Loading ...Banks in UK running out of cash
From contact in the UK: Two ATM machines at different banks … NO CASH available for withdrawal.
Went to bank teller after 45 minutes wait to withdraw balance of 3000 pounds. Told to come back in 3 days.
The banks are highly leveraged and the fractional reserve system is going to be their downfall.
If you have cash in the bank … spend it on tangible assets, or withdraw it, and keep it in a safe place.
We are likely heading into a banking liquidity crisis and insolvency crisis this year.
Banks are closing branches everywhere too.
“its not what they say. its what they do” that is the truth.
We are all so dependent on these institutions, even via share brokerage accounts. To cash out of shares you have to use your bank and the question is: Will they allow you to access your funds in a liquidity crisis? We only need one bank in the West to go under, and then the run will start.
US citizens holding some cash(currency) should diversify and hold different denomination of fed reserve notes and also coinage Treasury currency. IMO it is quite possible they could differ in purchasing power. I have long used half dollar coins(Kennedy) at yard sales and farmers market for greater purchasing power
For years US bank branches have often had limited cash. Could be more extreme now – don’t know. Have been having branch closures because of mergers for a while as well as now using the dreaded Covid as an excuse. (Also so much more “convenient” to bank electronically and to use an ATM than to have to go into a branch.)
Allow me a perverse thought that I have entertained for 2 decades or more but I suppose is so obvious now that I will no longer keep to myself: that cash transactions are made illegal with public health justifications. I thought I were going to pull this trick maybe with the anthrax stuff after 9-11. Who wants dirty money, anyway if you can own nothing and be happy after all?
Thus you take your (now by definition illicit) cash at a discount the dead of night, moon behind the clouds, wigs and false mustaches, armed look-out as you step out of your stolen car, false plates, to walk into the convenience store for milk.
https://www.thetimes.co.uk/article/bitcoin-holders-barred-from-depositing-profits-in-uk-banks-pgswbfrdz
In Canada we were limited to 1% withdraw limit on mutual funds and the sort in 2008 crisis. With banks disappearing and digital crap, where do you go with the pitchfork rebellion. Communists don’t care about banks so they will let them fail. Rural farmland for survival looks like the best gig. Never thought I would start behaving like an Armageddon Prepper. wtf
I do not have cash in the bank despite living in Switzerland !!
I do know that we will have a global liquidity crisis.
However, I have focused on a possible solution. I was shocked when a Ripple executive spoke of Ripple as a “lender of last resort” ! How can a 10 billion Fintech company make such outrageous statements ?? Then I saw its CEO meet with the IMF, the Swiss Central Bank and several other Central Bankers.
I guess they know what’s coming and have been working on the solution for several years now:
https://ripple.com/ripplenet/on-demand-liquidity/
Please don’t tell me Ripple has been sued by the SEC and all that bullshit. All the world is a stage. They are ready now and need to make a case in order to haste regulations. 2021 will bring big surprises !!!
I started to write that as an alternative to your kind of Ripple, perhaps bottles and cases of Ripple Wine might be fungible. However I looked it up and it does not exist any more apparently — unless someone has Ripple aging in the wine caverns.
This SEC thing is all theatre … to what end?
The case has been filed in the Southern District of New York, where the Judges are on the payroll of the banksters.
Are the banksters using the SEC to get control of Ripple?
No, Spock. They are using the SEC to put it in the open and to force Government to haste regulations.
Why wait 7 years to file this claim, against a company that has worked with regulators, willing to comply ?
Why do this 2 days before Christmas, when Bitcoin (and XRP) are exploding in value and then, 2 days after, resigning from office ??
Everybody is focused on Bitcoin. However Bitcoin is a distraction. XRP is the one !
They are ready to flip the switch. Watch it happen !!
Those who make fun out of Ripple (you can go on – I am used to it) will stop laughing !