Posted on 05/08/2023 4:19:29 PM PDT by C210N
Hendry says a further decline in the M2 money supply, which in part tracks money in liquid checking accounts, could convince the US government to step in and prevent citizens from taking their capital out of the banking system.
“Sometimes it’s kind of relevant to panic. I would recommend you panic… You’ve seen the biggest waterfall decline in M2 right now. M2 is deposits, not loans. That’s the deposits fleeing the system and going into money market funds.
That could reach a crescendo where the Treasury and the Fed may have to come in and actually restrict your right as a US citizen to pull money out of the US banking sector.”
Hendry says capital flight from US banks is not solely about fears on whether the FDIC will insure deposits above $250,000, and a blanket guarantee on deposits would not solve the problem.
“There is capital flight, deposit flight from the banking sector seeking yield. I fear that, I don’t say this lightly, but in 1934 the Federal Reserve Act confiscated gold from US citizens.
We’re at the point where the Fed and Treasury officials I’m sure are having to consider a gate a lock on US bank deposits.”
(Excerpt) Read more at dailyhodl.com ...
So, can you pay your bills?
I have no idea whether this will happen or not. But if it does, I’m wondering how they’ll blame Trump and the Mega MAGA Republicans.
Someone is itching for rebellion.
Never heard of him
Such an event would be unlikely, but not impossible. Back in 1933 FDR declared a “bank holiday” and ordered all banks closed for four days.
https://en.wikipedia.org/wiki/Emergency_Banking_Act
Hey, dude, go ahead. Encourage more runs!
Interesting question. Chaos on the horizon? The law of unintended consequences is fixing to rear its ugly head.
BTW, I’m thinking getting together for lunch sometime???
Sure, your money is not your own! Everything is fine, being 3 out of the 4 biggest bank failures happened in the past year.
Seems the Marxist Dems have us on our way for the dollar collapse and into socialism after the Yuan becomes the Worlds Reserve Currency.
If my VISA card doesn’t work, the State of Florida will take a 7% sales tax haircut for every dollar I can’t spend.
Not too many people I know stick over $100,000 in a bank.
It mainly occurs for ordinary people on their house sales.
If a company has payroll of over $100,000 in a week, it probably has done due diligence already.
The premise of the article is silly.
Banking is largely automated.
My VISA and ATM transactions are automated.
The FDIC will stuff my bank’s ATMs, or I will use a networked ATM.
My bank’s VISA and ATM software has no idea if my bank is solvent or insolvent.
Why, Yellen and Biden has it all under control. Vote Dem again, you miserably naive Leftist morons.
Nothing to see here. Just move on.
https://www.youtube.com/watch?v=aKnX5wci404
Can you use your credit cards to purchase items, will vendors be able to accept cash?
If we close everything down will it take 2 weeks to flatten the bank crisis?
They want to force us into CBDC
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