This page has been archived and commenting is disabled.

Europe Brings Out The "Capital Controls" Bazooka

Tyler Durden's picture





 

Here we go:

  • EU SOURCES HAVE DISCUSSED IMPOSING CAPITAL CONTROLS AS WORST CASE SCENARIO IF GREECE LEAVES EUROZONE - RTRS
  • IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING - EU SOURCES - RTRS
  • SUSPENSION OF SCHENGEN ALSO DISCUSSED

In other words, that money you thought you had... You don't really have it. We can only hope this message was not meant to restore confidence and prevent future bank runs. Because if Europe wanted a continental bank run, it may have just gotten one.

This is getting scary very fast.

Full piece from Reuters:

European finance officials have discussed as a worst-case scenario limiting the size of withdrawals from ATM machines, imposing border checks and introducing capital controls in at least Greece should Athens decide to leave the euro.

EU officials have told Reuters the ideas are part of a range of contingency plans. They emphasised that the discussions were merely about being prepared for any eventuality rather than planning for something they expect to happen - no one Reuters has spoken to expects Greece to leave the single currency area.

Belgium's finance minister, Steve Vanackere, said at the end of May that it was a basic function of each euro zone member state to be prepared for problems. These discussions appear to be in that vein.

But with increased political uncertainty in Greece following the inconclusive election on May 6 and ahead of a second election on June 17, there is now an increased need to have contingencies in place, the EU sources said.

The discussions have taken place in conference calls over the past six weeks, as concerns have grown that a radical-left coalition, SYRIZA, may win the second election, increasing the risk that Greece could renege on its EU/IMF bailout and therefore move closer to abandoning the currency.

No decisions have been taken on the calls, but members of the Eurogroup Working Group, which consists of euro zone deputy finance ministers and heads of treasury departments, have discussed the options in some detail, the sources said.

As well as limiting cash withdrawals and imposing capital controls, they have discussed the possibility of suspending the Schengen agreement, which allows for visa-free travel among 26 countries, including most of the European Union.

"Contingency planning is underway for a scenario under which Greece leaves," one of the sources, who has been involved in the conference calls, said. "Limited cash withdrawals from ATMs and limited movement of capital have been considered and analysed."

Another source confirmed the discussions, including that the suspension of Schengen was among the options raised.

"These are not political discussions, these are discussions among finance experts who need to be prepared for any eventuality," the second source said. "It is sensible planning, that is all, planning for the worst-case scenario."

The first official said it was still being examined whether there was a legal basis for such extreme measures.

"The Bank of Greece is not aware of any such plans," a central bank spokesman in Athens told Reuters when asked about the sources' comments.

The vast majority of Greeks - some surveys have indicated 75 to 80 percent - like the euro and want to retain the currency, something Greek politicians are aware of and which may dissuade them from pushing the country too close to the brink.

However, SYRIZA is expected to win or come a strong second on June 17. Alexis Tsipras, the party's 37-year-old leader, has said he plans to tear up or heavily renegotiate the 130-billion-euro bailout agreed with the EU and IMF. The EU and IMF have said they are not prepared to renegotiate.

If those differences cannot be resolved, the threat of the country leaving or being forced out of the euro will remain, and hence the need for contingencies to be in place.

Switzerland said last month it was considering introducing capital controls if the euro falls apart.

In a conference call on May 21, the Eurogroup Working Group told euro zone member states that they should each have a plan in place if Greece were to leave the currency.

Belgium's Vanackere said two days after that call that it was a basic function of each euro zone member state to be prepared for any eventuality.

"All the contingency plans (for Greece) come back to the same thing: to be responsible as a government is to foresee even what you hope to avoid," he told reporters.

"We must insist on efforts to avoid an exit scenario but that doesn't mean we are not preparing for eventualities.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 06/11/2012 - 11:33 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Run Forrest, Run!

Mon, 06/11/2012 - 11:35 | Link to Comment YuropeanImbecille
YuropeanImbecille's picture

Welcome to the EUSSR!

 

money? we don't need no stinking money! Money is for capitalist pigs! Here in Euroland we all live on welfare, and it's FAAANTASTIC! 

 

Mon, 06/11/2012 - 11:35 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

Run and withdraw all your money Forest, before they impose the capital controls!

Mon, 06/11/2012 - 11:37 | Link to Comment Divided States ...
Divided States of America's picture

Dont think the Europeans care, they got their eyes glued to the TV set watching soccer.

Mon, 06/11/2012 - 11:48 | Link to Comment j0nx
j0nx's picture

Just like Americans, only replace soccer with football or DWTS. Same effect.

Mon, 06/11/2012 - 11:54 | Link to Comment Dr. Engali
Dr. Engali's picture

Yeah but what ever the Europeans do we can do better. We are Americans. We are the kings of the slackers.

Mon, 06/11/2012 - 11:56 | Link to Comment krispkritter
krispkritter's picture

'It's GOOD to be the King!' 'Oh pissboy!'

Mon, 06/11/2012 - 12:02 | Link to Comment Colombian Gringo
Colombian Gringo's picture

Coming to America very soon...

Mon, 06/11/2012 - 12:27 | Link to Comment sunaJ
sunaJ's picture

The only "Bazooka" that would be worth anything would be one that could be leveled at the heart of the beast and destroy the madness of these financial zombies.  A bazooka by any other name is just a heroin fix.

