posted on Oct, 14 2011 @ 09:50 AM
Originally posted by openminded2011
I dont think there is enough money involved to make a dent. Most people have less than 1000 dollars in their bank accounts these days.
You have to remember that the banks work on a fractional reserve system; that means that they can lend out 10 times the money that they have in their
vaults (or computers nowadays). When you take out $10, that is $100 dollars less the banks have to lend out. If everybody were to take out their
$1000, that would be $10,000 per customer that the banks would lose in lending power.
Thousands of people removing just a few bucks at a time will add up exponentially against the banks as they will have less and less deposits to back
up their fraudulent loans.
Some say this is a run on the banks that will destroy the banking and lending system that props up our economy. I say let that system fail, the
banking boom and bust cycle is what causes these finincial crises on a regular basis. People need to learn to live within their means and the only way
we're gonna do that is to destroy the monsters who enable us to get ourselves buried in debt.
We really aren't taking the money out of the banking system anyway by doing this, just moving it to smaller, more customer friendly and accountable
lending institutions who will manage the money more wisely than the "too big to fails".
Credit unions operate for the benifit of their members and the local community. Big banks operate for the benifit of their shareholders and CEOs. I've
never heard of a credit union giving their execs obscene bonuses while the CU was bleeding money and facing insolvency. Last I heard, I don't think
any credit unions took any of the TARP money either because they don't gamble with their member's money.
If we destroy the big banks and the system they have built up, sure, it will create some major financial pain and strain on the economy. It takes pain
and suffering to break away from a broken system and, when the dust settles, the world will be a better place for our having slain the big banking
Banks do nothing but drain money from the economy and the little guy while propping up a false economy based on debt, not real value. The sooner this
system dies, the better.
edit on 10/14/11 by FortAnthem because: