Monday, October 6, 2008

Reader Alert: You Might Want to Consider Taking Some of Your Cash Out of the Bank NOW

First the preamble: The following is NOT intended to serve as anything other than commentary. I am NOT engaged in rendering legal, accounting, financial, or any other professional advice. If expert assistance is needed, the services of a competent professional should be sought. This post is NOT a substitute for legal or any other kind of professional advice.

Alright, now that all of that is out of the way, let me simply say that my "antennae" are buzzing even more than usual about the economy. Not in a good way. I would urge everyone to consider pulling some of their cash out of their banks within the next two days (if you haven't already done so). Don't be surprised if your local ATMs start "malfunctioning" and have to be "temporarily shut down for repairs" (like some of the ones in my area were for a few days last week).

14 comments:

Chi-Chi said...

Word.

Khadija said...

Welcome, Chi-Chi!

Even though I know better, I'm quite disgusted to see that our mis-leaders are missing in action. As is their tradition, when it comes to life and death issues.

I haven't heard a peep from any of these people telling the Black public steps we can take to protect ourselves in these deeply troubled financial waters.

Peace, blessings and solidarity.

blackgirlinmaine said...

Its funny that you mention this because my local ATM has been down for servicing quite a bit lately. I had been thinking perhaps I need to start keeping some cash on hand.

Khadija said...

Welcome, Black Girl in Maine!

"Down for servicing." Yep. Uh-huh. Right.

{adjusting my tin foil hat}These are practice drills for shutting them down at a moment's notice. If and when necessary.

Peace, blessings and solidarity.

Hagar's Daughter said...

Khadija,

I wonder how many of us have any money to take out of the bank. I'm not trying to be funny.

Times are tough for a lot of people. I am going to heed your advice. A word to the wise and from the wise is sufficient.

Khadija said...

Welcome, Hagar's Daughter!

Yes, far too many of us don't have anything to take out of the bank (or anywhere else). To be blunt, such people are already casualties. {long sigh}

I'm hopeful that we can take steps to reduce the number of fresh economic casualties among our ranks. With so many issues, we are at the point of triage.

{nudge to the silent audience}This is why I hope and pray that many of you are working on your additional income streams (i.e., side hustles). That's what I'm doing on my computer right now. People, Get Ready.

Peace, blessings and solidarity.

blackwomenblowthetrumpet.blogspot.com said...

Hello there!

I have to agree.

It is time to pull it OUT of the bank.

Many blacks belong to credit unions...they need to really re-think how safe their money is when it is not FDIC insured.

As for the side hustle...many preachers are already dusting off their professional resumes and trying to find other income streams. It is just not realistic to live on "free will offerings" when people are barely keeping a roof over their heads!

A minister told me his ex-wife demanded a new car ...one that cost $100,000! I suggested that he rethink how THAT purchase will look to those who are in his congregation who are not even sure if they can stretch groceries to the end of the month.

He changed his car...not because he had to...but because he realized how it LOOKED for him to be riding in it...with a chauffeur.

Peace, blessings and DUNAMIS!
Lisa

Khadija said...

Hello there, Rev. Lisa!

My goodness...I hadn't even thought of the credit union angle (since I don't have one). Good save, Lisa! Thank you!

From the very briefest of research, it appears that federal and SOME, NOT ALL state-chartered credit unions are insured by something called the National Credit Union Administration (NCUA).

I would strongly urge everyone who's with a credit union to look into this!Immediately.

It's interesting to hear that the clergy are dusting off their professional resumes. It seems that, despite the pie-in-the-sky-rhetoric that many of them preach, they know "what time it is"! It would be good if more of them spread the word to their congregations.

Peace, blessings and solidarity.

Chi-Chi said...

Khadija, that's correct about the NCUA. It's the equivalent of the FDIC. And I agree, I do find it very interesting that these so called Black leaders are not saying anything is such dire times as these. Even if they don't have solutions, as "leaders" they should at least have a word of inspiration and encouragement.

I listened to this http://globalpublicmedia.com/reality_report_chris_martenson_on_the_current_financial_crisis the other night and it gave a very balanced, non-alarmist overview of what is going on right now, how it got to be this way and what it's going to take to correct all this. Very informative for anyone who's interested.