 

Mon, 06/11/2012 - 12:30 | Link to Comment Pinto Currency
Pinto Currency's picture

 

We need a global currency and global government to solve this problem.

The corruption and central planning of a world body will lead to a very good result - Forward!

Mon, 06/11/2012 - 12:43 | Link to Comment HoofHearted
HoofHearted's picture

What we really need is Charlie Munger sewing euros into his corset. Aw, screw it. Gold is much better...

Mon, 06/11/2012 - 12:46 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

Did we forget the <sarc> tag???

If not....cold wall at your back...cold steel in front of you.

The "top" will drop.

Mon, 06/11/2012 - 13:11 | Link to Comment Bananamerican
Bananamerican's picture

"IMPOSING BORDER CHECKS, LIMITING ATM WITHDRAWALS ALSO PART OF WORST-CASE SCENARIO PLANNING"

"make it so"-Capt. Picard

Mon, 06/11/2012 - 14:21 | Link to Comment Pinto Currency
Pinto Currency's picture

 

IAS - you've been watching too much Seinfeld.

Laugh when things are amusing not when the laughtrack or "laugh here" or "sarc" sign is posted.

Central planning as a solution is pretty funny with or without any sarc tag.

Mon, 06/11/2012 - 14:25 | Link to Comment Ima anal sphincter
Ima anal sphincter's picture

I've got-ya. I was merely pointing out what I would like to see for the bankers and traitor politicians.

You can stay on the "steel" side. If you need to borrow some, I can help you out on that issue.

Mon, 06/11/2012 - 12:30 | Link to Comment Pinto Currency
Pinto Currency's picture

-

Mon, 06/11/2012 - 12:26 | Link to Comment Dr. Engali
Dr. Engali's picture

Rollover was a good movie. They will tell us what they are going to do before they do it. The funny thing is that movie was made in 1981 yet they'll say today "who could've seen this coming?"

Mon, 06/11/2012 - 13:03 | Link to Comment Floordawg
Floordawg's picture

"...bullion: grab what you can get. All right let's hit it... and pray.

Mon, 06/11/2012 - 12:05 | Link to Comment francis_sawyer
francis_sawyer's picture

