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-   -   Would it make sense to avoid using a bank? (http://projectavalon.net/forum/showthread.php?t=2091)

Humble Janitor 09-15-2008 09:42 PM

Would it make sense to avoid using a bank?
 
With all the talk about financial collapse, et al, would it make sense to avoid direct deposits of paychecks or to close a bank account?

Just a thought. Then again, how would people be paid if such a collapse happened? Would they even be paid at all?

Thinking about canceling direct deposit and bank account here. I need more opinions though.

THE eXchanger 09-15-2008 09:56 PM

Re: Would it make sense to avoid using a bank?
 
xxx

Humble Janitor 09-15-2008 09:59 PM

Re: Would it make sense to avoid using a bank?
 
Hmm. Well, if the events of September 30 do indeed come true, I will be prepared.

Myra 09-15-2008 10:21 PM

Re: Would it make sense to avoid using a bank?
 
It probably depends on how much money you have. If you are living check to check I would say just to cash it (if you can) and leave nothing in the bank.

Larger amounts are trickier of course.

Stephen 09-15-2008 10:28 PM

Re: Would it make sense to avoid using a bank?
 
I pulled out a considerable sum today. (for me...it is not all that much)
I left a few grand in the bank (Credit Union).

I rather have cash in hand at this point.
If everything smooths over I will put it back in.
However, I have not seen a monthly dividend in 6 months...

Zynox 09-15-2008 10:38 PM

Re: Would it make sense to avoid using a bank?
 
Practical Economic and Banking Considerations

General philosophy for this post:

If you disagree with the agenda and intent of financial institutions, the source of funding for corporations, governments and associated military enforcers, then you have your individual power to limit your participation and culpability. Currently, the system is structured that an employer issues the individual credits, which generally get transfered to a fiscal institution. The fiscal institution is then authorized to loan or extend these credits to borrowers at a leveraged amount of approximately 900% or 9 to 1. The borrow repays the loan, which was vaporware credits to begin with, and for awhile, all seems well in delusion land. Eventually, every faux / fiat / paper currency known in avaialble history has failed, and we are front row center to further failures - NOW.

There are general rules that are followed within the structured game, which I believe, are mostly in place to keep lower echelon participants in the game from behaving anarchically, like their masters do. In other words, the game has rules to keep the enforcers of the game in line, as it wouldn't be profitable to the controllers to have their enforces get any ideas about climbing to the top of the pyramid. The rules get rewritten or suspended dynamically, as found convenient - this is happening right now, and since August 2007, related to the meltdown (whether the meltdown is being orchestrated or they have lost control, I am open on this point).

Practical Points for Sovereign Individuals

  • Retain balances in checking accounts only, with enough to fund immediate payment of bills. This would be from 2 to 6 weeks worth of expenses, subject to the desire of the individual. By using only a checking account, the fiscal institution is usually unable to leverage the 900% rule, as they are generally defined as demand accounts. This is why fiscal institutions lead people towards savings accounts and CD accounts.
  • Convert all remaining funds / wealth into whatever mechanism or vehicle you believe will be of worth in the future. This might be gold, silver, cash, alcohol, cigarettes, chocolate, ammunition, land, food, materials, tools, art, etc. I am not supporting any of these particular items beyond gold, silver and a limited amount of physical cash currency. I do not support armed conflict in any fashion but respect every individual's sovereign right to choose any path.
  • Where possible, based on employment, savings and opportunity, retain physical possession of enough resource (gold / silver / cash or the other items) to ensure flexibility and mobility. In times of change, appreciable peace of mind may be found in having options, such as paying a neighbor to drive you out of a major city (insane asylum) or to exchange some of your alcohol for some of their food. No one will be much interested in taking a check or credit card when systems seize up.
  • Finally, it seems that few understand that nearly any stock, bond, treasury, 401k, title to a home, title to property or other paper based certificate of ownership has NO genuine assured value, AT ALL. I believe the 401k programs were promoted to absorb the 'excess' worker's and middle level investor's wealth and provide the mentioned leveraging by fiscal institutions. It wasn't in the controller's interests to allow any savvy investors to physically extract any of the gains realized from jackpot plays in tech stock or real estate bubbles. Thus, due to the tax penalties for removing money (credits) from the accounts, few folks extracted any wealth (but many 'borrowed' against it). Few also seem to be aware that (this is FACT) banks have been opening folks safe deposit boxes, most 401k plans have limitations on withdraw now (some require three years for 100% extraction) and the delay to remove funds from 401k plans are frequently 4, 6, 8 or more weeks.

Namaste!

man_is_the_bastard 09-16-2008 01:11 AM

Re: Would it make sense to avoid using a bank?
 
Today I was eating dinner at the table with my parents and listened to them discuss the way the banks are headed. They sincerely feel that the banks will go bankrupt. I said to them "yeah that's their plan" .of course, they didn't know what I was talking about.. I stood by listening to them, I know they are fearful and my dad suggested that they withdraw a few thousand dollars and hold it in cash. I wish I could think up a better solution for them. They are your "average" American husband and wife, they watch t.v. regularly.

Michael 09-16-2008 02:51 AM

Re: Would it make sense to avoid using a bank?
 
