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In Advance Of The Egyptian Bank Run...
According to Al Jazeera, the Egyptian Central Bank has just imposed a withdrawal limit of $10,000 on all banks in order to prevent a systemic bank run that will promptly wipe out what is left of the financial system. Look for this number to be cut to $100 in the first several minutes after banks reopen (whenever that actually happens). As for all that central bank currency "gold backing", somehow we have a feeling that Egypt's 75.6 tonnes in gold is about to be drastically adjusted. Also, it is not too late to reevaluate that long EGPT thesis.
More as we get it.
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buy financials, bitchez?
Coming soon to a bank near you...
$10,000 - if only
try going to your local branch of Citi and getting $10,000 - you'll be lucky if they don't contact DHS - scratch that - you can be assured that they will contact DHS and you still won't get the cash
Not without a quick call to IRS and DEA first.
I was about to add that along with bank security affixing a GPS tracker to your car
I think most would be in shock at how difficult it is to withdraw sums >$2,500 from your local bank - Back in Sept 08 I withdrew significant sums but it took numerous visits - and when the time came to dig it up in the backyard and redeposit it in Spring '09- it was a frigging inquisition - and it's much worse today.
Don't you just love the Patriot Act?
I have to give a detailed auto-biography just to open a bank account purportedly so that terrorist won't use bank accounts to finance terrorist plots.
And yet, millions of illegals go back and forth across the unguarded border which Al Queda could smuggle in plenty of cash to finance a terrorist plot.
bunker,
Thats nada dude,here if an illegal has a SS#(fake of course), they can(are INVITED) to open checking accounts, and get Debit Cards.........
My local Branch has changed in the last 6mos, there are 7 women there, ALL hispanic 6 of the 7 are HOT, only caucasoid is a male President.
As for a OT moment, he told me the only white hot chick working there was moving to another branch in Ft Worth, he said he had an add for a Teller running for 6 mos and NOT one appplicant.
Which he thought really strange, since the economy sucked.
I told him, well likely your PAY sucks(as do most low level Teller jobs), and they can make more off Obama Bucks, than work for you at $8.00 an hour.
Most here know, you MUST be careful on how you make withdrawals/deposits.
Any amounts (different), than your usual is a red flag.
Any amount of withdrawals up to 10k, in incremental stages,$2k a month, every other, $5k with a 30 day skip, are/can be construed as STACKING, and if the boyeeez decide to,your guilty of trying to beat the $10k rule.
Tellers, also are not your friend.If they notice an difference in your patterns of deposits, or withdrawals, they can call I-800-Shady Deal, and the boyeez, can check you out.
If you have no good reason, or business for this(after you prove (with receipts) where it came from, or went, your shit.
And the teller gets 25% off the top, for FINGERING you.
This goes for all these scenarios.
"Most here know, you MUST be careful on how you make withdrawals/deposits."
...Egyptians, Israelis, Syrians, Yemenites, all Europeans (including Swiss), Americans, even the billions and billions of Asians are all in process of realizing that Canada's four Western Provinces, led by it's Gateway City, Vancouver BC is the safest quadrant on this planet.
The four Western Provinces own a plethora of Natural Resources with only 12.5 million citizens...that's correct...only 12.5 million citizens.
After Armegedon...Western Canadians will be the only earthlings left standing...
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/01/why-vancouver-bc-is-worlds-safe-haven.html
Right now their looking good except their in the middle of the America Real Estae Debacle Part Deaux.
Only problem is, they have no military to speak of(the one they have has some damn fine shots), but alas, they are right next to America.
That will not bode well for Canada.Esp since the pussies there allow nearly no fireams.
No, we are allowed to own firearms - we just aren't allowed to use them (hunting and target practice is ok - but home defense is not allowed).
allow nearly no fireams.( Iknow that)
No home defense,who do you sue for a wrongful murder because of no RIGHT of self defense?
Vancouver has a massive housing bubble just waiting to get pricked - average debt:earnings is 9:1 for home-ownership.
http://www.greaterfool.ca/2011/01/30/underwater-in-canada/
@flacon
We noticed that YVR has been "overpriced" for more than a quarter of a century.
It might be unwise to hold your breath waiting for a "correction", which has never happened, as the land near the sea is limited in area and all the rest lies at 45 degrees from horizontal.
And would be ruled by the unorganized militias of Idaho and Montana if they felt like getting froggy with Western Canada.
