Europe: Bankrun on 7th December 2010

reply to post by SonOfTheLawOfOne

How? This is much more complex than it seems...

Maybe they want us to believe this is complex, when it isn't.

Banks are simply lending other people's money to corporation for advancement.

How is that complex>?

That is all they do, and in the process they suck all our money out through complete unfair interest.

We need to invest our money directly, rather than letting the bank invest for us and gain 200% profit.

We don't need banks, banks are just accessories like a deldo, why would you need deldos if you have men

Sorry for the rude analogy but you know what I think of banks, I hate them.

I see a lot of you find it stupid and impossible to withdraw all the money from your bank account.

This is somehow true for there are alot of things connected to and in need of a bank account (automatic payment of rent, fees, whatever)

But the activists of this initiative tell the participants/readers that they can also just change their bank. Using a social / local bank, that's not part of an international bank/cooperation, will have a similar effect.

As some pointed out here before this will (optimistically) help the local economy.

Imho, i think this is a better way than just storing your money at home.

Furthermore i think the important thing of such an initiative is the message it sends out:
"you ignore our strikes/demonstartions? Well here are our new plans of getting your attention. If this fails or is not effective enough, we might come up with other plans."

Imho again, the laws that allow you to strike/demonstrate are made the way it will hurt the strikers in the end more than those who caused it and they'll just go home and forget about it. Mostly because they get not paid, get tired, etc... Noticed that the gov. response to strike is almost always the same? Let it happen till they grow tired and go home...if needed postpone the decision on what they strike/demonstrate for, and after the tension decreased, do it anyway the way we (thegov.) want it.

This is a double-edged sword. If you want to push a bank into bankruptcy, a run on deposits is a good way to do it. It happened in the 30's based on mere rumor. Central banks can only print so much paper currency in a given amount of time. What happens when the currency reserves run out and then the banks have to turn customers away? The TSHTF. The big international banks don't as a rule bother with individual deposits. They are more for commercial deposits, so it's the local banks that are likely to get hammered. Having said all that, if it were to happen in a big way, it would certainly get the attention of the PTB.

I nearly overlooked this post, but stumbled in and was quite surprised. Whilst I agree tptb need a good ole shake up, if banks collapse because of a 'bank-run' won't it be the common person bailing them out again in tax increases etc. I'm all for the motives behind it I'm just concerned that it's not as simple as it sounds and we're all gonna end up paying in the long run - somehow I fear we won't get the last laugh on this.

I for one intend to join StopBanque and spread the word here in Greece.

When a wound becomes infected, sometimes a painful amputation becomes necessary to save the patient. Of course a physician must then ensure that the patient doesn't bleed to death, and that the amputation wound doesn't become infected. Here is where a plan for 'the aftermath' comes in, so that the livelihood of the population doesn't hemorrhage and the good intentions of the seizure don't become infected (trading one corrupt hierarchy for another). I for one plan on buying large quantities of organic seeds and fresh water.

Originally posted by oozyism
reply to post by SonOfTheLawOfOne

 

How? This is much more complex than it seems...

Maybe they want us to believe this is complex, when it isn't.

Banks are simply lending other people's money to corporation for advancement.

How is that complex>?

That is all they do, and in the process they suck all our money out through complete unfair interest.

We need to invest our money directly, rather than letting the bank invest for us and gain 200% profit.

We don't need banks, banks are just accessories like a deldo, why would you need deldos if you have men

Sorry for the rude analogy but you know what I think of banks, I hate them.

It's not that I don't agree with you on your points, because I do... BUT...

As others have pointed out, ripping out the banks from under the economic platform would bring the house of cards falling down and create utter chaos. We know that, and maybe that is an acceptable consequence of the changes that need to be made. But a better question would be to see if there is a better way? Is there a way to keep the banking infrastructure standing without bringing everything down?

What comes to mind is a reversal of the roles.

People who put their money in the banks to be loaned out and used as investments should be getting 20% interest like the banks do now or if using several people's money, they all get a cut. The banks should be making 1-2% (if that) to run their operating costs and be adding that percentage to the loans and investment packages. It's all a bunch of fancy math, so I'm sure someone who isn't greedy could work it out in our favor instead of the greedy elitists, but there still has to be some trigger or jumping-off point to create the circumstances needed to put that kind of system in place. I feel like we're teetering on that point but it just hasn't happened yet. IMO, I think that's the only thing that will work to de-fang the blood sucking banksters in a way that doesn't result in a full-on revolution. And even then, would it be enough to keep them from finding a different way to enslave us?

~Namaste

There is a middle ground. Instead of running ALL banks I suggest people withdraw all their money from the large banks and all theior subsidiaries --- most especially those that received bail-outs, and deposit that money in small local banks.

Back in the day it was the local banks that loaned money for homeloans and businesses. They didn't sell those loans. They were kept right there until paid-off. People actually knew their bankers. It wasn;t teriibly unlike what you see in the movie, 'It's a Wonderful Life'. Where things went wrong is wehn Wall Street got involved and made loans into investment products. We need to go back to independent, community-based local banks. Find one in your town and put your money there.

reply to post by SonOfTheLawOfOne

People who put their money in the banks to be loaned out and used as investments should be getting 20% interest like the banks do now or if using several people's money, they all get a cut. The banks should be making 1-2% (if that) to run their operating costs and be adding that percentage to the loans and investment packages. It's all a bunch of fancy math, so I'm sure someone who isn't greedy could work it out in our favor instead of the greedy elitists, but there still has to be some trigger or jumping-off point to create the circumstances needed to put that kind of system in place. I feel like we're teetering on that point but it just hasn't happened yet. IMO, I think that's the only thing that will work to de-fang the blood sucking banksters in a way that doesn't result in a full-on revolution. And even then, would it be enough to keep them from finding a different way to enslave us?

