Just got an email from David Morgan, silver expert and hero, that talks about “rumors are flying and it is difficult to determine truth from fiction, especially in such a fast moving market.”
He says he’s hearing rumors today of “a world wide Stock Exchange and Banking “holiday” starting Sunday Oct 11, 2008.”
He says, “I would not rule this out, in fact at some point the authorities might have to “pull the plug” and regroup. I am not saying it will happen, but certainly it could happen. The real question would remain — would a closing of the markets stop the panic?”
Bush is meeting with the G7 this weekend and I’ve been hearing more about a total collapse of the dollar coming soon.
Now, remember Monday is a bank holiday anyway (Columbus Day) so, maybe there might be some logic in closing banks and the stock market for a shortened week so the Central Banks can regroup and try to figure a way out of this mess.
If they close all banks you can assume they’ll either close all ATMs or stop refilling the cash in them. Will they continue to let credit card transactions happen? I think they would as you can’t really withdraw funds with a credit card. Debit cards might be another story, though.
DO YOU HAVE ENOUGH CASH ON HAND TO LAST A FEW WEEKS?
Please get any excess cash you have in the banks OUT while you can. I have, and I’ve left just enough in the bank to cover auto-withdraws and outstanding checks.
Please pass this along to anyone you care about.
Update: I’ve found the sources of the rumor:
1) Italian Prime Minister (and G7 nation member) Berlusconi. Berlusconi Says Leaders May Close World’s Markets
2) Heart Attacks & Bank Holidays by Jim Willie CB.