Serious Post: US financial system almost Failed

[Arc Arsenal]

@ 2pm, 9/15/08




Here is a transcript of what Kanjorski says in the video:

On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.

Money was being removed electronically.

The treasury tried to help with $150 Billion.

But could not stem the tide.

It was an electronic run on the banks

The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and collapsed and within 24 hours the world economy.

[Redd]

Hilarious that the Federal Reserve is saying this WHEN THEY CAUSED THE FUCKING PROBLEM.

[Kamikaze Parrot]

Feb 21, 2009 18:19:15 GMT -5 Arc Arsenal said:

@ 2pm, 9/15/08




Here is a transcript of what Kanjorski says in the video:

On Thursday Sept 15, 2008 at roughly 11 AM The Federal Reserve noticed a tremendous draw down of money market accounts in the USA to the tune of $550 Billion dollars in a matter of an hour or two.

Money was being removed electronically.

The treasury tried to help with $150 Billion.

But could not stem the tide.

It was an electronic run on the banks

The treasury intervened but had they not closed down the accounts they estimated that by 2 PM that afternoon. Within 3 hours. $5.5 Trillion would have been withdrawn and collapsed and within 24 hours the world economy.

ouch, ouch, ouch.

I am still afraid it will happen. I dont want to experience what they experienced in Germany in the 20s.

[Redd]

It has to happen, with the way our current monetary system works. The Federal Reserve keeps printing more and more money, further debasing our currency. The stimulus package is only going to make it happen faster, as they just created billion of dollars out of nowhere.

Keep this in mind: Ben Bernanke even admitted that the Great Depression was the Federal Reserve's fault. Current unemployment levels are about 10% away from Great Depression levels, too.

Really, there would have been no run on the banks if the Federal Reserve system never existed. Our money would still be backed by gold, too.