OZ banks are already in holiday, courtesy of our RBA, thanks ScoMo!
https://www.9news.com.au/national/c...g-system/a010e5b8-0e8c-4802-a377-e0b449a7c7b3
https://www.9news.com.au/national/c...g-system/a010e5b8-0e8c-4802-a377-e0b449a7c7b3
Bank Holiday this Easter
- Thread starter sammysilver
- Start date
buy more GOLD!
"It’s A Frenzy": The Rich Are Making A Run On The Banks In The Hamptons
https://www.zerohedge.com/markets/its-frenzy-rich-are-making-run-banks-hamptons
As the ultra rich Snake Plisken out of the soon-to-be quarantined Manhattan - where at least one bank has are already run out of $100 bills - to fortify themselves against the viral zombie peasant hordes in their impregnable castles in the Hamptons, one thing they're looking to hoard is cash, which has caused some substantial pressure on financial institutions in the area, according to Bloomberg. At least one New Yorker had his $30,000 cash withdrawal request denied at a Chase bank after being told the limit was $10,000. Meanwhile, bank employees said they were waiting on a "shipment of cash" to fulfill other requests that have been made exceeding the $10,000 amount.
Other branches in the area were unable to help in fulfilling the request, with the East Hampton branch reportedly telling the Southampton branch that it had "two massive withdrawal orders" of its own that it was trying to deal with. Of course, this being the same Hamptons where back in 2011 an infamous ATM withdrawal receipt showed a $99.8 million balance, this is hardly surprising.
JP Morgan maintains that there is plenty of cash available and that ATMs remain "well funded". The bank also said that sometimes money is not allowed to be taken out in large amounts due to "security" purposes. Bank of America faced similar demands. A branch in Midtown briefly ran out of $100 bills to meet large withdrawals, including some for as much as $50,000 last week. The ATMs did not run out of cash, the NY Times reported.
The cash grab in the Hamptons speaks not only to the affluence of the area, but the panic over the spread of the novel coronavirus.
The Hamptons looks like a "peak summer Saturday," said one East Hampton shop owner. "Even the lowly IGA, that place was jammed. I was able to buy some toilet paper. It’s a frenzy. It’s a terror of starving to death is what it looks like."
For some, the cash scramble is just what the doctor ordered, so to speak. Charlotte Sasso of Stuart’s Seafood Market in Amagansett said the early shift to the Hamptons is actually good for business and giving fishermen a boost: "Just from one boat yesterday we got a load of fluke, flounder, squid, cod, sea bass, monkfish, whiting."
And of course, Hamptonites are also stocking their liquor cabinets. "People are buying cases instead of a bottle or two,” said the owner of Wines by Morell in East Hampton.
https://www.zerohedge.com/markets/its-frenzy-rich-are-making-run-banks-hamptons
As the ultra rich Snake Plisken out of the soon-to-be quarantined Manhattan - where at least one bank has are already run out of $100 bills - to fortify themselves against the viral zombie peasant hordes in their impregnable castles in the Hamptons, one thing they're looking to hoard is cash, which has caused some substantial pressure on financial institutions in the area, according to Bloomberg. At least one New Yorker had his $30,000 cash withdrawal request denied at a Chase bank after being told the limit was $10,000. Meanwhile, bank employees said they were waiting on a "shipment of cash" to fulfill other requests that have been made exceeding the $10,000 amount.
Other branches in the area were unable to help in fulfilling the request, with the East Hampton branch reportedly telling the Southampton branch that it had "two massive withdrawal orders" of its own that it was trying to deal with. Of course, this being the same Hamptons where back in 2011 an infamous ATM withdrawal receipt showed a $99.8 million balance, this is hardly surprising.
JP Morgan maintains that there is plenty of cash available and that ATMs remain "well funded". The bank also said that sometimes money is not allowed to be taken out in large amounts due to "security" purposes. Bank of America faced similar demands. A branch in Midtown briefly ran out of $100 bills to meet large withdrawals, including some for as much as $50,000 last week. The ATMs did not run out of cash, the NY Times reported.
The cash grab in the Hamptons speaks not only to the affluence of the area, but the panic over the spread of the novel coronavirus.
The Hamptons looks like a "peak summer Saturday," said one East Hampton shop owner. "Even the lowly IGA, that place was jammed. I was able to buy some toilet paper. It’s a frenzy. It’s a terror of starving to death is what it looks like."
