Protestors Cause Successful Run On Bank

[Sour Mash]

People are starting to understand the power that their savings have:

Daily Kos

Firefighters in Wisconsin marched to the M&I bank earlier today in Madison and withdrew their money. In total they took an estimated $192,000.

They asked others to follow their lead. Apparently others did. Just updated:

A call to M&I's Capitol Square branch confirms the bank is closed for the rest of the day.

This is how you protest.

Anyone that has any money in this bank, no matter how little, should withdraw it ASAP. Make them feel the pain that they are causing the little people.

Of course it might be difficult to withdraw today, as they've had to close their doors to prevent a run. This story should continue to get out. The success of closing a bank even temporarily, will inspire other groups to continue their efforts.

Good on them, let's hope this awareness spreads. In this case it was about political funding for an unpopular politician but we should be campaigning for decent interest rates and proper behaviour of banks.

[ken_ichikawa]

There is one fatal flaw in all of this...

If people draw their money out, the central bank (owner of all the franchise banks) will merely make good the drawings.... Thus the printers will cover ANY amount that is drawn out.

If a trillion is drawn out a trillion will be printed.

[Number79]

There is one fatal flaw in all of this...

If people draw their money out, the central bank (owner of all the franchise banks) will merely make good the drawings.... Thus the printers will cover ANY amount that is drawn out.

If a trillion is drawn out a trillion will be printed.

central banks dont own private banks and all they can do is boost them with cash injections, were you not awake for northern rock and everything after?

The power of the people is enormous, if everyone emptied their barclays accounts one month it would spank barclays back to the stone age. It could be done easily to any bank. What would be difficult is finding enough people that give a sh1t seeing as they are not yet suffering.

Good luck, organise something over here and you can count me in.

[corevalue]

central banks dont own private banks and all they can do is boost them with cash injections, were you not awake for northern rock and everything after?

The power of the people is enormous, if everyone emptied their barclays accounts one month it would spank barclays back to the stone age. It could be done easily to any bank. What would be difficult is finding enough people that give a sh1t seeing as they are not yet suffering.

Good luck, organise something over here and you can count me in.

Make himself a target for plod with "economic terrorism" writ large?

[athom]

cool. We've had our Egyptian style revolution some time ago a got so called democratic government but the criminals can still run the place, this might be the next stage starting.

[Number79]

Make himself a target for plod with "economic terrorism" writ large?

Maybe, I dont see why a protest could not be organised though. If one were to organise a protest against Royal bank of sh1t where everyone emptied their accounts over a week in protest of what has gone on would that be terrorism? I dont think that the uk would stretch that far.

[erranta]

central banks dont own private banks and all they can do is boost them with cash injections, were you not awake for northern rock and everything after?

The power of the people is enormous, if everyone emptied their barclays accounts one month it would spank barclays back to the stone age. It could be done easily to any bank. What would be difficult is finding enough people that give a sh1t seeing as they are not yet suffering.

Good luck, organise something over here and you can count me in.

What it will do is expose loads of the bankers other scams they have in place because they won't have the slosh funds to move around freely to cover up the manipulating anymore!

That's what they are really scared of - ditto their shareholders

Edited March 16, 2011 by erranta

[ken_ichikawa]

central banks dont own private banks and all they can do is boost them with cash injections, were you not awake for northern rock and everything after?

The central banks have huge vested interests though, why would they want to see their franchises suffer? Thus they will back them to the hilt (print)to keep them solvent.

Mcdonalds main corporation kinda cares about its franchises as if its franchises fail it does too.

If people did start drawing money two things would happen:

printing or limits on withdrawls.... VISA is currently playing around with an idea of limiting ALL debit card purchases to $50 or less. So they can collect more fees.

[Number79]

The more that I think about it ( another 2 mins) then the more I think it is a great idea and would love to see it happen.

Why not strike at RBS?

Look at what has happened.

The people are the ones with strength and a strength that will overcome any bank or government, all they have to do is act together in numbers.

The sheep can push the shepherd where they like when they do it as a herd.

