Citigroup Warns Customers It May Refuse To Allow Withdrawals

The image of banks locking their doors to keep customers from making withdrawals during a bank run is what immediately came to mind when we heard that Citigroup was telling customers it has the right to prevent any withdrawals from checking accounts for seven days.

“Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change,” Citigroup said on statements received by customers all over the country.

What’s going on? It seems that this is something of an error. The seven day notice policy only applies to customers in Texas, Ira Stoll reports at The Future of Capitalism. It was accidentally included on customer statements nationwide.

“Whatever the explanation, it doesn’t exactly inspire confidence in Citi,” Stoll writes.  “But it’s hard to believe a bank would be sending out a notice like that on its statements.”

UPDATE: According to Stoll, Citi issued a statement saying that it has been required to make this change by Federal regulations–and it no longer sounds like it’s limited to Texas:

Update: Citibank has now released the following statement by way of explanation: “When Citibank moved to unlimited FDIC coverage in 2009, we had to reclassify many checking accounts to allow for immediate withdrawals in order to ensure all customers qualified for the additional coverage. When we moved back to standard FDIC coverage with most major banks in 2010, Citibank decided to reclassify those accounts back to make them eligible again for promotional incentives. To do so, Federal Reserve Reg D requires these accounts, called NOW accounts, to reserve the right to require a 7-day notice of withdrawal. We recently communicated this technical requirement to our customers. However, we have never exercised this right and have no plans to do so in the future.”

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Posted on February 23, 2010 by admin

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“Ban the Fed paper” Proclaims S. Carolina Rep. (web bot hit to come soon?)

South Carolina Rep. Mike Pitts has introduced legislation that would mandate that gold and silver coins replace federal currency as legal tender in his state.

As the Palmetto Scoop first reported, Pitts, a Republican, introduced legislation this month banning “the unconstitutional substitution of Federal Reserve Notes for silver and gold coin” in South Carolina.

In an interview, Pitts told Hotsheet that he believes that “if the federal government continues to spend money at the rate it’s spending money, and if it continues to print money at the rate it’s printing money, our economic system is going to collapse.”

“The Germans felt their system wouldn’t collapse, but it took a wheelbarrow of money to buy a loaf of bread in the 1930s,” he said. “The Soviet Union didn’t think their system would collapse, but it did. Ours is capable of collapsing also.”

The lawmaker believes that a shift to an economy based on gold and silver coins would give the state a “base of currency” should that collapse come. As one expert told the Scoop, however, his bill would likely be ruled unconstitutional because it “violates a perfectly legal and Constitutional federal law, enacted pursuant to the Commerce Clause of the U.S. Constitution, that federal reserve notes are legal tender for all debts public and private.”

In addition, since gold and silver regularly fluctuate in value, they could not easily function as stable currency.

But Pitts maintains that his state is better off with something he can hold in his hand and barter with as opposed to federal currency, which he described to the Scoop as “paper with ink on it.” He says he resents what he considers the federal government’s intrusions on states’ rights.

Though he did not offer a timeframe, Pitts told Hotsheet that he anticipates a nationwide economic collapse “if our federal government continues the course it’s been traveling under the previous administration and this administration.”

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Posted on February 17, 2010 by admin

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HAARP: Secret weapon for weather modification, electromagnetic warfare?

January 21, 1:14 PMUS Intelligence ExaminerFred Burks

HAARP: Secret Weapon For Weather Modification, Electromagnetic Warfare
HAARP: Secret Weapon Used For
Weather Modification, Electromagnetic Warfare

“It isn’t just conspiracy theorists who are concerned about HAARP. The European Union called the project a global concern and passed a resolution calling for more information on its health and environmental risks. Despite those concerns, officials at HAARP insist the project is nothing more sinister than a radio science research facility.”
– Quote from a documentary on HAARP by Canada’s public broadcasting network CBC.

Dedicated with caring and compassion to the many who suffered and died in the Haiti earthquake, the Indonesian tsunami, and Hurricane Katrina.

HAARP (High Frequency Active Auroral Research Program) is a little-known, yet critically important U.S. military defense program which has generated quite a bit of controversy over the years in certain circles. Though denied by HAARP officials, some respected researchers allege that secret electromagnetic warfare capabilities of HAARP are designed to forward the US military’s stated goal of achieving full-spectrum dominance by the year 2020. Others go so far as to claim that HAARP can and has been used for weather modification, to cause earthquakes and tsunamis, to disrupt global communications systems, and more.

Major aspects of the program are kept secret for alleged reasons of “national security.” Yet there is no doubt that HAARP and electromagnetic weapons capable of being used in warfare do exist. According to the official HAARP website, “HAARP is a scientific endeavor aimed at studying the properties and behavior of the ionosphere, with particular emphasis on being able to understand and use it to enhance communications and surveillance systems for both civilian and defense purposes.” The ionosphere is the delicate upper layer of our atmosphere which ranges from about 30 miles (50 km) to 600 miles (1,000 km) above the surface of the Earth.

The HAARP website acknowledges that experiments are conducted which use electromagnetic frequencies to fire pulsed, directed energy beams in order to “temporarily excite a limited area of the ionosphere.” Some scientists state that purposefully disturbing this sensitive layer could have major and even disastrous consequences. Concerned HAARP researchers like Dr. Michel Chossudovsky of the University of Ottawa and Alaska’s Dr. Nick Begich (son of a US Congressman) present evidence suggesting that these disturbances can even cause tsunamis and earthquakes.

Two key major media documentaries, one by Canada’s public broadcasting network CBC and the other by the History Channel, reveal the inner workings of HAARP in a most powerful way. The very well researched CBC documentary includes this key quote:

“It isn’t just conspiracy theorists who are concerned about HAARP. In January of 1999, the European Union called the project a global concern and passed a resolution calling for more information on its health and environmental risks. Despite those concerns, officials at HAARP insist the project is nothing more sinister than a radio science research facility.”

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Posted on February 17, 2010 by admin

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