 "We are the king of slackers"...

~~~

LOLLYGAGGERS!

http://www.youtube.com/watch?v=pLMl0CLIDLg

Mon, 06/11/2012 - 12:25 | Link to Comment HungrySeagull
HungrySeagull's picture

Not anymore. Homelessness is Illegal now in some cities.

Mon, 06/11/2012 - 12:44 | Link to Comment francis_sawyer
francis_sawyer's picture

Oh great... Make a 'law' against homelessness (so that the court costs & prison costs can be heaped on the taxpayer)...

You can't take a shit these days without some banker trying to figure out how to make some money off of it...

Mon, 06/11/2012 - 14:06 | Link to Comment Cathartes Aura
Cathartes Aura's picture

gotta make more laws to justify the law enforcer wages.

and the toys for the enforcers, like drones, water cannons, noise machines, stun guns, and all that fancy helmetry, etc.

which is all taxed-payers monies - all of it, used against us all, on a long enough time line.

Mon, 06/11/2012 - 14:56 | Link to Comment Oldrepublic
Oldrepublic's picture

People who travel on the New York subway system in the middle of the night in empty cars have been arrested by subway policemen because they put their feet on the opposite seat! 

http://www.nytimes.com/2012/01/07/nyregion/minor-offense-on-ny-subway-ca...

Mon, 06/11/2012 - 16:14 | Link to Comment WillyGroper
WillyGroper's picture

Millorganite.

Mon, 06/11/2012 - 13:22 | Link to Comment JohnG
JohnG's picture

 

 

We have that here.  The charge is "urban camping." No shit.

 

Mon, 06/11/2012 - 13:59 | Link to Comment americanspirit
americanspirit's picture

It's not being homeless that's illegal. It's being homeless in place. As long as you keep moving it's OK to be homeless. However you better keep moving at a steady pace - not too fast, and not too slow. Too fast and it looks like you're running - a sure attention-getter. And too slow looks like you're trying to find a place to rest for a little while. Not allowed. It's called loitering. So just keep moving - and keep those damned kids quiet too - we have noise ordinances you know. What - they're hungry? Let them eat cake ha ha ha ha ha.

Mon, 06/11/2012 - 14:03 | Link to Comment francis_sawyer
francis_sawyer's picture

Whew... I'm so glad you cleared that up... LOL

Mon, 06/11/2012 - 12:22 | Link to Comment Shocker
Shocker's picture

This whole Greece, Spain, Eurozone troubles are all going to spread globally.

Everyone is getting affacted, but on different levels.

Our Economy is already on shaky grounds

-

http://www.dailyjobcuts.com

So this is just another blow.

Mon, 06/11/2012 - 11:56 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

This doomer fear mongering is just extension of the backlash against reasonable state controls on the movement of people and capital. Being anti-TSA, anti-DHS etc. was cool for a while, but now it's just getting lame. The new youth get that we need to take measures against terrorism, foreign and domestic, and while it may have been trendy to be against it, it's become immature and annoying.  

Mon, 06/11/2012 - 11:59 | Link to Comment Eternal Complainer
Eternal Complainer's picture

Bonehead! Face it, you're a twit!
I love laughing at, you posts!

Mon, 06/11/2012 - 12:09 | Link to Comment francis_sawyer
francis_sawyer's picture

I was walking into the gym the other week and this (no joke), twit looking mofo was walking out wearing a pair of perfectly pressed khakis and a powder blue golf shirt with FEMA embroidered in it... Perfect haircut, looked like a real dweeb...

First thing I thought of was its either MDB or Max Fischer...

Mon, 06/11/2012 - 12:15 | Link to Comment GMadScientist
Mon, 06/11/2012 - 12:25 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

Francis,

If really want to know, my preferred attire for around the house and out and about is a "forever lazy":

http://buyforeverlazy.net/

Yes, I'm not afraid to admit it. Forever Lazy's are a smart convenient way to keep warm without the hassle of regular clothes. I'm always ahead of the curve - never afraid to adapt to new fashions, regulations or state-controls. I'm part of a new generation of American citizens - Smart, Patriotic, and willing to make sacrifices in order to be a responsible citizen, even when those sacrifices involve social disapproval or scornful attacks.

Mon, 06/11/2012 - 12:50 | Link to Comment francis_sawyer
francis_sawyer's picture

LOL

MDB... You're a 'National Treasure'!... I'm guessing MF wears the 'Hanky Pinky'...

Note: francis_sawyer has firsthand knowledge of this... His friends call him 'Cruiser' (because he likes fast cars & fast women)...

Mon, 06/11/2012 - 12:47 | Link to Comment HoofHearted
HoofHearted's picture

We should all go out and join the Hitler youth. We don't understand how der Fuhrer just has our best interests at heart. Finally, after watching a little Leni Riefenstahl, it is all very clear.

I'm just glad that instead of those silly uniforms, we all get to wear ForeverLazy this time around...hopefully in the hot pink variety. (Don't bother to correct me by saying it is fuchsia.)

Mon, 06/11/2012 - 14:49 | Link to Comment Nobody For President
Nobody For President's picture

Joy Through Strength!

no, wait - Strength Through Joy!

no, wait -

Screw it, I hate fuchsia anyway.

Mon, 06/11/2012 - 12:55 | Link to Comment balanced
balanced's picture

I can't figure out whether you are a scumbag traitor to your fellow Americans, and getting paid to spew this drivel, or if you are just a coward who craves the approval of those whom you perceive to be "authorities".

Mon, 06/11/2012 - 13:20 | Link to Comment Treason Season
Treason Season's picture

You may be a freak but you are OUR freak MDB!

Mon, 06/11/2012 - 12:00 | Link to Comment lincolnsteffens
lincolnsteffens's picture

$, Which government agency did you say you worked for???

Mon, 06/11/2012 - 12:23 | Link to Comment GCT
GCT's picture

