:43:27 PM
1 votes:

revrendjim: Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.

The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?


The only pattern here is the Liberal bullshiat detector exploding.  I'll make it very simple for you since I can't show you in crayon:

I'll take Washington's budget for example, since the Left owns our state.  Our budget was 15 billion in 2000 roughly.  It goes up several billion each year now closer to 2013, it is now north of 36 billion.  It went up 1.5 billion last year.  1 billion the year before that.  This year, I will *only* raise it by 900 million, but now I can say we cut taxes at a record level.

You can shove this snake oil up someone else's ass, but reducing the INCREASE is still an INCREASE.  Get back to me when a budget remains steady or decreases (in case you failed 3rd grade math, a decrease would mean spending less money next year than this year, instead of spending only *slightly* less than what you would have blown it up to).

This type of numbers manipulation (which happens on both sides) is criminal.  Almost as criminal as the idiots that use it as a counter point.
2013-10-08 09:29:35 PM
1 votes:

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.minus.com
2013-10-08 09:23:37 PM
1 votes:
img94.imageshack.us


just made this, kind of proud
2013-10-08 08:47:10 PM
1 votes:

Let's get a man who can make a plan work!

mises.org
2013-10-08 08:38:10 PM
1 votes:

PC LOAD LETTER: Mmmm heavy metal poisoning!


At human body temperature and towards all the stuff you find in the human body, metallic gold is so chemically inert it won't even react a little tiny bit. Your digestive system will grind it up a bit and excrete it in small shiny metallic flakes. (Au+1 or Au+3 can cause various toxicities. The sundae above doesn't have those things in it.)

That said, Congress still has a few days to un-fark this here problem. I expect they'll figure out how to do this before the government misses a bond payment. If they don't, and we're all farking doomed, I have a pile of canned food, a revolver, and about 8 gallons of water. Should be able to hold out for a few days on that before the ravenous hordes pillage my tiny household and add it to the Greater Arizona Co-Prosperity Sphere.
2013-10-08 08:20:55 PM
1 votes:

Fade2black: FlashHarry: and wall st. is starting to panic too.

i wonder, if you add up all the money the GOP has cost the economy since taking control of the house in 2011, do you think it's in the high billions or have they cracked a trillion yet?

Nothing compared to the debt the democrats are racking up right now, and they STILL want to raise the debt ceiling.  Good jorb on your derp.


The deficit is dropping under Obama, just as it dropped under Clinton. It exploded off the charts under Reagan and Bush. Are you seeing the pattern here?
2013-10-08 08:06:41 PM
1 votes:

desertfool: This is serious, and will have systemic global consequences. This is not a gradual shift to another reserve currency like the Euro or the Yuan. This is a shock. 2008 will look like a party compared to this.


I heard pretty much that same thing on NPR today.
2013-10-08 07:30:10 PM
1 votes:
Investing in Gold?  Bah, for the last 3 years I've been transferring all my money into bullets.  Now I just need to buy a gun, and cash in these certificates of bullet ownership.
2013-10-08 07:28:16 PM
1 votes:

RexTalionis: Snarcoleptic_Hoosier: I plan on eating my gold.

[firstworldfacts.com image 850x1084]
Incidentally, this sundae costs $1000.


You could probably recoup a little of that $1,000 by selling what you crap into a bucket after eating the sundae.
2013-10-08 07:26:08 PM
1 votes:

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.


Me, either, till just now...
2013-10-08 07:12:16 PM
1 votes:

jtown:
For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.


As long as people are exchanging goods or services, that is the definition of an economy. Bartering is an ineffective way to conduct commerce, which is why societies have created currencies.

