Would A Mass Cash Withdrawal Bring Down The Banks?

[babesagainstmachines]

What the fook do you think the point of Capitalism is? It's a game where everyone tries to get richer than everyone else. Most people like it when they think they are winning.

Fooking whingebags.

[Democorruptcy]

It's a silly poll because we haven't already trashed the banks. There should be an option should stage a protest.

People cannot take all their money out of banks because of the security risk of carrying the money about and the fact that lots will be tied up in fixed saving accounts.

A better idea is to stage a protest, simply draw out £10 and then go outside and join the queue to draw another £10 rinse and repeat. If enough people did that queues would form outside all banks and normal branch banking would fall apart.

[Bloo Loo]

Still achieves the aim...

Thinking along Cantona style lines how about national don't pay rent month. would really mess with multi-property land lords.

Actually, our home grown grey heads thought of the idea in 2008 I beleive when Northern Rock had runs, both at the door and on the web.

we hear that Irish banks have had unseen bank runs....as much banking is done electronically, a bank run could easily be covered up with emergency printing from the local Central Bank....indeed, no-one would be any the wiser. Two sets of books anyone?

[profitofdoom]

Something needs to be done. The banks have priced us all out of a decent standard of living whilst paying themselves huge bonuses in the process.

Still think he's one of the most over-rated footballers of all time though.

My Guess Mr J F is that you support someone other than Man U.I would rank him in the second tier,beneath Cruyff,Pele and Madonna but still within a very elite group.The question in my mind about this is whether the remedy might turn out to be worse than the disease.

[Mr Jib Fingers]

My Guess Mr J F is that you support someone other than Man U.I would rank him in the second tier,beneath Cruyff,Pele and Madonna but still within a very elite group.The question in my mind about this is whether the remedy might turn out to be worse than the disease.

He was a good player playing in a very good team, but nowhere near as good as the others you mention. He gets more attention because of he was charismatic as well as being a bit bonkers on and off the pitch. If he ever scored a goal as good as Elmander the other day you'd never see the end of it.

I'd rate Schmeichel, Di Canio, Bergkamp, Zola and Ginola as being as good if not better foreign players in the last twenty years.

[1929crash]

Max Keiser has estimated that JP Morgan has an incredibly large short position on silver, making it vulnerable to people buying silver and pushing up the price and crashing JP Morgan. So if people take their money out of the bank spend at least $30 of it on a 1 ounce silver coin.

http://www.maxkeiser.com

http://www.royalmint.com

[profitofdoom]

He was a good player playing in a very good team, but nowhere near as good as the others you mention. He gets more attention because of he was charismatic as well as being a bit bonkers on and off the pitch. If he ever scored a goal as good as Elmander the other day you'd never see the end of it.

I'd rate Schmeichel, Di Canio, Bergkamp, Zola and Ginola as being as good if not better foreign players in the last twenty years.

Quite possibly. I'm not a Man U fan btw.Schmeichel was probably the best goalie ever.His run up the field at the end of the Champions League final was possibly the highlight of that and any other game.Bayern defenders were drawn to him like a magnet enabling Sheringham to score.

[ccc]

We are not talking about a person, we are talking about this person.

The comment I replied to was comparing footballers in general to tennis players. On Cantona however yes I agree he does seem to know a bit about the subject in question. He may well be an intelligent chap.

Gordon Brown, Mervyn King et al are even dumber, yet you brown-nose them because...

Well, I don't know exactly... why don't you explain it to us? If a man wears a suit and tie, does that somehow make him knowledgeable?

I despise Broon and King.

As for explaining anything ? Many footballers, in the UK especially I must add, are pretty dumb. I don't think this is any great secret !!

Now they have other talents that they use to their advantage. Fair enough. However let us not kid ourselves that the average UK footballer is at 'average' intelligence.

And for the record I love football and would love to have been a player but nowhere near good enough !!

I think that it was Larry Bird of the Boston Celtics who said something along the lines that every exceptional athlete has to be able to shut out the rest of the world to be extremely successful at their sport and that this comes across as a lack of intelligence to many people.

In my experience, people who have good athletic or military backgrounds make the best employees. They have done something amazing with their lives before joining the commercial world and this ability stands out over time compared to many others who haven't done much beyond an "interesting" gap year.

I think football, especially in the UK, is a different beast to many other sports. European footballers probably not so - as another poster has mentioned.

Anyway...

[bearORbullENIGMA]

Capital flight & the threat of crushing country's economies, is a tool the Western powers & the IMF

use to force underdeveloped nations to keep producing cheap consumer goods for us.

This, along with enforcement of debt, & ridiculously unfair trade agreements, are why they haven't

had to install so many dictatorial fascist regimes & fund so many torture & death squads lately to

crush unions & such.

It's devastatingly effective when a free-flow of capital is enforced upon a weaker nation by a stronger

one.

But, we'll probably just find that the bank's computers are down that day.

[The Eagle]

What the fook do you think the point of Capitalism is? It's a game where everyone tries to get richer than everyone else. Most people like it when they think they are winning.

First of all it's not a game (at least not for the wast majority of people) and even more importantly the cards are not only rigged but the rules of the game are tailor-made by a small clique of players to suit their needs, and even worse they change the rules whenever they feel like it.

A rigged mafia-owned casino is much fairer than this monstrosity that you call 'capitalism'.

[Mr Jib Fingers]

First of all it's not a game (at least not for the wast majority of people) and even more importantly the cards are not only rigged but the rules of the game are tailor-made by a small clique of players to suit their needs, and even worse they change the rules whenever they feel like it.

A rigged mafia-owned casino is much fairer than this monstrosity that you call 'capitalism'.

