Europe: Bankrun on 7th December 2010

This is a very clever idea, for 2 days now I have had an image in my head of drawing out all my money (I don't have a great deal of it mind you) now I know where it has come from. My subconscious must have glanced over a thread like this one a couple of days ago. What an initiative thanks for bringing it to my conscious attention.

Originally posted by gladtobehere

Wouldn't surprise me if the establishment tried to prevent this from happening though Im not sure how they can legally prevent you from withdrawing your own funds. However, if they did try to prevent withdrawals, I dont think it would help to ease tensions...

I don't suppose there is any legal way to prevent people from withdrawing their own money, but you can bet your bottom dollar that the French authorities will be keeping an eye on this, as will the banks, and that if there is the slightest sign of it happening on Decmber 7th, the banks will shut up shop, with the assistance of the french riot police, and remain closed until it gets sorted out.

Fair play to the French - they're not shy in taking to the streets when they're not happy. Unfortunately it always seems to end with a rumble with the police, which reflects badly on the protest.

They are on the right track, though - work together as "the people", and take the goverment and the banks on - head on.

It's about time the banks were taught a lesson. Worldwide, they were bailed out to the tune of billions by us, the people, and yet now despite posting profits again (after receiving our money), they still have the purse strings tightly closed when it comes to lending, either for mortgages or for business loans. They should be forced to realise who saved their skins last year, and repay the favor accordingly.

Naive and dangerous idea. Let's suppose that a million of French will join and withdraw $10,000 each - for the total of $10B. Laughable sum, considering the size of large banks assets. The action will not even dent the banks, but will give a perfect reason for the government to further tramp down on the citizens' rights, alone with some unforseen consequences.
It is not 1920th anymore, when money existed and had value. Withdrawing worthless paper in large quantities now will only make print shop workers sweat.

While I usually don't support the modern union mentality of gimme it it's mine, or put your time in, thats a classic. I do think this merits positive attention. More power to the people supporting this it's about time people put the banks in check. This would be a great worldwide movement in my opinion. If it comes this way they have my support, can you tell I can't stand being controlled by banks and credit ratings!!! And no this has nothing to do with not being a wealthy person, it's just about time the monopoly game came to an end.

Bankrun is a very good idea.

Originally posted by TheDeader

Originally posted by oozyism
reply to post by TheDeader

 

This should be done all across the world, the banks treat us unfairly, we give them our money and they give us 1-2% interest per year, they give us their money and charge us 20-30% interest per month.

Do you understand the BS behind that?

Stop feeding the monster zzz

Have to drop this quote as was reminded of it by your post:

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning."

Henry Ford

edit on 27-10-2010 by TheDeader because: added ""

Actually the full effect is the banks pay you 1-2% AND THEN LEND YOUR MONEY OUT 10X OVER AT 20-25%.So really they are making about 200% in interest on each dollar in deposits.

Bankruns are even MORE potent in a fractional reserve system....

If a bank is operating under the auspices of only having to maintain 10% reserves of their useable amounts, then if ten percent of the monies are taken out of the bank, it's the equivalent to 100% of the monies taken out that the banks cannot use. For example. if the banks have 100, we'll say billion for posterity's sake, and ten billion is taken out by the tax payers, the banks lose the ability to utilize 100 billion dollars, because they had 1 trillion of useable monies before the run and now only have 900 billion. A little money becomes a BIG deal....

Jaden

reply to post by Dr Cosma


I'm not sure what you're trying to say with that Spanish Revolution video. I'm assuming that you were being sarcastic when you said that the bank run is a good idea. As the video said, the Spanish revolutionaries didn't have a chance to be corrupted by infighting, rather they were defeated by the Nationalists (which lead to the rise of Franco). Are you implying that if this bank run were the precursor to an uprising, that it couldn't survive the State's military response?

Originally posted by ActuallyActuary
Naive and dangerous idea. Let's suppose that a million of French will join and withdraw $10,000 each - for the total of $10B. Laughable sum, considering the size of large banks assets. The action will not even dent the banks, but will give a perfect reason for the government to further tramp down on the citizens' rights, alone with some unforseen consequences.
It is not 1920th anymore, when money existed and had value. Withdrawing worthless paper in large quantities now will only make print shop workers sweat.

