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Is An ATM Cash Shortage Coming?
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 naighborhood 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.
From Steve Quayle (who may or may not have properly attributed the original article on Urban Survival).
"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!"
h/t Kyle
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Mandy looks quite swell this morning
spot on...
this is inflationary. money leaving the banks and entering the markets.
and to all you who are junking mandy, fuck you...don't you recognize a good thing when you see it?
Just because she is hot does not make her right. For a great example, we have the Hollywood crowd.
never said she was "right"...only hot.
you trying to kill our last export business?
LOL! Don't take away our infotainment booby babes!
With Christmas around the corner.....
This may just be the signal I was looking for. I have calculated that the big 12 bank's burn rate should put them in full blown liquidity crisis by the end of December. That being said, I've already closed out all accounts except for one small one to pay the bills in advance of a bank run. FIDC insurance or not, this is something of another animal.
Don't worry.
More BennieBux on the way shortly.
that does it...
I'm chartering the 1st Official Bank of Sealy
will you currency be backed by box springs? ;-)
you don't wanna know....
Proprietary ATMs, bitchez
So by suggesting that banks are limiting cash to non-bank ATM competitors in favor of the banks' proprietary machines I get junked? LOL!
There was not enough hyperbole for the ZH crowd. You should have said "the mega banks are trying to push proprietary ATMs before the death spiral into the abyss of despare and nothingness".
Yeah. I bet the banks love having some asshole come up once a week asking for $400k a week in 20s, only so he can make most the transaction fee. Fuck that guy, put him out of business and push propietary ATMs so you can make both sides of the transaction fee.
Most likely you got junked for the bitchez line. The second comment was junked because you were concerned about being junked.
And you got junked? Here's my theory, this is the Fractional Junking System (FJS) where the first guy gets to get junked 4 times, then the second guy gets 2**-1 times, and so on. Had an idiot who tried to explain Taylor series in Econ many moons ago, couldn't figure it out enough to explain.
So as of 1745 EST, you have one junk. I'm guessing ... nah
- Ned
Well, i suppose as long as you go to an actual teller to withdraw your money instead, then this point is moot.
Or drive-thrus. Just remember to leave that motor running, you dont wanna save gas or anything crazy like that!
If the bank locations do not have enough paper cash to give to the ATM's then how will the teller have enough for everyone not going to the ATM anymore?
I would guess this has to do with the crackdown on ATM fees the government did, instead banks will now force you to come in and charge you a teller fee which is not regulated.
The banks only give a 'decent enough' amount (as determined by their internals) to the different ATMs around town. They of course have more $ in vaults and centrally located branches.
How about we print our own dollars, like metered postage stamps? Sure would be more convenient.
I bet they are having the same problem with the ATM machine in Dubai that dispenses gold bars...
If true, it should get interesting quickly.
Fed & banks usually have additional cash available in December.
Some of my employees reprted to me last week that PULSE system ATMs in Houston were shut down at least twice in the last week.
$1401 AU, too.
With the Dx up, too.
Silver $27.35
At one point today it was up almost a dollar from opening, that's just insane, wish I had bought a lot more at $11.
If true...
It looks like just a rumor to me. I don't see this as a problem to be concerned about unless our foreign creditors shut us off. At that point we enter the "Argentina scenario". But even when that happens I still expect the government to go after the "low-hanging fruit" first - 401k's and IRS's.
I like your targeting of the low hanging fruit: IRS's. ;-) Let's really go after them!
But the 401k/403b (nah, they won't be included)/457s(don't know)--let's see.
That old qwm Teresa Ghilarducci:
cf. http://www.nd.edu/~tghilard/
Who be guaranteeing what?
Thank the gods that Waxman won't be able to schedule this qwm (in an affirmative manner, so to speak) in the new house regime.
I work with some Argentines who are extraordinarily competent, underpaid on a world scale, and mighty pi.. ...er... excited about exactly this proposal in action.
- Ned
Stand in line for food stamps... debt bitchez!
I simply do not believe this story. I suspect the real issue - if there is any kernel of truth here - is either (a) the bank's funds-availability policy; and/or (b) the ATM company's credit line.
Why would there be a "cash shortage" when the banks hold billions in reserves, and anyway the Fed can just print up more on demand?
