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News Link • Economy - Economics USA

Harvard Economist Fears Starting “Bank Run” on BoA by Withdrawing $1 Million

• http://www.prisonplanet.com, Paul Joseph Watson
Former Harvard Professor of Economics Terry Burnham fears starting a “run” on Bank of America after he made public his decision to withdraw $1 million dollars from his checking account as a protest against Janet Yellen beginning her term as Federal Reserve head this month.
In an article for PBS entitled Is your money safe at the bank? An economist says ‘no’ and withdraws his, Burnham, an ardent critic of the Fed, writes, “Why do I risk starting a run on Bank of America by withdrawing my money and presuming that many fellow depositors will read this and rush to withdraw too? Because they pay me zero interest. Thus, even an infinitesimal chance Bank of America will not repay me in full, whenever I ask, switches the cost-benefit conclusion from stay to flee.”
 

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