[Number79]

The central banks have huge vested interests though, why would they want to see their franchises suffer? Thus they will back them to the hilt (print)to keep them solvent.

Mcdonalds main corporation kinda cares about its franchises as if its franchises fail it does too.

If people did start drawing money two things would happen:

printing or limits on withdrawls.... VISA is currently playing around with an idea of limiting ALL debit card purchases to $50 or less. So they can collect more fees.

That isnt how it works.

The BOE do not have a franchise in northern rock.

The BOE didnt run the presses to fill the cashiers drawers of northern rock when people were queuing up outside.

No bank can survive a run and no one can change that.

[ken_ichikawa]

The people are the ones with strength and a strength that will overcome any bank or government, all they have to do is act together in numbers.

The sheep can push the shepherd where they like when they do it as a herd.

In 1895 Harium Maxim invented the gas blow back machine gun capable of 600 rounds a minute and it was claimed and was shown to be able to cut down trees. This gave the infantry man the firepower of an entire infantry squad.

If the people rise up the fiat (force) part of government is unveiled and the people are machine gunned.... 1989 in China was an excellent example. The government of China is supported in exactly the same manner as all western governments are supported.... i.e. fiat, which is backed by guns.

Are you seriously telling me when they start to open fire with a 7.62mm 6000 round a minute M134 minigun you're not going to run away? The machine gunning in China kept the people quiet for over 21 years.

Edited March 16, 2011 by ken_ichikawa

[ken_ichikawa]

No bank can survive a run and no one can change that.

You seriously underestimate the power of the printing press, they didn't do it with NR because the tipping point wasn't reached. And it was quickly deposited elsewhere as well thus the balance sheet didn't really change.

[athom]

The more that I think about it ( another 2 mins) then the more I think it is a great idea and would love to see it happen.

Why not strike at RBS?

Look at what has happened.

The people are the ones with strength and a strength that will overcome any bank or government, all they have to do is act together in numbers.

The sheep can push the shepherd where they like when they do it as a herd.

The credible threat existing would be a huge step forward in reeling in the financial terrorists. Of course they'll try to take steps to limit the people power but that'll just make the whole thing more fun.

[Sour Mash]

The central banks have huge vested interests though, why would they want to see their franchises suffer? Thus they will back them to the hilt (print)to keep them solvent.

Mcdonalds main corporation kinda cares about its franchises as if its franchises fail it does too.

If people did start drawing money two things would happen:

printing or limits on withdrawls.... VISA is currently playing around with an idea of limiting ALL debit card purchases to $50 or less. So they can collect more fees.

Printing >>> buy precious metals and similar easily liquidated assets with your withdrawn cash. Has the bonus of protecting you from the massive inflation surge that would follow the central bank money printing operation which you envisage would take place.

Withdrawal limits >>> massive, immediate loss of confidence in entire banking system and severe economic impact from restriction of cash supply.

What's important is that there is now a concrete example of organised depositor power affecting a bank. Something which will have growing significance in the future I feel sure.

[Number79]

In 1895 Harium Maxim invented the gas blow back machine gun capable of 600 rounds a minute and it was claimed and was shown to be able to cut down trees. This gave the infantry man the firepower of an entire infantry squad.

If the people rise up the fiat (force) part of government is unveiled and the people are machine gunned.... 1989 in China was an excellent example. The government of China is supported in exactly the same manner as all western governments are supported.... i.e. fiat, which is backed by guns.

Are you seriously telling me when they start to open fire with a 7.62mm 6000 round a minute M134 minigun you're not going to run away? The machine gunning in China kept the people quiet for over 21 years.

If everyone in the country emptied their RBS account next week then what do you suppose would happen to RBS?

The goobermint may well inject millions to keep them afloat but the damage would be done. Their own cash reserves would be gone. The stock would plummet like a lead block and everyone would know about it.

The government could save the bank from collapse but only just, the power of a mass action cant be overcome with presses. And a bank cant survive a run, they may stay in business if the government bails them but if the stock dives then it is barely survival if at all.