All those 'billions in reserve' obviously dont actually exist. ust decimal point shifting on a screen. Bitchez.
exactly. this is more unsubstantiated rumors from the doom gloomers wanting to poo poo on the good times because they picked the wrong side of a trade. same sky is falling bs heard whole life. get over it
Good times?
You must live in D.C.
Yes but he's on vacation with the family in India at the moment.
Good times?
Where?
Hey I'm relatively new to this only been following economics and finance since Lehman and the dark days but last year I believed all this doom now I feel duped for believing. The sky doesnt seem to be falling and unlike most ZH i really want things to be better. I feel some here are so political they want a collpase cause of their Obama hatred which isnt a racist hatred as some say but more an ideological one. Anyhoo, have the bears been preaching doom for eternity? Can you give me some examples of hearing it your whol life. BTW, 39 junks. Wow this site has become too polotical and close-minded. Everyone loves CD on this site, as do I, but he preaches open-mindeness and wish people took his advice.
The world's economy is big. Like, really gigantically humongous.
Like an ocean liner that takes 20 miles to make a U turn, the world economy does not turn on a dime. It can take years for the inevitable to finally happen especially if everyone is playing lie and deny, extend and pretend.
In any halfway sensible system the whole mess would have been cleaned up years ago. Hundreds of bankers would be in prison, dozens of banks would have gone through bankruptcy and the world would be back on the upward trail with the mortgage mess behind us.
It is really astonishing that they have managed to cover up with a big smile, in spite of the millions on food stamps, living in shanty towns and homeless shelters, or still in a house they have not made a payment on in 2 years.
This does not mean the world is not in trouble. We are watching a slow motion economic Tsunami, a Hurrican Katrina that will take years to play out. The levees busted in 2007 but the government still hasn't taken action and is still playing lie and deny, extend and pretend.
Obama will still be reading off the teleprompter with a shit eating grin, even though the muddy water is up to his ears and a dead body floats by every 2 seconds.
Why would there be a "cash shortage" when the banks hold billions in reserves, and anyway the Fed can just print up more on demand?
Because there AREN'T BILLIONS of PRINTED FRNs, just digital ones.
Read my post below and the link. The banks and ATMs have VERY LITTLE physical cash on hand.
Exactly, it's all electric money.
And how counter-intuitive/counter-ZH is this? This theme goes to: paper FRNs are in scarce supply. We must bid up their value in Corn, AU, Pb, ...
wow.
- Ned
That's the problem ... they have to physically print mountains of paper. Since late 2007 Fed base money has increased from $800B to well over $2T and with QE2 is about to head for $3T. What this means is that the FED is committing to print actual physical FRNotes up to this amount to satisfy demand. After all the promise of the FED is to exchange actual FRN for your digital USD that you THINK you have in your bank accounts. So if they want to avoid a real run on the banks they had better start printing and fast. There may come a time when actual physical notes are worth more than the digital cash that you have in your bank accounts and can only spend by using a debit card. Merchants will offer a discount for actual physical notes as they will become scarce. So hoard some dollar bills to make necessary future purchases and hoard gold for longer term savings.
Remember also that notes are made of 75% cotton and think of how expensive cotton is getting...
You are absolutely right Michelle. I shouldn't have said paper ... my bad ... I should have said T-shirts.
It's about $30 for a graphic tee at the mall these days.
Wouldn't it be ironic if the FRNs really were not worth the PAPER they are printed on...
Wouldn't be the first time in history, but the prior times didn't have happy endings.
But looking at the inverse...
How many FRN's to make a pair of shorts?
They will keep adding zeros until they can't...
Physical Metals have been fractionalized by paper for decades. Physical Paper fractionalized by digital entries is just the next iteration in the chain.
"base money has increased from $800 billion to well over $2T and with QE2 is about to head for $3T"
You're confusing currency in circulation with both the monetary base and the Fed's balance sheet. It's the latter that is presently at about $2.2 trillion and destined to rise by another $900 billion.
Currency component of M1 plus demand deposits is just below $1.4 trillion and rising fast.
http://research.stlouisfed.org/fred2/series/CURRDD
The Fed doesn't print any physical FRN notes. While FRN's are a Fed liability, the paper notes are all produced by the Bureau of Printing and Engraving, a Treasury operation.