As I've said a few times already in this thread, neither I, nor anyone I've ever spoken to, has ever said that gold is the only thing important to have in a doomsday scenario. There are a number of things someone should hold. Gold is just one of many. You can argue that it will be useless, but gold has been used as currency for thousands of years. Sorry, but I choose thousands of years of history over your opinion.
2013-10-08 07:08:50 PM
1 votes:

Slaves2Darkness: Don't worry, it will be just like the Great Depression. When after the economic collapse a charismatic leader rose up and showed the oppressed how to fight back. Sure he was a community organizer and socialist, but he sure did get those trains to run on time, built a car for everyone, and showed those rich accountant, banker, money grubbing 1%er why they could no longer hoard money. Why he even had a Freedom Through Work program that put those lazy undesirable welfare bums to work on useful civic projects. Like building community gas lines, ovens, and vehicles.


He'll tell us about his struggles, too.
2013-10-08 07:07:28 PM
1 votes:

NewportBarGuy: My shorts on the high flying stocks are working, but this sh*t scares the crap out of me. Glancing at the indexes today periodically, I get the sense that the big money guys are looking to build up cash for a big drop so they can buy it. The retail investors are going to get roasted, if they sell into this. But, that much red, if you're loaded up on high flyers, is going to cause you to want to maintain your gains. (No one enjoys watching their big green numbers starting to shrink.)

Of course, none of that matters if we get to 24 hours before the limit. Then we start talking about circuit breakers and thousand point moves. Hell, if we get to Monday, all markets are going to be awash in red like 2008 and 2009. Gold isn't even a safe haven.

This is suicide and the Republicans will not give in on this. Whatever brings them closer to Jesus.


There is going to be a point where the sane ones say fark it and break ranks, I hope. I hope that Boehner is left with his tea party friends holdingthe bag.
2013-10-08 06:54:26 PM
1 votes:

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.


t3.gstatic.com

For gold to have value, there must be an economy.  Gold has very little utility.  You can't eat it.  You can't treat your wounds with it.  You can't heat your hovel with it.

They'd be better off with a stash of booze and drugs to trade for food and clothing.
2013-10-08 06:49:50 PM
1 votes:

noazark: [yafh.com image 640x480]


Man, them Samoans are a surly bunch.
2013-10-08 06:36:25 PM
1 votes:

mediablitz: 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.


True, but at least Spunk's family members actually have gold, as opposed to certificates that say they own gold.
2013-10-08 06:35:57 PM
1 votes:

GRCooper: feanorn: 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.

Because tricks to devalue our debt is going to increase faith in our currency


Who has faith in it now? The only thing holding things together right now is a collective, deranged hope that, like Coyote, the system can keep running on air until it gets to the opposite cliffside.
2013-10-08 06:31:00 PM
1 votes:

Atomic Spunk: mediablitz: 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.

Every civilized society relies on some sort of currency to facilitate transactions. Gold has played that role for thousands of years. Other things will be important in a doomsday scenario such as food, water and weapons. I wouldn't suggest buying gold to the exclusion of everything else, but it would likely play a very important role as a medium of exchange.



I think gold fills that role well because, historically, it wasn't all that useful.  It's soft and has some interesting properties - but not to an agrarian society.  And it's somewhat rare (but not too rare) and happens to be visually striking.  You don't want a single currency to be say, copper or iron, because those have lots of practical uses and so would be removed from the economy by virtue of being put into use somewhere.
2013-10-08 06:30:18 PM
1 votes:

12349876: No it's not


I was thinking more along the lines of unnecessary, one-sided, rhetoric that the authors feel adds to the meat of the story, when all it does is detract from the main point of the article, undermining their credibility as journalists and solidifying their roles as partisan hacks.  Both sides do it equally shamefully.
2013-10-08 06:25:40 PM
1 votes:

what_now: Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.

I have penicillin and a working uterus. I will be your overlord.


Overlord? You mean currency.
2013-10-08 06:25:27 PM
1 votes:

TheDirtyNacho: But, strictly barter economies tend not to last long because it's kind of annoying and inefficient.


unless you start out with one red paperclip
2013-10-08 06:25:27 PM
1 votes:

highendmighty: Oh.  Think Progress.  The left's version of WND.


