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Banks Can Legally Steal Customer Funds From Private Checking Accounts

Discussion in 'Central Banking & Fed Reserve' started by MKS, Aug 24, 2012.



  1. MKS

    MKS Silver Member Silver Miner

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    Banks Can Legally Steal Customer Funds From Private Checking Accounts
    Susanne Posel

    In 2007, the Sentinel Management Group (SMG) collapsed, leaving many customer segregated funds lost after they had been used as collateral. After a plethora of lawsuits and creditor claims, a decision earlier this month in the 7th Circuit Court placed the banking cartels ahead of customer claims for funds returned.

    Essentially, the Bank of New York Mellon (BNYM) sued to be first in line for return on stolen customer account monies – and won the right by the US court system.

    In the mainstream media (MSM), the SMG collapse and subsequent ruling in favor of BNYM was touted as a difficulty "for customers to recoup money lost".

    SMG, a Chicago-based futures broker, had stolen more than $500 million in segregated customer funds to use as collateral on a loan to BNYM for in-house proprietary trading operations.

    Their books were audited by the National Futures Association (NFA), however the NFA admitted that they could not understand the convoluted mess they were provided by SMG to sign off on. And yet they did; and approved the audit.

    BNYM sued SMG to re-coup any monies owed to them. However, these monies were customer segregated funds that SMG stole and re-hypothecated.

    In federal court, John D. Tinder, US Circuit Court Judge ruled "that Sentinel failed to keep client funds properly segregated is not, on its own, sufficient to rule as a matter of law that Sentinel acted 'with actual intent to hinder, delay, or defraud' its customers."

    This means that once a banking customer deposits their money into an account with a bank, the funds become property of the bank. The customer, at the point of deposit, relinquishes all rights to that money regardless of any laws in place, legal assurances, claims or guarantees; and this extends from investments to private checking accounts.

    Once the bank has physical possession of your money, they own it and can use it for any means they deem fit. The veil has been lifted on separation of customer and bank funds. They are now legally co-mingled.

    The bank could use it as collateral (as SMG did), to pay off debts, or place it on the stock market to bump up their trading with extra cash. And in the event that the customer allocated funds are lost, the bank does not owe the customer the money back.

    Essentially, once you deposit money in your bank account it is gone.

    Fred Grede, SMG trustee remarked: "I don't think that's what the Commodity Futures Trading Commission had in mind. It does not bode well for the protection of customer funds."

    The MF Global (MFG) scandal rocked the investment world because Jon Corzine, chief executive officer of MF Global, instructed the transfer of $200 million from their customer segregated funds to cover the corporation's overdraft account with JP Morgan Chase.

    Corzine emailed this order just three days before the official collapse of MFG. At the same time Corzine was moving customer money, this missing $6.3 billion dollars were used on bets on European indebted nations. As those European nation's credit ratings plummeted, JP Morgan profited financially.

    Our financial institutions have been planning for a financial collapse wherein the US government will not offer assistance. The resolution plans required by the Federal Reserve Bank, described schemes to have the major domestic banks remain afloat by selling off assets, finding alternative sources of funding, reducing risky measures that make a quick buck.

    These strategies were to be perfected with "no assumption of extraordinary support from the public sector."

    By selling "non-core assets" without upsetting shareholders while protecting the monetary system, taxpayers and creditors is the work of the mega-banks who have contributed solely to the destruction of the global financial markets. Bank of America (BoA) and Citibank have already begun to liquidate some of their assets – an action a bank takes when they are insolvent.

    Both mega-banks and credit unions have been silently altering their deposit/withdrawal policies to deter customers from emptying out their accounts.

    Because the digital record of monies is greater than the physical cash held by banks, this is a scheme to stave off a "run on the banks".

    With the Patriot Act , signed in 2001 by former President George W. Bush, and extended in 2011 by President Obama states that all banks must record all banking transactions with photo ID and fingerprints that will then be sent to an FBI database wherein all banking information tied to each individual on file can be traced for future reference.

    Of recent, when withdrawing cash from an ATM, the daily allotted amount has decreased with some banks, thereby forcing the customer to go into the branch and extract the difference with a teller.

    At this point, according to anonymous informants, the customer is taken into a backroom to be questioned as to why they want the cash, what they are purchasing with the cash, why they are not choosing to use a debit card or another form of digital trade to make the purchase. These questions are not only intrusive, they are illegal.