[Number79]

You seriously underestimate the power of the printing press, they didn't do it with NR because the tipping point wasn't reached. And it was quickly deposited elsewhere as well thus the balance sheet didn't really change.

Yes they could bail a bank but the power of a mass action can never be underestimated. If people worked together they could all but kill any bank that they chose to. Soon enough people will realise that they are the ones with the power when they work together in numbers.

They are seeing in out in the east already. Soon enough when Brits get sick of being screwed and seeing huge banker bonuses being paid then I hope that we will finally grasp the same fundamental facts.

[kenzdawg]

***IRONY KLAXON***

Right, of course, because bank runs will fix the economy nicely!

[Number79]

We should do it.

Injin where are you?

We should pick the worst UK bank with the worst record and bonus payments and make a stand.

Let the people use their voice and show the bankers who need who. Let us not forget that they need our cash otherwise they have nothing.

[Number79]

***IRONY KLAXON***

Right, of course, because bank runs will fix the economy nicely!

so we should carry on being milked like dairy cows and watching the banks and their bonuses?

[Lepista]

We should pick the worst BEST UK bank with the worst BEST record and bonus payments and make a stand.

That would collapse the whole set of 'em.

[kenzdawg]

so we should carry on being milked like dairy cows and watching the banks and their bonuses?

Banker's bonuses make precisely zero difference to my life. Fiscal policy meddles in my life every waking moment. So do I want a bank run to precipitate greater state control of the banking sector? As the libertarian said stepping over the mugged granny 'oh dear, that's just the kind of thing to inspire government intervention'.

[Wannabebear]

Screw it, lets do it. If anyone has a better idea to show off the collective power of the people then please interject.

To be honest, I'm getting pissed off with the whole thing, it cant get worse by doing this, can it?

This deserves a facebook page to gather some momentum

[Number79]

Banker's bonuses make precisely zero difference to my life. Fiscal policy meddles in my life every waking moment. So do I want a bank run to precipitate greater state control of the banking sector? As the libertarian said stepping over the mugged granny 'oh dear, that's just the kind of thing to inspire government intervention'.

Well, that is the issue isnt it? Things dont affect everyone so no one acts and nothing changes. I cant agree or disagree, all I see is that nothing changes. You dont want a change because it may not suit you, the bulls dont want a change because it doesnt suit them and the landed gentry dont want any change ever.

The Local Lend A Hand scheme is being piloted in Blackpool and East Lothian before being rolled out across Britain this year.

It allows youngsters to put down a 5% deposit if their local authority agrees to put up to 20% in a Lloyds savings account as security on the property.

The buyer owns the house outright, while the local authority earns interest on its money.

Lloyds has not confirmed mortgage rates, but says it's likely to have a three-year fixed at 5.09% with an £895 fee. Repayments on a £150,000 mortgage would be £885 a month.

Read more: http://www.thisismoney.co.uk/mortgages-and-homes/article.html?in_article_id=525716&in_page_id=8#ixzz1GnYziwsV

I am thinking that lloyds should be top of a hpc list.

[Number79]

Screw it, lets do it. If anyone has a better idea to show off the collective power of the people then please interject.

To be honest, I'm getting pissed off with the whole thing, it cant get worse by doing this, can it?

This deserves a facebook page to gather some momentum

There is no better way. People can argue about things but this is it. Collective action against a bank has far more impact than a hundred thousand hoodies smashing stuff. People will realise the power that they have one day.

Edited March 16, 2011 by richyc

[Pent Up]

Wasn't this tried last year and failed miserably? People just simply can't be bothered with it and further to that withdrawing all your money is not as easy it sounds. If youve got more than a few tens of thousands it's a bit of nightmare intact, add to that the fact that many people have their money in ISA or other accounts that would penalise you for making withdrawals. (theres no way I'm withdrawing 7 years of ISA contributions!) Also banks font hold enough cash to for everyone to withdraw last amounts on one day. Probably why the US bank in the article closed, they would have run out of cash on site. $192,000 is nothing really. You could do it electronically but then you will still have penalties for some people.

Basically it won't work, not enough people can be arsed with the hassle.