Marc Faber: Store Your Gold Before Government Takes It

The six per month limit is a Federal Reserve Rule. Just Google "six withdrawals per month" and there are plenty of references to the rule. Some financial institutions may not follow it to the letter, but it is a rule nonetheless. It is actually 204.2(d) of Regulation D of The Federal Reserve Board. Bank Of America is hardly a shining example of a financial institution that gives a ----- what anyone thinks.

Considering the Fed's absolutely abysmal record of achievement in their stated goals (but not in their REAL goals), one would have to wonder just what else they need to do to become more trouble than they are worth. Oh, wait! They are already there!

As far as free men and women are concerned, if we put OUR money into a bank, we can just as surely take it back out again and on any schedule that suits OUR needs. If this is not acceptable to the Fed or the banks, then we simply do not need them any longer and they can go take a hike and fly a kite.

The good news, of course, is that the Fed received a 100 year authorization charter in August of 1913. In about 17 months, their original charter will expire... unless it is reauthorized by Congress. What a marvelous opportunity to just END THE FED!

As to those who always ask, "but what will replace them?", my response is nothing will replace them. They are not doing anything that needs to be done, so if they quit doing it, so what? We had no Fed for over 100 years when this country got started and we seemed to do just fine without one. We can do so again.

Let the local and regional banks serve their customers needs in a free and competitive banking market. The huge TBTF banks can either run their banking operations correctly or risk going into bankruptcy. Either way, it is NOT up to America's citizens to bankroll their leveraged gambling addiction.

Well, Junior, the problem here, as I see it, is that paranoia begets paranoia in a vicious spiral like a whirlpool. The more paranoid and tyrannical a government becomes, the more paranoid and frightened the citizens become. I guess that those running the show have forgotten that in a republic, the government fears the wrath of the people while in a tyranny, the people fear the wrath of the government.

Another thought... with each additional rule, regulation, and law, a little more liberty dies. After a few hundred years of this only a huge pile of rules, regulations, and laws will remain... but no liberty.

Huh? Oh, I see. Someone else is using my eagle head icon too.

No problem, Hawk. Chris seems to be one of the good guys too.

Absolutely, Angel. It's frightening that other people who cannot control themselves or run their own lives successfully are so intent on controlling every aspect of other people's lives. I guess that if they pay enough attention to this kind of thing, they can forget their own problems for a while. Pathetic, isn't it?

Is that a law (cite), or some bank's rule?

I know time deposits (savings accounts) could/do require up to 90 days notice for withdrawals. In practice, competition prevents enforcement, but AFAIK, it's still there.