Bank of America begged me to not to close my accounts - want to help?

reply to post by 7jg12

1) They can ignore the 54T transfer and REMOVE the FDIC guarantee - which will force immediate collapse of BAC.
2) They can take over BAC and PRINT THE MONEY.
3) They can wait for BAC to collapse on it's own and the GOTO #2 and print even more money.

I vote for #1.

Let the games begin

Originally posted by MidnightTide
People keep on saying move your money to a credit union - why do that?

When this pops, do you think that fiat is going to be worth anything? By all means move your money out of BoA, their time is numbered, but man, make sure you have preps done. Food, water, ammo - get the essentials...then get some precious metals and rare colored diamonds.


Bernanke: Crisis taught lesson for central banks
Bernanke: 2008 crisis taught central banks to control inflation and support banking system

finance.yahoo.com...



Yes, they are going to try and make the people accountable for the trillions.....good luck with that Ben.

In spite of what was previously reported about a deal on the debt crisis in Greece, they are "nowhere near a deal" according to the IMF spokesman this morning.

The only reason the rest of the EU is even trying to help Greece is because it will be the first domino of many to fall. Italy, France and Spain all have more debt than Greece, and they haven't cut spending anywhere near what they would have to.

It's like they all know the financial collapse is coming, and they're just throwing anything they can at it to delay it for a few more weeks or months.

I'm concerned because I'm supposed to get a Kidney transplant next summer, so I hope tey can delay it past that. After that I'm ready.

I bought a 9 passenger 4wd Suburban, sold my McMansion and bought a HUD foreclosure for cash (nice house for 39k), bought a self contained travel trailer and over 200 gallons of VP racing fuel (stores well for years). Bought extra .223 and shotgun shells along with .45 and .22, bought 6 cases of dried spices and a hydraulic log splitter.

Everything is packed in the RV and I can be hooked up and burning gas in under 10 minutes if need be.

Hopefully we can just stay here, lots of game and good farmland, but who knows what will happen when money becomes toilet paper.

I picture the U.S. becoming 50 seperate countries who share a currency, but self regulate. Really anything is possible once people start panicing, it could get real ugly. I hope I'm prepared enough when it comes.

Originally posted by EarthCitizen07

Think about this for a moment: I take out a 30 year mortgage for a new house after I put down an initial deposit to the builder. I sign the promissory note, get my check and give it to the builder. The builder then cashes his check or most likely deposits the amount in his bank account.

This means the bank gave up a huge sum of money to the builder and has to wait 30 years for me to make all my payments in full to collect the principle plus interest. Sure the bank makes anywhere between 100 to 150 percent return on its initial investment but 30 years is a long time.

If the bank has to wait that long to collect, it means it DOES NOT have the money IT GAVE to the builder.

Actually, it didn't have the money before. Banks are allowed to do things which, if you tried to do them, would get you in maximum security Federal penitentiary.

In this case, create money.

Contrary to popular belief, the Federal Reserve does not directly create most of the money *directly* (in usual cases, other than QE), but it does influence the willingness and ability of private banks to create money by changing the profitability of doing so.

In this case, when the bank wrote the check to the builder, it in essence created the money by changing a number on the computer. The money created by this action happens to be legal tender and accepted by other banks as a consequence of being part of the Federal Reserve system. The builder could request the check to be paid in physical currency, and the bank would request those bills from the Federal Reserve and they would get them.

But if you take the money paid to the builder and redeposit in a bank, most of it can be loaned out again, thereby creating more money in the system than existed originally.

If you or I tried to do it, it would be called "counterfeiting" and you would be be visited by large humorless men.

The bank is not allowed to create unlimited amounts of money, this is what the 'reserve ratio' and capital requirements mean, and the government (theoretically) regulates and checks up on the banks that they aren't violating the rules. (of course the banks these days influence the creation and administration of these rules). In the old days, some or all of this had to be in gold or silver or instruments exchangeable into them. Yes, back in the supposed golden-era of free-market banking, banks had control over the money supply too, they created money out of thin air (literally printed their own physical money), and they were even more rapacious and sleazy than they are today, despite the gold standard.

Originally posted by shell69
reply to post by Evolutionsend

 

That is probably more true than you realize. I was recently employed by the Wireless Industry and the carrier I was employed by included in our performance agreement a metric based on "disconnects", which in the end affected our overall performance rating. This was incredibly unfair, due to the fact that the person approached to assist the customer with that particular transaction NEVER has anything to do with the reason behind the customer's desire to stop doing business with the carrier. To say the least this lead to many a representative stating to the customer "sure, I'll be happy to help you with that", just for the customer to find out later it was never done. I know this to be fact as I've had to deal with these customers who received another billing statement for service they weren't aware they even still had. I never could wrap my head around either the mentality of company and it's unfair practice, or the poor customer service given by the unethical representative

I had that experience myself from the wireless company: promise to rectify an egregiously large fraudulent charge, and do nothing.

The company's motivation is very obvious: make the peons do unethical actions in order to make more money, but dissociate the executives from the details of how it is accomplished and any accountability for the inevitable crimes. Why does the mob boss say in the meeting, "that Johnny G is becoming a real pain in the culo. It would give me great pleasure if Mr. G were to retire permanently from his business activities. Tell me, how's the little woman, Sal? "

reply to post by mbkennel


That is simpley false! Commercial banks cannot adjust a few digits on their computer screen and POOF "new money". They can loan up to 90% of their own balance and if they need more than that, then they can borrow from the FED or from another commercial bank.

