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US banks shaken by biggest deposit withdrawals since 9/11

 
Anonymous Coward
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United Kingdom
01/25/2013 07:27 AM
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US banks shaken by biggest deposit withdrawals since 9/11
US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system hasn’t seen such a massive fund outflow since 9/11 attacks.

­The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government.


The program was introduced in the wake of the 2008 crisis in order to support the banking system. It provided insurance for around $1.5 trillion in non-interest-bearing accounts with a limit of $250,000. It was aimed at medium and small banks as the creators of the program believed bigger banks would cope with the crisis themselves.



[link to rt.com]
Anonymous Coward
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01/25/2013 07:43 AM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
y_tears
in5d

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01/25/2013 08:47 AM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
[link to rt.com]
Anonymous Coward
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United States
01/25/2013 11:55 AM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
should we be expecting something?
Anonymous Coward
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01/25/2013 11:59 AM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
should we be expecting something?
 Quoting: Anonymous Coward 32871307


More revisions to reserve requirements?

afro
Anonymous Coward
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01/25/2013 11:59 AM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
damned
JUST HERE

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01/25/2013 12:00 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
stock market
:glp sign:
Anonymous Coward
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Ireland
01/25/2013 12:02 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
[link to www.washingtontimes.com]
Anonymous Coward
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United States
01/25/2013 12:05 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
should we be expecting something?
 Quoting: Anonymous Coward 32871307


More revisions to reserve requirements?

afro
 Quoting: Anonymous Coward 961432


ah, but no 9/11 type scenarios?
seems like we're looming around a lot of disaster recently

hf
Anonymous Coward
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United States
01/25/2013 12:09 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
my bank took money out of my account

slowly

thinking i wouldn't notice it

i went to another bank

and they seem ok but trust is no longer there

so, i keep a very little in account at any time


i no longer really trust banks

i will not be burned twice
Saddletramp

User ID: 1052341
Puerto Rico
01/25/2013 12:13 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
Now THAT is a fuckin' interesting story...

Look blue...a clue!

5* OP...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."

"We don't rent pigs!"
Anonymous Coward
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Netherlands
01/25/2013 12:15 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
bump
Anonymous Coward
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01/25/2013 12:15 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
people are finally starting to get it
GLOCKFORAKAL

User ID: 795123
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01/25/2013 12:16 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
Nothing to worry about. Just the American people arming themselves to the teeth to take up arms against the government in the coming great American Revolution.

militia
Saddletramp

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01/25/2013 12:16 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
SHIN PHIS THIT...

pinit
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."

"We don't rent pigs!"
Anonymous Coward
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United States
01/25/2013 12:17 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
should we be expecting something?
 Quoting: Anonymous Coward 32871307


More revisions to reserve requirements?

afro
 Quoting: Anonymous Coward 961432


ah, but no 9/11 type scenarios?
seems like we're looming around a lot of disaster recently

hf
 Quoting: Anonymous Coward 32871307


What they have been doing for the past 4-5 years is far more destructive than any other disasters you can imagine. You just see the effects, yet.

.
Anonymous Coward
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United States
01/25/2013 12:20 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
should we be expecting something?
 Quoting: Anonymous Coward 32871307


More revisions to reserve requirements?

afro
 Quoting: Anonymous Coward 961432


ah, but no 9/11 type scenarios?
seems like we're looming around a lot of disaster recently

hf
 Quoting: Anonymous Coward 32871307


What they have been doing for the past 4-5 years is far more destructive than any other disasters you can imagine. You just don't see the effects, yet.

.
 Quoting: Anonymous Coward 961432


Correction.
Anonymous Coward
User ID: 32962219
United States
01/25/2013 12:23 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
This is a front run excuse for them to print more money because for every dollar withdrawn it lowers their balance sheet reserves buy 30 or more dollars.

Fractional Reserve Banking

The table below displays the relending model of how loans are funded and how the money supply is affected. It also shows how central bank money is used to create commercial bank money from an initial deposit of $100 of central bank money. In the example, the initial deposit is lent out 10 times with a fractional-reserve rate of 20% to ultimately create $500 of commercial bank money (it is important to note that the 20% reserve rate used here is for ease of illustration, actual reserve requirements are usually a lot lower, for example around 3% in the USA and UK). Each successive bank involved in this process creates new commercial bank money on a diminishing portion of the original deposit of central bank money. This is because banks only lend out a portion of the central bank money deposited, in order to fulfill reserve requirements and to ensure that they always have enough reserves on hand to meet normal transaction demands.

