Professor, fearing financial crisis, pulls $1M from bank

reply to post by Phage



Actually that was my first question, how did he got the money in cash? because either cash or a check is as good as soiled toilet paper in a economic meltdown.

Now Gold and silver exchange is another story, I think he has to be smart enough to know what he is doing.

reply to post by marg6043


Even gold and silver has it's limited worth in a full meltdown. It's has limited tooling uses, sure there properties give them some worth but you only need small amounts, and I don't know of many people that have the tools on hand to even use it in such a way. It would also depend on how long the meltdown lasted some would remember them being worth something and hold to it long after, others wouldn't. I can't see him dumping it all in to gold or metals, there has to be something else he's going to put it in too.

marg6043
reply to post by Phage

 

Actually that was my first question, how did he got the money in cash? because either cash or a check is as good as soiled toilet paper in a economic meltdown.

Now Gold and silver exchange is another story, I think he has to be smart enough to know what he is doing.

Only if you get the gold and silver in the hand. That market is so manipulated with non existing holdings from the Banks and FED that having a paper saying you have gold do not mean you have gold. There is a reason Germany could not get it's gold back form the FED. It has already been sold of to China and India cheaply since the gold price is manipulated down against the real worth in dollar. Only fools trust the bankers to have anything in their vaults when you have claim. The banks will bankruptcy and all people with their paper gold will stand in line with their claim like all other claimants. This is what happens when you allow someone to own a company thru stocks without having to pay for the miss management on the wealth collected in real material value. You push up something so that everyone believes in the illusion of what it is, remove/steal the wealth from the company and let it sink with others holding the losses.

reply to post by Proctor11


Why not all the billionaires insiders have sold their stocks and got out of the market back in November. Everybody else will end up as bag holders.

reply to post by marg6043


Cash will be worth more than the stocks. Say a stock cost $10 then it crashes to $.50. It would be wise to get the cash out before the crash.

What kind of idiot 'economics professor' leaves 1 million dollars IN A CHECKING ACCOUNT? And then whines that he's not making any interest on it???

And then tells the entire planet that 'tomorrow I'm going to the bank and taking my million out of that great big global-economy-crushing-bank I've had it in, and So There!'

I mean, really? Seriously??

When Paul Craig Roberts, the Asst. Secretary of the Treasury under Reagan and the author of Reaganomics states that there's no gold in Ft. Knox or the Federal Reserve vaults in NYC, or Germany would have had their gold returned last year when they asked for it, then you know all bets are off, the whole thing is a scam of epic, thunderous proportions, and any blog posting that's hyped for more than a few minutes is being hyped for a reason that has nothing to do with informing the public of reality, and everything to do with a planned outcome.

Looks like Janet Yellin has been nominated as the bag-holder of the coming bloodbath.

Did Helicopter Bennie leave a forward address, by any chance?

signalfire
What kind of idiot 'economics professor' leaves 1 million dollars IN A CHECKING ACCOUNT? And then whines that he's not making any interest on it???

And then tells the entire planet that 'tomorrow I'm going to the bank and taking my million out of that great big global-economy-crushing-bank I've had it in, and So There!'

I mean, really? Seriously??

When Paul Craig Roberts, the Asst. Secretary of the Treasury under Reagan and the author of Reaganomics states that there's no gold in Ft. Knox or the Federal Reserve vaults in NYC, or Germany would have had their gold returned last year when they asked for it, then you know all bets are off, the whole thing is a scam of epic, thunderous proportions, and any blog posting that's hyped for more than a few minutes is being hyped for a reason that has nothing to do with informing the public of reality, and everything to do with a planned outcome.

Looks like Janet Yellin has been nominated as the bag-holder of the coming bloodbath.

Did Helicopter Bennie leave a forward address, by any chance?

Bingo! You nailed it with your first line! Here, in plain print, if the journalist writing the story got it straight, is the epitome of "...former Harvard economics professor..." I say that because the professor didn't have the common sense to look around and find a bank that would pay him interest on his checking account. None of the degrees in our household have anything to do with economics and yet we were able to search out a local bank that actually acts like a bank and pays you interest on money you deposit with them.
The mere fact that he deposited a million dollars into any one bank says he is risking three-quarters of it since FDIC insurance only covers deposits up to $250k.

According to a report I heard, Helicopter Bennie is heading for the Brookings Institute.

Well thanks for all the answers, I guess I was guessing that he would change the cash for gold and keep it in his safe at home, but we don't know exactly what the Professor really did with the money after he got it from the bank.