    Some anonymous sources have said that banking representatives who conduct the integrations are directed to keep a record of customer responses on an online application that will be sent to the FBI in conjunction with Patriot Act mandates on tracking banking activity.

    While American citizens sit on the fence about whether or not they even subscribe to a banking collapse in the US, globalists like George Soros are investing heavily in gold.

    Soros recently "unloaded over one million shares of stock in financial companies and banks that include Citigroup (420,000 shares), JP Morgan (701,400 shares) and Goldman Sachs (120,000 shares). The total value of the stock sales amounts to nearly $50 million" and then purchased 884,000 shares of Gold with SPDR Gold Trust.

    The mega-banks, through Wall Street, are also acquiring firearms, ammunition and control over private mercenary corporations like DynCorp and 'Blackwater" as authorized by the Department of Defense (DoD) directive 3025.18 .

    DynCorp is a military-based private mercenary contractor that provides (among other services) intelligence training and support, international security, contingency plans and operations. Ninety-six percent of their funding is based on annual revenues from the US federal government. The international branch of DynCorp has operated as a "police force" even assisting local law enforcement during Hurricane Katrina.

    Named as investors for the amassing of gun and ammunition manufacturers are Citibank, BoA, Barclays and Deutsche Bank who are pouring money into Cerebus and Veritas Equity who have taken over private corporations involved in the controlling riot situations.

    The Federal Reserve Bank, one of the heads of banking cartels, has their own police force which operates as a protective security for the Fed against the American public.

    As part of the Federal Reserve Act signed in 1913, the designation of a Federal Law Enforcement – special police officers that are exclusively regulated by authority of the Fed (whether in uniform or plain clothes.

    These specialized police officers (who train with Special Response Teams) can work in tandem with local law enforcement or US federal agencies. These officers are heavily armed with semi-automatic pistols, sub machine guns and assault rifles as well as body armor.

    Just this month, the Kaspersky Lab discovered Gauss, a banking surveillance virus believed to have the capability of stealing money out of customer's bank accounts, as well as spying on banking transactions, stealing login information for social networks, email and instant messaging.

    So far, Middle Eastern banks have reported having been affected by Gauss – however both Citibank and Ebay's Paypal have also been infected by this new viral threat to our banking systems.

    It is clear that the financial collapse could be eminent. Banks are not only preparing with contingency plans, but also amassing a private police force for protection.

    With the legalization of stealing from customer secured funds, combined with a possible banking virus that could provide the perfect cover for an all-in-one banking holiday, the stage is being set for utter financial destination.

    Once all customer funds were electronically transferred into off-shore accounts, the specialized police forces and hired mercenaries would be allocated forward to protect the technocrats from retaliation for their crimes.

    The banking holiday will not come with flashing neon signs. Our warnings are right in front of us, if we choose to see them.

    http://www.silverbearcafe.com/private/08.12/legallysteal.html
     
  2. Thornapple

    Thornapple Gold Member Gold Chaser

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    And this is how it will end. When the collapse starts and the banks go under they'll rehypothecate everyone's money. People will wake up one morning and find that their bank pulled a Corzine on them.
     
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  3. Nickelless

    Nickelless If coffee is gold, I own Fort Knox Midas Member

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    Time to convert funds quickly to tangible assets and out of FRNs.
     
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  4. Bx3

    Bx3 Silver Member Silver Miner

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    Actually, cash will be king for a bit. While everyone else has their assets locked up in their financial institutions, holders of FRNs will be the only ones with purchasing ability. Only after the complete collapse will FRNs be worthless and PMs come into their own. The key is to have all of these vehicles in your physical possession Bx3
     
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  5. Fiat Metaler

    Fiat Metaler Gold Member Gold Chaser

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    having a "segregated" account means you are a creditor of a highly leveraged financial institution and you have an "argument" that gives you more hope than some of the other slobs and fools. reminds me of the time Mr. Monk opened a savings account, and then was distraught that he didn't receive the same $10 bill back when he made a withdrawal. The fraud is fractional reserve banking, which goes back 500+ years, not some new development or change by the CFTC or John Corzine did (they were just the latest to execute the fraud).
     