There could be cash shortage because one, the FED can not print dollars on demand. They still have to be pledged through bonds, bills, etc. Two, with the increase in inflation, perhaps money is not going as far as it used to? Three, the credit of the company may be at fault, but the writer says it is from their existing deposit account. Four, is it true? Hard to say- I prefer names not be redacted in these cases.
As for OBAMA2012 below, HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA.
Q1) Hmm, what branch of state, local, and federal government doesn't want a lot of cash transactions, you know using only bills and coins, going on?
Answer: The IRS and tax collection branches is an acceptable answer, but the true answer is, that ALL branches want all private transactions recorded and digital down to the last cent.
Q2) Who would rather buy and sell based on cash, if it would save them and their customer money and scrutiny by the more or less(*) thieving governments of this land?
Answer: Lots of people, probably including quite a few government employees as regards their own private dealings.
(*) I say more or less because there is vast difference in wastefulness and corruption from state to state and county to county, geographically, and of course some of what the federal government does is either constitutionally mandated, or if not is a least pretty popular from a purely democratic angle.
Cash & coin in circulation is not related to billions in fiatso's on bank balance sheets. But there is more cash made available for the holidays each year. It shuttles back and forth from the Fed vault to bank vaults.
Reason #1 cost to print dollar is 3.6.
Now you know.
It's time to "suicide" these bastards. We have inherent power. Let's start with the thieves and liars at Bank of America.
http://thecivillibertarian.blogspot.com/
More likely it's called killing the competition. These 3rd party ATMs do not net much profit for the banks. In many cases they cost the bank due to the labor and time of handling the large transfers. I would need to know if the bank charges this guy any special fees for the services.
I was thinking the same thing.
Personal anecdotal:
Total fee charged for cash- home bank- $0
Total fee charged for cash- another bank- $2.50
Total fee charged for cash- Stand alone ATM- $4.00
Don't know how it gets split.
Classic Tyler, make an unjustifiable claim, but follow it with a question mark so technically you're just asking a question. Well here's the answer: No, there is no shortage of physical cash.
Aw shut the fuck up douchebag.
You didn't junk him? Here let me do it for you.
and your unquestionable source for that statement?
Oh yes there is a shortage and we know why don't we my little pretty?
http://www.prisonplanet.com/atms-crash-across-the-country-after-bank-holiday-warning.html
What's this? You've been around over a year, and Tyler's submissions offend you? WTF is wrong with you? I f you don't like it, just go away, already!
Sheesh! Junk!
Brain Moyniham, is that you? Should we take your word for it? After all, BofA is already insolvent and you keep getting bigger and bigger bonues.
Because Whizbang has it all in his basement?
Self-looks inempty pocket "No, there is no shortage of physical cash." Double negative. No(0) cash No(cash).
Did everyone's Captcha get easier or did Zerohedge implement an algorithm that determined I was too stupid to answer the old ones? If so good job Tyler, your programming is right on!
I've been wondering about that for a few months, now...
lol, exactly, how the hell am I supposed to know what 85 divided by -17 is?
Whoever hates working with negative numbers raise your hand !
Our treasury department is fine with it!
Our treasury department is fine with it!
+1
Yep it's the simple subtraction/addition they can't figure now.
you don't have enough zeros behind the negative number to interest Timmy or Ben
Agreed. Good Job...like removing fucking cramer ads (finally), they also (finally) fixed the stupid shit captcha that required a FOUR DIGIT answer into a THREE DIGIT web form field...congrats. Only took 6 months. But hey, progress is progress, which is more than we can say in most other firms. Keep up the good work TD!!
I withdrew $20 k from Chase and they about threw a shit fit... I'm sitting here thinking that $20k isn't jack shit in the grand scheme of things. Especially to the great JPM Chase. The money needed to be ordered, and what I got was old-style 20s from 2003 with asterix in the serial numbers (ie, reprints of existing 20s). I was expecting new purple 20s. I asked why I didn't get the purps, and they said that they had to draw the money from some kind of strategic stockpile of reserve printed money that was set aside by the govt in case of emergency. Not exactly confidence inspiring. Again, just a measly 20k.
You shouldn't have told them you were merely doing a little sightseeing South of the Border.
