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  • Cyprus- Let's wargame it...

    OK, so let's wargame out the Cyprus thing happening in Amerika here. For the time being let's not concern ourselves with whether or not it COULD happen, but let's just say this weekend was a harbinger of things to come.

    It's more than just protecting your money and it DOES matter even if you feel you don't have a lot of money to protect (I don't have much to protect either). What other ramifications will or could come from such an action? Trickle down effects?

    More importantly, what do you feel we can do NOW to prepare for this?

    How soon could/will this come to Amerika?

    Your actions if bank runs start in the U.S.?
    www.homesteadingandsurvival.com

    www.survivalreportpodcast.com

    "Don't be too proud of this technological terror you've constructed..."

  • #2
    First, I don't think the bank runs or the government outright taking a percentage of our savings will happen in the next couple of years. That's not to say that they won't find a way around it in additional taxes (they're doing that now). If/when it does happen, we probably won't be forewarned so...to protect yourself now decide what is important. The usual top three are shelter, water, food and clothing. The rest is usually fluff.

    1) Pay off as many debts as you can. The less money going out the less money you need payday to payday. The less you need the less impact losing money will have. The most important asset most of us have is our house/property...and usually the biggest bill/debt. Have at least one family vehicle paid for...even if it's old...as a car payment is usually the second biggest bill.

    2) Diversify. If you suspect that the government is going to take your money from bank accounts or that there will be a bank run, invest in other things. That can be precious metals, property or any other hard asset or production method for consumables. If you buy land, learn how to make it produce food.

    I'm sure there are many, many more things to be done. What I like about both of these approaches is that neither should bankrupt you if the 'event' never comes to fruition and will actually benefit you in the long run either way.
    "Common sense might be common but it is by no means wide spread." Mark Twain

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    • #3
      I was talknig about this yesterday with a friend from church. I agree with jimmycthemd that his #1 is a big thing. I'm interested to read more replies on the matter.

      Comment


      • #4
        I agree with the pay everything off thing. I get it.

        What I wanted to talk about was that there will be no bank runs. My sister in law is the branch manager of a MAJOR banking center. Granted it is in a town of only 20,000 people so that is a facto as well. But on any given day (accept for payday's) this branch ONLY has 16,500 cash on hand. That does not include coinage. If someone wants more than that she has to order more money (that will be delivered the next day.) That means that the run on the bank will soon be over after the first 2 or 3 people come in that HAVE money. Will there be ticked off folks that get no money, yep. But it wont last. People will be into each others business trying to get a meal before they had back to the bank in hopes of getting some money. Especially if it happens like Cyprus did it. Long weekend, make the change on a friday night late. and then dont open for business till thursday. That is a long time for a lot of people to g

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        • #5
          yee hah...
          a what if...
          a couple of years ago there was a big scare about a bank holiday coming.
          the next morning i raced to the bank and got there early. i saw folks entering, but the lights never came on. finally i went to the door and stood there and a teller i knew came up and was being admitted. when i tried to enter at the same time, i was told i couldn't enter. that they were closed!! the rumors werre confirmed!!
          nope. they had no electricity.. and they told me, that they recognized me, knew i had money in their bank, but that they could release no money to me as
          without electricity they had no way to check my account or record the transaction. talk about a lesson.
          i raced to another branch and all was well.
          hmm. i got off track of this thread.
          Last edited by rockriver; 03-18-2013, 04:04 PM.

          Comment


          • #6
            Originally posted by Lowdown3 View Post
            Trickle down effects?

            More importantly, what do you feel we can do NOW to prepare for this?

            How soon could/will this come to Amerika?

            Your actions if bank runs start in the U.S.?
            Trickle Down...
            Well what happens to many small businesses in the US where many are running on a 10 -15% margin if they are lucky and much less if they are typical... And if that happens without warning then how many of their payroll checks bounce? How many of their employees are truly living paycheck to paycheck so when one weeks payroll check bounces what does that do to their house hold? How quick would something like this turn into riots in the streets in large cities like LA, NYC, or Chicago?

            Now...
            I have been trying to "quietly" deplete our accounts. I am trying to slow get our accounts to only have 45 days cash in the bank. My pay is auto deposited, as well as my wife's... But every week we take a small amount out of the checking account and every week we transfer some savings to payoff the house.

