My wife and I removed all our money from Citibank last week.
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By Mike in Tokyo Rogers, Well, I don't usually write about things like this on my blog, but when I saw this come across my desk, I jus...
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Mike... I love how you spread the message using my favorite movie... the one I based my blog Japan - It's A Wonderful Rife on.
But... are you over-reacting or merely making a point? I know it's stupid to say that a bank closing down could never happen... it has, and probably will again... ahhhh, I'm not sure what I wanted to say. You just shocked me, is all. More power to you, my friend.
I hope you moved your money because you're getting a better interest rate and not because you think one fractional-reserve institution will be more moral than a different fractional-reserve institution.
As for It's a Wonderful Life, I recommend Gary North's "George Bailey's Road to Monetary Perdition" -- http://www.lewrockwell.com/north/north328.html -- about how GB's support of housing for low-income earners sounds a lot like what was going on in 2004 in the US housing market.
All well and good, Mike, but where did you move the money to? A local 信用金庫?
And even if you did, how would you handle transactions of an international nature. It seems only the larger banks are set up to do that relatively cheaply.
http://moneyland.time.com/2011/09/20/why-many-banks-dont-want-your-money/
Thanks.
Andrew: Want to fight the big banking systems.... How? Sigh. Symbolic? That's all it is.
Mr. Blather, we moved our money out of a US based bank into a Japanese one... Interest rate is still nearly zero. Credit card is free (no charges)... US banks I fear are going to collapse.
Boo: Never do international transfers, so, yes. Shintaku Ginko
See Otter: Wow!
I am with Mike on this one. I’ve had my Citi account for over ten years, but starting the process to shut it down and move my funds to a Japanese bank.
It’s true that it may be mostly a symbolic act at this point – I’m not really in a position to tell what Japanese banks are pulling shit like the US banks, or worse. Even so, I will feel better denying Citi the use of my money.
Mike seems concerned about the long-term health of US-based Citi. I am a bit concerned about that, but I think they’ll find a way to muddle on, one way or another. But I am also concerned about the US government and what steps they may take towards US citizens, particularly those overseas, if their government and debt crisis continues to worsen. What will they come to us and try to force us to pay? And how will they try to compel us to give them more and more of our money as they try to keep the government afloat? Call me paranoid, but I would rather have my money in a Japanese bank (or elsewhere, even), when Uncle Sam is really, truly tapped out and scraping around for every last nickel.
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