Just received a call from a highly agitated bank manager who stated that within 60 days, banks will be greatly reducing their hours, days of operation, amount of withdrawals and a requirement to fill out “paperwork” if the amount is questioned by bank officials. Unless the form is completed, money will not be disbursed.
What really irritated this manager is that after hearing our statements on the air, and receiving years of assurance that our positions and contacts were so much bravo sierra, now he hears from corporate people that it is apparently true after all.
He said, “Screw them, grab the money while you can.”
The parameters given were banks open two days a week for four to five hours with below minimum staffs, increased security and greatly reduced amounts of actual cash in the vault. Amount of withdrawal will be held to $500-2000 per day per customer account–not customer. So my account could only have either my wife or I withdraw, not both. That level could change at ANY time. There is no plan (at least known) for automatic confiscation from accounts–yet, and he said that the banks hold the “ownership” authority and final disposition of any items found in safety deposit boxes. (Surprise, surprise!) Withholding mortgage payments could result in expedited (30) day foreclosures and 15 day Sheriff’s locks on your front door.
The Federal Reserve could and will initiate other more draconian restrictions on all aspects of “private” banking and access to any property held by banks. It could include forfeiture of your primary (paid for) residence if your summer cottage has a mortgage and you fail to pony up to keeping it current or any forthcoming restrictions on your accounts.
Clearly, the only option is to close accounts or only keep funds that can be paid instantly to keep electric, water, or other critical accounts paid. Cash will be drying up—so, unless people hold precious metals, bullets (the new currency) or medicines, etc., you are screwed. Barter will be king. As the Colonel said yesterday, “the universe is contracting into the black hole. There is no way to escape its pull.” (Political/economic/social order black hole)
Received at 15:45 hours
20 March 2013