Forum Post: Take your money out of the largest banks.
Posted 13 years ago on Oct. 17, 2011, 12:29 p.m. EST by manxman1234
(0)
This content is user submitted and not an official statement
Take your money out of money markets and the biggest banks. Let the whole shithouse go down.
My $50 may not be missed, but I'm closing 2 accounts worth about $130,000. I own 2 stores and actively promote OWS to my customers. In the past week I have had only 1 tell me they thought this whole movement was wrong.
The people here are fed up with the corp bullshit and endless streams of cash to buy off politicians, it doesn't make them broke asses.
Yes, we can see here the ignorant freepers spreading one of the biggest misconceptions of this movement.
It's so much easier for that mindset to just denigrate something than to try to understand or stop being afraid of it.
Let's presume you're actually telling the truth(which is doubtful). What are you doing with your $130,000, hiding it under your mattress?
What I do with it is my business, but right now I'm weighing options, but gold for long term is probably pretty safe. Short term cash will probably remain cash. If the dollar starts sliding to much I'll turn that cash in to inventory that wont lose a ton of value.
Whether its true or not to you doesn't matter one bit, I have nothing to prove to a keyboard jockey.
IOW, you're lying about the $130,000. Nobody closes their accounts for that sum of money and sits around trying to decide what to do with it.
Maybe you meant 130,000 pennies.
Perhaps, but my reasons for getting out of the banks has as much to do with what may or may not happen in the near term as well as making a point with my money. Its time to actually do something instead of sitting by waiting for others to fix things.
YES....YES...YES...Step 1...!!! 2) Stop paying your bills...or at least postpone payments by 1 to 2 months and then...don't pay the entire bill...!!! Don’t worry about your “Credit Rating”. Banks aren’t loaning money anyway…!!! 3) Don't buy anything other than food and immediate necessities...!!! No cars. No computers. No Appliances…Especially don’t buy anything that is not made in America…!!! It's time for the most powerful economic force in the world, the American Consumer to act and change things...NOW...!!!
Take money out of banks, yes.
THEN, use the internet to pressure those entities or individuals that still DO use the bank, to also terminate their accounts. This second part of the plan is new.
I agree with this. Despite what some of the trolls have stated this is an effective way to send a message. But it must be done with five things in mind.
Firstly I am not aware of any laws against closing accounts as Superman22x stated. If Superman22X has any legal citations that he or she could provide I would be happy to see them. Nevertheless, it is true that banks may demand that the police arrest you for trying as seen here: http://wonkette.com/454855/nypd-arrests-woman-for-closing-her-citibank-account-video
So if you plan to have people do this en-masse treat it as another demonstration, i.e. something to be organized and to call attention.
The second step would be what ProudSocialist seems to be suggesting, and thank you for doing it ProudSocialist. Withdraw it all a little at a time. Even if some jackass tries to stop you from withdrawing too much, and even if there are laws against bank runs you can simply take it all out a bit at a time. Pick the max per day withdrawl that your bank allows and take it. Then do it again and again and again. Whether they notice it or not it will dissipate them and dissipate the money that they spend making the illicit bets on derivatives.
The third step would be determining where to put your money. While a mattress would work you could also consider putting it in a financial institution that will invest it as you wish such as a community bank that, rather than working on Wall Street, is often duty bound to invest in your local community actually creating jobs rather than talking about it. While I haven't perused all of their claims this site has some recommendations along those lines: http://moveyourmoneyproject.org/
Finally there is the problem of debt. One of the things that Herman Cain and others fail to understand about capitalism is that you need capital to get in on the game and no amount of bathing will change that. So when you go to get capital, i.e. get debt you should choose carefully who you get it from. Our debt, after all, is their profit, another thing that politicians such as Obama misunderstand, or pretend to.
As with recommendation 3 it makes sense to look to local community banks and other institutions away from Wall St. These institutions are tied to the communities they serve. As such they are far more interested in making them survive than letting them fail.
Finally we must always watch the people who have our money. Unfortunately today's community bank may all too often become tomorrow's subsidiary of UBS or Citicorp. I've had that happen. When that happens we have to be ready to move our money if not our debt so that the goodwill that the community bank built up cannot be simply purchased like so much furniture in a fire sale.
Put your money in smaller local banks within your community.
I tend to put it where it will make the most interest.
http://www.youtube.com/watch?v=wSKATLo2jZA
I suppose you haven't heard of a bank run and the laws to prevent such a thing happening? You can only extract a certain amount out of your bank account at one time by law. If you account has $6000, the max you can extract is $3500. You will just have to keep making extractions from there on out to get the rest. Considering there is $.05 for every $1 in the bank, this will cause a shit storm nationwide and more pissed off people.
You get the idea!! you can make a complete country change its politics. Is a real power of the people. We do that here in ARGENTINA in year 2001.
We did take out the money from banks, up the moment they whanted to stoped, of course many people was on trouble, the banks didnt have the money, all the financial system collapse, and was rebuild in less than 1 year. Money was given back to last holders.... actually people whent back to the left and clean banks.
Is it still a bank run if the money goes from one bank to another?
It will still be in the banking system, just not at BOA or Chase.
The sneaky thing is BoA loans can be called if you close your account. That's hanging up a lot of people - they have to pay off their loans first before pulling all their money.
And as to your question - It's only a bank run if the bank runs out of money. That's what the term means. It refers to so many people trying to get cash at one time that the safe gets emptied. Don't know if it has ever happened since money went electronic.
Thanks!
Obviously it will call attention to the fact that the banks are leveraged 10 to 1 leading to calls for an end to this type of idiot banking.
It's impossible to end it... There is more debt in the world than there is money (in or out of the bank). Interest on loans is the cause of that, we dug ourselves a hole that is nearly impossible to get out of.
A bunch of hippies taking their $50 out of their checking account is not going to do much to the system
LMFAO! I laughed so hard a booger came out.