Had same experience - I tried last year to withdraw $25k in cash from savings from BoA branch office and was told they don't have that kind of money at the branches. Only the primary bank (one in Portland, Or) has that kind of money. So, it's either drive downtown or wait for a couple of days for the transfer to the branch.
Not sure if this means anything but just sharing.
Same experience here, last year. Took $12k from Chase, and $8k from Bank of America in one day to have in the home safe...
BofA wasn't sure they had the money (and this is at 11am in the morning), but after 20 minutes, came up with the money. Chase did, to their credit.
Amazing how BofA readily accept my direct deposited bonus checks, which can be significantly greater, without question. But to take it back out, I have to answer their questions in regard to my account and employment...
To quote J.G. Wentworth: "It's my money, and I need now!"
AR -“and they said that they had to draw the money from some kind of strategic stockpile of reserve printed money that was set aside by the govt in case of emergency.”
That’s some hot gossip. What region are you in if you don’t mind my asking?
Portland, OR, just like hambone :)
The notes they gave me were in bundles of 100 notes, ie $2000 per bundle. They were all 100% uncirculated and sequential in serial number. But they were all series 2003, and most (not all) had asterix for the final alphabetical letter in the serial number. FWIW.
Interesting. Thanks.
while not wishing to distract from the point you're making - that banks are inherently not worth trusting, & even more so now - today's bank branches deal more in pixels & plastic than they do in actual bank-notes. . . perhaps a request for $20k in twenties was more than they keep on hand in a branch? though your description of the notes, date/etc. is telling. . .
interesting story in any case!
Hey there AR, I usually keep some cash stashed around the homestead, recently I've noticed that some of my $100 notes have some type of cryptic seal stamp on the back of the bills.
- examples;
1) "V.O.", purple ink, with elaborate font, with what appears to be Mickey Mouse inside the O.
2) "SG 04" inside globe, purple ink
3) "md2", blue ink
4) "N20", black ink
5) "M2" inside globe, blue ink
6) "NANG", blue ink
7) "Morales", purple ink
8) "GD2" inside oval globe, purple ink
9) "2" with elaborate ring around 2
10) "TRD", black ink
11) "Kcd Z-3", blue ink
12) "Image of a Pyramid" with some type of coat of arms insignia inside image.
13) "Hector", black ink
All of the markings are in an elaborate font.
Anybody have a clue?
edit - BTW AR, those $20 (image of Jackson framed inside of oval) you recieved will not spend outside of the U.S., I found out the hard way. I was all the way into West Africa when I found out that they do not accept "out of date" currency, as they (Barclays in Ghana) put it.
Rusty, sounds like those 100s were in Latin America at some point.
Many moneychangers put their stamp on ones they change, to help instill confidence in Buyers there that 100s have been checked by a moneychanger.
FWIW, if the amount withdrawn is 10K or greater, a form is sent to the IRS for tracking. But banks also have been "advised" to actually make that threshold lower, and some are reporting 7.5K or more. From talking to a couple of friend/bankers, I would advise keeping it at 6.5K per day if you know them, and some odd amt. like $6450 if you don't. The bankers are invited to report someone they don't know who's moving "large" amts of cash.
If there is a bank run, there will also be a run on PHYSICAL. Gold climbing a stairway to heaven.
GOLD, BUGZ!
Seriously though, where is everybody. They haven't opened the FEMA camps without me, have they?
Don't worry, all the nanobots in the air will turn us all to zombies faster than you can sayblueberry pie.
Likely I will see you there soon!
i forget what does ATM stand for?
i don't use no stupid ATM machine no more. haven't since june. i think that is as good as buying gold at $300. bucks don't you Jimi?
ATM of bank of velobabe. getting my sword and become a kung fu femme.
If you look on the same site, there is also a rumor of a possible Bank Holiday happening after the 11th. Get your cash now bitches.
Edit: I withdrew 5K on Friday from Wells and the teller had the cash in her drawer.
I hope you were being facetious, as Thursday is Veteran's Day and all banks are closed.
Edit - nevermind, you said after the 11th.
Believe withdrawing more than 10k requires paperwork to be filed with IRS - and probably flagging you somehow...
