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Electronic run on Banks Sept 18 11am

hypocritexposer

Well-known member
On Thursday (Sept 18), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.

If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed. It would have been the end of our economic system and our political system as we know it.

http://www.financialarmageddon.com/

http://www.youtube.com/watch?v=pD8viQ_DhS4&eurl=http://www.financialarmageddon.com/ VIDEO

I read the book "Financial Armageddon" about 3 months ago, pretty scary, but he's right on with his analysis.
 

Mike

Well-known member
My stockbroker who lives across the road from me told me about this the day after it happened.

He is constantly on the phone with folks on Wall Street and explained that every check and credit card transaction would have been denied on Friday morning after the incident.

It was too much for me to fathom at the time....................but sure is scarey now.
 
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