WARNING BANK SAFE DEPOSIT BOX
UPDATE: MAY 7 2009
The Worst Case Scenario (Someone Has to Say It)
Stock prices will cease to reflect the “greater fool” mentality
There will be tremendous pressure on the government to get into the stock market in order to bid up prices.
Sometime in 2010, the Federal Reserve will create and loan out hundreds of billions of fresh dollars to the usual well-connected suspects, instructing them to buy up stocks on the public’s behalf
Millions of new retirees—including white-collar people with high expectations for a Golden Retirement—will be left virtually penniless.
Every country that has not found a way out of dollar-denominated reserve assets by 2012 will see its reserves eliminated.
Ultimately, one in three work-eligible Americans will be unemployed, underemployed, or never-employed
Police and other local government workers will turn to wholesale corruption in order to survive. America’s ideal of honest, courteous, and impartial cops, teachers, and small-time local functionaries will have come to an end.
Commercial overcapacity will strike with a vengeance. By 2012, thousands of enclosed malls, strip malls, unfinished residential developments, motels, truck stops, distribution centers, middle-of-nowhere resorts and casinos, and small-city airports across America will turn into dilapidated, unwanted, and dangerous ghost towns.
By the end of 2010, tens of millions of households will have fallen behind on their mortgages or stopped paying altogether. A general bank run will only be averted through a roughly one trillion-dollar recapitalization of the FDIC, courtesy of new money from the Federal Reserve.
An economy is never independent of the society within which it functions, and going-out-with-a-bang attacks by laid-off workers and bankrupted investors—already a national plague—will become an everyday occurrence.
Property crime will explode as citizens bitter over their own shattered dreams attempt to comfort themselves by taking what is not theirs.
Mutinies and desertions will proliferate in an increasingly demoralized, over-stretched military
There will be widespread tax collection issues, and a huge backlash against Federal and state bureaucrats who demand three-percent annual pay raises while private sector wages remain frozen or worse. In short, the “Tea Parties” of tomorrow will likely not be so restrained.
Finally, between now and 2012, we are likely to see another earth-shaking national embarrassment on the scale of the 9/11 attacks or Hurricane Katrina and its aftermath. This will demonstrate conclusively to all Americans that their government, even under a savior-figure like Obama, cannot, in fact, save them.
By 2012, there will be a general feeling that the nation is in immediate danger of blowing up or coming apart at the seams. This fear will be justified, given that the U.S.
has always been held together by the promise of a continuously rising material standard of living—the famous “pursuit of happiness”—rather than any ethnic or religious ties. If that goes, so could everything else. We were lucky in the 1930s—we may not be so lucky again.
SOURCE: The Worst Case Scenario (Someone Has to Say It)
Wednesday, May 6, 2009
Putting It All Into Perspective
Posted by Tyler Durden at 10:35 PM
Tonight, instead of more charts that demonstrate an increasingly broken market, or links to mainstream media sources of exponentially diminishing value, I provide a selection, culled from the most recent investor letter of hedge fund Elliott Associates. The letter does an exemplary job of addressing and explaining the core issues affecting both U.S. taxpayers and investors (as well as our global readers), with either a near- or long-term horizon, and cuts through the verbiage, the rhetoric, the patronizing and the obfuscations of both the MSM and the administration and its agents, like a warm knife through butter.
SOURCE: Putting It All Into Perspective
UPDATE: APRIL 20 2009
US Banking System is in complete and total collapse.
1) Of the top nineteen (19) banks in the nation, sixteen (16) are already technically insolvent.
2) Of the 16 banks that are already technically insolvent, not even one can withstand any disruption of cash flow at all or any further deterioration in non-paying loans.
3) If any two of the 16 insolvent banks go under, they will totally wipe out all remaining FDIC insurance funding.
4) Of the top 19 banks in the nation, the top five (5) largest banks are under capitalized so dangerously, there is serious doubt about their ability to continue as ongoing businesses.
5) Five large U.S. banks have credit exposure related to their derivatives trading that exceeds their capital, with four in particular - JPMorgan Chase, Goldman Sachs, HSBC Bank America and Citibank - taking especially large risks.
6) Bank of America`s total credit exposure to derivatives was 179 percent of its risk-based capital; Citibank`s was 278 percent; JPMorgan Chase`s,
382 percent; and HSBC America`s, 550 percent. It gets even worse: Goldman Sachs began reporting as a commercial bank, revealing an alarming total credit exposure of 1,056 percent, or more than ten times its capital!
7) Not only are there serious questions about whether or not JPMorgan Chase, Goldman Sachs,Citibank, Wells Fargo, Sun Trust Bank, HSBC Bank USA, can continue in business, more than 1,800 regional and smaller institutions are at risk of failure despite government bailouts!