12.5 million? If you want to keep that wealth you better arm up in a big way.
And yes, it does look like a really nice place to live ... except for that COLD part. :-)
It's just that Zed pronunciation we have trouble with:)
Yeah, and since there are really TWO Canada's, you have the opthers to contend with.
Also, a little tidbit for ya... California's population is more than all of Canada!
I also withdraw this way... each time I feel there is any possibility of a bank run, I go ahead and begin withdrawing $2k a pop... over the span of several weeks (in $20s and I make the bastards count it out).
The question is, why re-deposit it? Use it in your local community for meals, etc. If they want to report the sale, that's their business. Likewise, use the cash to purchase PMs and other matters... Cash is your friend anyway...
You'll only get nailed when you go to redeposit it... don't redeposit it. Aside from the fac that, all you have to do is show where you withdrew the money... not a very difficult task... of course, you'll likely end up sending them your bank transactions for a few years... so, make sure to only use an account that you want prying eyes to view... as it would look strange to redact every irrelevant transaction... no point in drawing any additional attention.
PS, another decent trick is to bring in your paycheck and deposit it, while at the same time withdrawing money (obviously in excess of your paycheck)... this way they get instant verification as to how you might have accumulated the money you are withdrawing... and drastically reduce the chances you get pegged for amounts less than $10k.
I also withdraw this way... each time I feel there is any possibility of a bank run, I go ahead and begin withdrawing $2k a pop... over the span of several weeks (in $20s and I make the bastards count it out).
Not smart my brother.
Re-Deposit an issue?, how so?.You have the recipt where you withdrew it. All you need.
Why? Who gives a shit? Withdrawals are viewed by a teller completely different than deposits... if you get close to the $10k mark, then just start cashing all your paychecks and deposit no more money... when your time is up, so as to avoid violating any deposit/withdrawal rules, either continue withdrawing or re-deposit... not that complicated... [hell, they always ask me if I want to cash the check, despite always depositing the entirety of every check... just say yes instead of no]
The trick is how to avoid getting pinched when you're dep/w/d less than 10k in a short span... the teller can snitch if you withdraw $100... you just have to look suspicious... the trick is figuring out how to not draw the teller's suspicions so as to enable you to w/d at or near any statutory amounts (without going over or otherwise violating the rules) without getting reported... In other words, although the statutory level is $10k, the practical level is significantly less, depending on your habits/appearance/etc. If you want to avoid unnecessary and unwarranted governmental intrusion, you'll have to plan ahead... planning, in and of itself, is not violative of anything.
I actually withdrew 11K without having to fill out a single document.
I said I needed to withdraw 11k for a house closing. For that you do NOT need to fill out a form. When they asked who to make out the check to, I had it made out to me and told the teller thats what they told me to do.
She said ok and did it.
They were kind and filled it out for you. ANYTHING over $10,000 is reported.
Now I probably cant fly anywhere.
You did not WITHDRAW cash, if you had, you would have signed a paper.
I simply wire money from one CU to another. It posts same day within hours off the fed wire. No issues. 50K? No problem. Spending, moving that 50K to pay off debt or whatever? no problem.
I just go about my banking and not worry about the limits. I use one bank strictly for cashing payroll. Nothing else. Very regular pattern there.
One time my old FDIC bank could not scrape together 900 dollars on a friday afternoon without calling the Courier to come up from the Little Rock Reserve with the cash. I said forget it, we will get it next week. The following week we wired all that money to a CU and close the FDIC bank account forever.
Perhaps they are talking about wire transfers / electronic debit / etc...
Have you actually done this, or are you merely speculating? I think you're wrong. I routinely withdraw cash amounts close to this from my local Chase Bank branch [I live in a foreign country and exchange dollars for the local currency in order to pay my living expenses] and I've never encountered the slightest problem, even back in 2008 when it was Washington Mutual. In my experience, it's simply a myth that you cannot get $10K in cash from your bank. And, for the record, I hate the banks in general and don't care much for Chase at all, but they've always given me my money.
you can definitely get more than $10K in cash as long as you are fine with your name being submitted into a patriot act database and the government snooping in your life. That is exactly how they nailed Eliot Spitzer.
I thought Spitzer paid for his hookers with a credit card.
Yep, made a cash purchase at my dealer for over $14k, had no issue getting the cash(banked here 20yrs), but when I went to pick up my items I had to fill out an 8300.
