Which is precisely why it would never happen. FDR's bank holiday was for one reason only, to stem the gold outflows caused by foreigners redeeming their US dollars, not because of the US banking system or it's economy.
The more I think about this, the more absurd it begins to sound. I can't imagine any administration taking this step and ruining it's chances of re-election. Unless it had no choice at all.
That's not the point. The point is to stop capital flight while the USD takes it hard. A precipitous over-night devaluation that leaves everyone a lot poorer, in a few days. A currency crisis. That's what happened in Argentina, Mexico, etc. Not sure if you're aware, but current Treasury Secretary Geitner indicated a preference for alternative reserve currencies, besides the US dollar. Not only do they want the dollar to tank, but they intend to push it off a cliff. The steady march towards Corporate-Internationalism doesn't stop because some demagogue needs to get re-elected. The Peace and Prosperity Partnership (North American Union) is still roaring ahead - 4 years after the fact - and it still hasn't broke in media, save Lou Dobbs. Texans are busy fighting the Trans Texas Corridor, Oklahoma's State House passed resolutions to block funding to the Superhighway, yet 'Elite' Traders insist its all conspiracy theory!! LOL It can't happen here..... But it is.
Here what is? Nothing has happened but a thread on this site. And that comment by Geitner was completely taken out of context. Tim said so himself.
He didn't parse words. Don't fool yourself. And I suppose you believe the Treasury when they talk up a 'strong dollar'?? The North American Union is one of those elephants in the room that by all reasonable standards, shouldn't exist. Yet it does (they deny that one too, btw...) The coming USD collapse is no different. They're gonna push it off a cliff. "Tim", is not your friend.
Sometimes you need more than 48 hours. I would assume a C or a BAC would need some more time. And hey, I'm not saying it will definitley happen - I'm just assuming arguendo - and that's why I came up with my reason for a bank holiday.