by Paul Joseph Watson
November 5, 2010

from PrisonPlanet Website

Partial Spanish version


Fed’s “mad experiment” in dollar debasement stokes fresh jitters


With the world on the verge of a currency war as the Federal Reserve follows through on its dollar-killing quantitative easing program, rumors are once again swirling of a “bank holiday,” during which US citizens will be prevented from withdrawing money or at least limited in the amount of the withdrawal they can make.

The bank holiday is rumored to be set for next week, with Thursday November 11 pinpointed as the likeliest date.

According to radio host Steve Quayle, a pastor was told by one of the managers of a prominent east coast bank that banks would close for an undetermined amount of time, and that when they reopened,

“all withdrawals by checks would be limited to $500 per week - no matter what the balance in the account is.”

Limiting the amount of money customers can withdraw or blocking the facility altogether reminds us of a Citigroup advisory that was sent to customers at the start of the year which stated that the bank reserved,

“the right to require (7) days advance notice before permitting a withdrawal from all checking accounts.”

The story stoked fears that financial institutions were preparing for bank runs.

On his website, Quayle asks,

“When in U.S. History has a sitting President taken off on an overseas trip for an extended period of time, with 65 airplanes, 34 warships reportedly 3,000 people including his friends and cohorts, at the pinnacle of an economic and political upheaval?”

Fears of a bank holiday first arose in June of last year, when it was rumored that banks would close their doors in early September. Concern was fueled by reports that US embassies in foreign countries were purchasing large quantities of local currency.

With Brazil and other countries now threatening to take drastic currency measures to protect themselves against a dollar crisis, a similar financial environment is stoking identical fears.

Bank holidays are not without precedent in the United States.


On March 5, 1933, newly elected Franklin Roosevelt declared a “bank holiday” that lasted four days, during which he rammed through the Emergency Banking Act which granted FDR near dictatorial control over the dealings of banks. The Act also forced every citizen and business in the country to relinquish their gold in exchange for paper currency.

The 1933 bank holiday served as a face-saving mechanism for many financial institutions - thousands of them never reopened after the closure period had ended.

While we expect it to be business as usual next week and the rumors to subside as they did last year, the mere fact that this fear keeps cropping up shows how jittery the economic landscape is right now.

Indeed, the debate is no longer about whether the US financial system and the dollar will come crashing down or not, but if that inevitable process will be characterized as a sudden collapse or death by a thousand cuts.


The latter seems to be more likely, with a few lurches and leaps along the way, the first of which was Ben Bernanke’s announcement on Tuesday that the Fed will buy $600 billion of U.S. government bonds over the next eight months.

The blame for this turmoil can be laid firmly at the feet of Bernanke, acting at the behest of the Fed’s owners, who having promised in June last year that they would not monetize the debt of the U.S. government, have now embarked upon a,

“mad experiment” that will precipitate “the collapse of the US dollar paper standard,” as CLSA’s Chris Wood describes it.

As the Honorable Louis McFadden, Chairman of the House Banking and Currency Committee, warned in 1933, the Fed does not care that it is killing the dollar because its role is to represent the interests of its international owners and its Wall Street cronies, not the American people.

“Some people think that the Federal Reserve Banks are United States Government institutions. They are private monopolies which prey upon the people of these United States for the benefit of themselves and their foreign customers; foreign and domestic speculators and swindlers; and rich and predatory money lenders,” said McFadden.

So while the happy clappers on Wall Street are drunkenly celebrating the fact that their artificially inflated stock market is surging solely as a result of the value of the dollar being eviscerated, Main Street is hunkering down for a long winter, beset by worries about hyperinflation, rising food prices and gas price hikes, as oil follows gold’s meteoric rise, again solely as a result of the Fed’s decision to debase the greenback.

Financial upheaval has been matched by political upheaval, and we can only hope that Congressman Ron Paul and his son, Senator in waiting Rand Paul, can build momentum to finally cut out the cancer that is destroying America - by ending the Fed for good.








Vuelven Los Temores a Un...

Cierre 'Temporal' de Los Bancos
9 Noviembre 2010

del Sitio Web TrinityATierra

traducción Trinity a Tierra
Versión original completa


Con el mundo al filo de una guerra de monedas a medida que la Reserva Federal continúa su programa de flexibilización cuantitativa (quantitative easing program) que está asesinando el dólar, los rumores acerca de un “bank holiday” o cierre temporal de los bancos durante el cual los ciudadanos americanos no podrán retirar dinero o, que, al menos, verán las cantidades que puedan retirar limitadas, se vuelven a encender.

Se rumorea que el “bank holiday” (literalmente, la ‘vacación bancaria’, en inglés) tendrá lugar esta semana, siendo el Jueves 11 de Noviembre la fecha más probable para su lanzamiento.

Según un invitado a la radio de Steve Quayle, un sacerdote recibió información de la mano de uno de sus jefes de que un banco muy importante de la costa este cerraría durante un tiempo indeterminado, y cuando abriera,

“se podría retirar con cheque un máximo de 500 dólares por semana, sin importar el balance reflejado en la cuenta”.

Limitar la cantidad de dinero que los clientes pueden retirar o bloquear la capacidad para ello nos recuerda a una circular que fue enviada por el Citigroup a los clientes a comienzos del año que decía que el banco se reservaba,

“el derecho a requerir 7 días de antelación para retirar dinero de las cuentas”.

La historia levantó los temores de que las instituciones financieras estuvieran preparando un huída de los bancos.

En su sitio web, Quayle se pregunta,

“¿Cuándo en la historia de los Estados Unidos se ha preparado un presidente un viaje al extranjero por un período de tiempo, con 65 aviones, 34 aviones de guerra y 3000 personas, incluyendo a sus amigos y cohorte, en lo más grave de una crisis económica y política?”

Los miedos a un “bank holiday” se dieron a conocer en Junio del pasado año, cuando se rumoreó que los bancos cerrarían sus puertas en Septiembre.


Estos miedos fueron aumentados por los informes que hablaban de que las embajadas de los Estados Unidos en países extranjeros estaban adquiriendo grandes cantidades de dinero en moneda local.

Con Brasil y otros países ahora amenazando con tomar medidas drásticas en relación a la moneda para protegerse contra una crisis del dólar, un entorno financiero similar está encontrando idénticos temores.

Los “bank holidays” tienen precedentes en los Estados Unidos. El 5 de marzo de 1933, el recién electo F. Roosevelt declaró un “bank holiday” que duró 4 días, durante el cual se aplicó el Acta de Emergencia Bancaria que garantizaba a Roosevelt un control casi dictatorial sobre los asuntos bancarios. El Acta también forzaba a todos los ciudadanos y negocios en el país a renunciar a su oro a cambio del papel moneda.

El ‘bank holiday’ de 1933 sirvió como un mecanismo para salvar la cara a muchas instituciones bancarias, muchas de las cuales nunca volvieron a abrir sus puertas después del período de cierre.


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