The debt crisis is much greater than the government has reported. The FDIC`s "Problem List" of troubled banks includes 252 institutions with assets of $159 billion. 1,816 banks and thrifts are at risk of failure, with total assets of $4.67 trillion, compared to 1,568 institutions, with
$2.32 trillion in total assets in prior quarter.
Put bluntly, the entire US Banking System is in complete and total collapse.
Financial Crisis:UPDATE: APRIL 2009:BUSH-O-BAMA
Financial Crisis:UPDATE: MARCH 2009: Obama Deception
BAILOUT UPDATE: NOVEMBER 2008 : Money Black Hole
November 2008: by: Barbara L. Minton
One investment idea that looks bright even in these bleak days is companies that make safes.
Confidence in banks and the overall economy is at levels not seen since the Great Depression.
People are removing money from their bank accounts at record rates and they have to put it somewhere.
Safe deposit boxes were once the first choice as a place to stash cash and other valuables, but with some banks closing it is becoming apparent that emergency money belongs elsewhere if quick access to it is needed.
Safety deposit box holders and depositors are not given advanced notice when failed banks shut their doors.
If people have their emergency money in a safe deposit box or an account in a bank that closes, they will not be allowed into the bank to get it out. They can knock on the door and beg to get in but the sheriff’s department or whoever is handling the closure will simply say “no” because they are just following orders.
Deposit box and account holders are not warned of the hazards of banking when they sign up. It is not until they need to get their cash or valuables out in a hurry that they find themselves in trouble.
Rules governing access to safe deposit boxes and money held in accounts are written into the charter of each bank. The charter is the statement of policy under which the bank is allowed by the government to do business. These rules are subject to change at any time by faceless bureaucrats who are answerable to no one. They can be changed without notice, without the agreement of the people, and against their will. People can complain but no one will care because this is small potatoes compared to the complaints that will be voiced when the executive order that governs national emergencies is enforced.
That order allows the suspension of habeus corpus and all rights guaranteed under the Bill of Rights.
A look at the fine print of the contract signed when a saftey deposit box is opened reveals that in essence the signer has given to the bank whatever property he has put into that deposit box. When times are good people will be allowed open access to their safe deposit box and the property that is in it. This also applies to their bank accounts.
But when times get really bad, many may find that the funds they have placed on deposit and the property they thought was secured in the safe deposit box now belong to the bank, not to them. Although this was probably not explained to them when they signed their signature card, this is what they were agreeing to.
During the Great Depression in the early 1930’s people thought that many banks were going to fail. They were afraid they would lose their money so they went in mass to take it out, in what is known as a run on the banks. The government closed the banks to protect them from angry depositors who wanted their money back. Throughout history, governments have acted to protect the interests of banks and the wealthy people who own them, not the interests of depositors or box holders.
In a time of emergency, people will have no recourse if access to their safe deposit box and bank accounts is denied. If they are keeping money in a bank that would be needed in an emergency or in a time when credit is no longer free flowing, they may not be able to get it out of the bank. The emergency may occur at night or on a weekend or holiday when the bank is closed.
The solution is to take emergency cash or valuables out of the safe deposit box or bank account and secure them somewhere else, like in a home safe. An even better idea may be to close the safe deposit box account completely, letting someone else entertain the illusion of safety.
Americans have learned a few things since the Great Depression. They now have the FDIC to liquidate any failed banks.
The FDIC promises to set up a series of dates and times when safe deposit box renters can access their boxes by appointment to remove their property and surrender their keys. The FDIC also promises to mail bank customers an announcement of the dates for such events and include a question and answer page that addresses safe deposit box access.
The people have the FDIC to give them back the money they had on deposit that they were unable to get out of any failed bank that carries FDIC insurance. Sheila Bair, head of the FDIC, promises that depositor`s money will be available in 24 hours or less. But people should remember that the FDIC is just another bureaucracy, and it`s probably best not to rely on a bureucracy in an emergency.
IMPORTANT AND URGENT WARNING FOR ANYONE WITH A BANK SAFE DEPOSIT BOX:
U.S DEPARTMENT OF HOMELAND SECURITY HAS TOLD BANKS - IN WRITING - IT MAY INSPECT SAFE DEPOSIT BOXES WITHOUT WARRANT AND SIEZE ANY GOLD, SILVER GUNS OR OTHER VALUABLES IT FINDS INSIDE THOSE BOXES!
By: Hal Turner
According to in-house memos now circulating, the DHS has issued orders to banks across America which announce to them that "under the Patriot Act" (whatever that crap means) the DHS has the absolute right to seize, without any warrant whatsoever, any and all customer bank accounts, to make "periodic and unannounced" visits to any bank to open and inspect the contents of "selected safe deposit boxes."