MDB your good for laughs, but you hit a spot with me that sets me on fire.  Go read some history my friend.  A young Jew asked a survivor of the concentration camps why he never left before he was taken to the camp.  His response was one I see from people all the time.  His response was, "they took our rights very, very slowly until one day the Gestapo appeared at his door".  " We thought it would get better in time. The same thing is happening to us in the USA right now.  Our rights as citizens are being taken away silently and being eroded daily.  Some day your bonus will belong to the Government when they come and confiscate all you own and all you have.  I am old and will be dead most likely but there is no doubt in my mind where the USA is currently headed.  To be honest if the problems in Europe were not there right now, things would be alot different right now in the USA.  Once the Euro problem blows we are next.  I have no doubt about it. 

The federal government is not even hiding it anymore.  Go apply for the new FEMA camp job positions the fed is advertising.  You might as well be a guard as opposed to  a resident of the camp.  Security is one thing but giving up all your rights in the name of security is just plain stupid and you will deserve what you get.  We always repeat mistakes that happened in the past. 

Hell France had more freedom when voting for their president then we do, but I am sure you will never see it.

Mon, 06/11/2012 - 16:42 | Link to Comment sdmjake
sdmjake's picture

If you haven't ever read Mayer's "They Thought They Were Free" then I highly recommend it. Interesting accounts from across german society on how the Nazi bullsh*t could ever happen...

http://www.press.uchicago.edu/Misc/Chicago/511928.html

Mon, 06/11/2012 - 12:01 | Link to Comment krispkritter
krispkritter's picture

Oh yeah, the 'new youts'...turning out like mini-me's of Jon Corzine...

http://www.youtube.com/watch?feature=player_embedded&v=ihLBCbNIDbI

This actually is painful to watch...

Mon, 06/11/2012 - 12:33 | Link to Comment GeezerGeek
GeezerGeek's picture

I wonder if this happened before or after Obama came up with the phrase about redistributing the wealth. The girls exhibit the perfect liberal mentality: what's yours is mine. If it were up to me, I'd have thrown the girls' parents into jail.

Mon, 06/11/2012 - 12:03 | Link to Comment Temporalist
Temporalist's picture

Syme is that you?  How's the work going on the 12th Edition of the Newspeak dictionary?

Mon, 06/11/2012 - 12:06 | Link to Comment Colombian Gringo
Colombian Gringo's picture

Quoting MDR: This doomer fear mongering is just extension of the backlash against reasonable state controls on the movement of people and capital. Being anti-TSA, anti-DHS etc. was cool for a while, but now it's just getting lame. The new youth get that we need to take measures against terrorism, foreign and domestic, and while it may have been trendy to be against it, it's become immature and annoying. 

 

Best laugh I had this morning. 

So when they ship you to a FEMA camp after your usefulness as an idiot is done, you will finally learn that  'reasonable state controls' also applied to you.  Remember to skip the showers.

Mon, 06/11/2012 - 12:51 | Link to Comment Thorny Xi
Thorny Xi's picture

Hell, I hope these FEMA Camps are opening soon... since after the bankers looted my life's savings by blowing the housing fraud bubble and then by paying no interest on any cash savings I managed to sock away, which forced me to dip into the principle every month, FEMA has become my retirement plan!  A bologna sandwich and a cot, surrounded by like minded former gold and silver owners, health care - anything's better than having none at all, which is what I have now - I can't wait to get on the FEMA Train to the Camp Nearest Me.  :)

Mon, 06/11/2012 - 12:06 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I am not replying to MDB... simply taking his place marker...

Anyways, the way I see it, TPTB are saying "GET YOUR MONEY OUT NOW!"

The whole thought of "trying to prevent a bank run" creates the deliciousness....

Mon, 06/11/2012 - 12:41 | Link to Comment Bob
Bob's picture

Of course they have contingency plans, but the reason they're letting the cat out of the bag,imo, is to fear-monger the Greeks to not elect guys they don't like, i.e., "don't make us hurt you."

I'd love to see every Greek at the polling place look up at the survellance camera and boldly flip a big "fuck you" middle finger before entering the booth to cast their vote.

It could catch on.

This is their chance to take down the banksters. 

Sure, they'll be scapegoated in some quarters, but being Greek will forevermore mean that you'll be welcomed with respect by many more wherever you go in this world. 

Bring back the Spartans, bitchez!

Mon, 06/11/2012 - 12:11 | Link to Comment Pairadimes
Pairadimes's picture

Ha Ha. Poster child for the contraception lobby...

Mon, 06/11/2012 - 12:17 | Link to Comment resurger
resurger's picture

Sir,

Define "Terrorism"?

 

Mon, 06/11/2012 - 12:33 | Link to Comment Spastica Rex
Mon, 06/11/2012 - 12:45 | Link to Comment lolmao500
lolmao500's picture

Being anti-TSA, anti-DHS etc. was cool for a while, but now it's just getting lame.

Being pro-freedom is lame?? So... why don't you move to your paradise, North Korea?

Mon, 06/11/2012 - 11:45 | Link to Comment monkeyboy
monkeyboy's picture

This is Bullish right?!

Mon, 06/11/2012 - 11:58 | Link to Comment BalanceOrBust
BalanceOrBust's picture

Don't worry my Grecian friends.  Your euros will be lost, but the Government has a plan to replace them with tungsten.  Oh wait, that was another plan.

Mon, 06/11/2012 - 12:04 | Link to Comment agent default
agent default's picture

No way.  Tungsten is a hard asset.

Mon, 06/11/2012 - 12:54 | Link to Comment brooklynlou
brooklynlou's picture

