In a story from Paul Joseph Watson of infowars, he reports fears of bank runs have escalated with the news that Russian lender “my Bank” has banned all cash withdrawals until next week.
Bloomberg reported the halt on withdrawals. “My Bank” is one of the top 200 lenders in Russia, by assets. The Ruble has been losing a lot of ground recently, but this news comes as a little bit of a surprise. The story supposedly comes from a person who has been working inside the bank’s call center, but officials have refused to make any comments.
In similar fashion, BBC news reported that HSBC would be halting any withdrawals for UK customers from 5,000 pounds, upwards. The bank will force people to provide documentation as to what they planned to use the money on. This outrageous practice is one that is becoming more common across banking channels.
This practice raised concerns, which were escalated by an apparent IT glitch that prevented thousands of Lloyds Banking Group customers from withdrawing cash at ATMs in the UK.
Reports back in November explained how Chase bank was also imposing restrictions on customers. They would limit customers to $50,000 in cash activity per month, and banned business customers from sending international wire transfers.
Chase was already in the hot seat of public opinion, with an incident last year when customers across the country were attempting to withdraw cash from ATM’s, but were faced with zero balances in their accounts. The problem was attributed to technicalities, but was not resolved for several hours, causing a panic with many customers.
In correlation with panics like this, it was reported late last year, that two of the biggest banks in America were stuffing their ATMs with 20 to 30 percent more cash than usual in order to protect against a possible bank run, if the US defaults on it’s debt.
Is it really wise to put money into banks? There are some very troubling signs coming out of these entities. We already know that they are often “too big to fail”, and they are basically exempt from any criminal investigation from the department of justice, as was the case with HSBC, and the scandal surrounding their laundering of money for terrorist organizations.
We freely throw our money to these banks, and expect them to protect it, but there is a few problems, One is the lack of accountability for their misdeeds, like I mentioned. They are completely in lock step with the governments own failings and corruption. Secondly, these locks on withdrawals, are the type of thing that shows the complete disregard for the financial protection of customers, but only the motive of protecting their own profits and security. Lastly, there’s the whole component of the monetary system itself. These banks are good at selling the idea that they can protect your money, but what if the money isn’t worth anything? This begs the question as to whether there are better solutions to creating and preserving ones hard earned wealth, and how to protect it from the banks, and the government. Well, our team has a few viable solutions that we will present in later videos.