Greek banks prepare to raid deposits.

a reply to: Rocker2013

The point a lot of people are missing is that these are individuals and families suffering not just a country. Honest hardworking people who have worked all the lives are being tarnished by the same brush as criminals. How is this right or legal? I have had many discussions with those people I meet daily and I have been hit with the same tripe about greece being lazy and deserving. Why are people falling for the stereotypes. All Irish must be drunks and all Americans stupid. Makes me angry.
I initially though all the fear mongering by European leaders would swing a yes vote. However the German finance minister has came out with a much softened approach. This is a indication that they might be thinking the no vote is more likely. He claims that a no vote does not mean a removal from the euro permanent.
Hoping greece can keep going and come through this with a no vote and stand tall and proud.

a reply to: liteonit6969


So this is what happens when the government runs the thing into the ground? Ah yes that was your money they were tossing around!

Socialist end game.

a reply to: liteonit6969

Once Greece does this why would anyone put there money in a bank from this point forward. I understand that some have to use banks but not enough to keep banks alive I would think...what am I missing.

originally posted by: Urantia1111
a reply to: Gothmog

So there really are no advantages to using a bank to store your money, only risk? Why does anyone continue to fall for this trick? What a scam. I think i'll go ask for all my money on Monday. Id like to keep it.

Do you understand how banks work, even at a basic level?

a reply to: Logarock

Well it wasn't the ordinary citizen who is queuing for their 60 euros.

originally posted by: Urantia1111
a reply to: liteonit6969

So when someone opens a bank account, is there some fine print somewhere which states that your money can be seized at the bank's discretion? I mean, what makes this "legal" and not simply "robbery"? You work and save and then the bank just keeps it? I think a move like that would mean blood and lots of it here in US.

The worst part is, this type of thievery is already set up to happen here and in the UK as well.

Few depositors realize that legally, the bank owns the depositor's funds as soon as they are put in the bank. Our money becomes the bank's, and we become unsecured creditors holding IOUs. (See here and here.) But until now, the bank has been obligated to pay the money back as cash on demand. Under the FDIC-BOE plan, our IOUs will be converted into "bank equity." The bank will get the money and we will get stock in the bank. With any luck we may be able to sell the stock to someone else, but when and at what price? Most people keep a deposit account so they can have ready cash to pay the bills.

It Can Happen Here

The Irony of this whole situation is how the World Leaders and Banksters who are demanding Greece fall into line are probably..no,.. Definitely, dodging tax left right and centre and have helped companies and individuals dodge 100's of billions in tax for decades. The Hypocrisy of it all enrages me no end.

When was the last time Greece invaded a sovereign nation, when was the last time Greece Bombed the crap out of a foreign nation. Greece bad, Everyone else Good. Grrrrrrrrrrrrrrrrrrrrrrrrrrrrr

originally posted by: Battleline
a reply to: liteonit6969

Once Greece does this why would anyone put there money in a bank from this point forward. I understand that some have to use banks but not enough to keep banks alive I would think...what am I missing.

You're not missing anything. If Greece has to confiscate deposits to keep the banks open, by doing so they'll also trigger a run on the banks which leads to more currency controls to keep them open. Furthermore due to leveraging rates, by taking deposits the banks now have much less capital to work with. A healthy leverage ratio is 10:1, no one is adhering to that anymore but it means that by taking 50 billion from the depositors the banks lose the ability to loan 500 billion. These days most banks are in the 35:1 range and given Greece's financial state they could be leveraged even higher. At 50:1 taking 10 billion would again take 500 billion in loans out of their economy.

It's a last ditch move where you end up ruining 75% of your economy rather than 100% of it.

originally posted by: liteonit6969
a reply to: stumason

When you say the piper has to be paid...who is this piper? Do you not understand that take away the illusion of money then society will work a lot better. This idea of money is merely a control tool.

You make a good point but I think money is more of an incentive tool than anything else. Money itself has no value other than what the "people" put into it. It is basically an incentive (motivator) for work to be done, for instance, would anything ever be built or manufactured if there was no incentive to make it? Would technological progress be stymied if there was no personal gain?

originally posted by: famcore
a reply to: stumason
Speaking of "living on other peoples' money too long", you know who else has been doing that? EVERY "developed" nation, ESPECIALLY the West.

The Greeks are just the first to take the hit for the murderous, greedy bank1ng cartel. Do you really think it's the Greeks' fault? If so, I think you need to do a bit more research

I don't think he was saying the west hasn't been doing that, I think he's pointing to the fact that this is what happens when you do that.

originally posted by: Gothmog

originally posted by: Urantia1111
a reply to: Gothmog

So there really are no advantages to using a bank to store your money, only risk? Why does anyone continue to fall for this trick? What a scam. I think i'll go ask for all my money on Monday. Id like to keep it.

As I said , it can happen here. And has in a way. Will it happen in the US? It will take an awful lot of financial collapse here to begin even thinking about it.
The issue with Greece was that their GDP was far less than the money owed. The government was busy spending money that they didnt have. Then borrowing money to pay just the interest that was owed. And they were cut in their credit rating down to almost bottom level. This means the more they were lowered , the more interest they had to pay on each loan. A sort of vicious cycle.

The day of reckoning for the currency ponzi scheme is at hand. By 2020 the USD will most likely be irrelevant and a greater axis of power will be in place.

The real question is when this happens what will each of you do?