Greece bank run

Originally posted by starchild10

Originally posted by wildtimes
So, when there's a bank run, and all of the depositors show up at 9am and want to close out their accounts completely...there is NOT ENOUGH MONEY. Why not? Because they are GAMBLING with it on Wall Street.

Insured my narrow ass....

I'm in the UK and just about everyone around me parrots the government's savings protection. They have such blind faith in this, it's unreal. I say yes but what happens in a time of unprecedented global meltdown?
There will be queues at the banks.
The banks don't have the money. After a time they will impose a withdrawal limit or perhaps stop withdrawals alltogether.
And does the government have the money?
For everyone?
I don't think so!
And say you do get paid out, how long will you have to wait and what will your money be worth when you get it?

edit on 16-5-2012 by starchild10 because: (no reason given)

The Government savings protection means nothing but false confidence to stop people panic withdrawing. If it comes down to actually utilising it the government will already be in that much of a state that the facility will not be available anyway. Its just mind games with the public.

Originally posted by michael1983l

Originally posted by starchild10

Originally posted by wildtimes
So, when there's a bank run, and all of the depositors show up at 9am and want to close out their accounts completely...there is NOT ENOUGH MONEY. Why not? Because they are GAMBLING with it on Wall Street.

Insured my narrow ass....

I'm in the UK and just about everyone around me parrots the government's savings protection. They have such blind faith in this, it's unreal. I say yes but what happens in a time of unprecedented global meltdown?
There will be queues at the banks.
The banks don't have the money. After a time they will impose a withdrawal limit or perhaps stop withdrawals alltogether.
And does the government have the money?
For everyone?
I don't think so!
And say you do get paid out, how long will you have to wait and what will your money be worth when you get it?

edit on 16-5-2012 by starchild10 because: (no reason given)

The Government savings protection means nothing but false confidence to stop people panic withdrawing. If it comes down to actually utilising it the government will already be in that much of a state that the facility will not be available anyway. Its just mind games with the public.

Exactly. In 2008, they increased the FDIC insurance limit to $250,000 from $100,000-----in the middle of massive debt and deficit. You think the government has 2.5 times more money to back up your deposits than it had in 2007? BS. It's a fairy tale to keep the little guys' money in the bank so the big fish can swallow it all up before anyone knows what's happening.

So the Dow ended 33 points down And within minutes it's futures are already negative 15 points. Lots of talk about a QE3 and ECB Halting monetary operations to Greece banks. This may be an issue overnight we will have to see what happens in euro markets

reply to post by Flyzoid


Found this info, agreeing with you see below:

www.vancouversun.com...

But, is it just me, or is this a gun to the head for the Greek government, before it has even formed? Some may say blackmail.

I believe it may become more and more difficult to find reliable information on this.
The MSM cannot hide the truth for long. To me, it is as simple as a person standing at an ATM, and it saying "out of order" or words to that effect. Multiply this as many times as you like and before long the people will realise there is no money left in the banks to give back.
This is when things will start to happen very quickly...... in my opinion it could be much before June 17th.

reply to post by Mufcutcakeyumyum


There is definitely a gun to the Greek governments head. But It is there to protect the rest of the euro one countries! This may be the end of the Greek euro but it will be a domino effect and
More countries will fall. I can't remember where I heard it, may be here on ATS but there was a couple figureheads that agreed the euro was not going to last more than 10 years and the euro is 10 years old now. And yeah if I went to my bank and they said they had no money to give me I would be shouting from rooftops

Originally posted by samkent
reply to post by flice

 

WHY DO WE KEEP SURRENDERING OURSELVES TO THE WILL OF BANKS?! I say burn them all down... start at the top... or... and leave union banks alone.

Maybe you can clue me in to something.
Who spent the money?
The banksters or the citizens retiring at 50?
The banksters or the public works projects?

Please explain how the banks caused this problem.
If you destroy all the banks where do you go when you want to purchase a house or a business?

Thank you for understanding the situation and injecting a little sense into the debate.

No one forced the government of Greece to take money and post massive deficit budget after budget. Its easier for people to blame the banks i guess without thinking things through or understanding finances. If the Greeks want someone to blame, they only have to look in the mirror or at their elected officials.