I absolutely have experienced and continue to experience this - maybe it's the bag over my head (avatar) that puts them off - It's gotten so bad that my wife sends me if we want to move $$ from one bank to another (we're too cheap to pay the wire transfer fees) and I get the inquisition from the bank that gives me the cash and from the one that gets it e.g. $5,000 that is if I can get the $5k
I haven't tried nearly $10k, but two local banks at which I have accounts give me odd looks if I ask for more than $1500 or so, and anything over $500 usually requires the teller to go get cash from another teller or "the vault" (which resembles a closet from what I can see). This is at local branches where they know me. I would not be surprised if asking for $10k at a branch of a major bank would get a suspicious activity report filed and perhaps even more, along with being told to come back in a day or two after they've obtained the cash.
Any withdrawal, or Deposit of $10k cash, will get you paper worked.
Yes, I know. I could lecture anyone here on the Bank Secrecy Act and the related FINCEN fun, but I doubt anyone is interested.
You know if QE/inflation keeps up, taking out enough money for lunch is going to end up a dicey proposition...
Same thing here Max... I usually only go to a smaller branch and $2k is about the sweet spot for them getting miffed. Anything over say ~$500 seems to also require them to go to the vault... which also resembles a closet. Go at a time when no one is in there... and chat it up with the teller. Also helps to be showered and shaved and wearing something appropriate for actually having money. They can report you for looking funny, it's not just $10k... although that will trigger mandatory reporting.
Seems laughable that I can write a check for $10k for a car, but can't pull out $10k in cash to give to the dealer without arousing suspicion... completely ridiculous.
Seems laughable that I can write a check for $10k for a car, but can't pull out $10k in cash to give to the dealer without arousing suspicion... completely ridiculous.
Its called a PAPER TRAIL.
That makes no sense. If the burden is on me in tax court to prove that I obtained the funds on the up and up, then there is no reason to require me to keep a paper trail... In short, this is called more governmental dependents, bureaucracy, and stagnant business growth.
[I live in a foreign country and exchange dollars for the local currency in order to pay my living expenses] and I've never encountered the slightest problem, even back in 2008 when it was Washington Mutual. In my experience,
Bingo
Not sure what your point is. Perhaps I should have been more clear: I live in a foreign country, but I withdraw cash at a Chase Bank in the United States. I then physically carry the cash across the border and exchange it there for the local currency. I do this about once every month or two, and have never had the slightest problem getting cash from my bank in the U.S. (and that is just a small branch in supermarket).
My point was the way your wrote your post, made it seem you lived outside the US, and Banked with Chase in your foreign home, meaning US laws do not apply out of CONUS.
As far as getting cash out of a bank, you have it IN there, you can go down and find out what DAY they order cash, tell them you want a $100k, and you will get your cash.
But,the Crux of this matter is YOU will have to fill out paperwork.
Its your money, so they have no option to keep it from you.
Just make sure they know you are coming for it in advance.
I pulled $14K from my citi account one day (I like cash). They looked at me kinda strange. I looked at them like "its my money, so give it to me".
No questions were asked though there was some gov't invasion of my privacy form they needed to complete since the amount was greater than 10K.
With ZIRP, there is no reason to keep money in the bank. Stuff your mattreses or buy silver.
It becomes more difficult to withdraw money from your bank, especially when the SHTF.
That's not true, I withdrew 10,000, twice from JPM and didn't have a problem.
why bother with cash?? just do an online order of PMs and drain your account that way
Paper trail.
Buy pitchforks.
Oh....and bullets.
Any return to a gold standard would have to be preceded by a dramatic upward adjustment in the currency to gold ratio. In the case of the US, that would probably mean a dollar-gold price of about $27,300 per ounce.
Read about that here, and in related posts before and after:
http://strikelawyer.wordpress.com/2011/01/16/28th-amendment-section-3/
http://strikelawyer.wordpress.com/2011/01/20/28th-amendment-some-final-t...
Newsflash, do you actually think for one second, this pile of criminals is going to let you exchange your gld for new currency, and give you that price for it?.
You will be taxed to death, or imprisoned.
Dont you know only Wall St , and all the Big Banstas can make huge profits, and get by with it?.
You worked for it, took the risk, and STILL will get FRANKED.
This is why FABER said he would not hold gold in the USA.
