# Anyone taking cash out of the bank yet?



## Oldcountryboy (Feb 23, 2008)

Come "D" day (default day) things might get rough, and they may not! Apparently we've had government shut downs as recently as Slick Willie's days. Stocks dipped and dived a bit, but we came out of them alright. Just wonder if this will be somewhat mild compared to what we're thinking. Which could be desastrous, depending on who your talking to.

Anywho, I only live from payday to payday anymore. So I don't have a lot of cash to take out anyway if things go haywire come next tuesday. But I do work for a public school system and that's where I get my checks from. They're already hurting for money as it is. If they cut anymore, it will be back to like it was when I was a youngster. When I was down in grade school, all the teachers taught two classes. 2nd and 3rd shared the same teacher, and 5th and 6th shared the same teacher. 

Don't know what they will do about us bus drivers. Maybe get rid of half of us and make the remaining half pull doubles! Can you imagine a bus driver pulling doubles loaded down with kids?


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## olivehill (Aug 17, 2009)

Well, if recent history is any indication they would just get rid of busing altogether and/or go back to having drop points rather than going to each house in the rural areas. There have been schools up here that have done away with transportation already.


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## machinist (Aug 3, 2010)

We were just slightly ahead of the 2008 crash, having moved our retirement savings elsewhere as various things went kaput. Never put any real money back in the banks, and don't plan on it. 

Our savings got reallocated to assure that us and our kids are out of debt and have what we need to get by. 

I had too many lessons from Depression survivor relatives to trust a bank.


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## giraffe_baby (Oct 15, 2005)

I work for the school system as well, and they ONLY pay by Direct deposit.. So that should be intresting if things go south.. Plus hubby is on Unemployment ( again DD) So a lil worried about Cash on hand here.


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## Just Cliff (Nov 27, 2008)

Yup. Burnt it up in preps over the last two years. Used it to buy preps and barter goods. IMO It was loosing value in sitting in accounts bearing very little interest. I figured i would burn it on my terms if it had to go somewhere.


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## Danaus29 (Sep 12, 2005)

No stash here. Used most of it due to our increased and totally unexpected expenses this summer. If the banks all shut down there would be no need for it anyway, can't pay bills if the banks shut down.


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## SquashNut (Sep 25, 2005)

What money?


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## mightybooboo (Feb 10, 2004)

No,not yet,not seeing this as the Banking Holiday but will say this......

IT could happen,though remote,........if they are looking to pull the trigger,and I dont think they are JUST YET,this is a fine time to do it.


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## Pam6 (Apr 9, 2009)

Yeah, What money??? Living paycheck to paycheck here and it sucks!


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## SquashNut (Sep 25, 2005)

If you have any, i would go ahead and get it. 
I am going on the concept that this goverment has no one to borrow from.
This debt ceiling act is just that an act.
They took the pensions, what is next?


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## ryanthomas (Dec 10, 2009)

I never keep much in banks, except a couple money market accounts, but that's money I have already planned to live without if I need to.


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## Sunbee (Sep 30, 2008)

Interest is too low to keep much cash in the bank--just enough to have a bit of a cushion plus what ever is set to come out. I'd rather have my cash tied up in supplies, anyway, the way inflation is, at least I'm breaking even.
My husband's employer also only pays by direct deposit, but one of us goes to get it every payday. I figure it's good to have that as a pattern--that way if some entity should look at withdrawal data for some reason, well, we match the Dave Ramsey fan pattern, right?


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## jessimeredith (Sep 12, 2004)

ha! We're lower enlisted military trying to clear out all debt before Soldier outs...there is no extra, lol.


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## calliemoonbeam (Aug 7, 2007)

I've burned through my savings in medical bills and preps, unfortunately, so not much to worry about, lol. However, my pay comes on the 1st and 15th on a debit/credit card and, even though I don't foresee any problem with it, I'm going to withdraw every cent of my pay ASAP on the 1st just in case. 

I usually pay things over the internet or by phone with that card, but guess this time I'll just have to buy money orders. But I'm going to hang onto the money for a little bit first to see what really goes down. I may need that money for more important things right away if something really does happen. Better safe than sorry, right?


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## Guest (Jul 28, 2011)

Yes, I did pull the cash out of the bank!


