While we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com, it does bring up an interesting point regarding how banks may be conserving "petty cash." Of course, if this perspective is true, it validates concerns about bank capitalization, and explains the reason why the FDIC recently expanded insurance on checking accounts from $250,000 to infinity in an attempt to get Americans to put their money in their friendly neighborhood bank. Of course, that this contradicts everything that the Fed Chairman is trying to do by getting Americans to spend (or buy Netflix at a 1,000 P/E) instead of putting the money in the bank, is precisely the reason why Sheila Bair's relationship with Geithner and Bernanke is, shall we say, tenuous.
"George, I work with a business partner in the [region redacted] . We have combined between us 180 ATM machines that we service, Cash Load. In order to do this we NEED to order the money, 20's only from several banks on a weekly basis. This is a considerable amount weekly, 380k plus. Here is the interesting piece that is developing: In the past several weeks 4 of the MAJOR banks have informed us that they can no longer provide us with the cash for our business. Now the problem is that it is OUR money we are taking out!
So speaking with bank "personnel" on the side my question was this, what is going on? how come we cannot take OUR money out? Answer: "they" are not authorized to hold, carry or have on hand anymore more than a certain amount of cash on hand! The amount we are getting, even though it is out of our account, they cannot order or have on hand that amount of cash at any time now. I am not talking small banks...large banks [large money center bank in America name redacted] etc...!
We can see our ability to keep these machines with available cash is becoming more and more difficult. This has taken place just in the past few weeks. By the way, these banks were willing to lose our full business due to this issue. Trying to work with smaller banks now...we will see how long!"
I would love to see a ATM holiday. Just the thought of it gives me doomer wood
ReplyDelete11:32 - How about I take that wood and smack you up side the head?
ReplyDelete11:32am has a point...Been semi-prepping for so long that I actually welcome it in a way...Maybe then people will wake up...Plus I'm not getting any younger...Rather deal with this now then when I'm in my late 40's or 50's.
ReplyDeleteI read about this on ZeroHedge. It seems, more than anything else, that the ATMs that compete with those of the big banks are getting slammed. It is sheer monopolistic action; once the competition is out of business, the TBTF banks will own nearly all of the ATMs. However, the fees are limited there...so they'll have limited cash available there, and then force you to go to the teller or drive-in to get cash for a(n unregulated) fee.
ReplyDeleteHere in the united states of alciada we are bankrupt, they are waiting to steal everyones money and take their pension funds, it is coming and soon.
ReplyDeletei listen to black eye pea song, father father from above. sometimes i get teery eyes from song cause it make me realize what we become. People times get hard and we need thank each other for what we have. thanks neigbors, thank wife, thank children, thank senaters, thank God for all we have togeher. If day comes when we no longer be living here we at most can say we were happy. When people are rage fill they rob others. if you see it come to stealing money from bank machines we reconize that banks are a thing people want. Stop violent crime but do things like throw ice at rich mans car. They have the money to save people and they dont. So when you see there limos and lambrigines throw rocks at them.
ReplyDelete- Sam
You can not tell if this is a rumor, a hoax or a fact. The internet is full of all of these and there is no way to know. However, when the ATM's actually do go empty THEN this will be significant. Until then it is another wild ass claim by persons unknown. But make no mistake the day the ATM's quit working I'm going to my favorite discount supermarket and buying a years supply of food to augment my current storage. I have the cash but I will try to use my credit card or checkbook. My list is printed and it is enough to fill my van. I estimate my wife and I can using seperate shopping carts fill the list will three trips each. That's 6 overflowing shopping carts (and the discount big box stores have big carts.
ReplyDelete"But make no mistake the day the ATM's quit working I'm going to my favorite discount supermarket and buying a years supply of food"
ReplyDeleteWhy gamble for when the day comes.
Load up now and rotate your supply as necessary.
Also, with the price of food moving up fast you offset inflated prices.
I wish you all good luck
Oh and also
SILVER BITCHEZ
Sam, thank you for NOT writing your post in capital letters. It is so much easier to read! Also, your spelling seems to be getting better. Keep up the good work!
ReplyDeleteget rid of the "indy" atm's, easier to enforce the $500 weekly limit of cash withdrawls
ReplyDeleteBy means of financial wizardry and other acounting tricks to facilitate fractional reserve banking in the Great Ponzi economy ,ATM money stock is counted as bank vault 'reserves"
ReplyDeleteHere it is everyone, are you ready? Bank Holiday November 11 thursday, banks are closed for veterans day anyways, they stay closed throughout the weekend, 4 days to finish off the system, while everyone is having a day off for our veterans, tptb are shitting all over the banking system, when it opens up monday, dollar is worth less than ever, and they get ready to install a new system. Obama is convenientely out of the country, so are most of the top ceo's in the country, END OF STORY!!!!!!!