No it's not.  Liberal sites usually do a good job of linking to legitimate sources, conservative sites rarely do.  So I'll do the linking for you.

http://dealbook.nytimes.com/2013/10/03/wall-street-seeks-to-soothe-w hi le-preparing-for-trouble/?ref=business&_r=1

One senior bank executive said his bank's plan includes stocking retail branches with at least 20 percent more cash. That way, any customers who want to stockpile cash reserves in the event of a default can readily withdraw their money.

/there's also a Financial Times link, but you have to register for that
2013-10-08 06:25:06 PM
1 votes:

mediablitz: 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.


Every civilized society relies on some sort of currency to facilitate transactions. Gold has played that role for thousands of years. Other things will be important in a doomsday scenario such as food, water and weapons. I wouldn't suggest buying gold to the exclusion of everything else, but it would likely play a very important role as a medium of exchange.
2013-10-08 06:21:13 PM
1 votes:

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!
2013-10-08 06:19:47 PM
1 votes:

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 06:19:17 PM
1 votes:

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 06:13:07 PM
1 votes:
I don't need cash, I have a credit card.
2013-10-08 06:12:40 PM
1 votes:

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

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


i.imgur.com
2013-10-08 06:12:05 PM
1 votes:
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 06:09:35 PM
1 votes:

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 06:05:55 PM
1 votes:

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 06:02:30 PM
1 votes:
Good thing I have no money. Showed them!
2013-10-08 06:01:41 PM
1 votes:

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 06:01:04 PM
1 votes:

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 06:00:43 PM
1 votes:
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 05:58:33 PM
1 votes:
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 05:56:08 PM
1 votes:

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
2013-10-08 05:53:42 PM
1 votes:
yafh.com
2013-10-08 05:50:25 PM
1 votes:

FarkingReading: I think about eating her all the time. Oh wait. I think we're talking about different things.


vitamin P, it's good for overall health.


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


you can also render their fat deposits and us that as lantern oil.
2013-10-08 05:48:17 PM
1 votes:

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


Cause Boehner hasn't yet delivered quite ALL the money to his rich pals and people are afraid he's comin' for the small change next
2013-10-08 05:47:02 PM
1 votes:

Necessary: what_now: Stating that Bank of America is a cocksucker is not a felony.

No, but saying, "Bank of America is going to be out of cash on the 18th, so withdraw yours now because BoA won't be able to survive it" might be, particularly if it results in damage to a financial institution.  Just saying "they have bad customer service," perfectly fine.  I said impugning the financial condition, not the quality of operations.


The First Amendment does not protect against making a bank look foolish? Really? I don't think that's true, and I have a GED in Law.
2013-10-08 05:46:25 PM
1 votes:
Why would there be a bank run? I'm confused.
2013-10-08 05:44:17 PM
1 votes:

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.


I think about eating her all the time. Oh wait. I think we're talking about different things.
2013-10-08 05:42:06 PM
1 votes:
Oh look, the left trying fear mongering.

// Nothing is gonna happen (much like their G.W. predictions)
2013-10-08 05:41:08 PM
1 votes:

Nabb1: I've spent years hoarding canned food and shotgun shells just for this scenario. I will rule this new world.


All I have is a shotgun and a can opener.  We should get together and talk about our plans.
2013-10-08 05:39:45 PM
1 votes:

Necessary: You know, I'm pretty sure it's a felony to incite a bank run, or to impugn the financial condition of a federally insured financial institution.  So, yeah.  Maybe let's not do that on Fark.



Given that the US House of Representatives has being doing nothing BUT impugning the financial condition of all federally insured financial institutions, I doubt that FARK has much to worry about.
2013-10-08 05:39:38 PM
1 votes:

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.
2013-10-08 05:39:18 PM
1 votes:
Never a problem. I'm always broke the day after payday, anyway. Well, not completely, but as far as the bank's concerned, yep, tapped out.
2013-10-08 05:26:26 PM
1 votes:

cryinoutloud: Money? I don't need no stinkeen money.


Only drug dealers and conspiracy theorists use cold hard currency

Everyone else just swipes plastic
 
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