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Thread: [READ] Government worried about Bank runs? Was at the bank today...

  1. #1

    [READ] Government worried about Bank runs? Was at the bank today...

    So I was at the bank (TD Bank) today, and they were in the process of replacing some FDIC stickers on their countertops near the teller line.

    The new stickers read something along the lines of (I'm paraphrasing and going by memory):

    Between December 31, 2010 and December 31, 2012, all *non-interest yielding deposit accounts* will have unlimited guarantees by the FDIC...[...]... in addition to the standard $250,000 for all deposit accounts.

    Is the government worried about a sudden significant drop in confidence in the system and a much greater chance of potential bank runs within this time frame, and passing this new policy (regardless of it's insolvency) in order to instill additional confidence in the financial system to get people to resist the urge to withdraw on the fear of money not being there? We all know that the system is insolvent, and major economic problems will come down the road, but it really hit home when I saw that in the bank.

    Honestly, head to your local bank and look for the stickers on and around their countertops in regards to FDIC insurance guarantees, and/or ask them if they've changed at all so you see what I'm talking about.

    I hope you guys own some gold/silver!
    "If men are good, then they need no rulers. If men are bad, then governments of men, composed of men, will also be bad - and probably worse, due to the State's amplification of coercive power." - Ozarkia

    "Big Brother is watching. So are we." - WikiLeaks

    Laissez-nous faire, laissez-nous passer. Le monde va de lui meme.



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  3. #2
    bump because I feel this is of note.
    "If men are good, then they need no rulers. If men are bad, then governments of men, composed of men, will also be bad - and probably worse, due to the State's amplification of coercive power." - Ozarkia

    "Big Brother is watching. So are we." - WikiLeaks

    Laissez-nous faire, laissez-nous passer. Le monde va de lui meme.

  4. #3
    Very interesting.
    Our greatest happiness does not depend on the condition of life in which chance has placed us, but is always the result of a good conscience, good health, occupation, and freedom in all just pursuits.
    --Thomas Jefferson

  5. #4
    You know, I never understood why people feared bank runs. They used this as an excuse to create the Fed.
    "Resolve to serve no more, and you are at once freed. I do not ask that you place hands upon the tyrant to topple him over, but simply that you support him no longer; then you will behold him, like a great Colossus whose pedestal has been pulled away, fall of his own weight and break in pieces."-Étienne de La Boétie

  6. #5
    Quote Originally Posted by Vessol View Post
    You know, I never understood why people feared bank runs. They used this as an excuse to create the Fed.
    When living from paycheck to paycheck, with no cash savings on hand, no means to cash a payroll check, or now, no working credit or debit cards (a bank "holiday" means just that, a holiday, no banking of any kind) and people will come unglued after about three days. (which is what I recall reading is the average amount of food and perishables that the US family has on hand)

  7. #6
    Yep.


    When the masses can't buy from their food stamp card, all hell will break loose.

  8. #7
    My local bank installed massive prison style double locking doors a year ago where you enter the bulletproof 1st door into a small chamber then when the 1st door is closed the 2nd one unlocks...

  9. #8
    Can you return to the bank and quote it directly for us please? I will look at mine also.
    When life itself seems lunatic, who knows where madness lies? - Miguel de Cervantes, (Don Quixote)

    Quote Originally Posted by Voluntarist View Post
    The tree of liberty must be refreshed from time to time with the Federal Reserve Notes of patriotic central banks



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  11. #9
    The FDIC has a website, FYI

    http://fdic.gov/deposit/deposits/changes2.html

    NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
    COVERAGE FOR TRANSACTION ACCOUNTS

    All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

    The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. *It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts ("IOLTAs").

    For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

  12. #10
    Quote Originally Posted by ghengis86 View Post
    The FDIC has a website, FYI

    http://fdic.gov/deposit/deposits/changes2.html

    NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
    COVERAGE FOR TRANSACTION ACCOUNTS

    All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

    The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. *It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts ("IOLTAs").

    For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
    I received this same notice in the mail recently from my bank..

  13. #11
    Well, it looks like a new rule for the new year, which is why they would post it today. They seem to be incentivizing non-interest bearing accounts. No doubt the banks lobbied for this. More money for the banks. Probably intended to guarantee liquidity when banks go under. More moral hazard. Yippee.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul
    They are what they hate.” - B4L


    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  14. #12
    Another good reason to deal exclusively with Stearns & Foster.

  15. #13
    Quote Originally Posted by ghengis86 View Post
    The FDIC has a website, FYI

    http://fdic.gov/deposit/deposits/changes2.html

    NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
    COVERAGE FOR TRANSACTION ACCOUNTS

    All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

    The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. *It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts ("IOLTAs").

    For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
    Yup, that's the one.
    "If men are good, then they need no rulers. If men are bad, then governments of men, composed of men, will also be bad - and probably worse, due to the State's amplification of coercive power." - Ozarkia

    "Big Brother is watching. So are we." - WikiLeaks

    Laissez-nous faire, laissez-nous passer. Le monde va de lui meme.

  16. #14
    pretty soon banks will charge you interest just to hold your money

    edit: oops I literally don't know how I bumped into this old topic
    A savage barbaric tribal society where thugs parade the streets and illegally assault and murder innocent civilians, yeah that is the alternative to having police. Oh wait, that is the police

    We cannot defend freedom abroad by deserting it at home.
    - Edward R. Murrow

    ...I think we have moral obligations to disobey unjust laws, because non-cooperation with evil is as much as a moral obligation as cooperation with good. - MLK Jr.

    How to trigger a liberal: "I didn't get vaccinated."

  17. #15
    Since watching this video, I'm more motivated than ever to go withdraw cash.

    "An idea whose time has come cannot be stopped by any army or any government" - Ron Paul.

    "To learn who rules over you simply find out who you arent allowed to criticize."

  18. #16
    Quote Originally Posted by unknown View Post
    Since watching this video, I'm more motivated than ever to go withdraw cash.

    “You don’t want to be walking around with huge wads of cash”

    Wrong, lady.



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  20. #17
    Quote Originally Posted by Warrior_of_Freedom View Post
    pretty soon banks will charge you interest just to hold your money

    edit: oops I literally don't know how I bumped into this old topic
    The more things "change"...
    "An idea whose time has come cannot be stopped by any army or any government" - Ron Paul.

    "To learn who rules over you simply find out who you arent allowed to criticize."



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