timebandit Posted November 5, 2010 Share Posted November 5, 2010 Some French activists have picked up on the idea and are using it as part of their campaign against the French Government’s austerity measures. They have a web site stopbanque.blogspot that calls for a mass withdrawal on 7th December.There is an English British facebook page promoting the withdrawal as well as ones for Germany, Italy, Greece, Netherlands, Denmark and Portugal SOS LINK Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted November 5, 2010 Share Posted November 5, 2010 A mass withdrawal would screw the bankers. I would love to see how the govt would react to people actually wanting their own money. Quote Link to comment Share on other sites More sharing options...
GeordieAndy Posted November 5, 2010 Share Posted November 5, 2010 I posted this the other day but the general consensus seemed to be that it wouldn't happen. However I doubt it would take more than 5% of people to bring the whole thing tumbling down seeing as they have lent on OUR money so many times via the wonders of fractional reserve banking. Quote Link to comment Share on other sites More sharing options...
I want a house! Posted November 5, 2010 Share Posted November 5, 2010 Great day to be a mugger... Quote Link to comment Share on other sites More sharing options...
geezer466 Posted November 5, 2010 Share Posted November 5, 2010 A mass withdrawal would screw the bankers. I would love to see how the govt would react to people actually wanting their own money. Simples Civil Contingencies Act means enforced bank holidays, dark cash machines and unreachable bank sites on Internet. Have we all forgotten they steps they planned when RBS started to fall over a couple of years ago? They were hours away from doing the above then. Be in no doubt they would enact such measures if they thought a momentum was building up. Its not so much the amount of paper cash in the system and whether it is lodged in bank A,B or C or under a mattress. It is about maintaining confidence in the whole kaboodle for us and our creditors (read trading partners) abroad Once the genie is out of the bottle it is lost. It cannot ever be put back in. Gold really would be king then. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted November 5, 2010 Share Posted November 5, 2010 Ever heard of daily withdrawal limits? If you want your money out of the system, start today. Nobody is stopping you. I started a couple of months ago, I feel a lot better having a significant chunk of it somewhere I can access it no matter what happens to my bank. Quote Link to comment Share on other sites More sharing options...
Papa Serf Posted November 5, 2010 Share Posted November 5, 2010 Well, I'm going to do something on this day. Not sure what but at the least withdraw alot more than I usually do and transfer some money to my share dealing company or IG index, easy to put it back again a few weeks later if need be. If they see a large spike in withdrawals it may just remind them what can happen and who's money it is. Every little helps. Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted November 5, 2010 Share Posted November 5, 2010 Ever heard of daily withdrawal limits? If you want your money out of the system, start today. Nobody is stopping you. I started a couple of months ago, I feel a lot better having a significant chunk of it somewhere I can access it no matter what happens to my bank. Seen it. Pinched it. Spent it. Quote Link to comment Share on other sites More sharing options...
PopGun Posted November 5, 2010 Share Posted November 5, 2010 I would love to see how the govt would react to people actually wanting their own money. With laughter presumably. Quote Link to comment Share on other sites More sharing options...
VeryMeanReversion Posted November 5, 2010 Share Posted November 5, 2010 >mass withdrawal on 7th December Smart ones will get their money out on the 6th. Quote Link to comment Share on other sites More sharing options...
bendy Posted November 5, 2010 Share Posted November 5, 2010 It’s a nice concept but won’t happen. As has already been mentioned the govt would control the withdrawal regardless, or just change trash and then change the currency. A lot of good having 100k of useless paper. Plus it’s a huge gamble, you have a stash of savings you have worked for (or maybe not in case of HPI), are you going to take the risk of collapsing all this? The only way to beat ‘them’ is to stop using the damn stuff fullstop. Quote Link to comment Share on other sites More sharing options...
Georgia O'Keeffe Posted November 5, 2010 Share Posted November 5, 2010 (edited) Well, I'm going to do something on this day. Not sure what but at the least withdraw alot more than I usually do and transfer some money to my share dealing company or IG index, easy to put it back again a few weeks later if need be. If they see a large spike in withdrawals it may just remind them what can happen and who's money it is. Every little helps. Not sure what difference that would make im pretty sure IG index bank with LLoyds and i cant imagine your share dealing Company keep the money under their mattress Edited November 5, 2010 by Tamara De Lempicka Quote Link to comment Share on other sites More sharing options...
Traktion Posted November 5, 2010 Share Posted November 5, 2010 Great day to be a mugger... That's what I was thinking! >mass withdrawal on 7th December Smart ones will get their money out on the 6th. So very true! TBH, I'm sure the BoE would just give the banks all the liquidity they needed - they may even be printing more tenners now, just in case. Quote Link to comment Share on other sites More sharing options...