Khadija said...

Hello there, Chi-Chi!

Thanks for the info about globalpublicmedia.com! I'm headed over there right now.

You are correct about our (mis)leaders. Even if they don't know what to do (and what's up with that?), they should at least try to offer words of comfort & encouragement. Foul, foul, foul charlatans. Hmmph.

Peace, blessings and solidarity.

focusedpurpose said...

hi there Khadija:-)

i have been really busy and my free time seems to be spent at your blog and my other favs. :-)!!
i already know what i think, after all.

all federal reserve notes should be turned into silver and gold. now! our banking system is a fractional reserve one. so let's say, 100 folks turn up at the bank to withdraw their funds, there will only be enough funds on hand for 10 to make a withdrawal. this has all been done before. more than fashion is cyclical.

i have been too busy to do this post, so here is the link for now. i will post it later. the dollar will crash. soon. the amero is minted and on its way: http://www.youtube.com/watch?v=ge2J2lNusJs

unless americans wake up and snap out of our stupor, there will be a north american union. we will no longer have even sovereignty as a nation. alas, it is SO much easier to have anti-immigrant sentiments than ask WHY the borders are not being enforced. tsk, tsk, tsk. if we focused on our commonalities, it would truly be a new day.

my time with "angry white men" has been fruitful indeed. i work with a firm where the owner can cancel my contract/agreement. my refusal to care about the "rules" of knowing the truth and refusing to speak it for fear of being perceived as irreverent (sp?:-) or rude has had my contract cancelled and reinstated once already:-) in return for my candor and commitment to speaking truth to power, i have been blessed with a wealth of information. folks of character can only respect those that possess the courage to tell the truth. more folks need to learn it and TELL it!

thanks for the forum to get the word out quickly in the absence of my blog post.

i love you sis. your "antennae" is right on point.

p.s. the "government" is on board for the hijacking of america by the money changers aka bankers these days. notice who the government opted to bail out, despite the foreclosure rate being up 53%. those expecting any type of government "insurance" will die a miserable death financially. trust.

i apologize in advance for any typos! i hate typos...

blessings all,
focusedpurpose

Khadija said...

Welcome, Focused Purpose!

You already know what you think, but you're depriving the rest of us of your thoughts. The withdrawal that I've been going through from the absence of new posts on your blog isn't pretty. [hint, hint]

Please feel free to stop by anytime to get the word out! My little forum here is at your disposal. The information needs to be spread in as many different places as possible.

I know what you mean about being busy. My current solution for moments of anxiety about all of this is to get busier with my side hustle activities.

About the silver & gold, I'll just repeat a comment I read on one of the Life After the Oil Crash forums: A reader wrote in to say, "I read a report of some Icelandic chap who was pretty pleased that he had transferred his Icelandic money into gold--saved him from losing 40% of his cash so far."

I suppose this makes sense in a hyperinflation-crash scenario where the value of one's money is wiped out in a matter of days. My only concern is that one can't eat or use gold bars. This still has to be traded/sold/converted back into something of use.

I would be more inclined to start spending what I could on things that have immediate & long term use. Things like storable food; solar batteries & radios, an outdoor-rated sleeping bag (in case of power outtages---some sleeping bags allow one to camp outdoors in winter temperatures). Stuff like that. But I'm not an expert on any of this. I'm just another lay person who wants to survive AND thrive.

Peace, blessings and solidarity.

focusedpurpose said...

Khadija-

hint well taken. i will post soon. there are so many things on my mind these days. bear with me sis:-)!

blessings,
focusedpurpose

focusedpurpose said...

ps Khadija- you are correct, one cannot eat silver and gold. however, one can buy food with silver and gold. those in the know are doing what i am suggesting in addition to what you are saying. it is becoming more and more difficult to secure silver and gold as a result of its perpetual value.

i am not an expert either, sis. just a sponge.

i am committed to posting soon since you indicated that i am depriving others of my thoughts. i never looked at it that way. thanks for giving me a new perspective.

blessings,
focusedpurpose