Jump to content
House Price Crash Forum
Kootenai Brown

Would A Mass Cash Withdrawal Bring Down The Banks?

Recommended Posts

They are all insolvent, by design - see Fractional Reserve Banking.

Cantona has plenty of guts for trying to alert people to how the usurist filth operate.

Share this post


Link to post
Share on other sites

errr this is going main stream:

http://www.guardian.co.uk/world/2010/nov/20/eric-cantona-bank-protest-campaign

I think a trip to the cash machine is in order

Interesting response. The actual planned withdrawal itself doesn't need to be big if people believe it will, a pre-emptive movement could easily snow-ball into a mass spreading run across Europe. It's an edgy old world we live in now. Is there enough New World Order power yet to suppress the story in the MSM let alone the internet.

Or maybe all the people who are willing the banks to fail are the one's with nothing but a few 20s to withdraw anyway.

Does anyone know who is in charge here?

Share this post


Link to post
Share on other sites

Interesting response. The actual planned withdrawal itself doesn't need to be big if people believe it will, a pre-emptive movement could easily snow-ball into a mass spreading run across Europe.

(...)

Last time I checked, about 3% of "money" was in the form of physical notes and coin.

Heaven knows how much of that 3% is in pockets and shop tills and under matresses.

I wonder how much is within the banking system available for withdrawal?

2%? 1%?

Share this post


Link to post
Share on other sites

Anyone else heard this one? The idea seems to be for everyone to buy some silver, which will f*ck over JP Morgan and others, who have been shorting silver to suppress the prices. Max seems to suggest removing the money from the banks is step one, but step two is buying silver - a two pronged attack on the banking system! ;)

Share this post


Link to post
Share on other sites

Anyone else heard this one? The idea seems to be for everyone to buy some silver, which will f*ck over JP Morgan and others, who have been shorting silver to suppress the prices. Max seems to suggest removing the money from the banks is step one, but step two is buying silver - a two pronged attack on the banking system! ;)

Did my bit today, courtesy of The Royal Mint.

Every little helps.

Share this post


Link to post
Share on other sites

Last time I checked, about 3% of "money" was in the form of physical notes and coin.

Heaven knows how much of that 3% is in pockets and shop tills and under matresses.

I wonder how much is within the banking system available for withdrawal?

2%? 1%?

good point, even enough people withdrawing smallish amounts could see banks run out of money to hand over. I guess they'd just say sorry to people asking and tell them to shop online. What else would happen? Would it ruin the banks to lose all their reserves? Couldn't they just agree to carry on with no reserves of cash? Wouldn't our the government just step in and promise that no matter what happens they will give whoever asks for it as much money as they want and then add it to our tax bill?

Share this post


Link to post
Share on other sites

Anyone else heard this one? The idea seems to be for everyone to buy some silver, which will f*ck over JP Morgan and others, who have been shorting silver to suppress the prices. Max seems to suggest removing the money from the banks is step one, but step two is buying silver - a two pronged attack on the banking system! ;)

And create our own silver bubble to make ourselves fictitiously rich on paper again?

Just so long as no one tries to cash it in we'll be rich i tells ya, rich!!

Share this post


Link to post
Share on other sites

good point, even enough people withdrawing smallish amounts could see banks run out of money to hand over. I guess they'd just say sorry to people asking and tell them to shop online. What else would happen? Would it ruin the banks to lose all their reserves? Couldn't they just agree to carry on with no reserves of cash?

I guess most people put their money in a bank to keep it safe until they need it. This requires two things:

1. The money is kept safe.

2. The money is available when needed.

Some people say condition 1. is already broken, but how many people care as long as 2. still happens?

So what would be a sensible reaction to a bank that seemed to be reluctant to pay you what it owed you?

Maybe:

Wouldn't our the government just step in and promise that no matter what happens they will give whoever asks for it as much money as they want and then add it to our tax bill?

This has already happened.

But in the event of a mass run on (all) the banks, you need actual foldable notes.

Share this post


Link to post
Share on other sites
The movement is also gaining increasing attention in Britain.

The trio of French Facebook users now leading the campaign have appealed to people across Europe to provoke a bank crash. "It is we who control the banks, not vice versa," they write.

If RATM could get to No.1 last Xmas, anything is possible now the internet is getting organised.