90's "Dead Beat Dad" laws began the low thresh hold of monitoring. Though it was 5 but that may be overseas transfers.
I am always interested in reading these reports which sound like rumors but I take it are true. It was reported over a year ago that even regional banks were being instructed to prepare separate storage facilities for a new currency. I won’t hold my breath, but just about nothing would surprise me at this point.
“This has taken place just in the past few weeks.”
(Has kind of an urgent ring to it wouldn’t you say?)
i heard red dollars were printed some time ago. Due to come out January. Dont expect one for one. No links as this was over a year ago.
The catch on these rumors is that they mesh with what we're seeing already happening. Here's a quote from last Friday. (Note the mention of a general uneasiness)
"If you look at the people who are buying gold and silver now, they are not the traditional goldbugs, (or whatever they call them). More people are doing it. Just ordinary people are starting to want to do it. So I think there is a general uneasiness, everywhere, about paper currencies…” Paul Craig Roberts 11/4/10
Green to red like the leaves on a tree.
You don't want to see when they turn brown.
or burn.......
. . . and some green leaves turn golden, hmm. . . *grin*
Cash on hand earns nothing and thus banks have always had incentive to keep it low. The same idea applies to ATM machines. They are full of "idle" cash. I suspect the banks are looking to squeeze this "idle" cash number even further.
Cash is soooo messy. Like Gold, you must transport it, guard and vault it etc. And you can't eat it as well. :>)
Welcome to the "just around the corner" cashless society.
You may not be able to eat cash but unlike gold a good bucket of cash starts a mean fire.
Any academic monetarists knows this, theoretically. But Ben is like the economist in the joke about the three whoevers stranded on a desert island, who proposes "assume a boat" as the punchline.
So if true, this is just another symptom of ZIRP? Isn't this what Reggie's been saying?
For a small fee ... All part of the new normal.
Glad this came up...fuck the cashless society. The banks have placed themselves as an intermediary in every transaction to the tune of almost 5%. This is a 5% tax on everything we purchase in their cashless society. You don't see it on the receipt, but the vendor behind the scenes does and you can sure as shit bet it's getting passed along to you.
I know that the banks own and run the government but in this new 'cashless society' they have just dropped the facade and stepped in to collect their own taxes.
Ohhh but the miiiiles! The points! The Amex wine and dine club!!! Shut up man!
Bingo! Ask any small retailer what they pay a year in card fees. Especially if the customer uses a debit card.
So next time you swipe and the question comes up on the screen: "debit card or credit card?"....................
Today's IRS -and the government in general- isn't a fan of cash for obvious reasons but from an economic stimulus perspective you'd think the Fed(s) would want to subsidize (or force the banks to subsidize) cash withdrawals: Joe 6-pak hits up the ATM for $100, he gets $101 (the bonus 1% comes from Uncle Sam). Now watch it burn a hole in his pocket...
Banks and Fed could give a shit about Joe Sixpack benefiting directly from their current money creation. They just want Joe Sixpack to look thru the glass at their 401K money that they can't touch, feel wealthy, and then be a good little soldier and go spend likes it's 2005.
What you are proposing doesn't get all those bank VP's the bonuses they work so hard earning.
Well maybe...but if you believe in government stimulus (which the Fed apparently does) make it easier for Joe 6-pak to withdraw money so he can spend it, including cash and harder to deposit the stuff, not the other way round. The famous "Helicopter Ben" scenario involves cash falling from the sky - remember?
We need a lot more anecdotal evidence about cash scarcity to take this report seriously anyway.
When Joe SixPack or Serge Millesime pays his bar or restaurant bill in cash, and tips in cash, the governement gets less of it.
Right, those are my stated "obvious reasons" above. One can only hope I suppose that concerns for the general economic welfare and prosperity generated by such velocity would trump concerns about the government's vig.
i am always paying in cash and i tell them that. shop owners who actually run their stores thank me for this. plus i now make sure my receipt says
C A S H bitchez.
T.I.P.S. and gratutities must be declared at 20% of total food and beverage sales. The resaurant owner that does not declare cash sales does so understanding the business end of an audit- as does the server.
Been through this twice.
Leaving a cash gratuity avoids the 3-10% CC processing fee.