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  6. minimus

    minimus Banned

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    This means that once a banking customer deposits their money into an account with a bank, the funds become property of the bank. The customer, at the point of deposit, relinquishes all rights to that money regardless of any laws in place, legal assurances, claims or guarantees; and this extends from investments to private checking accounts.


    Its been that way since the bankruptcy of 1933. All private/corporate currency is the property of the borrower - the government.

    There is no money in circulation, see HR192 for details.

    Q: This country is and has been bankrupt since 1933 so why do the talking heads act like the national debt is an issue ?

    A: Political smoke screening the obvious, designed for the clueless twits who think they own anything.
     
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  7. platinumdude

    platinumdude Gold Chaser Platinum Bling

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    I think it's still a big step from them doing it to a broker account, to them doing it to an actual checking account with fdic insurance. Not saying they won't in the future, but if they ever do and the fdic fails to pay back the customers, it will cause massive panic with the general population.
     
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  8. Malus

    Malus Gold Chaser Platinum Bling

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    In a world gone mad....
    Well, if you don't want the bank to take your money, don't leave your money in the bank (common sense). I leave very limited funds in the bank (try to keep it under a grand), the rest, well, thats my business..........
     
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  9. phideaux

    phideaux Mother Lode Found Mother Lode

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    Most everyone needs to keep some funds in a bank to function these days.

    Just choose your bank carefully. Pick a small locally owned bank that doesn't play games with derivatives or subprime mortgages, etc. Or preferably use a Credit Union.

    Avoid the criminal Big Banksters like Chase, BoA, Wells, etc. like the plague.
     
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  10. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Having more in a checking account than to cover 1 months expences is both DANGEROUS:ahhhhh::afraid: and FOOLISH!:idea:

    The bank won't protect you and pays virtualy no intrist for your $$$$ --- even FRNS you can hold in your hands are BETTER than leting any bank hold it for you!:idea:

    You can always deposit the CASH as nessary to pay bills! :idea:

    Much better to have some physical SILVER -- you can always sell some for cash to a broker and put that cash in the bank to pay bills.:thumbs_up:

    It slows down the process but also acts as added SECURITY for your financial future like a MOTE and DRAW BRIDGE that keeps the BANKERS from robing you and your castle!:thumbs_up::23_28_100s:

    the DUCK :s9:
     
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  11. Malus

    Malus Gold Chaser Platinum Bling

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    In a world gone mad....

    That one of the big benefits in my opinion. Trains people to think before spending. "Do I really need/want this?". Can't just buy it on a whim, have to actually think about it first and go through the motions. It would make people better savers.............
     
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  12. honu5050

    honu5050 Mother Lode Found Mother Lode

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    like a good mouse trap .. overdraft $ 35.00 a hit. and yep duck no intrest $ . like a casino da house wins banks do cheet . better off playing the slots. 21....hey I should be collecting Interest on this post ! on one lie-in attempt one bank tryed the overdraft move for 14.cents but I had a bank receipt so.. "to bad so sad they apologized" another time it was ..now git this one penny . yep 1 red cent .... how low can they go ! but again i had a receipt . look what I'm saying is the banks USE this scam on people with money that don't track their accounts.. IMHO its a computer program or the law f'in with ya . but what would I know. one more thing ya think they want to stop penny pinching ? hell no they count (no pun intended) heavily on the penny.
     
    Last edited: Sep 2, 2012
  13. keef

    keef Пальто Crude Platinum Bling

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    Hey bro. I hope you can help me with my new song, "Cherished Delusions". You can help with the chorus.

    I'm sure we will be a big hit on the charts :banana:

     
    Last edited by a moderator: Dec 26, 2015
  14. honu5050

    honu5050 Mother Lode Found Mother Lode

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    ya know bro I've been on da charts hummm.. ru sure ya want ta do a second verse...o.k. I'll take the you understand me post is a yep. gotta start both throw in a penny.... n' I'm not talkin sky kings t.v. daughter. whatta bout dat ?
     
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  15. keef

    keef Пальто Crude Platinum Bling

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    Darkness at the break of day, just remind me to never post before midnight again.. prost :bear_blink:
     
  16. honu5050

    honu5050 Mother Lode Found Mother Lode

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    nostrovia .......
     