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## Mutti (Sep 7, 2002)

Yes I pulled cash out of the bank; a good share of my 401K savings. Plus took my SS check in cash,too. Only I know where the pickle jar is buried!


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## Freeholder (Jun 19, 2004)

I don't keep any money in the bank -- it goes in, I pay bills, and there's just enough left to keep my accounts open (they probably hate people like me, LOL!). Monday I plan to take my DD's SSI out and pay off the pickup -- final payment is due in September, but I want to get it PAID FOR. Then I'm going to take a bit out of my emergency fund and buy one more ton of hay -- bought two tons this week -- and the goats will be fed until next summer. I don't know what's going to happen, but we are as well prepared as we can be right now.

Kathleen


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## Eyes Wide Open (Oct 14, 2010)

I am surprised to see all the preppers with not much cash to speak of. I figured you guys would actually have a decent chunk of change.

Now, I don't have much cash to speak of either, but I had been prioritizing finances as a prep of sorts in and of itself. But my physical preps are extremely lean as a result (I don't feel financially secure enough to spend extra on preps). 

My financial preps assume things will be roughly as they have been. A bit of money set aside in case the car breaks down (which assumes we'll still have and be driving the car). Saving up for the next annual auto insurance premium - ditto. A bit put aside to pay the medical deductible if any of us need any medical care (which assumes social and medical infrastructure remains stable). You get the idea. 

Of course that doesn't negate the possibility of keeping those monies earmarked as current, yet just cashing them out for paper money. If I had much savings that was just general "savings" and not meant for anything in particular, sure, I'd rather convert that to food and other prep items. Just based on inflation alone (and not even mentioning the fact that when the SHTF it will be a little late to go shopping at my local LDS warehouse or placing an order online for my 3 man tent) that makes much more sense.

And yet. And yet. I just can't bring myself to bet that I'll need a 3 month supply of food before my next auto premium is up.

Back to the original topic at hand, yeah, it's in the back of my head that my paltry 1% savings rate is not really worth not having that (very small) stack of bills right in my grubby little hands.


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## machinist (Aug 3, 2010)

Like Booboo, I don't THINK this is the trigger event, but better safe than sorry. 

Sooo, we are being very conservative right now. Absolutely no spending we can avoid, unless it offsets future spending. We've been doing that for a while now. As a friend of mine says, I won't buy anything unless it either makes me money, or saves me money. 

Almost anything could happen now, IMHO, although I don't think it is PLANNED for now by the US, but the rest of the world may decide the US is a poor risk going forward. If/when the US credit rating actually FAILS, a lot of other things could follow in very short order, leaving us no reaction time. In a world where financial things happen at light speed, we need to act ahead of time.


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## calliemoonbeam (Aug 7, 2007)

Eyes Wide Open said:


> I am surprised to see all the preppers with not much cash to speak of. I figured you guys would actually have a decent chunk of change.


I did...until repeated medical problems ate most of it up. I'm self-employed and single with no insurance and pay for everything out of pocket. Until this month, I've been spending over $1200 a month just on doctor visits, medications and bandages for my leg problem. Starting this month, I've been having to use bandages that cost $51 APIECE!  

Then due to the medical problems getting me behind work-wise and money-wise, I got behind on preps and with everything going on right now and the dollar possibly dropping out the bottom any day, I decided it was better to spend it on preps than hold onto it. It's a difficult decision, no matter how you look at it. I just pray I've made the right one. :shrug:


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## NamasteMama (Jul 24, 2009)

You still have money in the bank?


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## Sawmill Jim (Dec 5, 2008)

I'm a head i owe them more than they owe me :grin::grin:


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## time (Jan 30, 2011)

No signifacant savings here either.

#1 prep has been paying off debt. Almost there with only the house to pay off. Oh, and a revolving vet bill for horses, lol.

I have about ten years left on the house, cut ten years by over paying on a 30yr mortgage. 

This might not be the year the country goes completly down the tiolet but it'll come in my lifetime.


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## FarmerGreen (Dec 11, 2007)

I've been moving out of FRN's and into tangibles for the last 3-4 years. And the move is almost complete. We will take the one account down to near zero and keep the cash on hand till we see what's gonna happen. 

EyesWideOpen- it doesn't cost much to put up 50lbs. of rice and 50lbs. of beans and a box of salt. That should see you through at least a couple of months.