Its bullish as long as the oompapa band doesn't stop playing. After that its Bearish till they stop shooting at each other. Then its bullish again ...

Mon, 06/11/2012 - 11:57 | Link to Comment krispkritter
krispkritter's picture

If an economy falls in the forest and noone is around to hear it because they're all in line at ATM's, does anybody hear the implosion?

http://www.ladyofthecake.com/mel/world/sounds/youcare.wav

 

Mon, 06/11/2012 - 12:51 | Link to Comment JohnKozac
JohnKozac's picture

Fast Forrest, run....

 

http://www.youtube.com/watch?v=5R_HIcE_TIE

"Come back here, you!"

Mon, 06/11/2012 - 11:38 | Link to Comment CClarity
CClarity's picture

Bizarrely, so fiat is fleeing TO the ruble and Russia from periphery.  Meanwhile, megabillionaire Russians continue to buy the Med. periphery coastline.  Turkey to Greece, Montenegro to Iberia.  Lots of islands and yachts between.

Mon, 06/11/2012 - 11:47 | Link to Comment Chief KnocAHoma
Chief KnocAHoma's picture

Just last month our start up company launched an exciting new product to raging success. We are now the World's best guillotine manufacturing company. Demand for our product has been extremely high and largely well received except for one product defect.

Our original model was intended to kill bankers slowly, with a great deal of pain. The jagged edge blade was intended to only partially cut off the offender's head on the initial drop. This feature was intended to allow the executioner the opportunity to retract the blade, leaving the offender writhing and wailing in pain.

Unfortunately, there have been reports of our product lopping off skulls on the first drop, thus leaving crowds disappointed. These mobs want a justice equal to the pain they have suffered, not quick painless retribution. For this defect our company offers a sincere apology.

We recommend, in the future, switch men drop the blade from lower heights, or simply email us and we will send you free of charge two rusty and dull axes which can be used to remove the feet of your scumbag banker right before the crowd drags him to the stage.

And again, thank you for your business.

Chief.

http://annoyanidiot.blogspot.com/

Mon, 06/11/2012 - 11:59 | Link to Comment j.tennquist
j.tennquist's picture

Yes, yes... bankers,  but what about the lawyers and politicians?  

Remember you have to remove every trace of the virus in order to be cured.

 

Mon, 06/11/2012 - 12:09 | Link to Comment Chief KnocAHoma
Chief KnocAHoma's picture

Our attorney recommended that we should not market this product for that use.

Mon, 06/11/2012 - 12:43 | Link to Comment Harbanger
Harbanger's picture

It all began with a complicit MSM.

Mon, 06/11/2012 - 14:29 | Link to Comment Calmyourself
Calmyourself's picture

This entire ponzi would never have achieved liftoff or escape velocity without a complicit MSM, now that apogee has been reached and the ponzi is flaming back to Earth, Never forget the MSM and it's pivotal role..  Save some room on the stage Chief knocAhoma...

Mon, 06/11/2012 - 14:42 | Link to Comment Temporalist
Temporalist's picture

Aww come now, banksters are suffering too as Blmbrg reports:

 

Greece Threatens Wall Street Jobs in Third Trading Plunge

"Wall Street bankers and traders, given hope by a market rebound in the first quarter, are now seeing earnings and paychecks threatened by turmoil in Greece in what is becoming an annual cycle."

http://www.bloomberg.com/news/2012-06-11/greece-threatens-wall-street-jo...

Mon, 06/11/2012 - 11:35 | Link to Comment Bazinga
Bazinga's picture

Who, me run? Hold on...too busy grazing.

Mon, 06/11/2012 - 11:37 | Link to Comment Broomer
Broomer's picture

I was thinking of Run Lola Run:

"A young woman in Germany has twenty minutes to find and bring 100,000 Deutschmarks to her boyfriend before he robs a supermarket."

Mon, 06/11/2012 - 11:48 | Link to Comment Gully Foyle
Gully Foyle's picture

Broomer

Not in the same spirit.

Great movie though.

Mon, 06/11/2012 - 13:16 | Link to Comment brooklynlou
brooklynlou's picture

The Greek version wil be called "Run, Mr. Panos Run"

A flip-flop wearing overweight Greek man in shorts and a wife beater has one business day to run around Athens and get 100,000 euros out of his news-ignoring Grandmothers various bank accounts before the country goes bust. Sort of like the Balkan version of the Blues Brothers meets Run Lola Run ...

Things to expect in the movie ...

  • Mr. Panos smacking his cousin the taxi driver over the head with his flip-flop of death so that the driver can go faster.
  • Multiple and amusing uses of the word "Yeenius"
  • He will be chased around Athens by members of the neo-Nazi Golden Dawn party (Piraeus Nazis? I hate Piraeus Nazi's!)
  • Anarchist street protestors tossing Fages at everyone
  • A final showdown in front of the Athens branch of deutsche bank with the evil "Herr Schnitzel Monkey"

The movie will have a bitter sweet ending. After Mr. Panos gets all the money out, German capital controls kick in and he can only exchange the money for Drachmas. So next day he's back at the bank depositing the money again.

Mon, 06/11/2012 - 14:15 | Link to Comment Matt
Matt's picture

Get Mr Panos to start a kickstarter for it and I'll donate.

Mon, 06/11/2012 - 15:29 | Link to Comment Non Passaran
Non Passaran's picture

+1!

That's a good one!

Shit, one business day is too tight. Give the man a week!

Mon, 06/11/2012 - 11:40 | Link to Comment FL_Conservative
FL_Conservative's picture

Talk about going full retard!

Mon, 06/11/2012 - 11:55 | Link to Comment kito
kito's picture

what is full retard is their willingness to speak the truth. i thought they were supposed to deny/ lie? what happened to "if greece leaves, it will be nothing more than a blip on our screen" kind of statements?

i feel like a tracker who has lost the ability to follow animal prints.........how are we to know they are one step away from doing what they normally state they arent going to do when in fact they are admitting they will do it?

 