I think there are enough pissed off crazy people to actually do it. I'm all for seeing the banks get their asses kicked, but this could get out of hand very quickly :ph34r:

Share this post


Link to post
Share on other sites

If RATM could get to No.1 last Xmas, anything is possible now the internet is getting organised.

I think there are enough pissed off crazy people to actually do it. I'm all for seeing the banks get their asses kicked, but this could get out of hand very quickly :ph34r:

I agree.

If it is limited to a load of french protesters trying to take 200euros out of ATMs on 7/12/10, it could send a message.

If it results in more widespread panic, then we are looking at systemic collapse.

Share this post


Link to post
Share on other sites

If it results in more widespread panic, then we are looking at systemic collapse.

That appears to be the purpose, he is speaking about destroying the current system.

Thing is even if you are opposed to it, with a bank run the last ones bite the dust, so even if you don't want to destroy the current system, it might be advisable to get your cash out before it's too late...:ph34r:

Do banks need deposits anymore?

They can simply go to the BOE and tap them for an emergency "loan". The BOE now doesn't even need to declare it.

A loan is digits on a computer, that's useless when the customers want CASH!

Share this post


Link to post
Share on other sites

I'm up for doing my bit and withdrawing some cash to put presure on the bankers. Eric is correct, if everyone did it then the people would be able to cause an effect but, they are only bits of paper with a false promise on them. The banks might find they have a shortage of paper notes and the BofE would have to print a load more if the campaign really made a difference. The best response is to buy some silver, even if its just an ounce or a kilo. Reject their money and vote for silver and gold in a peaceful revolution. Sure it will drive the price of silver up, or will be driving the value of cash down?

Share this post


Link to post
Share on other sites

If they ****** over the banks then it will just end up costing the taxpayer again. morons.

Anyway if millionaire Eric Cantona feels so strongly about helping the poor, he should donate his millions instead of trying to bankrupt the world again.

Edited by blackgoose

Share this post


Link to post
Share on other sites

If they ****** over the banks then it will just end up costing the taxpayer again. morons.

99% of the voters have no idea about how the financial system works - for example, how QE is costing them a little bit every single day. The Big Idea here is to make "the people" a bit more aware of how money works, either for or against them.

Playing devil's advocate for a moment: yes, another bank bailout would cost the taxpayer a lot, but would it be more or less than carrying on with the current rigged game?

Anyway if millionaire Eric Cantona feels so strongly about helping the poor, he should donate his millions instead of trying to bankrupt the world again.

If he donates his millions, he is implicitly playing within the rules of the game; I think that his point is to reject the whole rule book.

Share this post


Link to post
Share on other sites

Question - do you own silver?

This is such a childish perspective. Any attempt at mass withdrawal simply strengthens the banks' hand. We already have a largely taxpayer insured system, this action will probably cement it at 100%. That leaves all the risk with the state, only increasing the moral hazard. In what way does this hurt the banks?

It's different with the Euro - who is going to sanction the printing of loads of new cash, should only one of the countries have a run? The Euro is extremely vulnerable to this sort of attack, IMO.

As for buying silver, it would actually be good for the economy, but bad for those with short positions. Why? Because those with savings are spending it, so those with debts have a chance of getting hold of it. If this kills off a few investment banking spivs, then that's surely a bonus too!

Share this post


Link to post
Share on other sites

While this idea may or may not hurt the banks it is the potential response of governments in reaction to it ie if it starts snowballing the politicians might panic - three day bank holiday anyone?

Now that would certainly focus the minds of the vast, apathetic majority :ph34r:

(nips out to buy a weeks worth of fags and a big bottle of brandy ...)

Share this post


Link to post
Share on other sites

I agree with the fragility. In fact that's my point. What I don't understand is what this is supposed to achieve? Are you actually saying you're so tired of the bank bailouts that you want to create another, final 100% one?

Silver - that's a nonsense argument. If you own silver and would like to see continued government credit and rate manipulation pushing it higher, coupled with the savings of those that don't know better then just say so.

Re withdrawals, it depends whether it will cause proper reforms as a result. If the mess is too big to bail out, it could put pressure on the government to liquidate them.

I think you miss my point about silver. You could replace silver with anything, as long as cash is being spent, so that debtors can get their hands on it.

The fact that shorting silver to keep the price low, keeping fiat in the driving seat is another point, but one I can sympathise with.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.