ATM collapse? [Hoax]

Discussion in 'Off-Topic' started by tjohnson, Jul 22, 2015.

  1. tjohnson

    Thread Starter Active Member

    Dec 23, 2014
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    Yesterday I came across this article and video: http://moneywise411.com/us-senator-go-to-an-atmdraw-out-everything/

    I was extremely skeptical of this guy and his company at first, but after watching the video for a while I realized that I actually agree with a lot of what he says. The U.S. definitely has severe economic issues which remain problematic, and I don't believe the credit system can last much longer.

    I thought the video (which is very long, by the way) was interesting, but I'm not going for all of his publications.
     
    Last edited: Jul 22, 2015
  2. tcmtech

    Well-Known Member

    Nov 4, 2013
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    I gave up on the whole link after about 3 minutes.

    If its that important and they can't point it out in the first 30 seconds its likely just a bunch of over dramatized media hype and garbage to stir up paranoia with the already overly paranoid and mostly clueless about how things actually work 'what if' crowds again. :mad:

    I'm 41 years old and I have been hearing Americas this that and whatever else is fatally flawed and will crash the country's economy or blah blah blah tomorrow since I was a kid and my parents and grandparents have been hearing it for two generations prior to that. . :rolleyes:
     
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  3. joeyd999

    AAC Fanatic!

    Jun 6, 2011
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    And, besides, we are all going to die of global cooling/global warming/climate change/weather.
     
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  4. Papabravo

    Expert

    Feb 24, 2006
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    No ATM that I am aware of will let me draw out everything anyway.
     
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  5. JohnInTX

    Moderator

    Jun 26, 2012
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    Perhaps a good strategy would be to contact Senator Burr himself for verification/clarification.

    If that doesn't float your boat, I got you covered right here.
     
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  6. tcmtech

    Well-Known Member

    Nov 4, 2013
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    That was my one of the first points that set off my BS meter being I don't know of any ATM that will let anyone take more than $500 out at any time.

    Then add in the fact that ATM machines only have at best several thousand dollars in them to begin with meaning no one whose worth anything could even remotely draw their life savings out from one Especially a millionaire even if they did have some sort of unlimited withdraw card. :rolleyes:
     
  7. Papabravo

    Expert

    Feb 24, 2006
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    I really really don't want to get back into credit default swaps for my fixed income portfolio since that was one of the things that caused the last blowup! (rimshot)
     
  8. tjohnson

    Thread Starter Active Member

    Dec 23, 2014
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    I did a bit of research, and found out that Agora is a legitimate company (rated A+ by the BBB) that is indeed owned by a man named William Bonner, and he runs a financial newsletter and blog. As far as I can tell, this much is undisputed.

    However, the Agora website makes absolutely no mention of the video or any of the booklets claimed to be written by Bonner. Its bio of him says that he lives in Florida and owns land in Nicaragua, whereas the video said he lived and owned property in South America.

    While it is verifiable (both on Agora's website and MoneyWeek.com) that Bonner does believe in an impending economic crisis, I believe I have proved that the video (although it is hosted on the deceptively named BonnerAndPartners.com) is completely faked. I see now that my initial skepticism was justified, and I was too gullible.
     
    Last edited: Jul 22, 2015
  9. DickCappels

    Moderator

    Aug 21, 2008
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    My understanding from the documentation accompanying a recently received debit card is that ATM card issuers limit the amount per transaction and per day and those figures can vary by the type of class of card (Platinum vs Gold, etc.), and that the institution operating each ATM also sets per transaction and per day limits. The if the limits are different, the lower limit prevails.
     
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