Mon, 06/11/2012 - 11:45 | Link to Comment Gully Foyle
Gully Foyle's picture

Family member received a call from the bank today. Bank says there is a federal law limiting how often you can pull money from a savings account. All she was doing was moving it to checking when she needed to, maybe a couple of times a week. Both accounts in the same bank.

First it was the amount you could pull daily, now it is the number of times you can pull your money out.

When did this shit happen in the US?

 

 

Mon, 06/11/2012 - 11:58 | Link to Comment kito
kito's picture

that banking law has been there a long time. it means that you have a limited amount of transfer transactions per month going from the money market savings to checking, after that you are penalized, but you can still do it. sorry, that is not anything new, and is not indicative of the coming armageddon.....

Mon, 06/11/2012 - 12:38 | Link to Comment Ghordius
Ghordius's picture

in many countries the amount that you might draw makes the difference between a checking account and a saving account, the latter giving you more % because it's lent to others on a longer term basis

Mon, 06/11/2012 - 11:58 | Link to Comment edotabin
edotabin's picture

IF the account she was moving money out of was a money market account, then, it has aslways been that way. I think it is 3 or 6 transactions per month.

Mon, 06/11/2012 - 12:21 | Link to Comment Gully Foyle
Gully Foyle's picture

edotabin

Regular savings.


Mon, 06/11/2012 - 12:43 | Link to Comment Ghordius
Ghordius's picture

careful, often you don't have dollars on a money market account. you have "dollar equivalents". because in reality it's EURos!

check the small print and search for the word "dollar equivalents"

buhahahahaha!!!

Mon, 06/11/2012 - 12:04 | Link to Comment LaLiLuLeLo
LaLiLuLeLo's picture

Like someone said below. All your fiat are belong to us.

Unless you have it in front of you, IT AIN'T REALLY YOURS!
Mon, 06/11/2012 - 16:39 | Link to Comment WillyGroper
WillyGroper's picture

I would question receiving a call. Went to my CU because of this today, had no issues with number of transactions or the amt w/d.

Mon, 06/11/2012 - 11:47 | Link to Comment stocktivity
stocktivity's picture

"no one Reuters has spoken to expects Greece to leave the single currency area."

Ha ha....as if they would admit it.

 

Mon, 06/11/2012 - 11:54 | Link to Comment Hansel
Hansel's picture

Are you guys compensating Reuters in some way for this story?  If not, way to steal an entire Reuters story which they ran as an "Exclusive" without even providing a link.  And you guys bitch when people recommend using an adblocker...

http://www.reuters.com/article/2012/06/11/us-eurozone-greece-capital-idU...

Mon, 06/11/2012 - 12:09 | Link to Comment Alea Iactaest
Alea Iactaest's picture

There's an embedded link in the word "Reuters". Maybe you missed that?

Mon, 06/11/2012 - 12:31 | Link to Comment Hansel
Hansel's picture

It wasn't there when they first published, genius.  And it still doesn't make up for copying the entire article.

Mon, 06/11/2012 - 17:00 | Link to Comment mkkby
mkkby's picture

Question - Do you expect Greece to leave the Euro?

Answer - No.

Okay thanks, we won't talk to you.

Mon, 06/11/2012 - 11:34 | Link to Comment francis_sawyer
francis_sawyer's picture

all your fiats are belong to us...

Mon, 06/11/2012 - 11:35 | Link to Comment Sandmann
Sandmann's picture

Don't count on holding gold when men with guns want it

Mon, 06/11/2012 - 11:41 | Link to Comment fuu
fuu's picture

I wonder how many gold holders also hold guns.

Mon, 06/11/2012 - 11:46 | Link to Comment Gully Foyle
Gully Foyle's picture

fuu

Doesn't matter against a drone or SWAT team.

Like water pistols aganist tanks.

Mon, 06/11/2012 - 11:59 | Link to Comment Captain Benny
Captain Benny's picture

I guess you need to buy larger guns...

Mon, 06/11/2012 - 12:10 | Link to Comment Alea Iactaest
Alea Iactaest's picture

Anybody thinking they will stand up to a tactical team either needs to reassess the situation or admit they have a death wish.

Mon, 06/11/2012 - 12:27 | Link to Comment SubjectivObject
SubjectivObject's picture

Death wish, yeah; it's called war. 

Apparently you can't justify participating in that yet.

Mon, 06/11/2012 - 12:27 | Link to Comment DCFusor
DCFusor's picture

Was the victim of a tac team no knock myself (oops, wasn't doing what they were supposedly there for), and yeah, I have plenty of guns.  You go limp instantly or you're dead before you can even draw one, much less go get one out of the case.  That's the reality.

Mon, 06/11/2012 - 12:29 | Link to Comment Paul Atreides
Paul Atreides's picture

There's that scare tactic again, bury or sink the stuff and they can never find it. As I have said before nobody was charged or arrested under executive order #6102 it is just a scare tactic for morons to hand over their gold willingly. They don't have the resources to go door to door with swat teams looking for gold. This fear mongering should be called for what it is and squashed.

Mon, 06/11/2012 - 13:39 | Link to Comment Cthonic
Cthonic's picture

6102 was used to remove gold coinage and gold certificates (the existing 'dollar') from mass circulation and was followed up by the gold reserve act which also voided contractual gold clauses.  If you had gold, there was no way to lawfully transact in it for over forty years (outside of use for 'artistic purposes').  If you had gold certificates and turned them in, you took a haircut in purchasing power.  Gold certificates became legal to own again in 1964 (though non-redeemable) and if in good condition today can fetch many multiples of the face value as collectibles.

Mon, 06/11/2012 - 14:30 | Link to Comment Meatier Shower
Meatier Shower's picture

SWAT team members have families too.