Originally posted by detachedindividual
The banks caused this problem through the creation of artificial wealth, gambling with other people's money, and failing in their duty to protect the investments of their customers.

But this isnt what happened in Greece, is it?

Originally posted by detachedindividual
The banks failed because they were using the pool of all assets to gamble in a primarily fictitious market for their own profit, they repeatedly lost, and the people have been ordered to pay that gambling debt.

Um, no. You regurgitating information posted on ATS time and time again by people who do not understand finances.

Originally posted by detachedindividual
The government of Greece failed in that they should not have entered the Euro - and unstable currency where government policy and spending varied from one nation to the next.

Germany is on the euro, and they are doing great. Why? Because they are responsible and do not rack up massive deficits to pay for things like retirement at 50, huge social spending and insisting on holding onto money pits like the Greek national railway. Simply put, the irresponsibly Greek governments of the past got them here.

Originally posted by detachedindividual
I'm pretty tired of seeing people blaming the Greeks and suggesting they retire too early, or don't pay tax. While there were certainly unrealistic ambitions in those regards, you're conveniently neglecting the price of living in that country, the employment rates, the massive corruption from the top down...

Who is ignoring those things? When you GDP does not come close to paying for what your spending, you need to spend less. Economics 101, not rocket science.

Originally posted by detachedindividual
It must be real easy to blame the people rather than the criminal bankers and politicians of that country. The fact is we all know who is primarily responsible. The people cannot simply "decide" that they can retire or that they can avoid paying tax. That is facilitated by government, a government elected to keep a country stable and functioning. They failed, because they had the bankers in their back pocket.

No one ever forced a Greek government to spend so far beyond their means. Never. Please show me who forced them to ruin their own country and economy.

Originally posted by detachedindividual
I would absolutely holiday in Greece. It's a beautiful country with so much history to see. The people are so nice too, welcoming of everyone.
Tourism can still flourish in Greece, as long as they can remain competitive and as long as there are still enough travelers able to afford to leave their own country for a few weeks.

Again your not getting the big picture. Yes, people may still WANT to vacation there. They simply wont be able to afford to.

So it goes like this. Greece pulls out of the EU and prints the drachma. No longer taking bailouts, they are forced to go it alone. In the very first month they are forced to print massive amounts of money to pay for infrastructure, pay for civil servants and more. After all, they are still spending so far beyond their means and no have no other way to pay for it. Massive inflation is the only result of this scenerio.

So tourists can no longer afford to vacation there. A simple loaf of bread now costs over $50 american. Worse, since Greece is not self sufficient, they must buy needed commodities on the world market. Their now inflated money is worth little, and they have no way to purchase what they need affordably.

I feel bad for the Greek citizens. Their hard times have only begun if they ditch austerity. Fiscal responsibility is a thing of the past.

Originally posted by Ameilia
reply to post by Flyzoid

 

This run was not small.

Monday, the president told party chiefs.

Source: Reuters
Central bank head George Provopoulos told him savers withdrew at least 700 million euros ($894 million) on

Greece is trying to form an emergency cabinet today (Wednesday) and get a better grip on things.

Folks, please read up on the United States Depression Era bank runs. Be prepared.

In the world of macroeconomics, that is but a trickle.
e.g. Derivatives exposure of the large banks is around 250 Trillion dollars.

So you can see that visually:
Greece Bank Run:
894,000,000
Bank Derivative Exposure
250,000,000,000,000

While its very very large to an individual, it is next to nothing for the banking industry.
Doesn't mean that such a slow run can't escalate into something that triggers a Greek money grab which would end in the total default of the Greek monetary system, but let's not be alarmist over such a mosquito in a field of land mines.

Originally posted by nightbringr

Originally posted by detachedindividual
I would absolutely holiday in Greece. It's a beautiful country with so much history to see. The people are so nice too, welcoming of everyone.
Tourism can still flourish in Greece, as long as they can remain competitive and as long as there are still enough travelers able to afford to leave their own country for a few weeks.

