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But my first thought was, "Don't people mostly use bank and credit cards now?". I guess I'm not the only one who doesn't trust banks with my cash these days..
What would the stimulus checks have to do with it? Shouldn't that make them flush with cash from government printing? Not everyone takes a withdrawal when they get free money. Some let it sit there. Seems fishy.
But I do think the main reason is, it's likely people are losing trust in government and centralization as a whole, and are anticipating bank holidays in the near future.
With a debit card, someone can clean out your checking account and you have to fight to get the money back. I saw how this caused major problems for a co-worker, and since then have refused to get any debit card.
With a debit card, someone can clean out your checking account and you have to fight to get the money back.
With a debit card, someone can clean out your checking account and you have to fight to get the money back. I saw how this caused major problems for a co-worker, and since then have refused to get any debit card.WookieMan says
My buddy lost $800 to someone in Brazil on a debit card. I'm 100% credit since he told me that story when we were about 23-24. If you're disciplined and pay the statement balance, you can stick it to the big banks and get rewarded for doing so via points. It's a hobby now. A fun one at that.
But I do think the main reason is, it's likely people are losing trust in government and centralization as a whole, and are anticipating bank holidays in the near future.
We are long disconnected from real constitutional money. The banks may temporarily run out of paper but that's a planning and distribution problem not a problem of the banks running out of paper.
It's also a violation of TOCs for merchants to give "Cash Discounts". CC companies can and have cut off CC access for vendors who get caught doing so.
Only states that pass legal tender laws are forced to do so with silver or gold. not Congress.
When Nixon stopped trading dollars for gold in 1971 our money went full fiat backed by nothingAnd we know what happened in that decade. At least Germany got their hyperinflation under control by 1924, our's was still going strong a decade later with people finally just factoring it in in all the decisions they made. Master Card came on in 1978 because it made more sense to buy on credit if you were going to be perpetually bailed out by inflation. Finally, Paul Volcker's double digit interest rates helped kill the monster. It caused the worst recession since the one of 1973-1975.
I thought that practice was outlawed years ago with the "Durban Amendment." All you have to do to comply with credit card company rules is post prices for cash and credit.
REpro saysToday my bank refused to cash out check. Propose deposit only.
Hmmm.
A lot of banks don't hold much cash these days. Doesn't necessarily mean they're underfunded (of course it's possible).
We are long disconnected from real constitutional money. The banks may temporarily run out of paper but that's a planning and distribution problem not a problem of the banks running out of paper.
That and fewer and fewer people want physical cash at this point.
Only states that pass legal tender laws are forced to do so with silver or gold. not Congress.Many times when people say that constitutional silver and gold is mandated by the US Constitution they quote Article I, Section 10, which reads, “[No state shall] make any thing but gold and silver coin a tender in payment of debts;” In the infancy of the United States, before the constitution was ratified, there were many problems with individual states issuing their own debt. This clause in the US Constitution was meant to legitimize the US Government to foreign lenders by preventing individual states from taking on debt and repaying with fiat currencies.
There is not enough gold & Silver in the world for monetary needs. It seems to me that governments have to go fiat, but we don't have to give that power to a cabal of private banks.
WookieMan saysThat and fewer and fewer people want physical cash at this point.
But if that's true, why did mine run out?
That was true in the 19th century as it was now.
And these days they wouldn't even need physical gold reserves. Just monitor the gold price on the commodities markets and adjust the currency supply accordingly.
Onvacation saysWe are long disconnected from real constitutional money. The banks may temporarily run out of paper but that's a planning and distribution problem not a problem of the banks running out of paper.
Fiat currencies are not immune from bank runs, and the system actually encourages the type of instability that creates them. The scenario I'm thinking of is people attempting to take our their cash in time to exchange it for something of actual value as the currency collapses. But an even more common one is the banks not having the cash on hand, worthless as it may be. There is not requirement that a bank can pay all their depositors and creditors at once, and there are none who can.
Onvacation saysThere is not enough gold & Silver in the world for monetary needs
For small countries, yes there is. For larger ones, they would need to resort to gold backed currencies like we had before. That was true in the 19th century as it was now.
And these days they wouldn't even need physical gold reserves. Just monitor the gold price on the commodities markets and adjust the currency supply accordingly.
I'm not saying I like it one way or another, but I think it's more of a logistics thing and they decided that with less demand for physical cash they'd stock less in branches. That would be my guess as to what happened in your situation. I don't think it's an underlying major issue though across all banks or finance.
Of course, they didn't have enough cash available, but that doesn't really explain why.
we seem to have long forgotten the lesson of the Continentals..
??? Fiat currencies have nothing to do with banking deposits or the ratio of deposits to liabilities.
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