[link to en.wikipedia.org (secure)]
Anonymous Coward (OP)
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United Kingdom
01/25/2013 12:23 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
 Quoting: in5d


Thanks for posting the proper link, I'm suprised that this has not been pinned yet, it even has nine 5 star votes.
Oh well I guess the mods do not think it important enough.
Anonymous Coward
User ID: 32962219
United States
01/25/2013 12:25 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
This is a front run excuse for them to print more money because for every dollar withdrawn it lowers their balance sheet reserves buy 30 or more dollars.

Fractional Reserve Banking

The table below displays the relending model of how loans are funded and how the money supply is affected. It also shows how central bank money is used to create commercial bank money from an initial deposit of $100 of central bank money. In the example, the initial deposit is lent out 10 times with a fractional-reserve rate of 20% to ultimately create $500 of commercial bank money (it is important to note that the 20% reserve rate used here is for ease of illustration, actual reserve requirements are usually a lot lower, for example around 3% in the USA and UK). Each successive bank involved in this process creates new commercial bank money on a diminishing portion of the original deposit of central bank money. This is because banks only lend out a portion of the central bank money deposited, in order to fulfill reserve requirements and to ensure that they always have enough reserves on hand to meet normal transaction demands.

[link to en.wikipedia.org (secure)]
 Quoting: Anonymous Coward 32962219


By............sorry
CeeLite

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01/25/2013 12:28 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
Suggested pin but pressing the first button on right on top post of thread:)
G3

User ID: 1531577
United States
01/25/2013 12:29 PM

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Re: US banks shaken by biggest deposit withdrawals since 9/11
SHIN PHIS THIT...

pinit
 Quoting: Saddletramp


:this^^^:

It needs a superpin otherwise I would do it myself, but it needs more than a green pin.

giantpin

Last Edited by G3 on 01/25/2013 12:30 PM
Anonymous Coward
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01/25/2013 12:31 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
yh a big terrorist attack hoax is gonna happen soon

Idol1
Anonymous Coward
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United States
01/25/2013 12:32 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
I bet Saddle knows this, but somewhere this past week I read an article about foreign banks lifting restrictions on American deposits, or finally settling on regulations. I bet a large portion of these withdrawals are American depositors shifting their money to foreign bank accounts.

.
Anonymous Coward
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United States
01/25/2013 12:42 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
I bet Saddle knows this, but somewhere this past week I read an article about foreign banks lifting restrictions on American deposits, or finally settling on regulations. I bet a large portion of these withdrawals are American depositors shifting their money to foreign bank accounts.

.
 Quoting: Anonymous Coward 961432


Something to do with the Foreign Account Tax Compliance Act (FATCA)?

.
Anonymous Coward
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United States
01/25/2013 12:55 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
yh a big terrorist attack hoax is gonna happen soon

Idol1
 Quoting: Anonymous Coward 33002955


this
GFX guy

User ID: 9776422
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01/25/2013 01:01 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
Who doesn't love a good bank run..?
Anonymous Coward (OP)
User ID: 32959225
United Kingdom
01/25/2013 01:10 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
yh a big terrorist attack hoax is gonna happen soon

Idol1
 Quoting: Anonymous Coward 33002955


I wondered if this had any relevance to this situation, a long shot but i'll throw it out there anyway.


Libya denies alleged imminent threat in Benghazi

­A representative from Libya’s Ministry of Interior of Libya has said talk of an alleged imminent terrorism threat in Benghazi is baseless. Germany, Britain and the Netherlands urged their citizens in Benghazi to leave the area. The high level of threat was connected with the French military operation in the Republic of Mali and follows the deaths of dozens of foreigners taken hostage by Islamist extremists in Algeria, according to Britain's Foreign Office. The warnings also come a day after US Secretary of State Clinton testified about the September terrorist attack in Benghazi that killed four Americans, including their ambassador to Libya.

[link to rt.com]
eos

User ID: 29094041
United States
01/25/2013 01:10 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
breath. our contract with life is not about money. we have a bond with nature. celebrate that, not this. next month numbers will tell more.

but thanks for the post.

respect.


wavewave
--------------------------------eos--------------------------​-------------
the first will be last, the last first, captivity captive.
Anonymous Coward
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United States
01/25/2013 01:13 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
lmao

only $114 Billion ???

Soros moves that much money
every week.

nothing to see here, move along folks.
just fear mongering
Anonymous Coward
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United States
01/25/2013 01:16 PM
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Re: US banks shaken by biggest deposit withdrawals since 9/11
my hand thinks its a woman


i can't find it a tu-tu that'll fit

so she's kinda naked all day

drives the guys wild





GLP