A grocer will always have food, a cobbler will always have shoes and a banker will always have money. Until they don’t. When the wealthy are fearful about having money in the bank (or the value of the dollar in the future), we are in trouble. Fear will not have an impact on stopping COVID-19 but it will start bank runs, food runs and supply runs which will collapse the economy. Couple this to the collapse of the supply chain (thank you Federal Government), and we have the perfect storm situation
When will this happen? It appears that it already has started. Now we will see the true mettle of our faith.
A Manhattan bank temporarily ran out of $100 bills on Thursday as wealthy customers sought to withdraw large sums of cash as Wall Street suffered its biggest drop in more than 30 years.
Frantic clientele at a Bank of America branch on ritzy Park Avenue requested to retrieve tens of thousands of dollars to stockpile, which accounted for the shortage.
Two people who witnessed the rush told The New York Times that several people withdrew as much as $50,000.