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Post Info TOPIC: Will there be a run on the banks?
Will there be a run on banks? [3 vote(s)]

Yes, it is a mathematical certianty.
33.3%
No
66.7%
Even if there isn't a run on banks, there will be nothing left in stores for people to buy!
0.0%


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Will there be a run on the banks?


It's really a good question because if you think about it, after all the stimulus checks are sent out and people cash them it could cause there to be a run on the banks!

Soon cash could be as hard to find as toilet paper!

It is claimed that $500 billion in checks are going to be sent out, and if you think about the fact that there is currently less than $1.5 trillion in circulation, it becomes clear we could see cash shortages as by the time that April 6th rolls around many people will probably have overdrawn their checking accounts. You can almost be sure that check cashing companies will make a tidy little sum cashing all these stimulus checks! 

The irony here is that by the time the last checks go out in March it could come to pass that the cash is so worthless that using it to wipe your ass would be less expensive than buying actual toilet paper! I say that because business is being shuttered in America and daily life is being drastically altered in ways that even the oldest living people have never seen in their lifetimes! When schools start closing and people are being quarantined it's hard to discount any apocalypse scenarios because like I have already said, no-one alive has seen this level of disruption in the daily lives of Americans. 



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FAR BEYOND DRIVEN

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Who knows my friend ?...

I actually got Corona'd today with my new job LOL ! I thought they'd lose me around Christmas time ( as that's what usually happens when the "regulars" come back from holiday ), but I managed to hang-in-there for a few extra months, & the possibility of returning once the flu has passed LOL !

Seriously though, hang-in-there all the good folks that are needlessly suffering here. All will be well soon !

Remember that "stress is interest paid, on a debt that hasn't been acquired as yet"...

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Id say the debt has already been acquired Rastus.

Its like I see on the stock market ticker today, where all the little stock articles are bragging about the 188 point increase yesterday and how the market is poised for another 300 point increase today. LOL! HELLO! The market is down 10,000 points, what does it matter if the market went up 188 points!?

People can choose to pretend all they want.. 



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Just because a half trillion worth of checks is being mailed out, doesn't mean everybody is going to cash them. I for one will deposit it, and use my card to make electronic purchases with the funds.

At any given time, the Federal Reserve has hundreds of billions worth of uncirculated currency warehoused to fill any increased demand for cash.

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Cash. Some in bank. It's not the scare I have always done that. I keep cash in the safe and enough in the bank, like keeping 40-60K in cash. Bought vette for $18K just went to the safe. Don't trust the fed, they can close banks anytime, no business, no ATM, no debit card.

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You don't feel that $40-$60k in cash might be a little excessive? lol

Unless you purchased private party the Corvette you would had to have filled out a Federal form to even spend in excess of $10k in cash at a dealership or other place of business... I tried to purchase in cash a vehicle just a little over $10k in cash only to have the sale fall thru, probably because they didn't want to report it...



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PowerStroker wrote:

Just because a half trillion worth of checks is being mailed out, doesn't mean everybody is going to cash them. I for one will deposit it, and use my card to make electronic purchases with the funds.

At any given time, the Federal Reserve has hundreds of billions worth of uncirculated currency warehoused to fill any increased demand for cash.


 

Hundreds of billions PowerStroker!? That is still far less than the $500 billion they are sending out! Plus, banks will not just give out all their cash, they too will keep a large horde for themselves! In fact I think they are required to keep a certain amount on hand at all time!

There has been talk about shutting down the stock market too! 

A lot of people won't even make it until the 6th of next month PowerStroker! That is still two weeks out!! 

They are also emptying out a lot of jails, which could lead to an increase in crime... There are a lot of volatile variables in play here and the fact that schools have shut down and lockdowns all over the country and the world, it might not be a bad idea to have a few nickels stashed away in cash! Maybe not to the degree that Shawnee rolls, lol, but still - a little something!



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Anarchy, anarchy !!!



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SELLC wrote:

You don't feel that $40-$60k in cash might be a little excessive? lol

Unless you purchased private party the Corvette you would had to have filled out a Federal form to even spend in excess of $10k in cash at a dealership or other place of business... I tried to purchase in cash a vehicle just a little over $10k in cash only to have the sale fall thru, probably because they didn't want to report it...


 Nah, not excessive at all. Couple weeks I'll be taking out another 40K, already paid taxes on it. Inherited annuity. Don't know why I had to pay tax on an inheritance but they said I did so took out 10%, pay state later. If I get it back from feds all the better.

