US banks shaken by biggest deposit withdrawals since 9/11
#1
http://rt.com/business/news/us-major-dep...rawal-740/

Excerpt: "US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.

So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31.

There are a number of reasons behind this unpredicted fund outflow. Some experts believe it has to do with the beginning of the year when the money is randomly needed here and there. Others have concluded the funds are getting down to business and being invested.

Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another."
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#2
(01-25-2013, 04:35 PM)PonderThis Wrote: http://rt.com/business/news/us-major-dep...rawal-740/

Excerpt: "US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.

The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.

So the current “fast pace” of withdrawal comes as a surprise to financial analysts because the deposits are slipping away from those banks which supposedly were safe. Experts expected savers in small and medium banks would turn to bigger players come December 31.

There are a number of reasons behind this unpredicted fund outflow. Some experts believe it has to do with the beginning of the year when the money is randomly needed here and there. Others have concluded the funds are getting down to business and being invested.

Another set of data from the US Federal Reserve shows some deposits may have moved within the banking system from one type of account to another."

They should take $14 trillion back that they gave Wall Street and then throw the lot of them in jail.
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#3
I have removed all but essential money from the grid. It just makes sense right now.
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#4
(01-25-2013, 09:05 PM)Larry Wrote: I have removed all but essential money from the grid. It just makes sense right now.

Me too Larry. And let's just how those smart elects react when they realize that damn near 40 dollars have been removed from circulation.
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#5
I turn money into something a little more solid, just as fast as I can. If I'm not too liquid, I don't need to be. Maybe at some yard sale, I'll turn a buck into a shiny new pair of Channellocks. There's a thousand per cent profit, on eBay, or 500 per cent at the swap meet, quick. And then, I have ten bucks, that I have to turn into something safer than a green coupon, with a dead president's picture, on it. And, you just have to keep doing it.
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