I agree with most of the above. Keep only enough money in the bank to pay a month or two of bills. The rest in my opinion should be: Some cash, some gold, some silver, all in your physical posession. Plan ahead to be sure you will have clean water, food and warm clothes.

JSErwine 09-16-2008 05:33 AM

Re: Would it make sense to avoid using a bank?
 
For a person living paycheck to paycheck, it is easy to live without a bank. Though it requires a person to live entirely within their means. No loans, credit cards, checking accounts, I know for many this is unthinkable. But people living beyound their means is a large part of our current problem.

My .02

Jeff

Machinamentum 09-16-2008 08:56 AM

Re: Would it make sense to avoid using a bank?
 
Quote:

Originally Posted by JSErwine (Post 14185)
For a person living paycheck to paycheck, it is easy to live without a bank. Though it requires a person to live entirely within their means. No loans, credit cards, checking accounts, I know for many this is unthinkable. But people living beyound their means is a large part of our current problem.

My .02

Jeff

I would have to agree with you. Now i don't live paycheck to paycheck but i live on little money and have little money saved. Lot of peoples misery and fear are based on their desires, i try to tune my desire to things more reasonable, i don't want to get to greedy on things that are not needed. Honestly I think that when the grids go down money and possibly Gold and Silver will have no value at all. People will only be interested in things that will help them live and survive. So i say stock up on beer, medicine, vitamins, long lasting foods, power and drugs.

peacelovinman 09-16-2008 11:42 AM

Re: Would it make sense to avoid using a bank?
 
Can someone please explain to me what value gold and silver will be after an economic meltdown? These things only have value because, like the fiat currencies, someone somewhere has decided they have value.

I ca't eat, drink or use gold/silver in any way to enhance my life, other than to use it to "buy" resources from someone who has decided the gold/silver has some kind of value.

I can see much more sense in using what fiat currency we have to buy things of real worth, commodities that can be used for survival.

Zynox 09-16-2008 05:27 PM

Re: Would it make sense to avoid using a bank?
 
Gold, Silver and other storage and exchange formats of 'wealth' will not, by themselves, taste good, keep one warm or provide basic survival sustenance.

That stated, a review of history reveals that since time recorded, or at least the recordings we have access to, precious metals have been the vehicle that stored wealth was mutually agreed upon, and it is also the mechanism of juice that was used in exchange as communities (and kingdoms) re-established after upheaval transitions. I haven't found any evidence that this has not always been the case, but, sure, it could be different this time, though I doubt it.

Look at modest and distributed precious metals as one of the tools and resources to get from here, to there ... also, if only the elite held precious metals, whom do you think would be 'in charge' after a transitory upheaval, and what sort of society do you feel they would want to (Re)implement?

I don't fear the powers will outlaw precious metal ownership again, like prohibition, I think some lessons were learned, but, the sheer fact that they did once outlaw it (except for their internal and banking uses) leads me to feel they understand the undifferentiated power of precious metals. By undifferentiated, I mean, the metal is neither good nor evil, simply a tool, like a guitar, a hammer or a fact.

Namaste!

peacelovinman 09-17-2008 03:15 PM

Re: Would it make sense to avoid using a bank?
 
I understand where you are coming from Zynox, but I would assert that the re-establishment of communities after upheaval put the very same people in power once again, to play the same money games.

Is it not the case that, as the ruling elite own the vast majority of precious metals, they would be in control of any new system based upon it?

JSErwine 09-17-2008 04:10 PM

Re: Would it make sense to avoid using a bank?
 
Putting all your "disaster" investment in food and supplies would be suicidal. There are so many circumstances I can think of that would render a stockpile useless,it's like putting all your eggs in 1 basket.

If something happens and you need to get the heck out of dodge, a sack of gold and silver takes a lot less room than closets full of food.

My .02

Jeff

Zynox 09-17-2008 06:24 PM

Re: Would it make sense to avoid using a bank?
 
Quote:

Originally Posted by peacelovinman (Post 16550)
I understand where you are coming from Zynox, but I would assert that the re-establishment of communities after upheaval put the very same people in power once again, to play the same money games.

Is it not the case that, as the ruling elite own the vast majority of precious metals, they would be in control of any new system based upon it?

Thank you for this question.

I am but one that follows my heart, and intend it to be a heart of gold. I inform as I act, and act as I inform. I want to level the playing field as much as possible, I welcome a debate with the elite, though they don't return my calls.

So, I promote that we all retain some wealth in this 'passover' in the form of recognized long term defined vehicle of precious metals ... otherwise, they who had will be those who will still have.

If we want opportunity to create a new vision, I recommend we use every tool available in responsible fashion, and gold is one of these.


Michael has briefly alluded in passing that gold also has a vibration we may learn from and use, and I felt that as a small child.

Namaste!

Kate 09-17-2008 06:46 PM

Re: Would it make sense to avoid using a bank?
 
personally, i normally,
do NOT keep more than about
3 months ahead, in the bank

the rest, i use, to invest into things
and, turn those things,
for a modest profit

This is a VERY GOOD tip and rule of thumb...keep it simple folks...keep minimal in bank and re-invest the rest!!
namaste
fire


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