Survivalism & Self Sufficiency Topics > COVID-19 Coronavirus Pandemic

Bank

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Greekman:
I have three alternate explanations

1. governments want to avoid a bank run (some similar measures were instituted last week in Greece too)
2. Bank Notes are in limited supply cos we are progressing into a cashless society
3. Bank Notes are in limited supply cos narcos have hoarded all of them

EMichael:
I pulled $10k out of savings to cash with a bit of a hassle.  They made me sign a form stating I knew my money was safer in their hands instead of my hands.  Actually it wouldn't be money in my hands....it would be a Glock.  I told them I would think about bringing the cash back when this was all over, although for the piddly .05% interest they are paying, I asked them what the point would be.

Meanwhile echos in my head from Jack about how banks can loan 10:1 on deposits, and how my $10k withdrawal keeps them from making a $100k in loans.

The bottom line...  At this time I believe there is LESS risk of financial loss to my money while locked away in a fire resistant gun safe, compared to a HIGHER risk of banks denying access to cash completely.  Ultimately the ONLY thing a bank has of value is the trust of its customers.  When they start playing games with allowing access to a depositor's money, then that trust evaporates quickly.

-Eric

fritz_monroe:

--- Quote from: EMichael on April 04, 2020, 06:19:49 PM ---I pulled $10k out of savings to cash with a bit of a hassle. 
...
Actually it wouldn't be money in my hands....it would be a Glock.
--- End quote ---
Wow, that's an expensive Glock.  hehe

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