Lest you foolishly think this means an extra long weekend for bank employees, you’re only partially correct. That does happen, but what it could mean is the bank is faltering financially and needs to hold depositors at bay. The bank ‘holiday’ occurred without warning on an end-of-the-month payday weekend.
Of course we’ve been so embroiled in our own financial problems (no budget, govt shutdown, continuing resolution fight in Congress, Obamacare about to blow us all out of the water financially, etc.) so this has been under the radar.
But here it is. Friday, Sept 27th Banco National de Panama announced a suspension of all services through Oct 1st. Just a needed system upgrade according to the bank, which sounds like Obama talking about a few glitches in the Obamacare exchanges roll-out, but not funny.
Panama’s debit card system was taken offline, no wire transfers between banks internationally were allowed, no ATM access. And all this with no warning to the public. Is this the first domino to fall for countries on the Dollar standard? Don’t think our deficit and debt in the USA does not affect other countries and currencies -they are intricately tied.
Maybe the Panamanian government is just testing the waters, getting the public used to the bank holiday concept. SilverDoctors.com opines it’s a set up.
“Make it seem normal, like a power outage or a water outage. Then, when the big bank holiday needs to happen no one would be the wiser. This incident needs to be seen as a harbinger for future bail-ins.“
Aloha, Mikie ~just a blogger (fightin’ like a girl)