Bank of America CEO Brian Moynihan on Monday said the firm is preparing for the U.S. to default on its debt after surpassing its borrowing limit last month.
Lawmakers are locked in talks about whether to lift the debt ceiling, with Republicans insisting on spending cuts before a deal to raise the limit is struck, and economists are warning of financial crisis if a default does occur.
https://thehill.com/policy/finance/3845901-bank-of-america-ceo-preparing-for-us-debt-default/amp/
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My Father in law went to the bank to get some cash out. He’s starting to feel a little worried about the economy after listening to my spouse and I.
Pulled into the drive up window and requested $5,000. They lady at the window told him he needed to come in and meet with the manager. He got the 5th degree. They asked him what he did for living and why he was taking so much out. He’s a big burly type of man who responded with “You didn’t ask me where my money came from when I put it in your bank, and you shouldn’t be asking me where it came from when I’m taking it out. “
In my opinion $5,000 is nothing. A $5,000 withdraw should not have triggered this. This was a Commerce Bank branch.
It's so cute when they do that. Imagine banks telling you and I that we need to see a manager in order to get OUT CASH out. It can all come out at any time, for any reason at all, and without a discussion involving a bank manager's feelings.
Lol. That bank would hate me!
An entire group of bank customers where I bank in Ohio had $483.75 and $500.75 removed from their bank accounts starting this past Saturday. The bank is blaming a skimmer and stating it is a big problem in NE Ohio. Now I am wondering if it is the bank itself.
Bail in enters the chat
Great response by your FIL.
I thought so too! It really shut them up. I mean they’re just people too. Maybe he woke them up a little?
That really should make people think. It's supposed to be "your" money, why does a bank care about how much you're taking out? It's all numbers on a computer, physically represented by worthless pieces of paper. There's basically nothing there. Barter and trade is worth more.
Couldn’t agree more!
Discover financial (bank and credit cards) also had a massive "outage" today for a couple hours. Me thinks some big financial bubble is about to burst (like a balloon over the Atlantic)
I think it’s started. Things are going to get bad. Really bad. Just do a YouTube search under financial crash and see what the economists are saying.
Yep. housing market too. Collapse is imminent
Truck and auto loans is a huge bubble, too...
Yep. It's gonna be a sh!tstorm
Bail-in if its a default. It’d be a credit crisis and a devaluation of our currency
I don’t think there is money for that.
Print more then
We're already in such a crisis. It's only deepening and worsening at this point. The inevitable end was coming no matter what.
It is. I would be removing any cash I had in the bank, but leave in those payments like mortgages, rent personal loans etc. Make sure you keep up to date and keep HARD COPIES of statements where the bank processes the payment as your evidence of payment.
more fear porn. both sides continue over many decades to play brinksmanship and then pass legislation that both sides claim is a victory.
More of the same here.
But there is no victory there - just kicking the can down the line.
Until the can cant be kicked - and that time is likely now. Maybe not - but the petro$ is fucked,
and without that the US ability to fund itself is fucked,
and without that the US is left ...where?
Fucked.
Unless there is some new hedge - how do you see the US coming out of this?
😂. You poor thing. You have what is called - Normalcy bias. Look it up.
this is standard risk analysis and planning from EVERY organization. Financial professionals can certify in risk management. Go look it up
FYI: A nephew in CA reports that he had $8000 go missing from his account at BofA a week or two ago -- HALF of the account balance. Doesn't appear to be an outside hack, I suspect it's part of a bail-in but no answers forthcoming from BofA yet that I've heard.
There is a video I saw and there were about 20 people waiting inside the bank and everyone had the same story. Large sums had been taken from their accounts.
https://youtu.be/M14nxwtyKzs
Create a problem - introduce the solution. It is the modus operandi.
Transactions missing - is a manufactured problem to introduce centralized banking blockchain . Blockchain exactly solves this - it keeps transaction history intact. At the same time moving to "another" currency would reboot the financial system BUT will keep control of it in Deep State. Integrate it with carbon footprint, and, voila, gg.
