Deja Vu All Over Again…. And Again

| September 14, 2021 | 39 Comments

Banks will retract customers’ accounts? Seize your assets?

Listen up! If you think it can’t happen, think again. This article is partly prompted by thebesig’s prior article about reporting customers’ bank accounts if they’re over $600.

The interviews below are eye-openers. Stansberry Research is no slouch; they’ve been around a very, very long time. Per the interview, Wells Fargo is no longer doing personal lines of credit to account holders, period. David Morgan (The Morgan Report) is no slouch, either. If he’s posting a warning, it’s best we pay attention.

https://www.youtube.com/watch?v=gGPW72cQhao

What is worrisome is that Wells Fargo is already shutting down all existing personal lines of credit in the coming weeks, and will no longer offer the product to customers. To put it bluntly, you will no longer have personal lines of credit if you bank with Wells Fargo. Period. And if you recall the 2008 housing “crisis” debacle, Wells Fargo was heavily involved in that economic disaster. The transcript for that interview is at a tab off to the side of the video interview.

https://www.youtube.com/watch?v=nU-Tz4vh8uE

I have not yet seen anything like that to date with Chase, but I did get a form letter outlining new policies on bank accounts. Go with a smaller bank? No. The smaller banks are beholden to the Big Banks for support, and inflation will have an impact on this.

Inflation is already running rampant, in case you haven’t been subjected to the price at the pump and the grocery checkout lines.

Also, in the interview regarding Wells Fargo’s closure of personal lines of credit, David Morgan warns us that the US is on The Edge – meaning a possible crash – and we had best pay attention. Neither party mentions China, but China is a major player in financial markets right now, as are India and the Saudis and the Euro-zone countries. I am seeing this start to crop up in other financial analysts’ reports as well.

If the USA crashes, the rest of the world will follow. If sales to the US  drop, China will feel an impact, and other countries will likewise follow anything that happens with us. It all rolls downhill, you know.

Bitcoin is not real currency. It isn’t even a scam. It is gambling and nothing else, and Bitcoin and the other digital currencies will also crash like rock sliding into a deep gully. People will take their money out quickly. That will devalue Bitcoin and other digital currencies quickly. It’s been a volatile market for that item, too, and seems to be increasing in volatility. Bitcoin is like any other commodity, except that it is not a tangible item: you can’t hold it in your hands and stare at it. It only exists as electrons.

Have some real cash hidden somewhere that is visible only to your eyes, and I do NOT mean in your gun safe. That’s the ammo bank; ammo and food stocks in your pantry may be more valuable than currency at some point. Remember that.

You are going to need cash money – currency – to survive. Those people who buried cash in Mason jars in the back yard during the Depression weren’t nearly as idiotic as people think. Banks couldn’t be trusted back then after the financial crash and bank closures, and there was no economic relief like unemployment compensation at that time.

It isn’t just that banks can’t be trusted now; they carry FDIC insurance against a repeat of that 1929 debacle.  It’s also the 2008 financial mess, with the debacle in credit default swamps, that I’m referencing.

It’s more along the lines of this: the ATM over by Wally World has been drained and the bank didn’t call in the Fed to supply more cash to their ATMs before the holiday weekend, and anyway, the bank won’t open until Tuesday because Monday is a holiday, and you’re just about out of gas, which is rising toward $3.999 for regular unleaded, and there’s a whole new riot going on in the city to the south or north. So you pull into the gas station and the pump card reader won’t take your card, and you go into the station to ask the attendant what’s wrong, and he says “Cash only for now”, and you have exactly $2.76 on you, and the ATM in the gas station is also out of cash.

You think I’m kidding? No, it’s “worst case scenario”, and while you can’t get paranoid about it, thinking ahead with that in mind is necessary. Otherwise, if you can’t remember the panics at the pump during the Arab oil embargo, or last year’s ridiculous shelf-raiding episodes at the grocery stores, ask someone who does remember it.

But you get the drift, right?  OK, my scold is over.

