Now YOUR Bank Has No $

In the Bankster Bailout Bill just signed into law last week there is a change that, for the first time ever, allows any bank to operate WITHOUT keeping ANY cash on hand for its customers.

Back in the “good ol’ days” a bank was required by law to keep 3% of its customers’ total deposits in cash on-hand. If you have $1,000 in your account the bank had to keep $30 on hand in case you wanted to withdraw it. As long as most customers didn’t want to take out much cash everything worked fine.

Problem: late last year banks were having trouble even scraping together that much cash. The Fed made a change: for the first time they told the banks, “OK, if you’ve run out of cash reserves you can BORROW them from us.”

Yeah, I know, sounds dangerous. I wrote about it in Feb 2008 [“Like Money in the Bank”??].

Now, Congress has made a change hidden in the Bankster Bailout Bill. Banks DO NOT have to keep ANY cash whatsoever on hand for withdrawal by their customers.

When the average American wakes up and starts a massive RUN ON THE BANKS there won’t be any cash to withdraw. Legally.

Should you get your cash while you can? I sure am.

How to Rate Your Bank’s Safety
Gold and silver just keep lookin’ better every day.

◊◊◊◊ Now: Gold @ $869.50, Silver @ $11.07, USDX @ 81.51 ◊◊◊◊
◊◊◊◊ Now: DJIA 9,785.61

This post is based on this excellent research.


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