Most banks require 24-48 hr notice for more than 10k now. This year those of us not fully converted into physical PMs are going to have to do some chin scratching about what to do with those FRNs when TSHTF. Im thinking Charlie Sheen has the right idea.
just buy PMs via online or your local dealer - screw taking the physical cash
Have to WIRE or pay with a CC, and they charge MORE premiums.
Not really... just get a check cut from your employer and cash it every pay period... you also need to pull out amounts smaller than $10k at every possible chance without breaking the "spirit" of the reporting rules... whatever the hell that is...
"Im thinking Charlie Sheen has the right idea."
Do you mean put it up your nose?
Get gold teeth?
What?
wire transfer?
i've had no trouble with wire transfers in excess of $10k. they were a bit annoyed(?) with my taking $1000 a week out, but they seem to be use to it now.
Only way to fly unless you are real paraNoid.
Or, want special coins..........(why I do not know),these dealers that push confiscation claptrap, and numismatics, are just out to screw you.
Unless you truly are a collector,and really know your chit.
THIS IS GETTING GOOD! Can someone say what the HELL?!
Downward Mobility: I saw figures on CNBS yesterday stating 76% of all 2010 jobs created in the US were $15/hr or less, and only 1,000 net positive jobs created in the $26-32/hr range.
The government can fix that - just raise the minimum wage to $32 per hour.
See? It's so easy a caveman can do it. Hell, I'd love to see them raise minimum wage some more, how about $100/hr or why not just make us all rich and have minimum wage at $10,000/hr! /sarcasm
They have to pay for all those banker bonuses and record profits somehow, don't they?
Lloyds bank in Threadneedle St London, not a small branch & almost next door to the BOE did not even have £600 on the premesis last Friday lunchtime!
3/4 of the BNP Paris Bas bank ATM's are closed because they are empty.
It's been so for weeks now.
And nobody seems to say anything about it...
Whereabouts is this?
Vive la France!
These days most banks in the UK do not keep much cash on-hand it is not good use of money to have large amounts lying around just in case somebody wants some cash (the banks have programs to minimise this also cash in ATM machines - it's called idle cash management:-).
The majority of people have credit and debit cards which can be used in nearly all shops and carry out most banking via the internet only going into a bank when paying in a cheque. Many shops offer "cash back" when paying by debit card so easy to obtain up to 50 when shopping. I have withdrawn large sums by giving a day's notice.
While I haven't tried to withdraw £1000+ from Lloyds on Leadenhall Street they usually appear to have rather full drawers. Its across the street from Lloyds of London.
$10,000 is a little high when the average worker only makes $2 day.
Doubful that 99.9% of the Egyptian population has more than $200 in their bank account.
I was thinking the same thing. Wouldn't that be like having a $100K limit on withdrawals in the U. S.? Where's the beef?
That would explain the email I just got from Mr. STEVE MBEKI MULETE
the outflows, from Egypt to the western world
http://www.reuters.com/article/2011/02/02/arab-wealth-survey-idUSLDE7110UR20110202
Retailers are going vertical. I guess the snowstorm is "less bad" and the Egyptian bank runs will have no impact whatsoever on the U.S. Consumer.
I told your Mom,
Did you really need to?
Waiting for XRT to hit 50 before shorting again.
Tyler, interesting theory about Egypt's gold...you are implying they will lease some??? Interesting...so this chaos will have Nations leasing gold at an even greater tempo. Bernake will be happy everyone is following his lead.
Russia is pushing a return to Soviet "spy on your neighbor" policies. Nothing like good old fashioned fear to break the back of social revolt.
You mean just like here huh.
I've regularly withdrawn £1000-2000 cash at Barclays on Fenchurch Street in London with no notice. Am usually asked "In 50's or 20's?"
They were shocked when I asked for 10's once.
Oh yea? what days and times?
It wasn't on any particular day of the week, any really.
As for times, I would always go in after 12:30pm.
Admittedly when I asked for 10's, it was only for £1000.
Dollar
Flight to "safety"?
http://99ercharts.blogspot.com/2011/02/dollar_03.html
http://www.zerohedge.com/forum/99er-charts-0
The real tragedy is all those camels that are going to go hungry.
They will be eaten before then.
!...sure, there has to be a few tasty bits on those.
OT:
At least Canada recognises the value of silver. Look at the new coin at the link.
