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If This Doesn't Convince You to Exit the Global Banking System, Then Absolutely Nothing Will
Today, bankers all around the world are making it more and more difficult to withdraw more than $3000 or €3000 per day, and simultaneously making it impossible to pay for, in cash, any item with a price tag in excess of these levels. Though most people are not questioning why this is, this global banker movement to ban all cash transactions should be interpreted as a clear and present danger to the purchasing power of everyone's lifetime of accumulated savings. If you're still not convinced, then think about what the Carbanak theft of $1 billion from global banks truly means. If we investigated how this hacking group accomplished their theft, we would discover that, at times, they even hacked into bank servers to create currencies out of thin air before transferring this newly created currency to themselves. The fact that these hackers could create currency that did not even exist on the bank's books and then steal it should compel all of us to ask ourselves, "Do we really want to hold the earnings of our cumulative lifetime of labor in digital currencies that have intrinsic values of nearly nothing?" If we realize that bankers can store tens of millions of currency literally on just a few bits on a hard drive on their bank server, and if we understand that we can purchase a 5 Terabyte Western Digital hard drive that can hold 40,000,000,000,000 bits on Amazon for just US$179, then we really should question why we believe that digital bits will ever preserve our lifetime of savings for the next 10 years, or even for just the next 2 years.
It seems that most of us have already forgotten, quite conveniently, that banker digitalization of payments for our labor allowed bankers to easily steal 47.5% from all Bank of Cyprus accounts greater than €100,000 just a couple of years ago. With our compliance with such actions and our and acceptance of digital bits for our labor, as noted today here on ZeroHedge, Bank of Ireland bankers were recently able to ban withdrawals of less than €700 from all of its branches with little protest and relative ease. While most of us would realize that something sinister is afoot right now in the global banking system if we merely diverted our attention away from the Sunday football game or the Game of Thrones episode on our TV for just 10 minutes to think about these issues, unfortunately, the vast majority of us still do not ever stop to think about the meaning of such events.
In an attempt to prod everyone to really consider the meaning of such events, without further ado, I present to you, our latest SmartKnowledgeU_Vlog_0010: "If This Doesn't Convince You to Exit the Global Banking System, Then Nothing Will!"
Additional reading today: "Is this the Gold & Silver Mining Stock Washout For Which We've Been Waiting All Year Long?"
About the author: JS Kim is the Managing Director & Chief Investment Strategist for SmartKnowledgeU, a fiercely independent research, consulting, and education firm that focuses of analyzing banking & investment industry fraud and manipulation as the primary tool in formulating wealth preservation strategies to yield positive returns during the escalating global currency wars.
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Has someone been watching too much Mr Robot TV show? Because this exact philosophy is the central premise of the show. Excepting a few WTF cringe moments, I thoroughly enjoyed it. Nicely done for the first season.
Not a good idea. If just 2% of bank reserves were taken out in cash , the entire banking system would collapse. This is the problem with Fractional Reserve , it's technically a Ponzi scheme because the 'money' does not actually exst as a credit , it actually exists as debt because it is loaned into existance.
"the problem with Fractional Reserve , it's technically a Ponzi scheme"
^^
Mr Ponzi endorses this statement.
Taking lots of money out of a bank at once is fine if the bank is solvent. If it has real assets (e.g. loans to people who can be expected to repay), it can always borrow money from someone who has it (e.g. other banks), using its assets as collateral. Failing that it can ask its central bank to lend some newly-created central bank money (e.g. FRNs) to it in the central bank's capacity as lender of last resort. Again, the bank experiencing the run had better be solvent (more assets than liabilities), or the bank run will expose its insolvency and force it into liquidation (which would be the best thing under the circumstances).
If the central bank is prepared to make deliberately bad loans to insolvent banks to maintain their appearance of solvency, the solution is to liquidate the central bank and replace it with an honest one.
This is what they see as the final role of the Central Bank. To be the biggest Baddest Bad Bank of them all.
It will buy up loans from all the business banks. That has been happening for a while with Fanny Mae.
Since they can print money to oblivion, that is where we are heading.
