THE FINANCIAL WARNING YOU WERE NEVER SUPPOSED TO HEAR 19
Conversely, if there are a few mega-banks, you only need a
couple phone calls to lock down the whole system. You could
reprogram the ATMs to tell people they could only have $300
a day. Even if you try taking $2,000 out of an ATM today, you
can’t do it.
All the government has to do is dial the withdrawal limit
to $300 for gas and groceries. They figure that’s all people
need and won’t let you get the rest of your money. They won’t
steal it in so many words, but they won’t let you have it. That’s
easier to do if there is a very small number of banks.
So people need to be alert to these kinds of programs that
are in place. Regulators, government and large banks work
together to steal people’s money either indirectly through
inflation or directly through asset freezes.
Recently, the FCC passed a rule that locks down money
market funds. A lot of people think their money market fund is
as good as cash. They think they can call their broker and have
cash in the bank the next day.
Well, this new rule says the FCC can freeze money market
funds or impose an exit fee so you get 95 cents on the dollar in-
stead of 100 cents. There probably was a little flier in fine print
inside your statement not too long ago about it. Most people
probably opened the statement and threw the flier in the trash.
These are not things I’m making up. They’re not scare
stories about things that might happen in the future. They’ve
already happened. The concentration of bank assets has hap-
pened. The freeze ability of money market funds has hap-
pened. These things are already in place. They’re just waiting
to be used in the next panic.■ The Dollar is Dying With a Whimper, Not a Bang
The same force that made the dollar the world’s reserve cur-
rency is working to dethrone it.