Canada like China may begin to suggest people buy something real before hyperinflation.
http://www.mint.ca/store/coin/20-fine-silver-commemorative-coin-2011-prod1040001?pCatId=cat410002
Good deal for the Canadian mint:
7.96 g = 0.255919 oz(troy)
You're paying $80 per oz for silver. But the upside is the face value of $20 Canadian.
That could be a deal if you think silver is doomed!
Only 200,000 being minted. Get 'em while they're hot.
actually it is more of a casual hedge for TEOTWAWKI
you mineaswell change your $20 bills to these since they wont go down in value if silver crashes but if everything tanks people would take these instead of $20 bills for sure.. just not that smart since another $10 gets you a pure ounce.. so it is what it is, a safe hedge but no balls
neat but its only 8 grams and is still fiat
For those talking about the $10k limit on withdraws, check out this:
http://en.wikipedia.org/wiki/Currency_transaction_report
Riding over People is also a favorite Mubarack game !
http://www.youtube.com/watch?v=1lrUhs7GR6A&feature=player_embedded
That's pretty jacked up.
It's difficult to quantify "degree of violence" when discussing the Egyptian insurrection, however I would suspect that any potential restraint on the part of the Egyptian citizens will quickly vaporize once they are denied their money.
Media blackout is a powerful tool.
any bank withdrawal limit will bring the middle-class back out (what there are of them). the poor youngsters/looters will have to yell a bit louder over the bloodcurdling screams of the pissed off middle class merchants.
try it here and see what happens.
Why don't they just call to European overlords? With the monster CDO european taxpayers who still are on the paying side of the bail-out equation are more than happy to give a handout.
LOL! People actually think the money in their bank belongs to them. How quaint!
mubarak's son worth $17 billion. makes me sick to mt stomach. thats our money.
http://nakedempire.wordpress.com/
http://www.cibeg.com/en/Pages/default.aspx
but but but....the CEO was on the hoot yesterday telling Burnett/CNBC trolls that all is well..EB hightailed it out of Cairo to Saudi to continue laud the amazing dialogue ongoing..E/Burnett - who apprently learned the lessons of the sell side a little too well - is living proof that investment bankers may be one notch above "jounalists."
Google: "Established in 1975 as a joint venture between the National Bank of Egypt and the Chase Manhattan Bank under its original name "Chase National Bank of ..."......
Revolution is never easy.. US will pay to heat that Mcmansion, Drive that Humvee but the Middle East will be free!, decades of failed US foreign and domestic policy coming home to roost.
Look at the conditions in the Sq in Cairo it looks like the middle ages.. do you think people will live like that forever w/out Revolt?
Cash a Bank of America cashier check:
Cash a Coin on Alder Street:
Half the time.
FRN game coupons are for transactions only. Coin is way safer than electrons. The convertibility of coins to cash is far easier than a bank's own cashiers check. More people should know.
Electrons are good for bill paying, not so good for savings. Electrons = surveilllance.
The banks are a joke. They act like the TSA.
Exit the financial system.
a politically incorrect perspective on the middle east that will never make mainstream press: http://www.jewishjournal.com/david_suissa/article/live_in_the_hood_israe...
Guess Who?
Patton Boggs has been active in Egypt for 20 years. We have advised the Egyptian military, the Egyptian Economic Development Agency, and have handled arbitrations and litigation on the government's behalf in Europe and the U.S. Our attorneys also represent some of the leading Egyptian commercial families and their companies, and we have been involved in oil and gas and telecommunications infrastructure projects on their behalf. One of our partners also served as the Chairman of the U.S.-Egyptian Chamber of Commerce, promoting foreign direct investment into targeted sectors of the Egyptian economy. We have also handled negotiation of offset agreements and managed contractor disputes in military sales agreements arising under the U.S. Foreign Military Sales Act.
Frank Wisner, the retired American diplomat who met with Hosni Mubarak on behalf of the administration this week.
http://thelede.blogs.nytimes.com/2011/02/03/latest-updates-on-day-10-of-...
http://www.marketwatch.com/story/egypt-transition-must-start-now-europea...
France, Germany, U.K., Italy and Spain demand that Egyptian transition "must start now."
The genocidal colonialist powers have once again carved the map of Egypt just like in olden times. Egypt must flick them off. Mubarack can drive a silver stake through the Euro and finish it off. That's why they want him out. That's why they are trying to have the red shield puppet placed in Egypt.
UN lackey: CHECK.
Nobel prize recipient: CHECK
Perfect credentials for a puppet!