  17. honu5050

    honu5050 Mother Lode Found Mother Lode

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    theirs a story bout dat song f'in Farmers flipin birds at scooter bums.. but aint givin it out. I got a song fer you as well as me. but i aint no computer wizz..I play it every 4th of July and many other times .. 69 Woodstock Hendrix.. our/his/many others version.. the star spangled banner of these here united states of america..ya know jimmy was in the military and that rendition is by no means derogatory ! just electric . Enjoy bro.. we aint here for a long time .. just a good time !
     
  18. JessMathers

    JessMathers New Member

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    not sure what that last post even means...but yeah, even cash nowadays is a risky move. when the crash comes, cash will be just as useless. i've converted most of my money into straight commodities and hard currency like gold and silver. the more you watch those prices it seems like a good investment anyway. in the long-run it might not be much safer but paper currency just seems a little sketchy right now and keeping it in the bank is definitely not safe.
     
  19. CiscoKid

    CiscoKid They all look good through beer goggles... Gold Chaser

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    Sorry, Duck, you lost me right there. Sell? Trade for shiny yellow stuff, sure, but sell??? I don't think so. Homey don't play that.
     
  20. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,CiscoKid,GOLD and SILVER are MONEY and one can always traid MONEY for the local currency as needed -- that is what MONEY is for! :idea::23_28_100s:

    GOLD and SILVER are just the best most concentrated form of MONEY --- which represents the WORK and EFFORTS of a PERSON :alberteinstein: SAVED to be used at another time with out losing PURCHASING POWER which every FIAT CURENCY does making holding it not a very smart idea :stupido2: as it evaporates constently and all the faster as TRILLIONS of more FIAT are congered in to existence. :banghead::angry3:

    You SAVE SILVER and GOLD so you can spend it later with out LOSING --- you are not realy INVESTING and making a PROFIT :36_1_30::452: it just SEEMS like you are making a profit in FIAT DOLLARS because the dollars keep losing purchasing power so it takes more to BUY the same amount.:idea::thumbs_up:

    It is the only effective way I know of today to SAVE for a RAINEY DAY or ones OLD AGE and NOT get SCREWED by the BANKERS and the CORUPT GOVERNMENTS that the bankers own!:realmad::36_1_28:

    http://www.nysun.com/editorials/the-misers-tragedy/87990/

    the DUCK :15_1_70v:
     
    Last edited: Sep 19, 2012
  21. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    Two Words: CREDIT UNIONS

    As a member YOU own it. Not obligated to profit through derivitives, play in markets especially what they know nothing about. You can make changes through attending annual meetings, offering motions that are sound and conservative, perferred practices. Any money a CU makes helps defer costs of other services or better savings rates.

    DYODD,
    Gb
     
  22. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,GOLDBRIX,Sorry but Credit Unions are only slightly (?) safer than BANKS :thumbs_down: you are still LOSING purchasing power because when you get your $$$$ out it will BUY LESS than when you put it in!:cry_smile::thumbs_down:

    IF you had put 10K in you CREDIT UNION and 10K in GOLD in 2000 :thumbs_up: if you DYDD you will see the OBVIOUS difference :idea: and even MORE so IF you had bought 10K of SILVER!:551::lol04:

    the DUCK :s9:
     
  23. minimus

    minimus Banned

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    Re: Banks Can Legally Steal Customer Funds From Private Checking Accounts



    Endorsing your deposits in any interest yield account places it in fractional reserve status.
     
  24. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    Ahh'em, Thread title IS : Banks Can Legally Steal Customer Funds From Private Checking Accounts

    It is not practical to buy PMs every paycheck then turn around and sell the PMs to pay bills.
    I believe there would be very few at this website that would argue over how to create or maintain value of your finances.
    Maintaining Wealth is one thing, Paying one's bills is another.
     
  25. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,GOLDBRIX,Having an account so you can pay monthly bills with minium amount in the account is a nessary risk :ahhhhh: and minamal damage :afraid: should the the government/bank try to take it.:thumbs_up:

    Any thing beyond that --- BYOB -- be your own banker:thumbs_up: --- GOLD and SILVER are MONEY that can be converted to local CURENCY as needed -- just takes longer.:idea::23_28_100s:

    the DUCK :s9:
     
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  26. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

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    Quite Right G.D.
     
