CitiBank – The Canary?
Today I am flying the Fort Moultrie Flag, it is the Patriot Flag I fly when there is discussion that risks Liberty and Freedom. Such discussion is taking place in the form of a notification made by Citibank on its statements to its customers throughout the country:
“Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change.”
Why would a bank notify their customers that they may withhold money if they believe it necessary? This is a security procedure to stop a “run” on the bank Here is an excerpt from Page 22 of Citibank’s Client Manual:
Withdrawal Refusals
In some instances, we may refuse a request for a withdrawal or transfer from an account. The following list includes, but is not limited to, the most common reasons we might refuse such requests:
If we decide to require seven (7) days advance written notice …
From Washington;s Blog:
A top investment adviser, Harry Schultz – who was MarketWatch Peter Brimelow pick for financial newsletter of the Year in 2008 – is now claiming:
- 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.
Investment advisor and former Army Counterintelligence officer Bob Chapman is saying the same thing, reporting on the possibility of a so-called “bank holiday” planned for late August or early September. According to Chapman’s sources, U.S. embassies around the world are selling dollars and stockpiling money from respective countries where they operate
Four Sources on this subject:
- TheFutureOfCapitalism: John Stossel’s blog
- Business Insider: This blog “broke” the story on the subject.
- PrisonPlanet: Blog post by Paul Joseph Watson
- Washington’s Blog: American Embassies encouraged to stockpile local currencies
All four are recommended reading to understand the background and intent of Citibank’s warning to customers.
The Bottom Line
Does anybody else think something is coming down the tracks? Is Citibank the “canary in the coal mine” … and has its song changed? Hmmm, Would I still be paranoid if the train ran over me? My previous thoughts on “rumblings” here:
Recent Posts, References and Updates
- 02.23.10 ZeroHedge.com Greeks Scramble to Pull 8 Billion Euros out of local banks (bank run!)