Again your not getting the big picture. Yes, people may still WANT to vacation there. They simply wont be able to afford to.

So it goes like this. Greece pulls out of the EU and prints the drachma. No longer taking bailouts, they are forced to go it alone. In the very first month they are forced to print massive amounts of money to pay for infrastructure, pay for civil servants and more. After all, they are still spending so far beyond their means and no have no other way to pay for it. Massive inflation is the only result of this scenerio.

So tourists can no longer afford to vacation there. A simple loaf of bread now costs over $50 american. Worse, since Greece is not self sufficient, they must buy needed commodities on the world market. Their now inflated money is worth little, and they have no way to purchase what they need affordably.

I feel bad for the Greek citizens. Their hard times have only begun if they ditch austerity. Fiscal responsibility is a thing of the past.

Read my statement again, I did say "as long as people can afford to travel".

You and I both know that inflation is not an inevitable side-effect of this scenario. It DID NOT HAPPEN in Argentina - for example. That situation was almost identical to what the IMF has done in Greece, the same extraction of bailout money to the bankers to pay off the lenders, the same robbery, the same insistence of austerity at all cost while the bankers still funnel money OUT of the country...

I'm not even going to argue with you, because you're clearly not going to acknowledge anything anyone says about why Greece entered the Euro to start with, what has happened to the bailout money that was injected into Greece (that alone tells all of us all we need to know about their "rescue measures")

Basically, you're preaching BS to people who are not so deluded as to believe that it's all the fault of the citizens of Greece. Just as we don't believe the collapse in the USA is the fault of the American people, or the economic problems of the UK the fault of our citizens.

Economics 101? How about the growing economic inequality, and the wealthiest getting richer while we're in what is a depression to beat the 1930's in all but name?

If you want to simplify it, you only need to look at the sheer impossibility of the wealthy profiting while the rest of the planet is in a depression. That should not be possible, but somehow they've managed it. Tell me again about economics 101?

I`ve had a few beers so im not gonna voice my opinion on this but give the link from a news report which was put together a couple of hours ago with some frightening remarks in it.
www.rte.ie...

Most here on ATS are fully aware of most of this but for those who are still feeling a bit overwhelmed the only way to understand what is really going on BEHIND the smoke and mirrors is to look at the BIG picture and recognize who the enemy really is.

The REAL terrorists are the ones behind the scenes manipulating ALL world events, including never-ending "war for profits", revolutions, terrorism, and depressions which are carefully planned, instigated, staged, engineered and orchestrated into existence to weaken civilization, gain profits and control, reduce the population, and create a global police state. These are NOT just random events or "accidents" as you have been led to believe. Below are some quotes and links to information that may help those who are desiring more understanding:

"The Federal Reserve definitely caused the Great depression by contracting the amount of currency in circulation by one-third from 1929 to 1933."
—Milton Friedman, Nobel Prize winning economist

Originally posted by Ameilia

"Folks, please read up on the United States Depression Era bank runs. Be prepared."

Exactly... this was exactly the way the elitist bankers #ed up the economy in the 20s which later lead to the 2nd world war after years of depression.

Originally posted by babybunnies
I believe that TPTB are following the same playbook that was used in 1929, and there was a crash two years later, a bigger one that is mostly forgotten.

Originally posted by BO XIAN
ALL THE GLOBAL ELITES IN POWER WANT A TOTAL MELT DOWN AND WWIII.

They've worked hard setting it up.
They are determined to see it through.
They are licking their chops over the bloodshed, anarchy, chaos, suffering.
They are evil to the core.

Originally posted by brokedown
Collapse of the World’s Economic System is inevitable, this is just how the Central Banking System is designed to operate. It can’t operate any other way, collapse is a Mathematical certainty.

Originally posted by petrus4
"The Illuminati use revolution as a means of institutional theft, or the re-acquisition of property into their own hands. They tell everyone else that the purpose of revolution is to make the common man free, but that is not their real purpose with it. Their real purpose is for everyone else to lose what they own during the looting and chaos, and they end up getting hold of it in the process.