            My plan if it starts happening here... Avoid the banking areas because they will be a Heightened likely hood of violence.


            Originally posted by tarheelsman71 View Post
            I Will there be ticked off folks that get no money, yep. But it wont last.
            I am not sure that is true... If you went to the ATM on Friday and could not get any out, what would you do? Well most would want to close their account with that bank... So they would head back everyday to stand in-line until they can get all their money out. Even though it is very little, it is still worth their time and effort and they will be concerned about it. And so 1 or 2 guys closing their accounts gets the bank to close today because lack of cash on hand... Well tomorrow the word gets around and the 10 guys with a some cash want to empty their accounts... Well in 3 or 4 days the whole town wants all their money...

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            • #7
              I like many of the things Dave Ramsey teaches in his books and seminars- First build up a $1000 emergency fund, then a 3-month fund. These could be kept at home, I suppose, not in a bank. Pay off debt aggressively.

              Buying stuff one uses- food, toiletries, etc. on sale now and keeping extra around helps if money is not available.

              In case of a bank freeze, as in Cyprus, it's too late to get back the sequestered money- the bank just puts a hold on that percentage of the account. Any money one takes out or transfers, or uses to pay bills with, will only be available up to that percentage.

              We've been warned now that it can happen, and that when a country does this they don't give a warning to the public first.
              So, this Cyprus situation is our warning, and now.

              Comment


              • #8
                A percentage off the balances, say 10%, will not cause WROL in the USA, but it will piss people off. I would expect the usual suspects to cause problems in the large urban centers and maybe some vandalism to banks & ATM's in both urban and suburban areas. Some banks runs, but once people figure out the $$$ is already gone, it will die down. People will begin to keep more $$$ in cash at home. People will tighten belts, spend less, in fear of using their cash...

                Then the economic downturn will hit as the consequences of those ultra-rich & connected who pull out and transfer funds electronically BEFORE the siezure hit home, as well as the lower deposit levels by people keeping more cash on hand. Banks will fail...FDIC will fail soon after, but it will not "look like it" or told as such... Money from the FED will flow... Inflation rises and begins to spike... It all goes downhill from there...

                Avoid it by having minimal in banks. Consider the untouchable money (retirement plans, etc...) as non-existant. Do not plan on it being there. If it is, great! But don't plan around it... Chances are, if a siezure of funds happened in the USA, we would not know about it until it happens. But the warning signs will be clear to the wise and observant, so act on them BEFORE the foot drops...

                As for here in USA, I would expect retirement and pension funds raided first... That is where the $$$ is. Follow the money... But I suspect the EU will bring us down first...

                Rmpl
                -=> Rmplstlskn <=-

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                • #9
                  just some thoughts.
                  a lot of the welfare folks in my area do NOT deal with banks.
                  some insurance agents have stopped taking cash here. caused a real problem for
                  a lot of the welfare group. they didn't have checking or saving accts.
                  in this group of folks there would be no loss or "tax."

                  can you see the couple who has been saving to buy a house. old school.
                  they'd been putting up money for the 20% down. all of a sudden. thousands are missing from their long and hard worked for money, that had already been taxed once out of their paycheck!

                  looks to me like we are getting a warning. i need to go ahead and get the
                  .22 rifle and shotgun i would like.
                  the tractor and tiller
                  the night vision and extra food
                  the security system
                  the fuel tank and fuel.
                  something nice for the wife. i never bought her an engagement ring.
                  solar panels
                  hand operated pump and a well. gotta have water.
                  a generator.

                  if i've got this stuff, i won't need the money as bad!!

                  trickle down. i read atlas shrugged a couple of years ago.
                  if the gov't is going to discourage working and saving, then maybe
                  ole rr (i ain't strong like atlas) will just shrug and quit.
                  if there are too many obstacles to working and trying to "get ahead"
                  folks will quit trying. the wagon pullers of our country are already
                  tired of all the folks that are just "riding" the wagon.

                  trickle down??? some mad folks... talk about getting the politicians voted out...
                  how about a recall
                  how about going to the politicians house with a hand out, asking for them to give you your money that had been taken.
                  yep.. that sounds like a good idea.

                  rr

                  Comment


                  • #10
                    Not even piggy banks are safe these days.


                    But thats what you get for living in Europe nowadays. They are so messed up, its not even worth it.
                    You know what ol' Jack Burton always says at a time like this?

