Collapse imminent? Banks increase cash in ATM’s as Obama meets with bank CEO’s

10/4/13. Collapse imminent? Banks increase cash in ATM’s as Obama meets with bank CEO’s.  Kenneth Schortgen Jr,

“Earlier this week, we offered the possibility that the ongoing government shutdown was actually being used as a potential false flag meant to mask the growing instability of dollar, and to drive down the bond market as interest rates accelerated towards dangerous levels.

But on Oct. 3, that prediction began to sharpen even more as new reports from the banking industry show that institutions are increasing the amount of money they normally keep in their ATM machines, as a proactive measure in case of a coming run on the banks, or accelerating financial collapse. 

The FT reports that “two of the country’s 10 biggest banks said they were putting into place a “playbook” used in August 2011 when the government last came close to breaching the debt ceiling. One senior executive said his bank was delivering 20-30 per cent more cash than usual in case panicked customers tried to withdraw funds en masse. Banks are also holding daily emergency meetings to discuss other steps, including possible free overdrafts for customers reliant on social security payments from the government.”

The problem with bank runs is that often times, steps taken to mitigate future panics become self-fulfilling prophecies. – Zerohedge

At the same time this was occurring, President Obama met with several of the top CEO’s in the banking industry, which include Jamie Dimon of JP Morgan Chase, Lloyd Blankfein of Goldman Sachs, and Brian Moynihan of Bank of America. The reported topic was in regards to the debt ceiling and Wall Street’s desire for the government to increase it beyond the current $17 trillion debt limit. However, Congress, not President Obama, has the power over legislating an debt limit increase, and for Wall Street executives to go en masse to meet with the President, bears the question of what were the real topics being discussed in that meeting, as the Executive Branch has little power to enact an increase without Congressional approval.

Since President Obama’s failed attempt to bring the nation into war with Syria back in early September, the dollar has dropped more than 300 basis points from its high of 82.75 on Sept. 4. And as noted previously by Canadian fund manager and Chancellor of Brock University Ned Goodman, the writing is on the wall for dollar supremacy and its reign as the world’s reserve currency is closing fast.

When banking crises occur, they usually happen swiftly, and without warning. Just as Bear Stearns fell within a couple days back in 2008, instantly creating a credit crisis that required trillions of dollar in bailouts, and added to this, financial events such as those in Cyprus, which forced the government to issue a bank holiday and confiscate upwards of 60% of depositors money, monetary and financial events happen virtually overnight, and any new crisis in America will occur with little warning, and with major consequences.

White House meetings with Wall Street, banks changing their ATM funding routines, political theater over a government shutdown, the Federal Reserves recent confusion over tapering, and little resolution taking place before the Fed’s credit card is cutoff, are important signs that suggest something much greater is taking place than just the temporary closing of unnecessary government offices, and could be a foretelling to a new economic collapse that has been forecast for months now by many in the economic realm.”

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1 Response to Collapse imminent? Banks increase cash in ATM’s as Obama meets with bank CEO’s

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