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## mekasmom (Jan 19, 2010)

giraffe_baby said:


> I work for the school system as well, and they ONLY pay by Direct deposit.. So that should be intresting if things go south..


My youngest works in the chemistry dept of the college. She was supposed to be paid today, and...... no money deposited. She was freaking out. It turned out ok, the stupid college put it in the wrong account. But she was really upset. Can you imagine what people all over this nation are going to do when checks stop coming?


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## Smallhomestead (Feb 25, 2011)

You put money into banks to save here I thought it was just a place to put money so your creditors can get it more easily. Life has happened to much this year for me to worry about the the govt. shutdown. I got food, seed and chickens bring it on :nanner:


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## InvalidID (Feb 18, 2011)

When they started raiding 401ks we cleaned out our bank account. Left enough in there to pay a months bills and something left to avoid low balance penalties.


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## SquashNut (Sep 25, 2005)

If i remember right the goverment emptied the Argentinian saving accounts when they went bankrupt..


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## Bruenor (Oct 2, 2008)

InvalidID said:


> When they started raiding 401ks we cleaned out our bank account. Left enough in there to pay a months bills and something left to avoid low balance penalties.


Which 401ks have they been raiding?


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## NickieL (Jun 15, 2007)

they have to pry my penny jar out of my cold hard hands if they want it LOL


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## Oldcountryboy (Feb 23, 2008)

Well I guess I should mention, I don't have any savings accounts of any type now days. All empty and used to pay off things. I don't have any major debts to pay off, only my monthly utility bills. 

Over the weekend I'm gonna try to stock up on basic groceries. Salt, sugar, flour, cornmeal, cooking oil, rice, dry beans, etc. Basic stuff only. The meat department is back behind my house. Deer, rabbits, squirrels, crawdads, fish, and whatever else I might get hungry for.


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## whiskeylivewire (May 27, 2009)

We don't ever have much in the bank. I do worry about FIL though, he has a TON of money in the stock market, in CDs and such...I told him to buy gold and get out but he doesn't listen to me.


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## NickieL (Jun 15, 2007)

every time I TRY to save money, something breaks, somebody gets sick, etc....

so....it gets used in a jiffy.  So no, nothing in the bank currently but tomorrows paycheck.


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## mightybooboo (Feb 10, 2004)

whiskeylivewire said:


> We don't ever have much in the bank. I do worry about FIL though, he has a TON of money in the stock market, in CDs and such...I told him to buy gold and get out but he doesn't listen to me.


Most wont,mention metal and their eyes glaze over.....While blindly watching their stocks get clobbered.


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## mnn2501 (Apr 2, 2008)

InvalidID said:


> When they started raiding 401ks we cleaned out our bank account.


When who started raiding what 401k's?


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## whiterock (Mar 26, 2003)

I'm gonna take some out just to have something green to look at. Durn drought.
Ed


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## julieq (Oct 12, 2008)

We're near the bare minimum in savings at the bank. Our 'savings' is here at home where we can get to it.


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## mightybooboo (Feb 10, 2004)

mnn2501 said:


> When who started raiding what 401k's?


You could say a manipulated markets done a pretty good job,along with inflation that steals your savings.


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## TheMartianChick (May 26, 2009)

We have a small amount of cash on hand. The gas tank is full and we have a little extra gas stored. The only money that we really have in an account is what we have saved in our 401ks. I transferred a portion of it the other day into a different, more stable fund just to keep from getting hit if the market drops during this. We won't pull that money out until it is needed for retirement because we don't want to take the financial hit for early withdrawal. The accounts more than recovered since the fall of 2008, when the market dropped. While I don't think that our economy is completely stable, I'm not going to worry about the effect on the retirement accounts. I'd rather keep our money in there rather than pull it out prematurely.


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## machinist (Aug 3, 2010)

TheMartianChick,

I had money in retirement accounts for a long time, but lost most of it before I began to start managing it myself. All the money I put into General Motors' Stock Savings Plan, is now toast. Of course, NOBODY believed that GM could ever go bankrupt. But they did. My pension from there is gone, too. 

If you choose to keep money in someone else's hands, and understand the risks in our present economy, fine. Just do it after being fully informed. For myself, I see too great a chance of the US dollar being devalued (big time, maybe 3 or 4 to one, per some writers) due to our national debt overload, to keep much money in dollar-denominated assets. 