They did, somewhat successfully I might say. Around 4 billion moved at that time.
https://en.wikipedia.org/wiki/Bank_Transfer_Day
"Today, bankers all around the world are making it more and more difficult to withdraw more than $3000 or €3000 per day, and simultaneously making it impossible to pay for, in cash, any item with a price tag in excess of these levels. Though most people are not questioning why this is..."
If I was to question this, I would simply say: People who have a mental disorder typically move to spend all their assets, in one day, without planning, wihout patience to allow a month. If one can withdraw 3000 euros a day, that is 90,000 euros cash in a month. Surely that is enough for anyone without a mental disorder? I mean, have you ever NEEDED to withdraw more than 3000 euros in a day, unannounced?
http://zhc0.com
15horses1donkey.
Zero Hedge and a crypto currency co mingling as a brand - is copyright infringement, disingenuous, and counter to the philosophy of most adherents to the site.
Not to mention that pimping your shit here for personal gain is frowned upon as bad manners.
@ the dookie
My mental disorder is gambling.
I tell my banktard that I am a prolific gambler and lose it all on a regular basis, hence the need to go back and get another 20 or 30k again this week.
Put that on your TSR and suck it!
Read on.
"Bank of Ireland bankers were recently able to ban withdrawals of less than €700".
DavidC
Read on.
Good advise. It says from tellers, you can still withdraw from ATM's. It seems they want to down size the counter help
That horse/donkey guy has the soul of a mule , he likes being whipped while carrying his masters "load"
Its about freedom, its your money to do whatever the fuck you want to with, If I want 10,000 today and I worked for it? Who has the right to say I cant have it? Wont be keeping my money there? Its past insanity. How could you defend this? Its not their money to keep, although they would have you think that? ITS YOUR MONEY, IGNORANCE IS BLISS? Im chomping at the bit for a Revolution so we can straighten some of this shit out!
GET YOUR MONEY OUT OF BANKERS HANDS, FAIR WARNING. They think its theirs.
Sue for them unjustly stealing your earnings.
Do not go gentle into that good night.
Rage, rage against the dying of the light.
Your comment reminded me about J.G. Wentworth and his stupid commercials.
You must be a JG Wentworth acolyte
("It's MY money and I want it NOW!")
$3k/day = $9k/3days, $90k/mo, >$1M/yr.
Do you have problems with Planning or with Impulse Control?
Try out some Real World imagination, over Fantasy World dogma. And stop drinking that "In a perfect world" Kool-Aid.
How about Ill give you your money back 3000 grand a day? I would advise you to say FUCK YOU! Give me my money now!
JFC, you sound like the NY Fed telling Germany it's "only" going to take 7 years for them to get them their gold back. . .
What's the problem, right?
If you don't hold it - you don't own it.
You may be surprised to know that in law , any money that is deposited with a bank is their legal property and technically they don't ever have to give any of it back to you. Your entire bank balance is in fact just an IOU.
Technically, the IOU from the bank to you means exactly that they do have to give it back to you. (As long as they're solvent, which is quite an important proviso).
The point is that the banking system isn't the problem - it's when the political and judicial systems are corrupted so that they allow insolvent banks to continue trading. The insolvent banks then become even more insolvent, consuming their depositors' wealth to maintain their cash flow and hide their insolvency for a while.
Considering the entire western banking system is insolvent , it's now only a matter of time before NIRP and bail-in's.
Thanks although not shocking, that makes up my mind, my money is coming out.
Allocate 1% to bitcoin. You will thank me one day.
In previous rises of Bitcoin the discussion was about how easy it would be for the NSA or any agency where money has no cost, to manipulate the Bitcoin. Indeed there was speculation about the sources of Bitcoin. There was also speculation whether this outside agency was introducing volitility and manipulation back then....
Isn't BitCoin one more fiat currency?
Bitcoin does not have one single attribute of a Fiat currency. ie. Legal Tender , ability to pay taxes in bitcoin , no legal requirement to make payment in bitcoin , no government or central bank has the ability to create more bitcoin at the press if a button. It is a true private currency.
Yes.
That is incorrect , bitcoin is the world's first truly decentralised private currency. It does not have any of the atriutes of a Fiat currency (legal tender).