That is what they did during the Depression, and again in 2008. It's the reason why they deliberately engineer economic systems with structural flaws and weaknesses built in. Eventually they know that they are going to want to crash the system. They do it in waves, and every time they do it, they end up with more and more property, and everyone else with less."

Animated Movie: The American Dream

Originally posted by silent thunder
This is a great film for reaching "normals." That alone makes it exceedingly valuable. Sure, it's a little simplistic but it assumes a sheep's-eye-view to begin and then gently eases the audience into the rabbit hole. A great tool.

"The American Dream is a 30 minute animated film by The Provocateur Network that shows you how people have been scammed by the most basic elements of the government system. All of Americans strive for the American Dream, and this film shows you why your dream is getting farther and farther away. Do you know how your money is created? Or how banking works? Why did housing prices skyrocket and then plunge? Do you really know what the Federal Reserve System is and how it affects you every single day?"

Originally posted by Newbomb Turk
For anyone that might be having a little trouble in understanding how America has literally been RAPED by the bankers, or if you actually know someone that might be on the fence or at least open to the idea of awakening to the harsh reality that currently surrounds us and our nation....HAVE THEM WATCH THIS!!

The American Dream Film Review by Alex Jones


Interview Alex Jones with Tad Lampkin - Director of The American Dream



Biggest Scam In World History Exposed


Billions for Bankers--Debts for the People by Sheldon Emry

Originally posted by Flyzoid
So the Dow ended 33 points down And within minutes it's futures are already negative 15 points. Lots of talk about a QE3 and ECB Halting monetary operations to Greece banks. This may be an issue overnight we will have to see what happens in euro markets

Yep, even the FED saying "we will do something if the markets start to fail" didn't even pull the DOW out of the negative.

Originally posted by detachedindividual
I'm not even going to argue with you, because you're clearly not going to acknowledge anything anyone says about why Greece entered the Euro to start with, what has happened to the bailout money that was injected into Greece (that alone tells all of us all we need to know about their "rescue measures")

Not sure what you mean here. Greeces finance minister, most likely with the consent of the prime minister, cooked their books in order to even get into the EU in the first place. If the EU had any idea of the fiscal mismanagement going on in Greece at time, they would never have been invited in the first place.

Originally posted by detachedindividual
Basically, you're preaching BS to people who are not so deluded as to believe that it's all the fault of the citizens of Greece. Just as we don't believe the collapse in the USA is the fault of the American people, or the economic problems of the UK the fault of our citizens.

I never said that. I do think that people might have realize that by retiring at 50 instead of 65 like in most countries with stronger economies, they might realize something was amiss. By looking deeper, they had a vast social system with many easy to get free handouts. They supported failing national assets that no longer were profitable. In the end, the government officials of Greece sold their people out for short term prosperity and gain. Now they are paying for it. Its not some big, bad bank conspiracy. Not everything is. In this case a country simply overspend its means.

Originally posted by detachedindividual
If you want to simplify it, you only need to look at the sheer impossibility of the wealthy profiting while the rest of the planet is in a depression. That should not be possible, but somehow they've managed it. Tell me again about economics 101?

That has nothing to do with this subject. As i said, simply look at how Greece managed its finances. If you want to continue on about some big conspiracy, show me some proof. I can post the GDP of Greece and its expenditures. Not hard to figure out whats wrong with two simple figures.

Originally posted by nightbringr
If you want to continue on about some big conspiracy, show me some proof.

Human beings tend to be unthinking conformists and can't imagine that society has been thoroughly corrupted. Monkey see; monkey do. And most of what monkey sees is degrading and often disgusting. Link

reply to post by nightbringr


"EU had any idea of the fiscal mismanagement going on in Greece at time, they would never have been invited in the first place."

"invited",,?? u do mean invested, right,
they would never have invested there Europe, EU currency,
New Revitalized German-French-Italian,,,Roman Empire,,so too speak.
( As with any failed investment,,buyer beware,,Cavet Emptor. lol )
,qizz
(who has more Secret Files than the Usa,Russia, Italy,, most of the U.N Countries,,?? and have had so for quite a long time,,,,,,contracts,etc,,
Which reminds me of a US Treasury Dept. Raid on some Swiss Accounts,, ,,how did that turn out?
,,last i heard
they got too keep everything they found, in those files,, and boxs,,it might pay of some Treasury,,dept.

