ALERT: New bill says BANKs can have ZERO RESERVES!![Mod note: No link. Unconfirmed]

[Falseflagop]

This folks ends the baning system imho how can this be? ZERO reserves are you kidding me time to get my money out! imho

[freelance]

This folks ends the baning system imho how can this be? ZERO reserves are you kidding me time to get my money out! imho

Link PUHLEASE!

Run those suckers out of FAX paper as soon as we get the link. Remember, black background, white text.

[FrankRep]

link or fake

[eric_cartman]

your deposits are still ensured by the FDIC.

i think with the action that is being taken, you don't have to worry about losing you dollars. everyone will get their dollars back. what you have to worry about is that your dollars don't have any value. because it doesn't do you any good to get your dollars back if they don't buy anything.

[freelance]

At least tell us where you heard it.

[Falseflagop]

goto

www.tickerforum.org


look under discussion under BREAKING NEWS great site for financial info ! That is where I saw it

[FrankRep]

goto

www.tickerforum.org

look under discussion under BREAKING NEWS great site for financial info ! That is where I saw it

where?

[JoshLowry]

Link PUHLEASE!

Run those suckers out of FAX paper as soon as we get the link. Remember, black background, white text.

What's the rationale in having them run out of ink?

[freelance]

What's the rationale in having them run out of ink?

Run them out of ink the same way they're running us out of money. It's an aggravation to reload toner, and when they do, they'll get a shitload of Faxes that are sitting in memory.

ANYTHING to aggravate these folks and their staff.

Why not?

[Dary]

...it doesn't do you any good to get your dollars back if they don't buy anything.

You could still use them to pay off existing debt.

[Scribbler de Stebbing]

Run them out of ink the same way they're running us out of money. It's an aggravation to reload toner, and when they do, they'll get a shitload of Faxes that are sitting in memory.

ANYTHING to aggravate these folks and their staff.

Why not?

Do you want them to receive your message positively and be willing to listen, or do you want them to get angry and do the opposite of your message?

[freelance]

You could still use them to pay off existing debt.

The hard part is going to be pulling out your cash, if it's more than whatever ration the govt. is going to allow per day. That'll come soon.

[Dary]

The hard part is going to be pulling out your cash, if it's more than whatever ration the govt. is going to allow per day. That'll come soon.

Yep.

[Falseflagop]

Do you want them to receive your message positively and be willing to listen, or do you want them to get angry and do the opposite of your message?



Honestly you think congress cares about the people? Please the outcry has been 80-20% for a no bailout and yet these crooks are shoving this down our throats? Vote every incumbent out!! I forgot the election voting machines will be rigged for the (crooks) to get their end result!! The whole system is corrupt.
Final act of any government is to loot its nation !! That argentina documentary is an erry parallel! Its over folks , pitchfolk time imho

[freelance]

Do you want them to receive your message positively and be willing to listen, or do you want them to get angry and do the opposite of your message?

I've given up on them. They are not going to respond positively. They do not care one whit about us.

[Falseflagop]

Freelance you are right man !! No difference between dems & reps same party just 2 different wings !!

[LibertyEagle]

This folks ends the baning system imho how can this be? ZERO reserves are you kidding me time to get my money out! imho

Dude, please start providing links when you post these kind of claims. Otherwise, it's just so much hearsay.

[Sarge]

Not a link to the govt. site but here it is,

SEC. 202. INCREASED FLEXIBILITY FOR THE FEDERAL RESERVE
BOARD TO ESTABLISH RESERVE REQUIREMENTS.
Section 19(b)(2)(A) of the Federal Reserve Act (12 U.S.C.
461(b)(2)(A)) is amended—
(1) in clause (i), by striking ‘‘the ratio of 3 per centum’’
and inserting ‘‘a ratio of not greater than 3 percent (and which
may be zero)’’; and
(2) in clause (ii), by striking ‘‘and not less than 8 per
centum,’’ and inserting ‘‘(and which may be zero),’’.
SEC. 203. EFFECTIVE DATE.
The amendments made by this title shall take effect October
1, 2011.

Not sure why it takes effect so far down the road, unless there will be no reserves by then.

[freelance]

So, are you saying that the "bailout" bill also modified the Federal Reserve Act? It's grown from three pages to over 100 pages, so there's just no telling what's in that mess.

[Scribbler de Stebbing]

Okay, but where did you get that? If we're going to send to friends, enemies and Congressmen, we'll need a link, something more than "Sarge said."

[thomaspaine23]

Anyone seen the "new and improved" bill yet?

I'm betting we won't even get to see what kind of crap was added in until after its passed....

[roho76]

Correct me if I'm wrong, but how can a bank have zero reserves? Unless they switch the entire country over to electronic card transfers and all paper currency became obsolete this would be impossible. People still need cash to get along in their everyday affairs.

[TastyWheat]

Large, bold text is fine, but they're more likely to trash a black sheet and not read it.

[bobbyw24]

From our (NACBA) legislative person:

There is no final language yet. I will circulate it as soon as I have it. They are still writing it.

[Dorfsmith]

Anyone seen the "new and improved" bill yet?

I'm betting we won't even get to see what kind of crap was added in until after its passed....

KNX radio just said that the whole thing just went online and they will have it up on their site soon. I'll post a link if I find it.

[Sarge]

SS I agree. This thing is in change. I wouldn't buy it either. All read for themselves. Not final.

http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreas uryBailoutplanAYO08B68_xml.pdf

[cheapseats]

A synchronized ATM withdrawal early tomorrow morning oughtta disabuse them of inadequate reserves as part of the "solution."

[georgiapeach]

Sec. 101, c. (3)
(page 8)

"Designating financial institutions as financial agents of the Federal Government, and such institutions shall perform all reasonable duties related to this Act as financial agents of the Federal Government as may be required."


WHAT!??

Oh, and I left out the part about the Sec. of the Treasury being in charge of all this designating... that should give you warm fuzzy feeliings.:eek:

[forsmant]

A synchronized ATM withdrawal early tomorrow morning oughtta disabuse them of inadequate reserves as part of the "solution."

I don't think that will lower their reserves. Do they count the ATM money as reserves?