Category: "Teh Stoopid", "Your Tax Dollars At Work", 2020 Election, Administrative, Darwin Awards, DC Government, Economy

Comments (39)

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  1. President Elect Toxic Deplorable Racist SAH Neanderthal B Woodman Domestic Violent Extremist SuperStraight says:

    “……Wells Fargo’s closure of personal lines of credit……”
    Does that include my mortgage? Now THAT would be fun to see. May have an early mortgage burning party. (/s)

    And NO, I don’t bank at WF. They have my mortgage because they bought it from someone else.

    • Ex-PH2 says:

      You might want to check on moving that mortgage elsewhere. I do not trust Wells Fargo at all.

      And anyway, if they foreclosed on you and all their other mortgagees, what would they do with those houses if no one is buying???

      It’s coming, Woodman. Keep a weather eye on it all.

      • rgr769 says:

        Mortgagors (borrowers) have no control over who owns their mortgage or the company that services it. That is solely in control of the entity that owns it. That is the case whether the mortgage is owned by FannieMae or a private entity.

      • President Elect Toxic Deplorable Racist SAH Neanderthal B Woodman Domestic Violent Extremist SuperStraight says:

        I’ve been a good payer, even paying extra on the principle monthly (just to hurry up and get’er over & done). No reason (under existing laws) for WF to foreclose on me. And I figure that no matter if I keep my mortgage at WF, or move it somewhere else, the laws would all be the same. I’m THIS CLOSE to paying it all off. If WF forecloses on me, then it’s “game on”. I would have no reason to be nice to anyone in “authoritah”.

        • rgr769 says:

          WF can’t legally foreclose on you if you comply with the terms of your mortgage, period. At least we still have that much rule of law left in this country. The only way you can “move” your mortgage is to refi it with another lender. If you are close to paying it off, a refi would be pointless.

    • Anonymous says:

      Hell’s Fargo… the same f*ckers who let you deposit a big check the draw deposits and hit you with overdraft fees on each because they could record credits/debits in any order they felt like on the same day. F*ck ’em.

      • President Elect Toxic Deplorable Racist SAH Neanderthal B Woodman Domestic Violent Extremist SuperStraight says:

        Sounds like American Excuse, back-in-the-day, when they were the overseas military bank, in the days of paper paycheck, before direct deposit. (ask me how I know this)

  2. Roh-Dog says:

    Of all the domestic banks, Wells frightens me the most. I keep just enough with them to keep the accounts open and to cover my CC bill.

    I have a fear that if there be a large liquidity crunch or ‘austerity’ enacted (see: debt ceiling), there could be emergency measures taken which would include ‘bail ins’**.

    Don’t have time now to watch the vids but I can generally attest to Stansberry Research‘s analysis and conclusions.

    As you state, Ex, hardening yourself against a major bank issue is prudent; food, water, hard money funds, fuel, med supplies, security.
    All this is out of our hands which should highlight that the effects are out of anyone’s control and 100% unknowable.

    ** https://www.thebalance.com/what-is-the-greece-debt-crisis-3305525

  3. AW1Ed says:

    Deja Moo- the eerie feeling you’ve heard this bullshit before.

    • Ex-PH2 says:

      Ice cream…. ice cream and bullets…..

      And that’s why I said, get seeds ordered now for next year, and maybe the year after.

      • Milo Mindbender says:

        Where do you get ice cream and bullet seeds from, please share this secret.

      • Ex-PH2 says:

        I get vanilla bean ice cream at Aldi, Hershey’s choco syrup at Wally World, and bullets come from the gun range.

        Bullets could become a form of currency, y’know, much more so than personal weapons. Maybe I should do an article about that, and list of places to get them…. but you all already know where to go to get the bang-bang stuff, right?

  4. KoB says:

    “…ammo and food stocks in your pantry may be more valuable than currency…”

    Testify! Had drawn down on my stocks somewhat during the summer, more due to the fact that the supply chain was so screwed up that the shelves would be empty when I made a provision run. Even critter food got to be in short supply. Finally bit the bullet and started ordering my critter groceries from Chewy, pretty much the same or better price than K Roger, and it was received within 2 days. Even had Sunday delivery, free shipping on $49 or more. Poor little Fed Ex gal was struggling to tote that box to the porch, weighed more than she did. While I was still working I hit the store once a week, down to maybe every 17 days now. Sixty mile round trip to the real grocery stores in the little big towns…in any direction.