ReplyDeleteIn event of a financial meltdown and collapse of the money supply from the Ben at the FED, the rich who own all the money ,and if social security payments cannot be converted into cash at an ATM .Sam aparently advises us above to keep calm and remenber to thank the politicans ,the bankers etc.for trying so hard to give us money to get the economy and jobs going .
ReplyDeleteIf the rich the bankers and the Fed say no more money is available from the ATM if there is no money for bread people can eat cake and not steal.
Just throw ice at the cars of the filthy rich .
Throwing ice at their cars should cool down any financial meltdown and lossen the purse and heart strings of the rich and it will all work out in the end as more money can easily be printed in America.
True ,in some countries it is traditional protest to throw rotten eggs at lying polititians as protest, but Sam with his talk about stones and ice is beginning to forget about his peaceful non violence american Christian conditioning.
I love sam so much, he is indicative of the mindset of at least 70% of the population, that is how you know this country is over. Soon you will be begging in the streets just to eat. In Vegas you see it everywhere already, just wait til they close the banks. That is coming very soon, the other day they gave a taste to many with the atm problems and b of a and citi bank failures.
ReplyDeleteChina's banking system a ticking timebomb? Am I the only person to notice that article was written in 2004 and the 'bomb' was due to explode in 2006?
ReplyDeleteSounds to me like the banks dont want to get stuck in the water with all those worthless dollars if a sudden devaluatation occurs or even hyperinflation. If this is true, then just maybe they are diversifying more of their funds elsewhere (ie other currencies, precious metals, stocks, bonds, etc.).
ReplyDelete"And it rained whores for 97 days." -Jilosophous
ReplyDeleteYes 5:37...Im glad to see that Im not the only one that noticed the date on this. OLD NEWS that didnt come to fruition just as all these other rumors.
ReplyDeletewhat the bankers fear is a bank run for cash withdrawals.
ReplyDeleteBanks do not just lend out deposits but lend multiples of any dollar deposited with them . They create this extra free money to lend out at interest out "of fresh air".
Thus they may lend "your" deposited dollar out ,say ten times and collect interest/usury payments for loans X ten times!
An introduction To how modern banking works see.
http://en.wikipedia.org/wiki/Fractional-reserve_banking
Fractional-reserve banking is the banking practice in which only a fraction of a bank's demand deposits are kept as reserves (cash and other highly liquid assets) available for withdrawal. [1][2][3] [4] The bank lends out some or most of the deposited funds, while still allowing all deposits to be withdrawn upon demand. Fractional reserve banking necessarily occurs when banks lend out funds received from deposit accounts, and is practiced by all modern commercial banks.
The practice of fractional reserve banking expands the money supply (cash and demand deposits) beyond what it would otherwise be. Due to the prevalence of fractional reserve banking, the broad money supply of most countries is a multiple larger than the amount of base money created by the country's central bank. That multiple (called the money multiplier) is determined by the reserve requirement or other financial ratio requirements imposed by financial regulators, and by the excess reserves kept by commercial banks.
laws for managing the fractional reserve banking fraud , require the banks to keep a small proportion of their capital in reserve to protect against bank runs .
Some Euro-peon (Anarchists) have set a date for organising a peoples bank run on December 7 to crash some banks into insolvancy (Pearl harbor day)
They believe that if this is not done the TBTF banks will be sucking on the bailout tit forever or untill they eventualy crash anyway as they must destroying the whole economy in the process.
Some Patriotic americans are starting to support this call for organising bank runs .
Bank -of- America -Fraud is particularly seen to be vulnerable.
These are part of the bankster crew that robbed the US Treasury for bailout and bonus money .
Thus if the euro- peon idea is taken up banks and ATMs could face bank runs , massive cash withdawals on December 7 if they have not already gone belly up before that date.
Remember "Loose mouths can sink ships" so spread the word to sink the stinking criminal ship BOA on decenber 7
Sidenote:
December 7 is known as a "day of infamy" to Americans.
While some of those who have studied their history and the historical record now beleive the case is now proven that some in the government and military already knew of the coming attack down to its hour and like on 9/11 thought it was "good politics" to allow the surprise attack to proceed as an oportunity to take america into the war .
Truly a day of Elite infamy.
see for example "mother of all conspiracies "prior to 9/11
http://whatreallyhappened.com/WRHARTICLES/pearl/www.geocities.com/Pentagon/6315/pearl.html?q=pearl/www.geocities.com/Pentagon/6315/pearl.html