Greece: Basically a bank run is in full progress

www.zerohedge.com...

This is a slowly collapsing house of cards.

"Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures

We previously wrote about the possibility of a bank run in Greece following unsubstantiated reports that Greek citizens don't trust the Greek financial system all that much anymore, courtesy of the whole bailout and GDP reporting fraud thing. The rumor was not only just confirmed and also quantified: Dow Jones reports that in the past three months Greeks have moved about €8 billion out of local banks "fearing a possible new tax on bank accounts, increased government scrutiny on assets and a run on the banks if Athens is forced to turn to the International Monetary Fund." This represents over a quarter of the money held by private banks in the country. This also represents about €400 billion in total money leaving the system courtesy of fractional reserve banking and the money multiplier. Yet the worst news for Greeks: money controls are coming. "

[edit on 23-2-2010 by leo123]

mod edit, external quote code

[edit on Wed Feb 24 2010 by DontTreadOnMe]

*bump*

watch greece is in the not so distant future it could be happening in the Uk and US too..

Coming to theaters near you this Spring...
MY BIG FAT GREEK GOVERNMENT DEFAULT
"This time Windex won't heal the wound"
Starring George Papandreou and Nia Vardalos.

This can't possibly do anything but spread to the entire Eurozone.

Indeed. One of the best banks you could ever have is your backyard lot. All you need is a sturdy chest (preferably old-fashioned and pirate style) and a shovel.



[edit on 2/23/2010 by eldard]

Do you think, and this is just what i think, that maybe the Illuminati caused the collapse in Greece to see what effects it would have so that they could get prepared in doing it to America? You know like maybe they were doing a "trial run" to see what would happen. So they can prepare... I'm just saying. Think outside the box =D

reply to post by eldard


ARRRRR!!!!! thats me treasure ya be yackin about ye old squabbly squid. arrrr howd yee know about me precious booty

www.marketwatch.com...

Driven by expanding problems with commercial real estate loans, the number of distressed banks in the U.S. rose to 702 in the fourth quarter, marking the highest level in 16 years, according to a report released Tuesday by the Federal Deposit Insurance Corp.

That's up from 552 at the end of September and 416 at the end of June. This is the largest number of banks on the FDIC's "problem list" since June 30, 1993.

Based on the result, roughly one in 11 of the approximately 8,000 U.S. banks are on this list, with regulators expecting a significant expansion in the number of failures throughout 2010, boosted in large part by increased losses on commercial real estate sustained by mid-sized and smaller banks.

reply to post by leo123


Like I said in a previous thread... mattresses will be the new fad; well the fad will be coming back I should say.

*cuts hole in mattress and stuffs it with gold*

*realizes gold is really filled with tungsten* Doh!

Twitter's down, there goes the neighborhood....

Sound's like they got a strike coming too, wow, what a double whammy



news.yahoo.com...

www.zerohedge.com...

There is going to be a massive withdrawal of lquidity over the next 30-60 days ($200 billion) just about the same time the Greeks have to refinance a boat load of their debt.

The next 60 days will be very interesting indeed as the only real way out for the Greeks is massive belt tightening and program cuts. And if you think we're seeing labor unrest over there right now, "You ain't seen nothing yet".

Let the fun begin!

If this was about America, it would have well over 100 flags and 500 replies by now. This is an extremely important event that everybody around the globe should be paying attention to, since it could be what's happening soon all over.

Originally posted by SonicInfinity
If this was about America, it would have well over 100 flags and 500 replies by now. This is an extremely important event that everybody around the globe should be paying attention to, since it could be what's happening soon all over.

And the crazy thing is the US's debt level (debt to GDP) is actually higher than Greece's!

Originally posted by SonicInfinity
If this was about America, it would have well over 100 flags and 500 replies by now. This is an extremely important event that everybody around the globe should be paying attention to, since it could be what's happening soon all over.

Ironically, this is about America. It's about the entire western world. Bernake is going to roll out the plunge protection team cause it's gonna get ugly.

So, is this a targeted assault on the EU by the NWO? Or just the weakest link unraveling like it was going to all along? It will be interesting to see what effect it has on the rest of the world. Call me jaded, but I just look at this like the missile exchanges between Israel and Hamas et al, more like the sports scores than any sort of shocking news. After awhile, you just lose your ability to be scandalized.

Originally posted by warpcrafter
So, is this a targeted assault on the EU by the NWO? Or just the weakest link unraveling like it was going to all along? It will be interesting to see what effect it has on the rest of the world. Call me jaded, but I just look at this like the missile exchanges between Israel and Hamas et al, more like the sports scores than any sort of shocking news. After awhile, you just lose your ability to be scandalized.

Warpcrafter.

www.investorsinsight.com...

Here's a good piece on why the Greek debt problem is a problem for all of us.

On other news fronts....

Shares in metal detector stock goes through the roof as sales quadruple, daily. People are heard speculating about hidden treasure, as they purchase the detectors.

The real issue is who's money is it?

Does the Government print it? Well, it must be theirs.

Why don't we give it all to them and quit being their slaves?

Oh I forgot, we are the Government, aren't we?

Perhaps the Americans or the British caused this somehow to drag down the European Eunion financially instead of with a thousand nuclear missiles. Carroll Quigley taught that there are three levels of conflict.... you can use talk, then money, then force. Maybe some Muslim businessmen caused it.

Thanks for highlighting... it is important news for everyone.

Its also going to be interesting to see how the EU deal with this, and if they impose further penalties on Greece.

The UK is in a dire way (some ways getting close to Greece), and talk of a double-dip recession gains strength. I cant believe I started a new business at the start of the recession but thankfully I am still going. Many are not and many forecast they will not be around in 6 months or so. No governmental change will sort it... its the system that is broken and the system that needs fixing.

Stage 1: Get out of the EU properly and stop sending £XXXXXXXX to the EU fund every month.
Stage 2: Return to a simple, effective trade agreement with other EU countries.
Stage 3: Stop stupid immigration levels that drain the country.
Stage 4: Discover that the UK is actually built upon a mountain of Gold.
Stage 5: Retire and help people / Do good.

Originally posted by Cabaret Voltaire
Perhaps the Americans or the British caused this somehow to drag down the European Eunion

financially instead of with a thousand nuclear missiles. Carroll Quigley taught that there are three levels of conflict.... you can use talk, then money, then force. Maybe some Muslim businessmen caused it.

That would be really bright-If the U.S. was quite willing to destroy themselves too. There's no way Europe goes down without the U.S. receiving a huge amount of damage.

S&F. This is important, and should get the attention of everyone.

It's very true, if this were happening in the US that would be it. Martial law would be in place, the $hit would hit the fan, it would be total anarchy. Then again, at least people would be doing something about the crap going on for once... It's sad, what is it going to take for people to stand the f' up and realize this crap is coming our way sooner or later?