Further, these boxes, taken from a DHS list of people who are considered "hostile to the present government, citizens who have visited outside the United States before or after 9/11 to countries now considered to be hostile to this country" " :Russia, Peoples Republic of China, Mexico, Guatemala, Spain, Italy, Egypt, France, Syria, Lebanon, Libya, Turkey or the Sudan" or any citizen who has a bank account in any of those listed countries are considered to be of legitimate interest in the "ongoing investigations into foreign and domestic terrorism."
Further, the DHA "shall, at the discretion of the agent supervising the search, remove, photograph or seize as evidence" any of the following items"bar gold, gold coins, firearms of any kind unless manufactured prior to 1878, documents such as passports or foreign bank account records, pornography or any material that, in the opinion of the agent, shall be deemed of to be of a contraband nature."
DHS memos also state that banks are informed that any bank employee, on any level, that releases "improper" "classified DHS Security information" to any member of the public, to include the customers whose boxes have been clandestinely opened and inspected and "any other party, to include members of the media" and further "that the posting of any such information on the internet will be grounds for the immediate termination of the said employee or employees and their prosecution under the Patriot Act."
Currently, the two major targets of these completely illegal and warrantless searches and seizures, are the California-based Bank of America and the Compass Bank. The former is one of the largest banks in the United States and Compass Bank ( Compass Bancshares, Inc). is a $30.1 billion Southwestern financial holding company which operates 385 full-service banking centers including 139 in Texas, 89 in Alabama, 73 in Arizona, 42 in Florida, 32 in Colorado and 10 in New Mexico.
Of extraordinary interest to the DHS are Bank of America records relating to their Bank Of America <>'SafeSend Money to Mexico'<> program.
It should be noted that the DHS states that "in the event that the owners of these confiscated objects do not file an administrative complaint within three (3) months subsequent to said confiscation, the aforesaid items shall pass to the permanent custody of the DHS"
Isn't that wonderful? You and your wife are visiting relatives in France, Uncle Einar's $100,000 collection of gold coins is lifted out of your box and you don't get back to the United States for two months and don't check your looted box for another four months. My, some nice DHS person, or maybe two, has a nice new BMW to show off to his neighbors. Tough luck, Uncle Einar!
Oh, and you might like to know that the spate of "robberies" of bank credit card and personal data that took place in and around February of 2005, were not robberies at all.
The DHS, using its muscle, simply went off with trucks full of data to mine at their leisure. The banks involved said nothing, and will say nothing.
If they do, their people will be at a nice Federal country club, making shoes for the Army while the DHS bosses, to include the FEMA thieves, will be buying property on Rodeo Drive in Beverly Hills or Palm Desert. Or some nice marina like Marine del Ray to keep their nice new 150' yacht.
To date, in California alone (the only report I have seen) over 1,500 banks have been "visited" and boxes rifled between January, 2005 and January, 2006.
SECOND INDEPENDENT SOURCE
Another source for this information reports as follows:
. . . . . .One other more obscure sign of an "impending disaster" is the
alarming notice being put out by Bank of America officials, who in
recent weeks have been secretly instructing bank managers and
employees how to deal with customers in the case of a "national
And to verify this claim as well as LA being a feasible target, a Bank
of America manager from Irvine, Ca., reported two weeks ago that her
bank held a "workshop" where the last two days were dedicated to
discussing new security measures.
According to the branch manager, the workshop included members
from the Homeland Security Office who instructed employees how to
field calls from customers and what they are to tell them in the event
of a national disaster.
Apparently, the manager was told how only agents from Homeland
Security, during such a disaster, would be in charge of opening safe
deposit boxes and determining what items would be given to bank
The manager then reported that she was instructed that no weapons,cash,
gold, or silver will be allowed to leave the bank and only various
paperwork will be given to its owners. After discussing the matter with
them at length, she and the other employees were then told "not to
discuss the subject with anyone."
Since speaking anonymously for fear of Homeland Security reprisals,
the bank manager has recently given notice she is leaving Bank of
And to verify this claim, another Houston resident alerted about the
California case, decided to recently question a local bank employee
about any Homeland Security visits in Houston.
"I found the news alarming and decided to find out more myself," said
the Houston resident wishing to remain anonymous. "On a trip to my
bank here in Houston, I remarked to a young bank employee "well I
guess you've been told all that stuff by the manager and the Homeland
Security about what to tell your customers."
"And to my amazement, the young woman came right out and said
yes she'd been through all that, then whispered to me across the
counter, "But we're not supposed to talk about - I could lose my
The Great Banking Deception
ADVANCED INFO --- THE MONEY BLACK HOLE