And what if 10million French, Germans, Greeks, Italians and any other countries who join on board do it?? Then the numbers become slightly larger.

The thing is, do we even have enough printed money in the UK for something like this to happen??? I always thought we didnt, if a large amount of people took their money out and there wasnt enough printed money in circulation, would they have to print it?? If so would this not drive inflation up causing other problems??

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what will be the next thing, we go to WAR against our own GOv ? year 2010 and we are still fighting for our rights and the Gov spits on us and laugh HAHAHAHAHAHAH.

reply to post by TheDeader


Now that's how you conduct an effective non-violent protest that will get attention.

Just when I thought I didn't like the French at all they go and do something freaking ballsy and awesome.

France = Redeemed in my book!

This is a very dangerous idea though. I think the French citizenry should understand the ramifications before they go ahead with this. As good as it sounds it could easily backfire.

reply to post by oozyism


Exactly what i think...

This banks deserve a lesson.

While this may sound like a great idea to start with, don't forget that people in a country like France rely on banks for so many things and closing an account creates many issues.

Many business, car and home owners have insurance through their bank, debit cards for shopping, standing orders for utilities and tax payments etc, etc, the list of payments is endless and the banks have the lions share.

Younger people without so many obligations may find a change easier than those who have relied on the bank for years or decades.

Great idea and common sense imo, but at the end of the day if accounts are closed then the loss of revenue will just get passed on to those who do not or cannot withdraw all their funds. These are bank after all and they NEVER lose money.

We'll see.

A better idea would be to keep the bank account only for essential outgoings. Leave the standing orders with the bank and deposit funds at the times they are needed so it still costs them to handle the accounts and transactions (as long as the customer stays in credit) but they no longer have peoples surplus money to play with.

Make them work for a change and create a more competetive market that they cannot monopolise.

Originally posted by Rockerchic4God
Awesome!!! I'm in - I just may consider coming out of my internet-activist "retirement" to promote this here in the US. We must crush these bankster monsters before they destroy all of us.

It's time.

( Momma always said: " Don't cut your nose off to spite your face"). Yeah it might hurt the mid level regional bankers; the Rochefellers Won't even feel it.
On the face of it it seems like a "peaceful revolution";
(It'snot).

Push that button and the bottom falls out under us all..
Hard.
IMHO what happens next is anybodies guess.

Considering that bottom 80% of the population only owns 7% of the wealth, a bank run these days no longer will have much of an effect. Back in the 1920's, the distribution of wealth was much more "even", so when the masses took out their cash, it would devastate the banks.

The elite have us by the huevos. Even if the entire bottom 80% of the population tried too pull out all their money, the elite bankers would simply freeze all of our accounts. And for people that did succeed in withdrawing all their money before the freeze, they'd probably reserve you a nice cozy bunk bed at the FEMA labor camps.

I have never heard of this and I am living there in France...
Peoples are gradually stopping to be on strike because of a very difficult problem: you don't get paid when on strike.

As simple as that.
The middle class is going down very fast now.

It is sad... and leading to a new revolution...a legal one maybe, next election: 2012

Originally posted by gladtobehere
Really interesting.

Wouldn't surprise me if the establishment tried to prevent this from happening though Im not sure how they can legally prevent you from withdrawing your own funds. However, if they did try to prevent withdrawals, I dont think it would help to ease tensions...

Oh yeah . . . that's a guarantee . . . you can see from the heroic life-saving measures taken on behalf of the banks over the past two years who pulls the strings of the world's politicians . . . and from that you can figure out who's asses will be riddled with rubber bullets if such a plan ever came to fruition.

Don't be messin' with the banksters cuz they'll just get their politico-puppets to order in a whole bunch of whup arse.

I've been thinking of taing my money out of the bank for a few months now. So count me in.

Anyone else in the UK up for it?

this is exactly what the doctor ordered!!

what else is there, we need to do it all at once!

how many countries can we get involved?

we need to, every monday to start with(as of 7th dec)-

blockade fuel depots

mass sit down protests in banks

mass sit down protests in financial districts, wal street, london, the places need to be rushed with silly amounts of people peacfully and bring all these institutes to their knees for a while!!

how can we peacfully bring a pharmacutical company to its knees?

anybody got any other ideas?