Friday, December 3, 2010

Bank run on Tuesday 7th December

French Officials Warn Against Bank-Run Proposal

Bankers and politicians warned against a plan inspired by French former football star Eric Cantona to spark a bank run next week, saying that such a move would be counterproductive. The plan—which calls on depositors to remove their money from banks on Tuesday—has attracted increasing attention in recent days, drawing comments from French financial leaders. "The recommendation to withdraw deposits is totally irresponsible," said BNP Paribas CEO Baudoin Prot. It also went "completely against anything that could assure the functioning of the economy," he told reporters Thursday

Posted by devo @ 06:41 AM (1656 views)
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14 thoughts on “Bank run on Tuesday 7th December

  • Other than going to the cash point, you’re not going to be able to extract more than a couple of grand over the counter, so I don’t see how this is going to work unless you can extract it electronically to somewhere which isn’t a bank and is still safe.

    The only thing I can think of is into a bullionvault account and then into physical metal, and I suspect you need to led the money clear in for 3 days before you can buy your metal otherwise it’s still in the banking system.

    Or you could maybe buy alot of cars or a small house but these are all depreciating assets with a certain element of hassle involved.

    Has Eric given any clues as to how he will be extracting his fortune from the system ?

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  • Actually I do quite like the idea of this ‘protest’ but as yet see it as unworkable so any suggestions are welcome.

    PS I might just do my protest the day before incase the real protest works LOL.

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  • A lot of people are going to be bonked on the head by muggers just outside the bank.

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  • My guess is that there are enough people with only a couple of grand in the bank that it would cause a bit of a problem if they all showed up to withdraw their money.

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  • general congreve says:

    Enough people withdrawing the typical maximum daily limit of a few hundred euros (which is all the majority have in there anyway) would soon empty all the machines and cause quite a few problems I imagine.

    @2 – Indeed. Withdrawing the day before (when the machines have been primed for the Tuesday run) is the smart man’s protest 😉

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  • If this was going to work we’d know by now, because anybody with any sense would withdraw his/her money BEFORE the 7th to avoid the rush and the possible shutting of the window.

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  • Just noticed that str 2007 @2 beat me to that one.

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  • “Bankers and politicians warned against a plan…”

    Well if bankers and politicians think it is a bad idea it must be a good idea. I have not withdrawn anything yet myself, but I have been intending to and will start today. there’s some evidence for you icarus.

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  • If the bankers have put the banking system into a state where it can be toppled by a has-been football player cum poet then …. [words fail me]

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  • Such a stupid, childish idea..

    ..so some French ATMs may run out of cash on Tuesday – big deal.. – that’ll really help the ordinary guy in the street who only wants to do a spot of shopping – and it won’t hurt the banks one tiny bit..

    And in case Eric the idiot hasn’t realised, if you make online transfers, it goes from one bank to another, who will immediately lend it back if the first bank is left a bit short.

    Voila! – the prat of the year award goes to a has-been footballer..

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  • I like this regardless of whether it works or not, hoping it gets people in the mind set of proaction, establish a new norm in the balance of gov/peeps relationship.

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  • Ironically, it might boost the economy – as people draw out funds and spend them, not only (as others have pointed out) does the cash return to the banking system, but it reflects in economic indicators… Could Eric actually become responsible for kicking off (forgive the pun…) the hyper-inflation that everyone fears…?

    On the other hand, if it makes people think twice about putting spare cash in the bank and encourages people to stop spending and keep their cash under the mattress, then it will have the opposite effect and could, as Rumble says, at least let those in charge know that they don’t hold all the cards…

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  • general congreve says:

    @8 – How very dare you suggest such a thing, it’s nothing short of treason!

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  • Bought a car for cash today, so my money is safe’ish. Hopefully that money will not make it back into the banking system by Tuesday.

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