Yes I don't get the way that capitalism seems to be taking the blame when that is the very thing that we've not actually had. When we should be trying to actually get free markets for once it looks like people are going to start calling for even more government intervention creating even bigger winners and losers.

[babesagainstmachines]

First of all it's not a game (at least not for the wast majority of people) and even more importantly the cards are not only rigged but the rules of the game are tailor-made by a small clique of players to suit their needs, and even worse they change the rules whenever they feel like it.

A rigged mafia-owned casino is much fairer than this monstrosity that you call 'capitalism'.

I agree. But people only want it changing to something "nicer" when they think they are losing, and only into something nicer for them.

[red11]

Well done Cantona for at least bringing some mainstream media attention to the banking fraudsters.

If his idea gains enough momentum then it could possibly bring some suprises to the banking community.

[copydude]

banking is 100% about confidence.

It is in effect, a confidence trick.

If any action, like taking your money OUT of a bank becomes impossible, would you be putting any IN anytime soon?

And no, you cant take YOUR money out...you passed control of your tokens to them the moment YOU signed for it.

Certainly it happened in Russia, after the bank crash in the nineties. Millions lost their savings. 'How stupid we were to keep our money in the bank'.

Where I was in Tatarstan, everyone kept their money at home - under the sink, flooboards, in hollowed out books. No one wanted roubles either. The first thing you did when you got paid was change into dollars. Every apartment block had a resident money changer.

There was a lot of resulting crime of course, since everyone's home had a stash. Booming business in steel doors. Two were de rigeur - so you could lock one behind you before you put your key in the next. The leading category of businessmen shot in doorways was bankers. Those were the days!

There's another Cantona-style tip for the Irish. Get everyone to change out of Euros and have an unofficial currency - as the dollar was in Russia. Huge vote of no confidence.

[Paece]

Small article about it in the Metro free newspaper today, that will be read by a fair few people ...

[MEtallic]

Former footballer Eric Cantona has called on a new form of direct protest - a mass cash withdrawal - to bring down the banks. So what would happen if everyone tried to withdraw their savings?

The BBC is rubbishing the idea, but I think it would work. The reason for withdrawal, either as an organised protest or a panic, would force banks to raise cash to keep afloat. No cash readily available would bring down a bank. People only need to withdraw 10-15% of their money for it to work. What do you think?

[davedavies]

The BBC is rubbishing the idea, but I think it would work. The reason for withdrawal, either as an organised protest or a panic, would force banks to raise cash to keep afloat. No cash readily available would bring down a bank. People only need to withdraw 10-15% of their money for it to work. What do you think?

Yes, but will you get there in time?

Cantona was the master of chip shots, but that was a master one

"BBC is rubbishing the idea"

Oh, maybe I'm wrong then

After I've just heard them saying we have to pay £7,000,000,000 to Ireland so that they can continue to buy haircuts and Capucciinos off us

[Thatcherschild]

If the BBC say it wont work then it will work. State run TV trying to protect the banking system and their positions.

You know, I think you're right. It's like a VI thing, yeah?

Wouldn't it be rubbish if everyone's savings went up in smoke because some millionaire wants to be an anarchist for a day to impress idiots who want to bring down the banks, man? Right on! Yeah, that'd be cool.

[JJJ]

Why would it bring down the banks if they ran out of physical money to give people? Is there some financial law stating they have to cease trading or something if there's no actual physical currency in the high street branches?

[Number79]

You go into Barclays and ask for your £10k, they tell you "sorry sir but we only have £6k left in cash and you didnt arrange a large withdrawal in advance."

You take your £6k content in knowing that you have done your bit.

As the door close behind you a teller changes the sign on the door to read "closed", locks it and goes home.

Does that sound like the bank being destroyed?

When they run out of cash they close the doors. They dont hold much cash any more. Bank runs are not ques of imbeciles outside, they are electronic and often happen quietly over time.

[zebbedee]

Why would it bring down the banks if they ran out of physical money to give people? Is there some financial law stating they have to cease trading or something if there's no actual physical currency in the high street branches?

Is it not a case of if the bank cannot make payment to you in good time that they are insolvent and all that goes with it for a business enterprise? Hence thier limits on daily withdawals and needing advance warning of a biggy so they can stock up that branch. But electronic transfer? Edit to add, also if enough people start to withdraw money then others panic and you have a bank run, when the moneys not there-BOOM

Edited November 22, 2010 by zebbedee

[athom]

Why would it bring down the banks if they ran out of physical money to give people? Is there some financial law stating they have to cease trading or something if there's no actual physical currency in the high street branches?

Yes they could just shut their doors but at least it will open peoples eyes to the reality, or un-reality, of fractional reserve banking. I like this line on the BBC article -

"Banks only keep a small fraction of their deposits as cash, so the cash machines would run out and cash in the branches would run out," says Richard Wellings, deputy editorial director of the Institute of Economic Affairs.

"They could go to the Bank of England [for some cash] or they could sell assets to release cash...

No, they would have to admit that actually 90% of the money DOES NOT EXIST.

[MEtallic]

Why would it bring down the banks if they ran out of physical money to give people?

Because they'd be insolvent. To be scientifically rigorous, why not try it? If enough of the population did it, it may work. Also show solidarity with the Irish!!

Edited November 22, 2010 by MEtallic

[i wanna house]

Still achieves the aim...

Thinking along Cantona style lines how about national don't pay rent month. would really mess with multi-property land lords.

This one I like

[MEtallic]

Also found a Facebook site http://www.facebook.com/event.php?eid=101996426533405

December 7th Day of Action