Papa Serf Posted November 5, 2010 Share Posted November 5, 2010 Not sure what difference that would make im pretty sure IG index bank with LLoyds and i cant imagine your share dealing Company keep the money under their mattress What difference can I make? I don't want to see any banks collapse but if they see people do anything/atleast trying it shows the mood of the people even if the initial actions we take are ineffective. Quote Link to comment Share on other sites More sharing options...
madpenguin Posted November 5, 2010 Share Posted November 5, 2010 (edited) That's what I was thinking! So very true! TBH, I'm sure the BoE would just give the banks all the liquidity they needed - they may even be printing more tenners now, just in case. Exactly would be equivalent to withdrawing iou's, wonder if there are any of those gold bar vending machines near me (no I'm not a gold bug, but still....) Edited November 5, 2010 by madpenguin Quote Link to comment Share on other sites More sharing options...
Pindar Posted November 5, 2010 Share Posted November 5, 2010 That's OK, the bankers will just render the Euro worthless and introduce a new currency to bypass the silly peasants with their delusions of freedom, just like they did with gold in the great depression. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 5, 2010 Share Posted November 5, 2010 I posted this the other day but the general consensus seemed to be that it wouldn't happen. However I doubt it would take more than 5% of people to bring the whole thing tumbling down seeing as they have lent on OUR money so many times via the wonders of fractional reserve banking. there would be a bank holiday if 0.05% tried it. Quote Link to comment Share on other sites More sharing options...
GeordieAndy Posted November 5, 2010 Share Posted November 5, 2010 there would be a bank holiday if 0.05% tried it. Probably, I plucked my 5% out of thin air this morning I just have this nagging feeling at some point the USA will go down / there will be a global crash (36 hours max) and a long bank holiday in the UK will be declared whilst they work out what to do and I will kick myself for not having a plan. With this in mind does anyone have any more info specifically to do with the financial aspect so this Civil Contingencies Act that might give us lot some chance of staying ahead? Quote Link to comment Share on other sites More sharing options...
madpenguin Posted November 5, 2010 Share Posted November 5, 2010 there would be a bank holiday if 0.05% tried it. Looks like sound investment advice will shortly involve bulk buying food, bottled water and weapons! Quote Link to comment Share on other sites More sharing options...
Number79 Posted November 5, 2010 Share Posted November 5, 2010 >mass withdrawal on 7th December Smart ones will get their money out on the 6th. I think that smart ones are starting to do it quietly already. Paranoid ones at least. I doubt it will happen though and all that will result if it does is that they empty the ATM's when taking out their daily limits. Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 5, 2010 Share Posted November 5, 2010 I think that smart ones are starting to do it quietly already. Paranoid ones at least. I doubt it will happen though and all that will result if it does is that they empty the ATM's when taking out their daily limits. happens every christmas...I mean, the shops ( most) are actually closed for ONE whole day. Quote Link to comment Share on other sites More sharing options...
GeordieAndy Posted November 5, 2010 Share Posted November 5, 2010 I think that smart ones are starting to do it quietly already. Paranoid ones at least. I doubt it will happen though and all that will result if it does is that they empty the ATM's when taking out their daily limits. You do know you can go into the bank and get as much cash as you want over the counter - presuming they have it? Quote Link to comment Share on other sites More sharing options...
blackgoose Posted November 5, 2010 Share Posted November 5, 2010 If they achieved what they wanted, many banks going bankrupt due to lack of liquidity, then it will just end up with pension funds losing money (in their shares), the taxpayer having to pay to restore confidence. If confidence is destroyed, then the Euro will become worthless and the whole of Europe will become a 3rd world country. People will get murdered, raped and go hungry and thirsty. The life expectancy will fall below 50 again. In short it is a stupid idiotic idea. Quote Link to comment Share on other sites More sharing options...
GeordieAndy Posted November 5, 2010 Share Posted November 5, 2010 If they achieved what they wanted, many banks going bankrupt due to lack of liquidity, then it will just end up with pension funds losing money (in their shares), the taxpayer having to pay to restore confidence. If confidence is destroyed, then the Euro will become worthless and the whole of Europe will become a 3rd world country. People will get murdered, raped and go hungry and thirsty. The life expectancy will fall below 50 again. I agree with you that it's a stupid idea and could cause untold damage but it is just bringing forward the inevitable anyways? Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted November 5, 2010 Share Posted November 5, 2010 If they achieved what they wanted, many banks going bankrupt due to lack of liquidity, then it will just end up with pension funds losing money (in their shares), the taxpayer having to pay to restore confidence. If confidence is destroyed, then the Euro will become worthless and the whole of Europe will become a 3rd world country. People will get murdered, raped and go hungry and thirsty. The life expectancy will fall below 50 again. In short it is a stupid idiotic idea. it wont happen that way...they shut the doors. the regulators move in, and a fortnight later anotehr bank has bought the assets, the deposit protection swings into action and the Central banks help out. Course, the end result of QE is exactly as you describe. letting a few banks go enables a full recovery. Quote Link to comment Share on other sites More sharing options...
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