Mon, 06/11/2012 - 12:57 | Link to Comment knightowl77
knightowl77's picture

More bullets too and make some molotovs....

Mon, 06/11/2012 - 12:15 | Link to Comment Overfed
Overfed's picture

Tell that to the Mujahadeen.

Mon, 06/11/2012 - 12:17 | Link to Comment tmosley
tmosley's picture

A drone or swat team doesn't matter against an armed citizenry.  Might as well use those things to try to stop the tide from coming in.

Mon, 06/11/2012 - 12:57 | Link to Comment fuu
fuu's picture

Fine. Bring on the tanks, bring on the TAC squads, bring on the drones.

Lets get this fucking party started BiTcHeZ!

http://www.youtube.com/watch?v=tEM3dW2oWW4

When there are tanks in the streets TPTB have already lost. There will be no more keeping the sheep passive and ignorant.

Mon, 06/11/2012 - 12:03 | Link to Comment kekekekekekeke
kekekekekekeke's picture

buying gold was the catalyst of me being a gun owner http://www.prepperyogini.com/

Mon, 06/11/2012 - 11:42 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

Don't plan on relieving me of my gold when guns and brethren are defending it.  In 3 different locations.

Mon, 06/11/2012 - 11:47 | Link to Comment Gully Foyle
Gully Foyle's picture

mayhem_korner

Tell that to the drone.

It won't give a shit, neither will it's controller.


Mon, 06/11/2012 - 12:18 | Link to Comment Overfed
Overfed's picture

Loose lips sink ships. If you have physical hard assets, STFU!

Mon, 06/11/2012 - 12:37 | Link to Comment Paul Atreides
Paul Atreides's picture

Go troll and promote fear somewhere else, like they are going to call in drone strikes or swat teams for gold holders when there is mass civil unrest, food riots and a possible civil war.

Mon, 06/11/2012 - 14:44 | Link to Comment Cathartes Aura
Cathartes Aura's picture

best check now whether your state has "confiscation laws" such as, say, California - incentives for each local forced policing to "find" anything labeled illegal, allows them to take everything, including property, and add it to their local fiefdom coffers. . .

whose says pirates need to be on the high seas?

Mon, 06/11/2012 - 12:40 | Link to Comment robobbob
robobbob's picture

u need to think outside that box they've built for you.

drones still need operators and support techs to maintain them...............and creatures like the politicians and their banking masters that give the orders that make them fly. if you wait to decide for whom the drone tolls, thats our own fault.

hats off to Picketts charge, a real A+ for bravery. Complete F- failure as an effective strategy. when the centers too strong, roll the flanks

Mon, 06/11/2012 - 13:09 | Link to Comment lakecity55
lakecity55's picture

Simply find the drone base and destroy it.

Mon, 06/11/2012 - 13:56 | Link to Comment Paul Atreides
Paul Atreides's picture

Easier to scramble the drones satellite uplink with a microwave transmitter/repeater, predator and reaper drones can be controlled from the other side of the planet using these links.

Mon, 06/11/2012 - 15:26 | Link to Comment Non Passaran
Non Passaran's picture

All you need is a pair of really big scissors to cut those power lines. Or punch a hole in the pipeline.

Mon, 06/11/2012 - 11:44 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

That is quality humor Sandmann. Let the junking commence!

Mon, 06/11/2012 - 11:56 | Link to Comment Ghordius
Ghordius's picture

shocking, Sandmann advocating guns and ammo first and then gold and so many junking him. what has ZH become! oh, woe me! ;-)

Mon, 06/11/2012 - 11:53 | Link to Comment Martial
Martial's picture

What if I have the gold AND 5x their guns? Hypothetically speaking of course....

Mon, 06/11/2012 - 12:21 | Link to Comment Pure Evil
Pure Evil's picture

They can always set your compound on fire. Waco anyone?

Mon, 06/11/2012 - 12:13 | Link to Comment resurger
resurger's picture

one thing am sure of, is that you wont die with honor.

 

Mon, 06/11/2012 - 17:01 | Link to Comment mkkby
mkkby's picture

I had a boating accident.  How will they find it or even know I ever had any gold?

Mon, 06/11/2012 - 11:34 | Link to Comment kilters
kilters's picture

I'm pulling my few remaining euro's out tomorrow. Today of all days has finally motivated me to act.

Mon, 06/11/2012 - 11:47 | Link to Comment tocointhephrase
tocointhephrase's picture

The next step after the BANK RUN (withdrawal) is to stop said currency from depreciating by buying Physical Gold and Silver!

Mon, 06/11/2012 - 11:49 | Link to Comment stocktivity
stocktivity's picture

Smart move...if I had Euros in a European bank, I'd take them out too.

Mon, 06/11/2012 - 12:03 | Link to Comment EasterBunny
EasterBunny's picture

and what would you do with it?

 

Mon, 06/11/2012 - 11:35 | Link to Comment Sandmann
Sandmann's picture

This is the logical outcome. After all within 3 years the USA will impose Tariffs on China as will the EU and let Asia implode. The alternative of watching Western Civilisation collapse into the kind of mess the USSR was after Russia collapsed may not be appealing

Mon, 06/11/2012 - 11:40 | Link to Comment gjp
gjp's picture

Interesting conclusion.  Stop cheap Asian supply and it's Asia that collapses?  It's possible, but I wouldn't want to be at the local Wal-Mart when the gravy train derails.

It really seems like a fundamental disconnect among people thinking that the producers will suffer more than the consumers when their dysfunctional yet symbiotic relationship is finally deemed toxic beyond repair.

Mon, 06/11/2012 - 12:08 | Link to Comment Marco
Marco's picture

Still for the most part China is a producer of luxuries (although the west is letting some very critical industries get outsourced, so how long that remains approximately true is an open question). Live would get less comfortable without China, but we wouldn't starve.

Mon, 06/11/2012 - 13:00 | Link to Comment Bollixed
Bollixed's picture