The US has defaulted before. Here is some history on that subject. http://totalinvestor.blogspot.com/2011/07/short-history-of-us-credit-defaults.html This is followed by a currency devaluation, with one exception of the 1979 accidental case. Many other countries have experienced this. 

Accordingly, we took a haircut on several retirement accounts in early 2008, withdrew the money and avoided huge losses. The US govt. has already tapped the retirement accounts of govt. employees to stave off their debt crisis. There have been suggestions in a Congressional committee in the past year of taking over private IRA's and 401K's, to be replaced with a "guaranteed" Social Security type program. Personaly, I don't trust that situation at all.

Please do your own due diligence here.


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## SquashNut (Sep 25, 2005)

private IRA's and 401K's.
That's stealing, out right theft and none of the goverments business at all.
As far as they are concerned they shouldn't even know any thing about them.


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## TheMartianChick (May 26, 2009)

machinist said:


> TheMartianChick,
> 
> I had money in retirement accounts for a long time, but lost most of it before I began to start managing it myself. All the money I put into General Motors' Stock Savings Plan, is now toast. Of course, NOBODY believed that GM could ever go bankrupt. But they did. My pension from there is gone, too.
> 
> ...


Thank you for the warning, machinist... I really mean that. I actively manage our 401k's and I have done so since we first got them. That money is just one of our retirement income streams. We have rental properties that will soon be paid off and a few other things that will continue to bring in money after we stop working. While I hate to think along those lines, there will likely be inheritances, too.

Any money that goes into the stock market is considered to be at risk and we've always approached it in that way. While I'd cry if we lost the 401k money, it wouldn't be vital to our survival. For this reason, we've opted to move the money into cash equivalents within the retirement acounts until things settle down. We do have a fairly high tolerance for risk and tend to choose funds that are a bit more risky than many other people are comfortable with. Hubby is 53 and I will be 41 this year. We'd probably look at things a bit differently if we were planning to retire in a year or so and if we had to rely on our 401k's. 

It is ironic.. when we first started planning for retirement, we factored in Social Security, 401k's, rentals, inheritance, etc... and now two of those factors might not be there when the time comes.


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## machinist (Aug 3, 2010)

TheMartianChick,

Glad you are thinking about it. We also took some risks in getting ready for retirement. Lost everything related to GM, a pension from another company was not picked up when the company sold out, so it is now worth $92/month at age 66. :hair


We did better when it came to stock funds. First, we moved most of that to Money markets just ahead of the 2008 stock crash, then moved the MM funds to US Treasuries just ahead of the MM lockups when Lehman's went down. We sold the Treasuries when that peaked in 2009, and put the money into hard goods. The only thing we have left on the table now is a bit of silver coins, and are debating when the govt will start looking at that. 

I'm convinced that there is another big runup in silver as the dollar goes down, but also that it will be a blowoff top, and hard to catch the peak. That money is there just to preserve its' value, which I can also do with other things, so it will probably get moved into stock for a future business. I'm gambling here, and I know it, but it is a chosen risk trade to make the most of what little we have. In such a case, you gotta stay on top of what is going on or get slaughtered. :shocked: 

Keep your powder dry!


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## mamita (May 19, 2008)

no, no unusual money taken out of the bank. I figure......let the chips fall where they may. what difference does it make if I run to the bank and make a big withdrawal? sure, maybe I'd survive a little longer. maybe not. monies stay, IRA's, money markets...guess I'll not chance having 'the wad' in our mattress. probably would just make me uncomfortable anyway.  it will be there tomorrow. for now. no, I'm not panicking as yet.


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## mightybooboo (Feb 10, 2004)

machinist said:


> Accordingly, we took a haircut on several retirement accounts in early 2008, withdrew the money and avoided huge losses. The US govt. has already tapped the retirement accounts of govt. employees to stave off their debt crisis. There have been suggestions in a Congressional committee in the past year of taking over private IRA's and 401K's, to be replaced with a "guaranteed" Social Security type program. Personaly, I don't trust that situation at all.
> 
> Please do your own due diligence here.


