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Money Riots Possible in Next Economic Crash-James Rickards By Greg Hunter On October 31, 2016

Goldhedge

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#1
Money Riots Possible in Next Economic Crash-James Rickards
By Greg Hunter On October 31, 2016

 

Eyebone

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In 1832, Jackson had vetoed a bill calling for an early renewal of the Second Bank’s charter, but renewal was still possible when the charter expired in 1836; to prevent that from happening, he set out to reduce the bank’s economic power. Acting against the advice of congressional committees and over the opposition of several cabinet members, and after replacing two resistant secretaries of the treasury with a more amenable appointee (Roger Taney), Jackson announced that, effective October 1, 1833, federal funds would no longer be deposited in the Bank of the United States. Instead, he began placing them in various state banks; by the end of 1833, twenty-three ‘pet banks’ (as they were popularly known) had been selected.

The president of the Bank, Nicholas Biddle, anticipating Jackson’s actions, began a countermove in August 1833; he started presenting state bank notes for redemption, calling in loans, and generally contracting credit. A financial crisis, he thought, would dramatize the need for a central bank, ensuring support for charter renewal in 1836. In fact, Biddle’s campaign appears to have had less effect than either his supporters or his detractors believed at the time, but the Bank War became a matter of intense debate in Congress, in the press, and among the public. Deputations of businessmen descended on Washington, complaining about business conditions and seeking an end to the Bank War, while administration spokesmen argued that Biddle’s capacity to disrupt the economy only highlighted the dangers of a central bank. The federal deposits were not returned to the Second Bank, and its charter expired in 1836. President Jackson had won the Bank War.

The boogers will cause us as much pain as possible if we elect Mr. Trump (I think).
 

Uglytruth

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Most all have already exposed themselves. Bring it on. The problem with poor people is "they have nothing else to loose"...............

 

Ebie

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#4
Will people be able to access their safe deposit boxes if there is a bank holiday?
 

the_shootist

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Will people be able to access their safe deposit boxes if there is a bank holiday?
Why would anyone use a safe deposit box? I do know one thing...there's nothing 'safe' about them.
 

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If you have a safety deposit box probably not.
 

SilverCity

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Gee, now if I could just get my hands on some real estate, fine art, natural resources I will be set. Where do I start?

SC
 

Ebie

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#8
He said to keep 10% of your assets in precious metals....
 

Aurumag

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He said to keep 10% of your assets in precious metals....
If everyone kept a mere 1% in physical PMs, it would be a vastly different and more glorious world.
 

GOLDBRIX

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#10
Safety Deposit Boxes have NOT been SAFE since Daddy Bush.

If everyone kept a mere 1% in physical PMs, it would be a vastly different and more glorious world.
And the P.M. paper markets would be exposed for what it really is and has been, a pure manipulation scheme for the benefit of banksters and .govs, and a financial burden on "We the People" and world economies. - IMO
 
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