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The economic situation could change within a few days, or not. Is it nearing time to pull cash reserves out of the bank accounts yet? I mean, in an instant funds could get frozen.
Are we approaching that point? Could we wake up on morning and its there?
Why would there be a run on the banks?
My savings account is federally insured. No worries. What would I do...have them send me a check, which I'd cash & stuff my mattress? Then lose it when the house is burned down or floods or gets burglarized? No thank you.
After all the banks locked their doors in 1931, they still required mortgage holders to make their mortgage payments. Anyone who did not have enough cash to cover their mortgage, was foreclosed on.
My paternal grandparents went through that, and my maternal grandparents went through it as well.
They lock you out from access to your savings, and then they foreclose on your farm.
That was before federal insurance on savings, which was started in the 1930s as a result of the Great Depression.
im not sure what makes someone say something like this. nobody here is going to trigger or prevent a run on banks or toilet paper. we can only prepare for it. so the decision is, do you want to be someone with dollars and toilet paper or do you want to be someone complaining that you have no dollars or toilet paper?
Or do you want to be someone who had dollars, but lost them, or they were stolen or burned or flooded?
Or do you want to be someone who has a federally insured stash in your savings account?
Lots of choices.
I don't see why anyone is worried about his savings account. Unless everyone tries to take his money out of the bank. It's not there. It was used to go to Vern's mortgage, or Paul's new patio. Didn't you see It's A Wonderful Life?
That was before federal insurance on savings, which was started in the 1930s as a result of the Great Depression.
The thin, flexible defense known as the FDIC has held so far,
but a few years back, we came withing hours of a global banking
failure that would have rendered FDIC moot.
It wasn't a bolt out of the blue, it had been brewing for weeks,
but as the elites dithered over what to do, and people began
going bankrupt by the hundreds, most of the average Joe's
didn't even know it went on. Many still don't know.
My savings account is federally insured. No worries.....
Are naïve people really happier?
If they can take away your rights to travel or yours guns etc etc, they can take away your money too. Remember, Obamacare was deemed constitutional on the basis of it being a tax...The day may soon come when all bank accounts will be "taxed" and transferred en masse into the Fed Treasury.
The Feds really want to stop issuing currency-- that'll make all transactions, made via "plastic," easy to trace. That's also why they insist on direct deposits for SS payments-- ready access to our bank accounts
The economic situation could change within a few days, or not. Is it nearing time to pull cash reserves out of the bank accounts yet? I mean, in an instant funds could get frozen.
Are we approaching that point? Could we wake up on morning and its there?
Three weeks ago, I pulled 2K cash out (in small bills). During Isobel, a hurricane that hit the mid-Atlantic, our home took an 80 foot oak tree thru the roof of the home. Had we not had the cash, we would not have been successful flagging down 2 guys and a chainsaw (they were tree workers by profession) the day after. We caught them just as they were heading out to make some money. We were without power for a week and that cash came in handy to get things right. Neighbors took turns heading into town to get groceries and supplies. We learned small bills were critical, a $20 or a tip here and there for the kids to walk dogs, help with debris, and not in $100 bills.
Get a small cash stash........just in case.
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