"It really seems like a fundamental disconnect among people thinking that the producers will suffer more than the consumers when their dysfunctional yet symbiotic relationship is finally deemed toxic beyond repair."

I'm sure we can break the cycle of taking discretionary money and using it to buy crap that hits the landfills in no time flat. That Wal-Mart junk people think they need to survive is but another illusion of middle class manifestation.

The real truth, I suspect, is once society weans itself of the 'Beanie Baby mentality' and starts to value quality goods that actually have what could be described as 'purposely functional' traits, and a shelf life longer than the credit card payoff, it may indeed be the producers who are found to be the ones suffering.

Nowhere in the food, clothing, and shelter equation does it stipulate you'll need a George Foreman grill, a 45" Plasma screen, and Crocs clogs to survive.

Those producers need to sell that stuff, but people don't need to buy them. There's a reason the self storage industry is so huge, and it has nothing to do with logical thinking on the part of consumers, btw.

Mon, 06/11/2012 - 11:39 | Link to Comment carbonmutant
carbonmutant's picture

The Schengen Agreement is dead

Mon, 06/11/2012 - 11:43 | Link to Comment canardo
canardo's picture

I wish that were true

Mon, 06/11/2012 - 12:10 | Link to Comment ThirdWorldDude
Mon, 06/11/2012 - 12:23 | Link to Comment monkeyboy
monkeyboy's picture

The Schengen Agreement is dead! Long live the Schengen Agreement!

Mon, 06/11/2012 - 11:47 | Link to Comment Tirpitz
Tirpitz's picture

Yeah, those tariffs are overdue. I'd start with import restrictions on rare earth materials, heavy metals like tungsten and cobalt, and add a few high-tech ARM chips for missile guidance systems for good measure.

Mon, 06/11/2012 - 11:57 | Link to Comment Broomer
Broomer's picture

Civilization? Where, I can't see one.

Mon, 06/11/2012 - 17:07 | Link to Comment mkkby
mkkby's picture

Not logical at all.  The US likes printing worthless paper and exchanging it for the hard work and real resources out of China.  If anything China will back out of the deal, once a better currency is available. 

They're already buying gold as fast as they can without spiking the price on themselves.  They know exacly what's going on.

Mon, 06/11/2012 - 11:35 | Link to Comment Eclipse89
Eclipse89's picture

What a bunch of idiots

Mon, 06/11/2012 - 11:35 | Link to Comment tony bonn
tony bonn's picture

worst case scenario my ass.....those neo-nazi european unionists have lusted after other people's money since time immemorial....this theft is another step in their quest to realizing the 5th reich - the 4th reich already well established in amerika.....

Mon, 06/11/2012 - 11:35 | Link to Comment drink or die
drink or die's picture

Guess I should postpone my Greek vacation...

Mon, 06/11/2012 - 11:42 | Link to Comment bdc63
bdc63's picture

... I would suggest indefinately ...

Mon, 06/11/2012 - 11:57 | Link to Comment drink or die
drink or die's picture

Believe it or not, my girlfriend was trying to talk me into a Greek vacation about 3 weeks ago.  Had to go and find some youtube videos to talk her out of it.

Mon, 06/11/2012 - 17:13 | Link to Comment mkkby
mkkby's picture

That's like shying away from the US because you saw crime in Detroit on the tee vee.  Just stay away from the poor slums and inner cities - good advice anywhere/anytime.

I'm sure the values are great there now in the sea side resorts and small towns.  Even better after the devaluation.

Mon, 06/11/2012 - 11:55 | Link to Comment stocktivity
stocktivity's picture

Depends...if you're alone and in good shape, you should be fine. However, Greece won't be a place to take the family on vacation this summer. Riots and thugs could easily separate you from your wife (and children).

Mon, 06/11/2012 - 12:44 | Link to Comment TrillionDollarBoner
TrillionDollarBoner's picture

Jesus. Do people have no idea what it is like in Greece away from Athens and the other major cities?

Most of the islands and rural regions will sleep through this, whatever happens. They have been through this kind of shit before, and those white-washed villages will look just the same on the other side. The place is full of farmers, fishermen, tight communities, and they will be so fine and so chilled about this in comparison with city folk from points north and west. Avoid Athens, sure, but you can fly staight to many of the islands, and they will be paradise this summer because so many scaredy-cat tourists have stayed away. 

[soon as the drachma is back, I'm there!]

Mon, 06/11/2012 - 12:17 | Link to Comment kekekekekekeke
kekekekekekeke's picture

I know quite a few people going (I guess because it's cheap)

but idk I've been known to go to some sketchy places at sketchy times makes for a good story

Mon, 06/11/2012 - 11:35 | Link to Comment larry david
larry david's picture

This has got to be super bullish right?  Right?  Right????  Robo????

Mon, 06/11/2012 - 11:35 | Link to Comment the 300000000th...
the 300000000th percent's picture

Are they trying to intensify bank runs?????

Mon, 06/11/2012 - 11:44 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

The words "nobody panic" causes more panic than any others, methinks.

Mon, 06/11/2012 - 12:19 | Link to Comment tmosley
tmosley's picture

At least they remembered to bring their Spiderman towel.

Mon, 06/11/2012 - 11:36 | Link to Comment Dr. Engali
Dr. Engali's picture

Okay guys...I'm out of here. Headed to the retreat.

Mon, 06/11/2012 - 11:36 | Link to Comment mrktwtch2
mrktwtch2's picture

wont this be somehow spun as bullish?? or is it now just sell whenever they say somehting..

Mon, 06/11/2012 - 11:36 | Link to Comment Thomas Jefferson
Thomas Jefferson's picture

Hold me!  Lyndsey Williams right again!

Do NOT follow this link or you will be banned from the site!