Anecdotal evidence suggests that some US citizens are seeing the writing on the wall, in Cyprus. Reports of people leaving only enough in the bank, to cover current bills.
One bank teller in the NE, was observed asking the manager for ‘more cash’.
Another fellow said that there is a silent bank run, but nobody is talking about it. It seems most people have no clue about what Cyprus is, much less what is happening there. So, they are quietly warning the people that are close to them. The whispers suggested tangibles that are useful vs precious metals.
There was a mid-5-digit request of the bank, which indicated that they could make it available in early April, because of the timing of normal bank requests. Those usually take about a week.
If you are of a mind, now would be a most excellent time to do some unusual withdrawals. Banks are required to make a number of reports on their ‘depositors’, to the government.
If you have noticed a substantial increase in the intensely personal questions about your money, in recent years… Well, now you know.
Surely, you are aware, by now, that your deposits are nothing more than a bank’s IOU. You put your money in the bank, it becomes the bank’s money. Your deposit receipt is evidence of the IOU and your deposit is noted on the banks’ balance sheet as a liability. The funds are not segregated.
Of course, if you follow Current Events, then you likely already know everything in this post…
Anyway, some or most of these bank reports are secret reports which the bank does not tell you about. You can add Credit Unions to your consideration, as well.
A lot like the new requirements placed on your doctor, your hospital, your school teachers and others, in compliance with the ‘see something, say something’ program.
The bank secrecy act and its “bastard child”, the suspicious activity report are a couple of items that they don’t tell you about. They do pay attention to your pattern of activity. You violate your normal pattern, they do a report.
There is likely a higher awareness of Cyprus, in the wealthier areas, so there is right now, a good likelihood that there is a noticeable uptick in such bank reports to government. So, you would blend right in. At the least, the report on you would not stand out as particularly unusual… Maybe.
This is a good time to mention a few words on the banking system.
It has been pointed out that the fractional reserve model for banking works only when a small fraction of the depositors want their money from the bank. It is entirely incapable of dealing with any sizable runs, for any duration of time.
To prove this, just show up, unannounced, and try to withdraw a respectable amount. There have been reports of notice being required for as little as $3,000 to $5,000. That is to give the local branch office time to get delivery of a special request for cash.
Another point is that the banks with global operations could have their liquidity completely depleted by a few small countries. Thus, relatively stable countries could go broke, without their own bank runs, because of bank runs in other countries.
As a side note, another report indicates that lumber prices have TRIPLED or QUADRUPLED, in the past 2 months. Inflation is here. But, it ain’t nothing compared to what’s on the way.
Now would be a good time to implement your own austerity measures, in the extreme. Beat the rush and panic early. Become a minimalist, in every way. Focus on the essentials.
Learn to do for yourself. Grow your own food. Find a way to heat and cook with wood. Find a source of wood for the fire. Find easy access to water…
Then, there are other issues, related. There may come a day, soon, where Federal Reserve Notes will no longer be accepted as legal tender. It is possible that we could go straight to a cashless system where your FRNs must be surrendered for conversion to electronic credits.
It is more likely that there will be a transition of some sort, that could include no change in your FRNs, but will include another currency, valued differently, for use in international transactions. This may be referred to as a bifurcated currency system.
We are a failed citizenry. A failed citizen is subjugated.
A subject has no voice, no power and no property rights.
The only thing you own, is that which you can carry, and defend.
The only rights you have, are those you are willing to fight, kill and die for.
Do you have any reports, from your area?