Yes, I remember that Helicopter Ben scenario and the prospect of him dropping cash from the sky...they just forgot to mention that the helicopter would only be hovering over the Hamptons.
I hear you on the story though. No proof in my world that this is actually the case.
CD's right, generally speaking cash is extremely expensive for banks. The guy was probably generating a meaningful portion of the banks demand for cash if he was hitting four of them.
I'm not at all surprised the local banks cut him off. The ATM owner was getting something done for free that other businesses pay for. This guy is crying wolf because growing his ATM business just got more expensive.
And then there's the fact his ATM's compete with the Bank's. But he's small potatos.
I can't see how we could implement the cashless society given how much trade runs on cash. There's hundreds of billions coming in to banks via the drug trade. Why would they want to shut that all down or make it harder? Won't happen. And what about the church collection plates, all the fast food joints (yes, I know they take cards now, too, but much of their biz still turns on cash) and what about strip clubs, bars, restaurants, and all the gray and black things that government does? Without cash, none of those things will operate (at least not as easily) anymore.
Unsubstantiated rumors but I think someone mentioned something similar to this via Comments a couple of weeks ago.
How ironic if true, trillions of cash in the virtual world...but no cash for the real world. Water, water everywhere but not a drop to drink.
I hear you loud and clear, but I love that term.
I've always wondered what "substantiated rumors" are. The "truth"?
I believe that 'substantiated rumors' are those propagated by Ivy Leaguers
"so, foreclose" ... it's a wonderful life.
No worries Tyler I heard we will no longer need cash. As a matter of fact rumors abound they are experimenting with ATM's that dispense currency in the form of NFLX subscriptions, Itunes giftcards and Ugg which will be accepted at all retail and supermarkets.
why don't they just spit out debit cards? the only people who use cash are prostitutes and drug dealers (and my 90 year old mother)
And Dave Ramsey listeners...
and Ramsey Lewis listeners
Yeah I will admit I use my debit card for 98% of all purchases.
The banks know that people who use their debit or credit card are likely to spend more per transaction and overall than those who use cash.
Welcome to the Ponzi control system.
And the banks love you for it. Highest fees to retailers on debit cards.
Maybe you shouldn't do that?
I am very selective on what I use, if I'm at a big chain I use debit because fuck them, but if I am at a locally owned business I use cash, that way if they want to report it fine if not even better and they don't get stuck with those transaction charges.
I always tip in cash, even if I paid the bill on a credit card. I figure it helps the waiter/barber/cabbie manage their finances better.
Some restaurants calculate taxable income and tip-outs on total sales, others on actual receipts. I want the tip to go to the tipee.
Sausagemaker
Weirdoes still write checks at the checkout line? I don't end up behind them very much any more, but typically (though not at all always) they were older than average.
some people - usually younger than your mentioned demographic - use cheques because they can kite 'em for a day or three. . .
well, i am not your 90 year old mother or your whore but i use cash and count it. your a bit insulting dear to the female.
prostitutes come in two flavors, and I love my 90 year old mother. To quote McLuhan, "cash is the poor man's credit card" that's the reality
if i changed that to politicians and physicians would you unflag me
physical cash is cumbersome to monitor and tax during transaction, but magical plastic can trace everything (and be turned off if you misbehave)
Nailed it!
Booyah
SILVER BITCHEZ. the antithisis of paper!
Check out this post awhile ago on Jim Rawles site
<SNIP>
I worked for Loomis/Fargo as an armed security technician........
Very often we would arrive at a bank and the tellers would say to us, "thank God" you are here! We are down to the last $1,500 or $3,000 in cash. Very frequently the banks on the days of our runs were nearly out of [Federal Reserve Note] bills to service customers.
Just in Time (JIT) inventory systems for WalMart and big box stores are well known. Less known are the JIT deliveries of cash to banks.
The bottom line is that they will run out of cash in a flash if events happen that put people into a panic mode. .....
.Fact: Banks do not keep much cash on hand. Projection: The banks will run out of cash in a crisis, so get your cash stash established now.
<snip>
http://www.survivalblog.com/2008/09/letter_re_just_in_time_greenba.html
Can you expand on what a shit fit is? What did they do or say?
Same as "up shits creek" and "I shit you not"
a shit fit would be similar to going ape shit.
however, ape shit > shit fit.