Anyway hear those wild rumors about this bank holiday? (for those of you that dont know what a bank holiday is or think a bank holiday is just a day that the bank is closed its not that simple. A bank holiday is the same thing that happened when FDR devalued the gold in the 1930s) http://www.marketwatch.com/story/schultz-paints-bleak-picture-of-future "Some U.S. embassies worldwide are being advised to purchase massive amounts of local currencies; enough to last them a year. Some embassies are being sent enormous amounts of U.S. cash to purchase currencies from those governments, quietly. But not pound sterling. Inside the State Dept., there is a sense of sadness and foreboding that 'something' is about to happen ... within 180 days, but could be 120-150 days." This article is dated in June, but now Harry Schultz is saying this bank holiday is going to happen on either Aug 24 or 26. Now Harry Schultz is pretty credible, but so far he is the only source of this information. We cant find anyone else(credible at least) to give us similar information.
Schultz must be a closet astro-advisor cause I recently read in some astro forecast that the market will go up through some planetary config and crash again near the close of year.
can you give more information on bank holiday. i read in that link they might confiscate gold as well as devalue it. could that happen. what about silver.
As has been pointed out, this is an "old" prediction. With that in mind, there is no harm in being prepared (or for late-comers, preparing) for such an event. It's not like you'd lose alot of interest income! At this time, whether fact or fiction, it's important to realize that a US bank holiday CAN happen. And it is much different than Chicago city services closing for a day. A government imposed "surprise" banking holiday (of unknown duration) means no banking transactions. None. Not in person, not in cash, not in plastic, not by transfer, not interbank, not intrabank, not by non-bank, domestic or foreign based makes no difference. No transactions in or out. None. The US exchanges would/will be closed. US banks and all other type US financial institutions would/will be closed to the public. The local gas station and grocery store, assuming they maintain store hours, would/will accept cash only as there would/will be no checks, debit card or credit card transactions allowed, with no facility for approval of such transactions. Could gold and/or other assets be confiscated during such a period? The answer is yes they could be. Regardless, there is no harm in preparing as well as you can without being a crazed citizen or a fanatical member of goldbugs.
Your money and time will be better spent preparing for a hurricane in the east coast or an earth quake in the west. And don't forget about the spring floods and tornados in the midwest.
Precisely the thinking that would make a banking holiday (of unknown duration) a surprise. A little shock and awe directly affecting the finances of the citizenry goes a long way in controlling those citizens and their purses. I do believe in spooks, I do believe in spooks, I do, I do, I do believe in spooks. And the recession is over too!
Pale Traveler, you are the twenty-first century equivalent of a pinko-commie-queer. You should be ashamed of yourself for posting such sensationalist fear-mongering drivel! Please keep it up! (But are you totally clueless? Have you no idea what the harbingers of such actions would be? Somebody always knows, and the tape never lies.) Far more important than the number of dollars in circulation, is the number of bullets in circulation, at least where I am from.