                    Comment


                    • #11
                      Originally posted by Rmplstlskn View Post
                      A percentage off the balances, say 10%, will not cause WROL in the USA, but it will piss people off.
                      Rmpl
                      Not sure how businesses in these other countries work but many businesses in my area use separate checking accounts as their "payroll account". These accounts get "funded" 1 day before payday with many times "exact" change. So if the bank "takes" 10% of that account then 10% of the employees don't get payed, that is alot different than 10% reduction in pay. Notice that yesterday fire hit the streets of Cyprus already over this, if thats how things happen in calm Cyprus... how does a city like Chicago react over it?

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                      • #12
                        I was emailing a friend just the other day about this. Here was my reply to him.

                        Yea, I don't like the Cyprus money grab. I think something is going to happen here within two years if a drastic economic plan is not instituted. It is arithmetic! Figures don't lie, but liars figure. That is what is happening, the guberment numbers are all skewed. It cannot be sustained at the current status. Health care has been climbing at a 9% rate per year for 30 years. Without change, Heatlh care and interest payments on our debt will almost equal our entire budget. Just look at the numbers...and that doesn't include the entitlement programs. They will need to come up with funds somehow "for the safety of the people". I'm not sure they would grab saving or checking accts, although that is possible, as much as they will go after the $20+ trillion in retirement accts like 401's, IRA's etc. that would net them probably more than the amounts in the banks. I would move mine, but I would get hit with a 25% fee (love that word) plus would have to pay taxes on the amount I take out. Not that that would be double taxation in their minds, just saying, because it is a "fee" not a tax. Kinda like the O-care fee, err tax. Either way I'm screwed if something happens with the retirement accts. Savings and checking (personal and biz) are another thing that My spouse and I are trying to figure how to protect.
                        Protecting the sheep from the wolves that want them, their family, their money and full control of our Country!

                        Guns and gear are cool, but bandages stop the bleeding!

                        ATTENTION: No trees or animals were harmed in any way in the sending of this message, but a large number of electrons were really ticked off!

                        NO 10-289!

                        Comment


                        • #13
                          cant take money to the grave ;)

                          same boat here on the 401k.
                          my banks accounts are what they are , im more concerned how it will effect the entitled types. while accts may get snagged, what will things melt down to when care/assistance is cut back or denied to this class of people who feel "it'dz owed to dem...".
                          will it be an increase in crime both violent/none violent will it be in the way or protest/riots which escalate into something worse than a money grab by the feds due to the MSM's reporting...will dhs get to use the drones and mraps :P
                          moneys great it helps ...but im more concerned with the physical implications the events will have on me and mine over the next few months/years.
                          Hey Petunia...you dropped your man pad!

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                          • #14
                            Ministers continue negotiations with EU, IMF and Russia as suspicions grow that Kremlin is pressing for stakes in gas fields


                            Never believe what the gubmint tells you in time of crisis- well in NON crisis times either!!

                            I'm sure a lot of older or naive types that had faith in their gubmint figured they WOULD be able to access their funds this week. Now they are saying next week....

                            "Everything is under control, nothing to see here people, get back to Amerikan Idol..."

                            Equals- the S is hitting the fan, time to ACT.
                            www.homesteadingandsurvival.com

                            www.survivalreportpodcast.com

                            "Don't be too proud of this technological terror you've constructed..."

                            Comment


                            • #15
                              Anybody remember the savings and loan debacle of the 1980s? Well I do, I had a sizeable amount of money in money market certificates that was frozen along with a savings account. I couldn't touch that money for over a month. When I finally got access I took it out and bought a house. I also vowed to never have all my eggs in one basket again. Now I have accounts with three banks two checking and two savings but very little in any of them. Will this help if a Cyprus style theft occurs here? No. But it might lessen the effects as one of the banks is a small town bank with just two branches.
                              The only plan I have is the same as most people on this forum have. I have a small place in the country that I have been beekeeping, gardening, orcharding(is that a word?), stockpiling food, fuel, ammo and p.m's on. I've been working on skill sets,debt reduction and most of all trying to develop a closer relationship with God.
                              The reason I don't post here much is most of my spare time is at the BOL trying to get it ready so I can sell my home in the burbs and move there. I don't watch TV there or have a computer there, seem to get more done that way.

                              Love you all, Benn
                              http://theoldtimeway.blogspot.com/

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