Monday, November 8, 2010
Is the Fed running a secret operation to limit the amount of physical cash Americans can hold?
ZeroHedge is running this story as a potential shortage of ATM cash, but I read it as much bigger than that. It appears, the government is clamping down on the amount of cash in the system. Here's ZH:
....we have no way to confirm or refute the validity of this statement presented by a supposed ATM business insider on Steve Quayle.com...If this is true, and it has the smell of truth, it will obviously backfire when word gets out. If there is anything that will start a run for currency, it is the Fed not allowing bank holders to take their money out in the form of currency.
From Steve Quayle:
"George, I work with a business partner in the [region redacted] . We have combined between us 180 ATM machines that we service, Cash Load. In order to do this we NEED to order the money, 20's only from several banks on a weekly basis. This is a considerable amount weekly, 380k plus. Here is the interesting piece that is developing: In the past several weeks 4 of the MAJOR banks have informed us that they can no longer provide us with the cash for our business. Now the problem is that it is OUR money we are taking out!
So speaking with bank "personnel" on the side my question was this, what is going on? how come we cannot take OUR money out? Answer: "they" are not authorized to hold, carry or have on hand anymore more than a certain amount of cash on hand! The amount we are getting, even though it is out of our account, they cannot order or have on hand that amount of cash at any time now. I am not talking small banks...large banks [large money center bank in America name redacted] etc...!
We can see our ability to keep these machines with available cash is becoming more and more difficult. This has taken place just in the past few weeks. By the way, these banks were willing to lose our full business due to this issue. Trying to work with smaller banks now...we will see how long!"
Posted by Robert Wenzel