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Politics : How Quickly Can Obama Totally Destroy the US?
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To: Qualified Opinion who wrote (8203)2/25/2014 10:33:27 AM
From: joseffy  Read Replies (1) of 16547
 
On Jan. 30, former Harvard economics professor Terry Burnham announced on PBS that he had withdrawn all but $10,000 of the $1 million he had in a checking account at Bank of America because he feared bank runs because of the Fed policies of Ben Bernanke and Janet Yellen. Burnham writes:

Why do I risk starting a run on Bank of America by withdrawing my money and presuming that many fellow depositors will read this and rush to withdraw too? Because they pay me zero interest. Thus, even an infinitesimal chance Bank of America will not repay me in full, whenever I ask, switches the cost-benefit conclusion from stay to flee.

He rightfully points out that when the Fed intervenes in markets, it has two effects. First, it decreases wealth by distorting markets and causing bad investment decisions. And second, the members of the Fed become reverse Robin Hoods as they take from the poor (and unsophisticated) investors and give to the rich (and politically connected).

That this idea and that hints of a coming bank run are making mainstream news should be a clarion call warning signal to anyone with money in the bank.

February 24, 2014 by Bob Livingston
personalliberty.com
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