I've got a vintage Weatherby Mark V, 7mm mag I want to sell. Would you vie me 500 bitcoins, or should it be 5000 bitcoins (what day of the week is it?)? Tell me how that transaction would occur?
Actually, if you are local, I would ask you to provide me with your bitcoin address and I would send you the money from my phone. In a few minutes, once the blockchain is confirmed, you will see the deposit on your phone and you can hand me the rifle. If you are not local, the process is the same, other than you would have to ship it to a FFL and they would then charge me $35 to make a phone call and annotate it in their ledger. And that particular rifle would be 2-3 bitcoins based on today's rate and the rifle's condition.
I think they are referring to the price volatility , basically if you are trading these type of high value items there are hedging systems available where an exchange will absorb the difference , at a price. I would not encourage any illegal activity using the block chain , if TPTB ever get hold of your private keys then theoretically all of your transactions can be traced.
Do you really think they can't be traced now?
Oh come on! There's no way a freedom loving respecter of privacy and free markets like Blythe Masters would get involved in cryptocurrency if it was susceptible to manipulation.
Ill consider it.
I hear you brother.... now pass the spliff, it's not a microphone ;)
Anytime! I like to share! I would never make a good banker. I dont like to giggle by myself, I like to share giggles.
Did you ever see something for sale that was such a good deal that you needed to get the cash immediately or you would miss out on buying it from a private party on craigslist? What if it cost more than $3000?
About 2 weeks ago I called a bank I use; a large, nat'l bank, & told the manager I'd be in the next day to withdraw a lot more than 10K.
Next morning he escorted me into his office, & as we exchanged pleasantries, he nonchalantly asked what I was going to use it for.
I replied it was an insane deal on a used car, then mentioned I found it sad he was now required to ask impertinent questions of his customers. He seemed chagrined, apologized, .& went to get my cash. Only form I filled out was a typical withdrawal form. Shook hands & departed.
Left field: a few months ago while travelling, I used an ATM at another large nat'l bank in a major city. A line behind me waiting their turn.
My balance came up; but was a ridiculous number; huge. Insanely huge. As I stood staring, maybe 5 seconds, (& told my friend to check it out, which he did), it flipped like the cherries on a slot, to my actual balance. Flickered a few times, numbers screaming & then settled. I'm not kidding.
No mention of any discrepancies on my statement.
teller: Do you operate your own business?
charming asshole: I mind my own business.
This is one of the ways that it becomes evident we are fucked. They dont care, they already took it all, ask anyone who wins the Illinois state lottery. They get an IOU.
And they are continuing to get an IOU from the state. When this whole game implodes it's going to fuck us in the US ten times worse.
@ the donkey:
Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.
E.Snowden.
And yes... I withdraw Euro 3,000 all the time to add to the stash... not that it is your, the bank or any other fucker's business what I do with my hard-earned money.
Only an imbecile would leave their currency in the bank at ZIRP/ NIRP... only to then be stolen.
Dame Ednas Possum
@ the donkey:
Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.
E.Snowden.
And yes... I withdraw Euro 3,000 all the time to add to the stash... not that it is your, the bank or any other fucker's business what I do with my hard-earned money.
Only an imbecile would leave their currency in the bank at ZIRP/ NIRP... only to then be stolen.
We cannot do that here, either you draw over 10k, or you get nailed for STACKING.
Plus most banks do not keep tons of cash on hand,my local branch only orders in around $75k a week, for that weeks business.If I wanted $20-50k,then I would have to wait a week for them to include it in next weeks order,or it would deplete their operating( OTC) inventory.
Sister used to manage a branch in a small town, "they" would get really pissed if she ordered up more than $20K a week for the drawers and atm, delivered Thursday gone by Saturday morning... week after week. She left.
Show & tell these hidden histories:
http://showrealhist.com/yTRIAL.html
They will steal your wealth; little bits at a time...
These are precursors to what may come. At least you are getting heads up.
In Greece there was no bailin as in Cyprus but you can only withdraw 60 euro per day and can not transfer out of the country (Capital Controls)
Use it as a warning