Was just chatting with a BofA employee the other day, and they said this was happening due to issues with Zelle connections. Zelle was incorrectly withdrawing funds. Not sure if relevant here -- just another data point.
Really these guys are just going to play the fear and make a killing in derivative assets. These people prey on the fear of the average day trading normie and take them to the cleaners.
There's a chart that shows the big banks being over leveraged in derivitives: JP Morgan Chase-61.17 TRILLION, Goldman Sachs-50.25 TRILLION, Citibank-46.23 TRILLION...on down for 30 other banks; "a trillion here and there adds up to QUADRILLIONS" no way to pay..
The only way to stay afloat is to keep the derivative train rolling!
If derivitives are anything like CDO's, there won't be floating to be seen..."dogshit wrapped in catshit" The Big Short...
My take on this is that the debt ceiling will be raised and that the treasury is going to print a shit ton of money... What does that mean? Faster inflation. Buckle up for things getting more expensive in a few months.
Which is run by who?
All centralized systems lead to corruption. We need a de-centralized system. Precious metals is the best solution and it has worked in the past.
Blockchain could be utilized in de-centralization, but existing cryptocurrencies do not work as money imho.
Bottom line: Money needs to be reliable, stable and convenient as a medium of exchange, a store of value and a unit of account.
One words. BRICS. Egypt joined the other day.
So should I max out lines of credit (take cash out) and just make minimum payments plus interest for a few months, and store the cash safely? I end up paying interest and then redeposit the cash if things are okay. But if things crash and banks go belly up, I have extra cash. I would still save it in case that line of credit is handed to a collections agency. What do you think?
It’s a good strategy but remember. History says that even in a crash, the mortgage bodies will want their payments. CC, personal loans etc. Going forward, you must keep HARD copies of ANY payments. Or put that money aside and don’t touch it if the banks go belly up if you cannot make payments due to internet issues, bank shopfronts closed, direct deposit BPAY etc. We’re in for a rough ride.
Thanks!
I'm poised with good credit and lots of "cards' going to buy gold if/when...
You should be buying silver now. And a couple maybe more ounces of gold.
I have 1 oz of placer gold.
Nice 😀. Can you get it out??
Its in a vial. I bought it from a mining company that sells pay dirt and gold. Their placer gold is guaranteed to be 21K and can be 23K and they typically sell a little under spot gold price. They don't charge a CC surcharge. Currently spot gold @ 1882.55 and mining co @ 1875.
JM Bullion for varied condition gold bars.
ACH / Check / Wire:$1,957.00(unit price $1,957.00)
Crypto:$1,977.39(unit price $1,977.39)
Card / PayPal:$2,038.54(unit price $2,038.54)
Can’t get much better than that!
https://www.reddit.com/r/Superstonk/comments/o4vzau/hyperinflation_is_coming_the_dollar_endgame_part/
This series of articles explain a lot what it is about. USD reserve status is becoming void.
Will it effect the EU and Turkey?
The crash will be worldwide. They are saying this is bigger than the Great Depression.
Old system of control is collapsing. This is the way for a new beginning of Golden age of humanity.
The New World Order is on its last legs. What is being ushered in is the FAIR World Order. Countries are sick and tired of being dictated too. They want their sovereignty back and want to trade with whom they want - not be dictated to by the EU or the US (petrodollar).
Im ready for it. I'm selling black herbal infused coffee without a license, using a little cart. No cream or sugar. Getting $5 for 16oz cup. Getting a lot of regulars.
We’ll need to be able to take up a cottage industry and trade skills will be sort after greatly. As a prepper a hint. Coffee will be in much demand, so put some aside, make sure you use an open market to sell - not at your home. There is a great book about someone who survived the collapse of Venezuela? if I can remember, been awhile, and alcohol, cigarettes, coffee and tea as well as meds, were highly sort after. But you need to be careful.
Better have a backup plan. In a real financial crisis, the number of idiots you can regularly fleece for $5 for a cup of black java will plunge sharply.
Did you miss the herb infused part?
Hedgies r fuuuuuuukkkkk