For some, the cash scramble is just what the doctor ordered, so to speak. Charlotte Sasso of Stuart’s Seafood Market in Amagansett said the early shift to the Hamptons is actually good for business and giving fishermen a boost: "Just from one boat yesterday we got a load of fluke, flounder, squid, cod, sea bass, monkfish, whiting."
And of course, Hamptonites are also stocking their liquor cabinets. "People are buying cases instead of a bottle or two,” said the owner of Wines by Morell in East Hampton.
I would love to have a 1 trillion dollars to buy gold. That would make one hell of a coin.
Seriously though these figures are just so ridiculous. Thats the entire budget for the US military for a year. And that budget is the most stupid waste of money. So whatever is going on in the back rooms is certainly disturbing the gentry. Stormy times.
Just tested this at NAB with 5.5k and didn’t have any issues although it took some time. Will try again tomorrow and see if it’s the same.
As far as I can tell the repo market is in meltdown. The banks have no faith in their overnight lending because all of their debtors are zombie businesses on the brink of shutting the doors, especially on the back of the virus breakout.
The fed is stepping in to keep the banks heads above water and now with QE4 it seems the markets too.
Someone out there please help me understand where it goes from here? If the fed commit the 1trillion to the repo market and who knows how many more billion to QE. Wont we see a complete devaluation on the USD which will translate into hyper inflation? If not hyper inflation at least higher inflation on cost of goods and living? If the fed can’t control this won’t be see a carton of milk going to $10.
How much do we really need for emergency? CC are still accepted, right?!
In emergency conditions you cannot beat cash.
Given the clear issues evident in the repo markets in the US, it is clear that there is at least one if not two major global banks that are on life support requiring overnight loans on a daily basis. Word is this is Deutsche Bank (due to their large derivatives trading balances) or HSBC.
I reckon that if people aren't working and there's problems with shipping there'll be less goods available, but with all the money being thrown around there'll be more money. So with more money chasing the limited supply of goods it will probably mean increased inflation.
precious roar
Active Member
^^ Though many people out of work usually means less money and spending, overall.
Ask Scrooge McDuck!
Krakked789
Well-Known Member
Chomp, chomp, chomp...
The sound of popcorn. In my mouth. Being...chomped!
The sound of popcorn. In my mouth. Being...chomped!
Is this the Easter you will be right Sammy will er see $36 silver
7 years and counting
minimilled
Active Member
If we do, I have some of Sammy’s personally colour-coded round fifties (yes, Sammy colour coded them). They will be for sale and I might do a quiz for a prize, after consulting with Sammy as the resident comedian to MC the quiz.
If the price is $36, Sammy can have the last laugh
If the price is $36, Sammy can have the last laugh
MoreSilver
Member
I was discussing this with a friend recently, some of the things we said were:
- If the reserve requirement for some banks is 0%, then they don't need my $$ to make loans
- If they don't need my $$ in the bank... then what are my $$ doing in the bank?
- If they can make a loan for any amount as they don't need to have any reserves, then that just devalued the dollar to zero.
Ok Federal Reserve.. I get it that you are trying to 'save the US economy' but seriously 0% reserve ratio... I get it that you guys had a brain storming session to think of that one... but for goodness sake.. where is the double check on these ideas? Who thinks the matter through? Anyone...anyone?? (yeah I thought of 'Bueller? Bueller?' as soon as I wrote that lol)
If Hyperinflation hits the USA... what ever you do.. don't blame the Fed right?
- If the reserve requirement for some banks is 0%, then they don't need my $$ to make loans
- If they don't need my $$ in the bank... then what are my $$ doing in the bank?
- If they can make a loan for any amount as they don't need to have any reserves, then that just devalued the dollar to zero.
Ok Federal Reserve.. I get it that you are trying to 'save the US economy' but seriously 0% reserve ratio... I get it that you guys had a brain storming session to think of that one... but for goodness sake.. where is the double check on these ideas? Who thinks the matter through? Anyone...anyone?? (yeah I thought of 'Bueller? Bueller?' as soon as I wrote that lol)
If Hyperinflation hits the USA... what ever you do.. don't blame the Fed right?
4 weeks later, let’s see what happens this weekend.
