A lot of folks don't realize that the "money" they think they have in financial institutions isn't physically there ... it's just pixels on a screen and the actual money has all been loaned out. Try making any substantial cash withdrawal at your local bank, say 20k or more. Now imagine over half of depositors clamoring to pull out their cash. Bank runs and pandemonium would ensue.
A lot of folks don't realize that the "money" they think they have in financial institutions isn't physically there ... it's just pixels on a screen and the actual money has all been loaned out. Try making any substantial cash withdrawal at your local bank, say 20k or more. Now imagine over half of depositors clamoring to pull out their cash. Bank runs and pandemonium would ensue.
Alert! I wrote a check for cash a few months ago. The bank said that over a certain amount they are required to ask what I intend to use it for. The teller was embarrassed and provided me with a "potential use." I guess we have moved from "friendly banker" to "nosey banker."
They did that to me a few yrs ago when I pulled out 20k just to keep at home ... and I had to go to 2 different branches as neither had the 20k on hand. I told them it was "for a trip to Vegas to do hookers and blow"
That was installed a long time ago in the war on drugs. They have to insure that you're not withdrawing money to buy coke. Allowing fentanyl into the country via the southern border is altogether different, however.
I know about that limit. It was $10k in cash being Deposited into a bank. This check was not near $10k and I don't think they were inquiring as to whether I was off to buy drugs with cash coming Out of my account. (Are there really people that stupid that would tell a bank they are off to buy drugs? We might as well give up then!)
It's now much lower. $2000 was the 'recommended' limit about 10 years ago, but nervous banks, to cover their behinds, report just about everybody.
Please be careful. I had a friend years ago who bought and sold boats and trucks in cash; some crumb he nodded to at a party, hoping to avoid a probate violation, snitched to the cops that 'this guy over here' had loads of cash, and the next week he had DEA smashing the sheetrock with sledgehammers in his house, looking for loot. (They took all the boats and trucks, too.) Went to prison for four years because the DA, looking right at him, swept his account books and floppys into the trashcan and said, "there's your f***ing evidence," despite his secretary and CPA's affadavits. Asset confiscation has become the #1 source of funding for cash-strapped budgets, since blacks and probationers don't pay the endless fines, warrants, and fees the local judges lay on them.
You might want to think a bit more deeply about that one. Maybe a trip to Cuba might be enlightening. Or perhaps a study on current events regarding Wells Fargo.
I will add that there is still a "zero reserve" policy in place across the US banking system ... i.e. they don't need any reserves to cover all the outstanding loans they've made. Let that sink in.
AND another thing - "bail ins" are coming with the next banking crisis. What this means is instead of bailouts, where the govt steps in to provide emergency funding, the banks can now take the money they need from depositors. And you'll also be paying your bank to hold your money. And it's all legal, courtesy of our loving, caring banksters and government cronies.
I will give you something else to lose sleep over. The bullion banks, globally, where gold is bought and sold by large entities like countries, has allowed payment with US Treasuries. There is little accounting for how much of the worldтАЩs gold is actually paper. Credit has rotted even the bulwark of wealth.
My motto is "if you don't hold it, you don't own it". Glad I've built a modest little stack of bullion the past few years. Central banks around the world are loading up on gold. Wonder how much the U.S. has stored, and when the last time it was audited (??)
A lot of folks don't realize that the "money" they think they have in financial institutions isn't physically there ... it's just pixels on a screen and the actual money has all been loaned out. Try making any substantial cash withdrawal at your local bank, say 20k or more. Now imagine over half of depositors clamoring to pull out their cash. Bank runs and pandemonium would ensue.
Alert! I wrote a check for cash a few months ago. The bank said that over a certain amount they are required to ask what I intend to use it for. The teller was embarrassed and provided me with a "potential use." I guess we have moved from "friendly banker" to "nosey banker."
They did that to me a few yrs ago when I pulled out 20k just to keep at home ... and I had to go to 2 different branches as neither had the 20k on hand. I told them it was "for a trip to Vegas to do hookers and blow"
lol Good One!
+1 I like your style!
That was installed a long time ago in the war on drugs. They have to insure that you're not withdrawing money to buy coke. Allowing fentanyl into the country via the southern border is altogether different, however.
Typically the distributors are pursued, not the end users. Unless, perhaps I was being followed out of the bank...how boring for "them."
I know about that limit. It was $10k in cash being Deposited into a bank. This check was not near $10k and I don't think they were inquiring as to whether I was off to buy drugs with cash coming Out of my account. (Are there really people that stupid that would tell a bank they are off to buy drugs? We might as well give up then!)
It's now much lower. $2000 was the 'recommended' limit about 10 years ago, but nervous banks, to cover their behinds, report just about everybody.
Please be careful. I had a friend years ago who bought and sold boats and trucks in cash; some crumb he nodded to at a party, hoping to avoid a probate violation, snitched to the cops that 'this guy over here' had loads of cash, and the next week he had DEA smashing the sheetrock with sledgehammers in his house, looking for loot. (They took all the boats and trucks, too.) Went to prison for four years because the DA, looking right at him, swept his account books and floppys into the trashcan and said, "there's your f***ing evidence," despite his secretary and CPA's affadavits. Asset confiscation has become the #1 source of funding for cash-strapped budgets, since blacks and probationers don't pay the endless fines, warrants, and fees the local judges lay on them.
Jacinda, your adrenochrome dealer is calling.
You might want to think a bit more deeply about that one. Maybe a trip to Cuba might be enlightening. Or perhaps a study on current events regarding Wells Fargo.
I will add that there is still a "zero reserve" policy in place across the US banking system ... i.e. they don't need any reserves to cover all the outstanding loans they've made. Let that sink in.
AND another thing - "bail ins" are coming with the next banking crisis. What this means is instead of bailouts, where the govt steps in to provide emergency funding, the banks can now take the money they need from depositors. And you'll also be paying your bank to hold your money. And it's all legal, courtesy of our loving, caring banksters and government cronies.
Ghost
I will give you something else to lose sleep over. The bullion banks, globally, where gold is bought and sold by large entities like countries, has allowed payment with US Treasuries. There is little accounting for how much of the worldтАЩs gold is actually paper. Credit has rotted even the bulwark of wealth.
My motto is "if you don't hold it, you don't own it". Glad I've built a modest little stack of bullion the past few years. Central banks around the world are loading up on gold. Wonder how much the U.S. has stored, and when the last time it was audited (??)
Central banks loading up in gold? or US Treasuries? It will probably never be audited, the real story would collapse things.