Holy Shit It's Happening

I went to a couple places today and the chip no longer worked. They had to have me swipe and run as credit. Weird coincidence or is there a serious banking problem swelling around the community banks? I'm guess it could be implied that debit accounts are running low so they work it as credit instead.

Just like in this case, all deposits are insured, so no need to worry. The Fed learned that there should never be massive bank failures like during the great depression. Credit Unions are insured by the NCUA

If people will make a run on TP they'll sure as fuck make a run on the banks

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Get rekt kikes. Get a real job.

Not hundreds, but I agree with your premise. Over the last 20 years between 0-24 FDIC banks failed per year. The point here, is to be on the early look out for systematic shocks to the system so you can be better prepared. This event could be nothing, or the very start of something

So the fed just BRRRRRRRRRRRRRRs money over to the FDIC to cover the evaporated deposits? God I hate this Mickey mouse shit

Its literally 152 million dollars in assets. It's nothing you fucking retards. God damn, a four branch west virginia bank defaulted and you think it's happening. Dumb fucking morons

It's not as dire as printing money. Only a small portion of deposits are kept as cash( now it's 0) on hand, so the money is really there just, it's just not readily accessable

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>The Fed learned that there should never be massive bank failures like during the great depression.

everyone and their mothers will become a banker after this is over

Perception is reality. As bad news piles on we enter into a self fulfilling prophecy. Economist used to believe that people were rational, but just look at people hoarding toilet paper. We are scared animals that don't want to die without reproducing

GOLD STEIN

>Only a small portion of deposits are kept as cash( now it's 0)
>now its 0
if its zero how did this bank have liquidity issues?

FDIC insures north of 10T in assests. It has about 50B in assets backing that.

Weird to see MVB mentioned on here. They were a lot better before they expanded to the eastern panhandle and northern Va.

>West Virginia
People still live in that disgusting shithole?

Next time you're out driving, blast this out your car's speakers, windows down: youtube.com/watch?v=ArwFjifEY-4

>mod=steve-goldstein

Well, having direct control of your assets is a large concept behind crypto currencies, to the point that banks are no longer needed, so that could very well happen

So FDIC Friday is back on? Anyone who remembers zerohedge years back when every Friday there was a bank closing..like clockwork...and bankers were also shooting themselves with nailguns in the head too..

That is how bank runs work, I’d bet there is almost no money in banks right now.

Everyone should go and pull their savings

fucking this
>also: marketwatch

Explain to a brainlet like me, what happens if my bank goes under? Does all of my money magically go up in smoke? Or will I be able to claim it once the fire dies down and the government (presumably still functioning) gives me my savings back?

Isn’t there like almost no cases in West Virginia?

Or user maybe the chips are pieces of shit that only work a quarter of the time at best anyway, seriously, fuck those dumbass chips.

Consolidation. Of course. Fuck, I am sick of this shit.

273 as of today

Banks are not required to hold any reserves now, it used to be as high as 20%. With 0 reserves, the banks can loan freely to whoever they want. However, the flip side is that they do not have the cash on hand needed to pay all withdrawals

We can only hope.

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I Have 90k in Ally Bank which is an online institution. Should I be at all worried?

No need to worry. Yeah, okay.

Buy gold. Thank me later.

Might as well been Jewy Jewenstein

Of course not, they are insured . I don't me imply that major banks are under risk of failing near term. This is just another piece of information to watch

Shut the fuck up goy you don't need to know shit

a bank run seems pretty useless if places will not accept paper money. Australia has banned paper money because of fear of germs

google.com/amp/amp.abc.net.au/article/12065860

The time for buying gold was before 2010.

The article though short as it is states that its assets have been transferred to a different bank. So I assume anyone who had money left over in the clothes Bank eventually be able to use the new bank

ncbi.nlm.nih.gov/pubmed/15463961
Autarchy, market disintegration, and health: the mortality and nutritional crisis in Nazi Germany, 1933-1937.
>Baten J1, Wagner A.
>Trends in mortality, nutritional status and food supply are compared to other living standard indicators for the Weimar Republic (1919-1933) and for the early years of the Nazi regime (1933-1937). The results imply that Germany experienced a substantial increase in mortality rates in most age groups in the mid-1930s, even relative to those of 1932, the worst year of the Great Depression. Moreover, children's heights--an indicator of the quality of nutrition and health--were generally stagnating between 1933 and 1938, but had increased significantly during the 1920s. Persecution, by itself, does not explain such an adverse development in biological welfare; the non-persecuted segments of the German population were affected as well. The reason for this adverse development was caused by the fact that military expenditures increased at the expense of public health measures. In addition, food imports were curtailed, and prices of many agricultural products were controlled. There is ample evidence that this set of economic policies had an adverse effect on the health and nutritional status of the population. The highly developed areas of Germany with large urban sectors and the coastal regions of the Northwest were affected most from the policy of restricting imports of protein-rich agricultural products.

a bank run for cash and a "hoarding run" where people spend all their digital money for supplies or gold is functionally the same, from the bank's perspective. It's still possible for them to break.

>first-bank-failure-of-coronavirus-crisis-2020-04-03?mod=steve-goldstein

>bank failure
>(((Steve Goldstein)))
>Every single time.

People don’t have bucket loads of money in the bank like they used to. Most people just have one paycheque, a mortgage and creditcard debt. There won’t be a run on banks

Insured with what?

BRRRRRRRRRRRRRRRRRRRRRR

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nasdaq.com/articles/fdic-announces-closure-of-west-virginias-first-state-bank-2020-04-03
"The regulator said the bank had been closed on Friday by state regulators after "longstanding capital and asset quality issues." Financial reports from the end of 2019 showed the bank operating with too little capital to legally stay open, the FDIC said."

I agree, fuck the chips, but I've never had a problem like that. More specifically it wasn't my chip, it was the chip reader functions on the card swiper.

>mod=steve-goldstein

Put it on Steve

So Hitler raised the replacement rate from 1.8 to 3.1 in under a decade by using malnutrition?

Nobody wants to use cash because it might have the virus on, retards

LOL FULL HOUSE CHECKED.

This is what happened in the depression era , they stopped letting people have THIER deposits and THIER money that they held in THIER accounts
Causing riots and dissidents

Idiots are probably fucking them up with chemicals trying to disinfect everything.

Just put money under UV light to disinfect