When the markets started getting squirrely in 2008 we pulled out all our stocks but for Coca cola and went into miners.They went up,got slammed in the collapse and made a fine recovery with lots of profits that I took a few months ago.Kept a little in SLV and rest sitting in a MM acct until I figure out where to go with that cash,

One thing I learned for sure,besides never doing any gov related savings again,is to actively do my own trading and only trade in my OWN vehicles going forward,giving gov any control over when you can cash out your accts is a very bad idea,they dont know what they are doing when it comes to financial responsibility,so let them set MY time frames,baaaaad idea!PLUS if the economy is tanked when mandatory withdrawals come,YOU LOSE,bigtime!And thats looking like just where its going to be for quite a while.


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## InvalidID (Feb 18, 2011)

Sorry guys. I was thinking of the pension raid that's gone on to keep government running. I had a bit of a buzz when I was writing that. My bad. Hope I didn't freak anyone out...lol.

They haven't started raiding 401ks just yet, they are still I believe soliciting opinions right now. They idea being to require a 401k to invest a certain amount of your money into treasuries or some such. 

You can read about it here:

http://www.zerohedge.com/article/tr...eedback-regarding-proposed-annuitization-401k

And Here:

http://seekingalpha.com/instablog/4...-department-plan-to-hornswoggle-your-401k-ira


I don't have an update handy but I can look into it later. As for right now, last nights buzz has turned into today's hangover. I just wanted to straighten out my screw up.


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## JuliaAnn (Dec 7, 2004)

Cash? Out of the bank?? Cash????

Bwwaah haaahhh haaaahhhh hhhhaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaahhhhhhhhhhhhhhhhhhhhhhhhhhhh!


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## soulsurvivor (Jul 4, 2004)

When I retired I took a partial lump sum payout and was probably the last person in the state that got to do that. It's no longer allowed. Since then it's been redistributed and put to better use. As for cash, that's dangerous to have in any big amount on hand. It's better to put it into upgrades, pay off debt, and use for the shiny coin collections. Between DH and myself we have a little here and a little there and hope we can access some of it before banking disasters become full blown. I have two checks monthly that have to be direct deposit, but DH still has a check in the hand weekly, so we do have options and count ourselves very lucky that we do.


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## ryanthomas (Dec 10, 2009)

mightybooboo said:


> Most wont,mention metal and their eyes glaze over.....While blindly watching their stocks get clobbered.


Not all stocks. My stock investments overall never lost me money over the past five years. I have metals too, but stocks aren't necessarily a bad investment. Maybe the FIL referenced knows what he's doing (he does have tons of money) and is happy with his returns and the risk is acceptable for him. I don't know if that's the case, but you can do alright in stocks if you know what you're doing. Not that I do, but I listen to some very smart people.


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## whiterock (Mar 26, 2003)

Told a friend that I was takin all my money out in ones so I could see some green around here. She said I just wanted to go to a strip club. LOLOLOL
Ed


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## springvalley (Jun 23, 2009)

whiterock said:


> Told a friend that I was takin all my money out in ones so I could see some green around here. She said I just wanted to go to a strip club. LOLOLOL
> Ed


Now there`s an idea, forget the world for a few hours. hehe lol > Marc


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## Durandal (Aug 19, 2007)

Not too sure why you would take it out of the system. It either works or it doesn't. If its not working, cash in hand or in the bank means little. eft my money int he market and things rebounded. Have money in the market now and will simply ride it out like I did last time.


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## cnichols (Jan 5, 2010)

We don't really have anything available as far as "disposable" cash in the bank. What's there is already spoken for (bills).

Durandal - I think the idea is that the banks may "close" temporarily leaving you unable to access your cash.

I think that this debt ceiling act is exactly that, an act. They will raise it and things will continue on. At least that's kinda what I'm hoping for now. I realize things are eventually fall like a house of cards, but DH and I only need to the end of the year to get everything pretty much paid for! *keeps fingers crossed*


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## Durandal (Aug 19, 2007)

Thing is who are you going to going to pay if you cannot access your bank? This is the Catch-22 in this discussion. If I cannot access my money or my investments then the system to "take my money" is also down and broken.

In the end, if I take it out I loose my money if I leave it in I loose my money. Its something I do not loose sleep over. Either I'll wake up and the world will be right (even if difficult or in trouble) or I'll be on my own.

I mean, who is going to pay our government taxes IF our government is not going to be paying SS or tax returns? Who is going to make a payment to a bank if the bank is not doling out money as well? One part cannot break down and the others maintain.


