8,500 U.S. banks; many will die soon
Similar to what Barton Biggs describes during WWII…
Full article at: Daily Kos
Run, don’t walk, to your bank and get the funds you have clear of this mess before it gets any worse. The safe deposit box … isn’t. There were rules during the Great Depression such that a treasury agent got to paw through any that were opened before the owner got to touch their stuff; gold, silver, and cash could easily be confiscated in an emergency.So, what to do? Cash at home in the First Bank of Serta? A fire proof safe? Maybe cashier’s checks in your name and leave the receipts in the safe deposit box, thusly meeting the portability requirement with safety? Nope on that last one, cashier’s checks drawn on a dead bank are dead. Treasury Bills? Wow, look at the Fannie Mae and Freddie Mac bailout … they’ll not go *poof* instantly, but they’re going down in value bigtime. Swiss bank account? Hey, look at that first salvo in making sure dollars in the U.S. stay in the U.S.
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