    Was getting cash back on debit card grocery purchases to avoid having to draw cash from the bank. Cash reserves on hand are a little low due to paying cash for a lot of the work I was having done, but the checking account has been built up to cover the upcoming taxes and insurance. Guess I better get off my azz and build the cash back to where it was in May and get my food stuffs back to a 90 day supply. Would work on the freedom seeds but, (a) little to be found on the shelves and (b) since that tragic boat accident…well…you know.

    Comments were made on the other thread about re-doing your W-4 to keep taxes from being sent to the grubermint. That may last a month or so before the feds (and the states) told the companies that they HAD to send it in. What would freak out the banks is if everybody quit sending their house payment in…and closed their accounts and went back to using cash only. Takes awhile to set up a garnishment and even longer to do an eviction. Plus as we all know, the bank doesn’t want your house or vehicle back. They want your money.

    Sound advice Mi’Lady. I am waiting for them to announce the confiscation of 401K/IRA Accounts.

  5. nobunny says:

    Ex, we have a friend who is an executive in the supply chain. He says the TP shortage is coming back, but also small things will become the limiting factor of bigger things. You can’t ship out bottled stuff without plastic caps, can’t make golf balls without the squishy center… that kind of thing.

  6. rgr769 says:

    The Progs need to do this to set up the means to tax deposit accounts like Cyprus did several years ago. The D-rat/Prog/crypto-commies know that there aren’t enough rich people to tax to fund the trillions of dollars they plan to spend on their replacement population of illiterates. So they have to have a mechanism to discover the extent of the saved wealth of the middle classes, so they can prepare to give us all a haircut.

  7. Ret_25X says:

    add the debt crisis in China and the almost complete lockdown of the Australian and New Zealand economies, the high leverage most Americans live on with personal debt (particularly the credit cards) and the ingredients are all there.

    This could start with rolling supply failures in the energy and food sectors far beyond what we have seen so far.

    Also, if the banks start to collapse the first to go under are farmers and ranchers…

    What a truly wonderful mess we have allowed our elected morons create.

    • 11B-Mailclerk says:

      The less debt you carry, the less the “down” swings bite.

      Pay it off. Borrow only what you must. Pay it off.

      If you are doing it right “recession” or “bubble burst” is a buying opportunity.

      Pay it off. Live within your means.

  8. 11B-Mailclerk says:

    Foe Lee Huck…

    O-9 Manilli went -way- past the line. The next admin -must- prosecute this, -must-, or the “civilian control of the military” is dead.

    As would be our Republic.

    http://ace.mu.nu/archives/395593.php#395593

    -Vindman- is calling him on it. -Vindman-

    You know how I smack officers for violating Article 88? (Yes it applies to you, if there is an O-# your ID) -this-is where it leads.

  9. 5JC says:

    Runaway inflation? I’d imagine borrowing more money right now, not less…. New Riots in the cities to the North and South? That’s old news. Every time a black man is shot by the police while committing a felony there is a BLM supported riot in those cities. There have been so many I have lost count…. Bitcoin is currency. It is the coin of the realm for internet scammers, hackers, child pornographers, drug dealers and anyone trying to hide illegal (and sometimes legal) money. It is the ultimate rouge currency. Dive right in to the cesspool, there is gold to be had there…. Who doesn’t carry emergency currency on them? That’s pure crazy talk. I carry a lot more than most, never less than a thousand, but despite all the nasty places I go no one has ever tried to rob the 6’3″ 250lb guy that looks like he may have done one too many tours in the sand box and looks like he is probably armed.

    And don’t trust Wells Fargo. That is pretty sound advice. You couldn’t pay me to bank with them after this:

    https://www.reuters.com/article/us-wellsfargo-settlement/wells-fargo-to-pay-u-s-108-million-over-veterans-loans-idUSKBN1AK1U1

    Also Bank of America Corp BAC.N, Citigroup Inc C.N, First Tennessee, JPMorgan Chase & Co JPM.N, PNC Financial Services Group Inc PNC.N and SunTrust Banks Inc STI.N. But WF was the worst, more than all the others combined.

  10. Anonymous says:

    When Socialism (as “woke” corporations like these days) runs out of others peoples’ money, where do you think proggies will find more?

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