I fear this is a sign of things to come:
It’s bad enough that there have been threats to people’s retirements accounts such as their 401k’s. Now, banks–probably with a little coercing from the government–are limiting withdrawals as well.
I realize banks do this to protect against fraud and theft. But there’s something about this particular story that seems outrageous. Especially since the bank is determining whether the account owner really needs the money or not. I mean, whose money is it exactly?
This shouldn’t surprise us. Every bank in the world works on a fractional basis. Meaning, it is allowed to loan out more cash than it has in deposits. As I once read: It’s kind of like 7 different people owning one motorcycle. And each gets to ride on only one particular day of the week. This arrangement works until one of the owners wants to ride the bike on a Tuesday instead of his regular day. What happens? He goes to the garage and the motorcycle isn’t there.
It’s the same way with banking. If the bank has too much money loaned out, it’s possible for you to go to the bank and not be able to get any cash before your money is being used for somebody else’s loan. True story.
In my Govicide novels, the Masses aren’t allowed to save their credits. If they don’t use them during the course of a month, they’re taken away and then issued new ones. Thus, creating a situation where nothing can be saved. And if you can’t save, you can’t become rich. Thus, forced poverty.
This is exactly what comes to mind when I hear people can’t get their hands on their own money.