Wed 16 Oct 2013
Is The Financial Collapse Finally Here? Chase Bank Limits Withdrawals and International Bank Tranfers
Posted by RichSlick under John Galt
Comments Off on Is The Financial Collapse Finally Here? Chase Bank Limits Withdrawals and International Bank Tranfers
It seems rather odd but news reports seem to have confirmed the highly unbelievable story that Chase bank is limiting withdrawals and outbound international wire transfers. Beginning on November 17th, Chase will limit cash withdrawals to 50k and while 50k may sound high for most individuals, if you’re running a business importing stuff from China or elsewhere, 50k doesn’t really buy you too much so not sure what gives here?
Essentially, the letter most businesses received seems legit and no one seems to know why. Perhaps China has finally put their foot down and said no more borrowing?
Personally, I abandoned Chase bank shortly after the 2008 financial crisis and encouraged others to do the same. You should have moved to a credit union where your money stays somewhat local and not used as part of a giant bank casino. It would not be a bad idea to pull some emergency cash out and stuff it under your mattress.
I wrote this on August 16, 2009 and it may be finally coming to fruition:
When people realize that the money they thought they had in the stock market is gone, when they realize that their credit lines have been cut and when they have no cash on hand left to pay for fuel, groceries or medicine there will be a stampede at your local bank. The first ones to get there and pull out some or all of their cash will get their money; the lazy, the ignorant, the socialized, the optimists, and the clueless will be left cashless.
Who is John Galt?