Posted on 03/15/2020 11:13:28 AM PDT by dennisw
Manhattan bank temporarily runs out of $100 bills as wealthy customers frantically try to withdraw up to $50,000 amid Wall Street's coronavirus crash
A Bank of America branch on Park Avenue experienced a run of wealthy customers seeking to stockpile cash on Thursday
The rush came amid dramatic drops on the stock market, and caused the bank to run out of $100 bills The banks says smaller bills were available as normal, and $100 bills were replenished the following day
The Federal Reserve says it has not seen a dramatic spike in the demand for cash despite the coronavirus crisis (This might be a lie)
A Manhattan bank temporarily ran out of $100 bills on Thursday as wealthy customers sought to withdraw large sums of cash as Wall Street suffered its biggest drop in more than 30 years.
Frantic clientele at a Bank of America branch on ritzy Park Avenue requested to retrieve tens of thousands of dollars to stockpile, which accounted for the shortage.
Two people who witnessed the rush told The New York Times that several people withdrew as much as $50,000.
On Thursday, the S&P 500 dropped more than nine percent - the largest percentage drop since the 'Black Monday' crash of 1987.
The fall was attributed to the worsening coronavirus crisis, however the markets largely bounced back on Friday after the Trump Administration announced new measures to fight the pandemic.
(Excerpt) Read more at dailymail.co.uk ...
Kind of ironic - we know that the Deep State and others use fear as a way to steer and control the people - we had the commie/nuke war threat until the Berlin Wall came down then it wasn’t viable anymore and up pops Globull Warming, which has many in fear that we’re gonna destroy the Earth even as we do less harm than past generations and none of the data actually supports anything but the earth’s climate and Mother Nature do not now, and never did have a “balance” and even if they did, we have no idea of how to maintain one or ‘fix’ things...all our efforts end up causing more harm....the coronavirus scare is no different - the panic-induced knee-jerking will cause more harm than the virus.
Folks who would be up in arms if the government decided to tell them they could not move freely are now begging that same government to lock them, and everyone else, down....I’d wager if, after doing that, the story ‘evolved” they would also go meekly to barb-wire surrounded camps/tent cities because the “latest info” said that’s the only way to stop it.
Even though we know that they use fear to guide and control us, so many can’t see it through the red haze of insane panic....they not only welcome the government controls, they beg for them...
And the fear mongers will try to leverage it...
Reminds me of a saying, by Ben Franklin, that many FReepers, who are now acting insane, used to showcase:
“Those who would give up essential Liberty, to purchase a little temporary Safety, deserve neither Liberty nor Safety.”
Unnamed sources from the NY Times.
I call BS.
How rassist! Now there won’t be enough $100 bills left for the poor people!
Great post. Think F.A.S.T. - Food Ammo Shelter (remote if possible) Today
Early warning, post. See something, post something. Life/health BUMP
Hey…when toilet paper runs out you gotta use something.
If the current panic keeps up currency will be used as toilet paper. Or maybe toilet paper will be used as currency. It could go either way.
“I looked under the bed, the sofa, easy chair, couldn’t find the damn thing anywhere!”
You, too?! I couldn’t find mine and I swear I had two of them!
If only the “super rich” were as concerned about their eternal destination. I suppose they think they will never die because of cryogenics or some goofy idea like that.
Well at least they will have some TP! lol
Why get the $100 bills when the store shelves are empty Russia store has more then our stores now they worry about food idiots to the tenth power.
This is actually quite serious, for an odd reason.
Only about 3+% of the US daily economy is backed with cash, the vast majority of which is $1 bills, and proportionately fewer $5, $10, $20, and $50, and a scant number of $100 bills, since most of them are sent overseas.
To make things worse, there are only two US Bureau of Printing and Engraving offices able to print currency in the US, in Washington, D.C. and Fort Worth, Texas, and year around they operate at 100% capacity.
This means, if there is a “cash run” on the banks, they would be out, with almost no resupply, within a day or two.
This is half the problem. The other half is the credit card companies must issue bonds to underwrite their user’s credit. It is not rare for one of their bond issues to fail, because not enough investors buy them, but if 3 to 5 of them fail in a row, they must unilaterally cancel most of their cards.
What would drive things over the cliff would be if many retailers no longer accepted checks, credit or debit, only cash.
Great reminder. Sitting in halls of elementary school with our heads down between our knees and away from the glass in the doors.
LLLLLLLOUD WE interrupt this programing to bring you special programming. In the event of an actual emergency we would tell you what to do, what to think, what you can say, who to talk to, what car to drive, what toilets are ok, what foods are ok, what doctors are ok, etc., etc., etc.
We now return you to your regularly scheduled programming.
Masters of the universe UNITE!
WMDs Fat man, little boy, tiny germ. When scientific totalitarianism meets political totalitarianism with 1-way propaganda totalitarianism and every other T tossed in.
I went to the bank Friday to get a few thousand $. Teller asked if she could give me mostly $100s. Said she was low on other denominations. She gave 29-$100s and the balance in $20’s.
Why don’t they spend their gold?
I thought this is what it was saved for.
“I work in the Credit Union Business. Our Main Branch went through $97,000 in six hours on Friday.”
You just stated half an equation that is useless.
How much cash does the CU go through on an average Friday?
And, was anyone unable to get the cash they requested due to no supply left?
Trump should seriously consider closing the financial markets for 30 days. The global economy is heading towards a crash. There is no reason to stand by and watch panic cause even more economic damage.
I wonder if the bank is filing the CTRs and SARs like they are supposed to, or if these clients are high enough in the New World Order that they are exempt.
Wrong. If they run out of hundreds they will have to roll up 20s to snort their cocaine. That would be so humiliating for them.
If the SHTF your bills are worthless. If you are not being very secret with your money,you will be dislodged from your vast amount of money anyway.
Agreed. Have long been stocking up on tangibles like whiskey, coffee, rice, dried beans, and, ammo, etc.
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