Yup was a private sale, handed him 180 , $100's



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I reckon it's more like this one below, bit I like your post SELLC !!!...( I thought I better add that "Smaug the great" is the tax-department)...

Smaug.jpg

 



-- Edited by Rastus on Sunday 22nd of March 2020 06:47:03 PM

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Interest rates are at all time lows... Yet this is what the banks do

Wells Fargo reduces mortgage products amid coronavirus outbreak

 

the largest U.S. mortgage lender, is offering fewer home loan products during the coronavirus-fueled economic downturn, a spokesman said on Monday. The bank has paused many kinds of loans including cash-out refinance loans, most home equity loans above $250,000 and riskier non-conforming purchase loans, according to a memo seen by Reuters and confirmed by the company.

 

https://www.yahoo.com/finance/news/wells-fargo-reduces-mortgage-products-233659573.html

 

And gas is almost under $1.00 a gallon at some places, but where you going to drive when the entire country is on lockdown!? You can't even make this stuff up folks!



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Good post SELLC.

Might be worth mentioning here that the W.H.O. ( World Health Organization ), & the World Bank ( Rothschild I think ), are joined at the waist LOL !

Just sayin'...

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Gas here was $1.46 and take my 15cents off, grocery rewards.

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Seen someone on Facebook get it for .67 cents a gallon! I am sure they too had some rewards thing going, but damn!



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Gasoline is cheap in the US-of-A, that's for sure !!! Around about a 1/4-the-price of what we have to fork out ! ( But our wages are much higher I suppose )...

The service-station down the road has it at $00:99 per-litre...( I don't ever remember fuel being priced in the 90-cent range down this way...It was high-80's for a while, & then we went to war, & it topped over a dollar-per-litre, & kept climbing ever since ).

I wonder what Europe is paying ?...They're usually around a dollar more expensive than us here-in-Oz...

Edit...I just checked, & the UK is currently paying about $05:30 USD per gallon...Or if you rather, about $01:40 per-litre..









-- Edited by Rastus on Thursday 16th of April 2020 12:46:40 AM

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Was $1.36 a gallon the other day.

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Rastus wrote:

Gasoline is cheap in the US-of-A, that's for sure !!! Around about a 1/4-the-price of what we have to fork out ! ( But our wages are much higher I suppose )...

The service-station down the road has it at $00:99 per-litre...( I don't ever remember fuel being priced in the 90-cent range down this way...It was high-80's for a while, & then we went to war, & it topped over a dollar-per-litre, & kept climbing ever since ).

I wonder what Europe is paying ?...They're usually around a dollar more expensive than us here-in-Oz...

Edit...I just checked, & the UK is currently paying about $05:30 USD per gallon...Or if you rather, about $01:40 per-litre..

 



 

The UK has always paid a lot of gas, probably because it's taxed so heavy! I can recall the UK paying similar amounts of money for gas going all the way back to the early 1990's! Always been about five bucks a gallon.



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SELLC wrote:
Rastus wrote:

Gasoline is cheap in the US-of-A, that's for sure !!! Around about a 1/4-the-price of what we have to fork out ! ( But our wages are much higher I suppose )...

The service-station down the road has it at $00:99 per-litre...( I don't ever remember fuel being priced in the 90-cent range down this way...It was high-80's for a while, & then we went to war, & it topped over a dollar-per-litre, & kept climbing ever since ).

I wonder what Europe is paying ?...They're usually around a dollar more expensive than us here-in-Oz...

Edit...I just checked, & the UK is currently paying about $05:30 USD per gallon...Or if you rather, about $01:40 per-litre..

 



 

The UK has always paid a lot of gas, probably because it's taxed so heavy! I can recall the UK paying similar amounts of money for gas going all the way back to the early 1990's! Always been about five bucks a gallon.


 

Yes, the early 1990's Gulf war is when fuel prices down this way skipped the $00:90's, & went into the dollar + range, & stayed high ever since. I'm pretty sure that we're "all" taxed about the same / similar across the board, but it's what the dollar value is that allows you your purchasing power etc etc...

Another big difference down here in Oz for regular "9-5'rs" compared to the US-of-A, is that we are entitled to 4-weeks a year annual-leave, & heaps of public holidays too. But I much preferred life at sea, where it was pretty-much 50/50 with the work & leave ratio. That was awesome.

Are the folks in the US-of-A ( regular 8-5'rs ) still only entitled to 2-weeks leave a year ?






-- Edited by Rastus on Tuesday 28th of April 2020 06:16:33 PM

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