The FED is the primary lender AND the issuer of all dollars in the world. The QE you discussed means the federal government gave a direct order to the PRIVATE FED to issue more currency and then allow it the liberty to disperse the money as the FED sees fit. In other words it was a huge scam to bailout many corporations, many of whom probably did not need the bailout funds, at the expense of the taxpayer who is forced to pickup the tab in the way of more taxes.

More taxes in a borderline depressional economic state, means people do not make enough to pay the increased taxes, of which services to the public were not delivered in the first place. Do people see how unfair this is?

Nicely done, hope more and more people join in closing their accounts. I have not used a bank in two years now and probably never will again if possible. Banks have been a problem in the u,k and the world for a good few years now. They just don't seem to give a toss. The only way they will stop is if they have no customers. Good luck to all that are willing to show them whats right

I closed by big bank accounts a few months back, and the weird thing is I realised with hindsight that I was having to travel 5 miles at least three times a week to feed money into this monster go to a credit union it is much better and stop feeding the big broken machine.

In this case, create money.

Contrary to popular belief, the Federal Reserve does not directly create most of the money *directly* (in usual cases, other than QE), but it does influence the willingness and ability of private banks to create money by changing the profitability of doing so.

In this case, when the bank wrote the check to the builder, it in essence created the money by changing a number on the computer. The money created by this action happens to be legal tender and accepted by other banks as a consequence of being part of the Federal Reserve system. The builder could request the check to be paid in physical currency, and the bank would request those bills from the Federal Reserve and they would get them.

But if you take the money paid to the builder and redeposit in a bank, most of it can be loaned out again, thereby creating more money in the system than existed originally.

If you or I tried to do it, it would be called "counterfeiting" and you would be be visited by large humorless men.

This is not entirely correct and it is confusing people. Man is far more simple than that. If you make a deposit in any bank - it can be loaned out to pay for something. Let's say a student loan. Your deposit creates a student loan and the student buys books and a bookstore takes that money and puts it in a bank creating another deposit. But that is the same money! Because there are two deposits at the same time - the money in the system has doubled. That's not all. Suppose the second deposit is loaned out to an investor. The guy takes out that loan and buys shares of a company in an IPO. The company takes the money and spends it on payroll. People who earn the payroll put the money in the bank. The money has tripled. But it is the same money. More over the investor has shares of the company - which can be secured for another loan to increase the speed of the money creation. So you see there was a chain of events and there were money created despite the fact of the presence of other entities. It is all legal. It is ancient as well. It did happen the same way in Rome 2K years ago. The money was gold. There was no difference. Electronics has not much to do with the process - with only one exception - it speeds up things.

Believe me - one way - or another - there is going to be a run on banks. It will be just because there is no interest rate and there is no incentive to keep the money there - and once the money is withdrawn - the FED will print. That will cause an increase in money withdrawal and create a vicious circle of printing and paper supply.

It will then crash the dollar and your savings in any Credit union will go down with a big PUFFFF.
You will see gas stations with no gas - and you will only be able to buy gas for much more than you used to. Maybe 10 times more, maybe a hundred?

If you have say 10,000 in your account - it can buy you a car today and even a home far in a country. But after that EVENT your 10,000 will not buy you a basket of goods at your local Vons store. No matter where you move your money - it will not be good, I promise you that. It is mathematically unavoidable.

Never banked with BoA - some of my relatives and co-workers do, and I've heard nothing good, even before this mess.

I'll spread info and suggestions to theem. Unfortunately my semi-grandparents (I... have a complicated family) will probably screw themselves just to spite me for being "liberal" I hate seeing people shoot themselves in the foot.

How much did BOA pay for those freaky murals again?

Bank of America Murals
www.abovetopsecret.com...

Bof A now has all of California's Unemployment in their greedy little hands.

TextTextI don't know if the rest of the country is aware of this, but California has recently sank all of the State's Unemployment into the good ole' BofA. You are now issued a Debit card, so if your on Unemployment in Cali (which around 20% of us are now) you can't bypass the crooks at Bank of America. I'm sure it will only be a matter of time before they misappropriate these funds. Any thoughts from the rest of the country?

If they make it difficult for you to withdraw your money you should be getting your money out of their hands.

If all the people take your money away from their banks, avoid taking loans from them whenever you can and you will be protesting louder than any OWS.

If all the people put their money on cooperative credit unions the players in power would change, and so would the system.

reply to post by EarthCitizen07


Banks do create money. Do you want to create money? Let's do it! I will give you a promise (an IOU) that I will pay you $5 over the next 5 years. We will call it a "note". It will be a "negotiable instrument" under the Uniform Commercial Code, which means that you can transfer it to anyone else, without any defenses that I may have or want to assert against enforcement. The transferee then also can transfer it - and on and on and on. We just created $5 out of nothing. Mortgage Notes are the largest source of money known to man. Those notes are traded on a daily basis just like money. They comprise a new type of money. Interestingly, a U.S. Dollar isn't really a dollar - it's a promissory note too - just read the top of it. That means, money is debt.