But anyway,,Greece,, the
Traditional
Seat of Whom???,,
pop quizz,,
even mentioned in some books, old books,,and it all times in.
q
spooky music,,,

Me.
,but i could be wrong.

I fully expect stories to come out later trying to dampen the flames as it were about all this, but as is being mentioned in a similar thread here on ATS www.abovetopsecret.com...
it seems the ECB are "divorcing" themselves from some Greek banks due to poor or inadequate recapitalisation. Who was doing the recapitalisation?

recapitalisation
"When a company changes its capital structure (the proportion of equity to debt), This may occur, for instance, as part of a debt restructuring, when a creditor exchanges an outstanding loan for a stake in the company (debt for equity swap). While the aim of a recapitalisation is normally to improve a company's debt/equity ratio, it can also be used to fend off a hostile takeover - in which case the company makes itself unattractive by increasing the level of debt in its capital and using the funds to pay special dividends to shareholders."

www.businessspectator.com.au...

In addition, it seems there are or were queues of people waiting to withdraw cash, which was strongly denied yesterday:

themoneyupdate.com...

Be interesting to see what does develop today on this.

Originally posted by nightbringr
Not sure what you mean here. Greeces finance minister, most likely with the consent of the prime minister, cooked their books in order to even get into the EU in the first place. If the EU had any idea of the fiscal mismanagement going on in Greece at time, they would never have been invited in the first place.

It is a matter of public record that the EU did not adequately investigate and check the financial stability and viability of Greece. This has been stated, it is on the record. So why are you now trying to rewrite history to suit your argument?

The EU wanted Greece in the € currency, they deliberately looked the other way and ignored several indications that Greece was not viable. We know this as a matter of historical fact, national leaders have admitted this.

There was - for lack of a better term - a conspiracy of silence when it came to the claims that Greece should not have joined the € currency.

Originally posted by nightbringr
I do think that people might have realize that by retiring at 50 instead of 65 like in most countries with stronger economies, they might realize something was amiss. By looking deeper, they had a vast social system with many easy to get free handouts. They supported failing national assets that no longer were profitable. In the end, the government officials of Greece sold their people out for short term prosperity and gain. Now they are paying for it. Its not some big, bad bank conspiracy. Not everything is. In this case a country simply overspend its means.

Can I remind you that irresponsible banking practices in the USA triggered this collapse, or is that an inconvenient truth you'd like to rewrite too?
I suppose you'd also like to ignore the trillions upon trillions of fictional $'s in the global markets? This was money created from absolutely nothing, it's debt, backed by nothing, created by the bankers in their casino and then withdrawn from the system at will in the form of solid assets (cash, minerals, property). You cannot fill half a bucket of water up with nothing and continue to pour water out to repay the nothing that went in!

Can I ask you what the average wage is in Greece? How about the costs of goods and services in Greece? Do you know about the social ramifications of not retiring for a younger generation to take that job?

There are a hell of a lot of different things to consider when it comes to Greece, and you are trying to simplify it by stating they're lazy. That just doesn't cut it, and the vast majority of those here know that.

Originally posted by nightbringr
If you want to continue on about some big conspiracy, show me some proof.

Would you like to see the reports of the bailout money pumped into Greece going directly out of Greece to pay off German, American and other European bankers?



I'll end with just a few more words which will expose the core of the problem - fractional reserve banking.
Now imagine that on a global scale, industrialized into the trading markets, affecting billions of people around the world and every brick bank on the planet.

You claim to have some knowledge that the rest of us don't, just because you can state a retirement age. I'm sorry to say that you're not some kind of financial genius, you're boiling a very messy situation down to a very simplistic line of pro-banking propaganda.

IF the Greek banks can survive until the end of June, that will be when the real bloodbath starts.

The next debt repayment to the EU is due at the end of june, if the party that's expected wins the election a week or two before, they likely won't repay this, and go into default, forcing them to be kicked out of the Euro.

I'd expect a good 500+ point drop in the DOW when this happens.