You can't run a bank anymore. Banks no longer have a reserve requirement and they clearly state, in the contract you signed to create the account, that they have no obligation to give you cash. You close your account any they hand you a check or offer an electronic transfer.
Money is fake and gay
Wells Fargo is already hedging against a bank run. They recently just ended consolidated lines of credit for their customers and are eliminating tons of locations and restructuring to limit the availability of in person banking. HSBC already did this over the last few years . Big five will all be doing it by end of next year.
Dealing with a bank teller will soon be restricted to only buisness accounts.
IMO all this would do is add to the upcoming deflationary value of the dollar / inflationary price action super cycle if it ever got any steam.
Banks would have less reserve currency which is backed by the federal reserve. They would then have to tighten lending money (causing less ' money printing') causing deflationary pressure because they are still collecting loan payments and sitting on the rest of their reserve money (which is VERY low velocity --- meaning that this money does not really contribute to inflation because the rate at which this money circulates into the real economy is very slow). This would cause the fed to have to increase the lending reserve value for banks, but the banks would still not be lending money out to people in order to keep their reserve balances they need required by law.
Now business cant get the financing they need in the debt based economy so they start to fail. Causing disruptions in the supply chain leading to more inflation in prices and decrease in wages. And since banks lending is what actually causes inflation since they aren't doing that any more they are causing dollar deflation.
Basically this is inevitable but this would rapidly accelerate the rate at which this happens.
TLDR: This would cause an inflation in CPI prices while simultaneously, causing deflationary pressure in dollar value (stronger dollar and lower asset prices like stocks and real estate). --- truly the worse case scenario in a debt based economy like America.
Is there a practical way to transition away from a debt based economy? Are there any famous historical examples or modern day examples I should read up on?
Clever. You're not suggesting anyone do such a thing, so its not a crime.
What you are looking for is the barter movement, coincident with the back-to-the-land movement.
The less you use cash for transactions, the less cash circulates in and out of the banks.
Reduce the velocity of money and eventually the train derails.
For that to happen you absolutely have to be a producer of some sort. Right now economic expansion is created through money printing. The only way to counter that is with production.
Where I live it is illegal to instigate a bank run.
hmmmm. good point. I also know that giving financial advice is illegal if you're not an expert, and so is stock market manipulation. But if a group of people on a forum, such as wallstreet bets look at the situation of banks such as wells fargo suddenly closing their lines of credit and independently decide for themselves that perhaps, banks are not the best place to store their wealth, and choose another option on their own....That would be fine.
Agree, the system is rigged against the simple person/family
What are protected are corportaions/banks
It is time to tax corporations/banks and while we are at it,
It is impossible to run a bank, see above (or below) for explination.
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