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## mightybooboo (Feb 10, 2004)

Durandal said:


> Thing is who are you going to going to pay if you cannot access your bank?
> I mean, who is going to pay our government taxes IF our government is not going to be paying SS or tax returns? Who is going to make a payment to a bank if the bank is not doling out money as well? One part cannot break down and the others maintain.


You still need groceries and the gov does NOT go on property tax holidays.And when banks close utilities still need to be paid,they just dont supply it for free.They will expect you to go to their office,with cash and pay up.Same with your mortgage.

Bank holiday doesnt mean the country stops,just getting your funds stops.


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## farmerpat (Jan 1, 2008)

calliemoonbeam said:


> I did...until repeated medical problems ate most of it up. I'm self-employed and single with no insurance and pay for everything out of pocket. Until this month, I've been spending over $1200 a month just on doctor visits, medications and bandages for my leg problem. Starting this month, I've been having to use bandages that cost $51 APIECE!
> 
> Then due to the medical problems getting me behind work-wise and money-wise, I got behind on preps and with everything going on right now and the dollar possibly dropping out the bottom any day, I decided it was better to spend it on preps than hold onto it. It's a difficult decision, no matter how you look at it. I just pray I've made the right one. :shrug:


I'm in the same boat you are, callie. My first hospital bill (even though I have insurance, it's lousy insurance), and they may (big MAY) pay $11k toward the first hospital bill I received which was$152,000.00 . And that doesn't include the 2nd and 3rd hospitalizations and all of the bills we've paid out of pocket so far (the surgeons and all the prescriptions and radiologists). I don't have much money, and my preps have dropped considerably, but we do have some cattle and pork we could sell if we needed to. I can't get to the bank today, but am planning on taking some $$$ out on Wed when we have to go to the city for a Dr appt. I figure better late than never.


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## Durandal (Aug 19, 2007)

mightybooboo said:


> You still need groceries and the gov does NOT go on property tax holidays.And when banks close utilities still need to be paid,they just dont supply it for free.They will expect you to go to their office,with cash and pay up.Same with your mortgage.
> 
> Bank holiday doesnt mean the country stops,just getting your funds stops.


Actually it means this country stops. People do not seem to understand that. Where you cash is, is almost irrelevant if the discussion is about what happens when things stop working. If the bank cannot give ME money, they cannot handle transaction between businesses. Which means even if you have cash in hand the grocery cannot order goods to stock its shelves. Which means the bank cannot pay the lawyer to write up eviction orders. Which means cops are getting laid-off. I mean right now, as I type this, we have FFA aircraft inspectors working for free...not getting paid...and paying for travel on their own dime. These folks are CRITICAL. How long do you think they'll work for free? 

This is NOT the 1930s. People seem to forget that. Back then it WAS possible for a bank to simply fold up and leave you holding a bunch of IOUs. Not today. If the system in place fails it fails on such a massive level most of the discussion about cash is irrelevant be it in the bank or in your hand.

As a farmer...for all you gold and silver hoarders...I only take ammo, fuel, and goods I can use for my food once the cash is gone.


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## InvalidID (Feb 18, 2011)

Durandal said:


> Actually it means this country stops. People do not seem to understand that. Where you cash is, is almost irrelevant if the discussion is about what happens when things stop working. If the bank cannot give ME money, they cannot handle transaction between businesses. Which means even if you have cash in hand the grocery cannot order goods to stock its shelves. Which means the bank cannot pay the lawyer to write up eviction orders. Which means cops are getting laid-off. I mean right now, as I type this, we have FFA aircraft inspectors working for free...not getting paid...and paying for travel on their own dime. These folks are CRITICAL. How long do you think they'll work for free?
> 
> This is NOT the 1930s. People seem to forget that. Back then it WAS possible for a bank to simply fold up and leave you holding a bunch of IOUs. Not today. If the system in place fails it fails on such a massive level most of the discussion about cash is irrelevant be it in the bank or in your hand.
> 
> As a farmer...for all you gold and silver hoarders...I only take ammo, fuel, and goods I can use for my food once the cash is gone.


 If you couldn't get money out of the bank do to a bank holiday or something, cash would be worth more in the short run. People would be hard up for money and would be willing to sell things for smaller amounts of cash. By having cash on hand you would be at the front of the line to receive goods and services, for a while anyway. 

Businesses would still accept cash as payment for awhile because they simply wouldn't have an alternative. In the event of a bank holiday cash would be worth more than gold, for a very short time. People are programmed to want money.


