Saturday, December 4, 2010

Once something looks like a crisis it becomes a crisis

British Bankers' Association warns of Cantona inspired crisis

A plan hatched by ex-footballer Eric Cantona for a mass run on the banks [Tuesday 7th December] could cause a financial "crisis", the British Bankers' Association has admitted. The UK trade body warned that the direct action revolution promoted by the French former Manchester United striker risks a new Northern Rock "if enough people" withdraw their savings. "I don't understand what benefit there would be in trying to crash the banking system," a BBA spokeswoman said. "You would very quickly get into a Northern Rock situation if everybody wanted their money at once. It wouldn't take very long before you get queues and then you would get camera crews. "Once something looks like a crisis it becomes a crisis."

Posted by devo @ 10:33 PM (2221 views)
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10 thoughts on “Once something looks like a crisis it becomes a crisis

  • When you expect things to happen – strangely enough – they do happen.

    J. P. Morgan

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  • 1. devo said…”When you expect things to happen – strangely enough – they do happen.

    J. P. Morgan”

    Fat fingers to the ready!

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  • Grumpy Middle-aged Git says:

    OK I declare my vested interest – I’m a renting saver and I’m sick of subsidising the feckless and the bankers. Good on Cantona I say – great footballer, dubious philosopher but definite man of the people. My only cricitism is that this protest should target one bank at a time every week. No need to risk the whole economy with total financial collapse, no risk of having to carry loads of cash on person or keep it at home and every chance of successively putting a gun to the bankers’ heads and getting them to pay a rate of interest that vaguely reflects the rates that they have to borrow at on the open market and which slightly reflect current cost of living increases, even ignoring the willful trashing of the pound.

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  • I expect the government will guarantee people’s deposits like they did with Northern Rock. Maybe that will happen too.

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  • If they want to stop this happening then increase savers interest rates….

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  • The BBA appear to be worried about the consequences of the 7th December, and that would indicate that all is still not well within the banking system. Maybe it IS time to remove your cash – but don’t put it into another bank.

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  • I don’t care if it doesn’t work, I’m just really happy that the banksters are squirming. Five years ago they’d have laughed such a threat off.

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  • Only 3% of the money used by individuals in everyday transactions is still in the form of physical notes and coins which you could stuff under your mattress. Its quantity is small in comparison with 97% in the form of intangible money that exists only as binary code entries in electronic bank records. You could put all the electronic money in the World on a memory stick. It’s alchemy, as Mervyn King said in a speech last month. So Cantona’s call for a run on the Banks could be a real threat to the Bankers.

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  • I agree with Paul. It’s about time the banks were put under the spotlight. They are never going to be bothered too much by their political cronies, it’s going to take people power to change their ways. I have no idea if it will work but I would love to see people taking some of the initiative away from the banks. I’m surprised there hasn’t been more wilful damage to banks in the past couple of years.

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  • > When you expect things to happen – strangely enough – they do happen.
    > J. P. Morgan

    That’s because J. P. Morgan have the leverage and power to do so.

    I think this will just be the start of a sequence of staged bank runs.

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