  27. roadkill

    roadkill New Member

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    I am not surprised! Not only are they "TOO BIG TO FAIL" now they are "TOO BIG TO JAIL"
    I LOVE SILVER BEAR CAFE TOO!!!

    http://www.gold-eagle.com/editorials_12/lewisr011713.html
     
  28. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    We had a political debate in my little "city" during the 2010 cycle. My congressman [R] and the challenger [D] took turns.
    I asked each, in front of a couple hundred people, in turn, who does my money belong to that I work for - me or the government.

    The [D] said the government, they decided how much I could keep.
    The [R] said he already answered that during his speech [he did not].
    I tend to think you are correct.
    Don't trust the banks or any financial institution including CUs. Keep the minimum in there.

    Something bad is coming down the pike.
     
  29. 1 old 0311

    1 old 0311 Seeker Seeker

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    AMEN BROTHER! Do you have Pay Pal credit card? With EVERY communication, when you call they tell you how it is to YOUR benefit to OPEN YOUR ACCOUNTS to them, you get monthly e-mails asking for your account, when they send the monthly statement it includes the same crap.
    When that much pressure is put on you to turn over your accounts there has to be a reason. Don't forget Washington is still talking about taking over the 401K accounts and "managing them for you."
     
  30. gringott

    gringott Killed then Resurrected Midas Member Site Supporter

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    You can't get there from here.
    Nothing but traps out there. Why does google and microsoft want my mobile phone number for? They have been bothering me for years now.
     
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  31. Mujahideen

    Mujahideen Black Member Midas Member

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    I agree, but There is no "local currency" most likely won't be one and I wouldn't trust it anymore than I trust FRNs.

    Holding a large amount of cash in your home is also a big risk, probably slightly more riskier than in a bank.

    Bottom line is holding paper or 1s and 0s is a risk, you best buy physical assets. If you don't have any you need not worry about losing it then.
     
  32. Ahillock

    Ahillock A nobody Mother Lode

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    Holding cash at home more risky than pm's at home? Risk with cash is devaluation. But still good to have IMO so that you don't have to begin using your stack for daily living. If you don't tell the world you hoard cash and pm at home, who would know?
     
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  33. southfork

    southfork Mother Lode Found Mother Lode

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    Whew, Im glad I am a pauper,retired and don't have to worry about things like this, just sit on the porch and wait for my ebt card to come, you know though I never get it, wonder if its cause I don't have a dam porch.
     
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  34. GOLD DUCK

    GOLD DUCK Mother Lode Found Mother Lode

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    QWAK,Mujahideen,GOLD and SILVER are HARD MONEY :idea::thumbs_up: --- DOLLARS are the local currency!:cheerful:

    A small amount of digital $$$$ in a bank account to pay bills for a month posably two.:thumbs_up:

    A similar amount in actual paper and coin of the local currency in case the do call a bank holliday.:ahhhhh::realmad:

    Any paper currency beyond that is "DRY POWDER" that can be deposited in a bank and used to buy physical GOLD or SILVER or for emergencies = self insured!:idea::23_28_100s:

    Bankers are NOT your friends :thumbs_down: and should not be trusted for any more than is absolutly nessary to make a transaction --- banks are not a place to save and hold wealth!:thumbs_down::realmad:

    If one is clever enough to understand what is and is not money --- one is then clever enough to protect and hide there money especialy from BANKERS!:idea::thumbs_up::cheerful:

    the DUCK :s9:
     
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  35. Carl

    Carl Gold Member Gold Chaser

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    You have no 'money' in the bank.

    No one has any 'money' in the bank.

    Most banks have little to no 'money' in them at all.
     
  36. minimus

    minimus Banned

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    Let the digital banking system crash and they'll see just how solvent the banks really are ....

    I keep having a strange dream that one day an X-class solar storm wipes the hard drives and the world will get a rude awakening.
     
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  37. honu5050

    honu5050 Mother Lode Found Mother Lode

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    anyone who deals in that much has backup.... they know.
     
  38. <SLV>

    <SLV> Gold Member Gold Chaser Site Supporter

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    What is an "account?"
     
  39. REO 54

    REO 54 Midas Member Midas Member

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    .........Wells Fargo!
     
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  40. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

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    Keep most of you liquidity in cash and metals and you limit the damage banks can do to you
     

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