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## Ernie (Jul 22, 2007)

Maybe. I think those who will have valuable items (livestock, supplies, etc.) are exactly the ones who would be LESS likely to trade for anything other than precious metals.

I know that if the banks shut down, I won't be accepting dollars.


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## InvalidID (Feb 18, 2011)

Ernie said:


> Maybe. I think those who will have valuable items (livestock, supplies, etc.) are exactly the ones who would be LESS likely to trade for anything other than precious metals.
> 
> I know that if the banks shut down, I won't be accepting dollars.


 That's true, but you're thinking like US. Think like a sheeple for a minute. Think like Wal Mart, or any nearby store. They'll want cash until something takes it's place or supplies run out.


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## mightybooboo (Feb 10, 2004)

See Argentina,closed the bank friday,opened Monday with devalued money and LIMITS on what you could withdraw,they still expected debts PAID.They can LIMIT YOU and still be processing payments for all the rest.

Banks FAIL and Close???? Around the whole Country???

Then dodging bullets will be the least of your worries.


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## Durandal (Aug 19, 2007)

I think the use of the term "Bank Holiday" is misleading and nebulous. If say, my business bank, suddenly did not operate there is a reason why it is not operating. A two week "bank holiday" because it went under and the Feds moved in to restructure under FDIC would not effect me. You take money out of a bank because you are afraid you may lose it but if it that scenario were true then the money you had would be worthless.

You cannot have one or the other.

I think you are correct though Ernie lots of other things would be become far more valuable and not available for trade via precious metals. You also end up selling sustainable production (wool rather than a goat, milk rather than a cow, lumber rather than the saw, and so on).


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## Sweetsong (Dec 4, 2010)

Ummmm...there's nothing to take out.


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## mightybooboo (Feb 10, 2004)

Durandal said:


> You take money out of a bank because you are afraid you may lose it but if it that scenario were true then the money you had would be worthless.
> 
> You cannot have one or the other.


You take it out because you fear withdrawals may be limited and YES,history recently showed you CAN have it both ways just like they DID,in Argentina.That happened.With INTERNATIONAL banks,like Citi for example.

A Bank Holiday is when the entire system is closed,a bank failure is when a certain bank is closed and restructured.After a failure that Bank returns under the old rules,after a Holiday they all come back under a different SYSTEM entirely,and that can include limits on accessing YOUR cash.Argentina.


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## Durandal (Aug 19, 2007)

Two different economies and banking systems. You are comparison both in events and in nations is apples to oranges. What you are a describing is a run on banks in a system that is very reliant on hard currency. As investors fled from the Peso and converted to dollars the fear trickled down and people were withdrawing mass sums of money from their accounts.

No matter what our problems the US is still the best deal in town.

In this country, if you have a scenario where you cannot get cash out of ALL/ANY banks then you have a system that has broken down and cash is irrelevant at that point. Even at the worst Brazilians were allowed to withdrawal sums of up to 250.00 per week (that's in USD which is a lot). You could still write a check for 2K to buy a car.


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## Gary in ohio (May 11, 2002)

cash in the bank or cash out of the bank would have the same value...


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## PhilJohnson (Dec 24, 2006)

I don't have much to keep in the bank. It's dwindled downward as a result of some emergency home repairs and being jobless. Not to mention last winter's heating bill was insane (for me). I don't see any need to pull any money out of the bank at this time. The bigger fear is that I have one of those dreaded adjustable rate mortgages which is already at a high 8.5 interest rate. I'm just not making enough money to put a serious dent in the principal.


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## ErinP (Aug 23, 2007)

Ernie said:


> Maybe. I think those who will have valuable items (livestock, supplies, etc.) are exactly the ones who would be LESS likely to trade for anything other than precious metals.
> 
> I know that if the banks shut down, I won't be accepting dollars.


Personally, I wouldn't be accepting gold, either. Ammo, livestock, etc. Things I can USE. Look at history. Gold is no more valuable than any other pretty (turquoise, shells, etc) without an economy to back it. :shrug:

To the original question: Cash? What cash?


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## jessimeredith (Sep 12, 2004)

Sweetsong said:


> Ummmm...there's nothing to take out.


Ditto that! Wait...I just checked. There's $.36 in there. bahaha


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