I have thought about that, but you have to think, will the arrogant elites allow such a change? When they have the politicians in their pockets?

We can't do much, we can tell them, hey, if you want my money, then change the rates, that will be the same as this bankrun??

So we are back to square one.

If they do make it more fair, then good, if they don't, let it collapse, and let the chaos begin, and in the midst of that chaos let a new system rise.

reply to post by TheDeader


Those crowds may have seemed large, but I suspect French people are as intelligent as anyone and know that the State can't give you money if they don't have any

It will just be same crazy Anarchists running on the banks and they don't have any money anyway. If the entire Entitlement culture emptied their accounts tomorrow, nobody would notice.

I found an article online and it appears to
be a threat to us commoners about
attacking the banks and bankers.

"We are Wall Street. It's our job to make money. Whether it's a commodity, stock, bond, or some hypothetical piece of fake paper, it doesn't matter. We would trade baseball cards if it were profitable. I didn't hear America complaining when the market was roaring to 14,000 and everyone's 401k doubled every 3 years. Just like gambling, its not a problem until you lose. I've never heard of anyone going to Gamblers Anonymous because they won too much in Vegas.

Well now the market crapped out, & even though it has come back somewhat, the government and the average Joes are still looking for a scapegoat. God knows there has to be one for everything. Well, here we are.

Go ahead and continue to take us down, but you're only going to hurt yourselves. What's going to happen when we can't find jobs on the Street anymore? Guess what: We're going to take yours. We get up at 5am & work till 10pm or later. We're used to not getting up to pee when we have a position. We don't take an hour or more for a lunch break. We don't demand a union. We don't retire at 50 with a pension. We eat what we kill, and when the only thing left to eat is on your dinner plates, we'll eat that.

For years teachers and other unionized labor have had us fooled. We were too busy working to notice. Do you really think that we are incapable of teaching 3rd graders and doing landscaping? We're going to take your cushy jobs with tenure and 4 months off a year and whine just like you that we are so-o-o-o underpaid for building the youth of America. Say goodbye to your overtime and double time and a half. I'll be hitting grounders to the high school baseball team for $5k extra a summer, thank you very much.

So now that we're going to be making $85k a year without upside, Joe Mainstreet is going to have his revenge, right? Wrong! Guess what: we're going to stop buying the new 80k car, we aren't going to leave the 35 percent tip at our business dinners anymore. No more free rides on our backs. We're going to landscape our own back yards, wash our cars with a garden hose in our driveways. Our money was your money. You spent it. When our money dries up, so does yours.

The difference is, you lived off of it, we rejoiced in it. The Obama administration and the Democratic National Committee might get their way and knock us off the top of the pyramid, but it's really going to hurt like hell for them when our fat a**es land directly on the middle class of America and knock them to the bottom.

We aren't dinosaurs. We are smarter and more vicious than that, and we are going to survive. The question is, now that Obama & his administration are making Joe Mainstreet our food supply…will he? and will they?"

www.businessinsider.com...

reply to post by boondock-saint

Hey boon_dock, thanks for that, that god me fired up.

reply to post by Mdv2


I hope it collapses and angry Americans armed with home made rusty nail spiked truncheons are seen chasing DC mafioso/Fed banker gangsters down the street. If the US govt can murder people extra judiciously, they should expect the same due process, or lack thereof, returned.

Growth comes from pain.

Besides, if you're ready for such a collapse.. it won't be too bad relatively speaking. We don't just owe it to ourselves to erase both parties and the federal govt, we'd be doing humanity a favor.. millions of innocent families are suffering/have suffered thanks to lies told by US party leaders.. they all need to go and since not a one, minus maybe Ron Paul, have an ounce of virtue, honor or soul.. they won't step down and sacrifice their power/millions for the greater good... So it's up to the American people to "lead" the world by example or IMO we'll end up like 1940s Germans one day and face the wrath of those we allowed our govt to harm.

I also found this

[atsimg]http://files.abovetopsecret.com/images/member/55c92699fe6a.jpg[/atsimg]

and this

www.thisislondon.co.uk...

I am NOT advocating or inciting violence
just posting info I found on the net
as it relates to this discussion.

reply to post by TheDeader


It is dangerous, but the time may have come for people to decide if they want a world they can tolerate now or a world their kids can actually love later.

The modern way of life is a complete fraud. It didn't exist when our grandparents were growing up, it was still in its infancy when our parents were growing up, and now we are finding out that it's a big dangerous animal whose only function is to fatten us up and then devour us.

It needs to be made extinct. If we cause that to happen, we will starve. That's a fact. We will experience a depth of misery we can't even fully appreciate if we do what is necessary to get our world back. But we won't spend the rest of out lives having strips of bacon cut from our backs every time the elite get a hankering.

If I had any money to take out of the bank, I'd be on board for a bank run in the US too. Those who are still being lied to will not fully comprehend the need to act until someone actually shows them that the bank has given away their money and is no longer able to give it all back.

Well, normaly I am not really an activist.... but I have to say that I agree with most of you. The banks started the whole economical crisis in the first place..

Our government ( the dutch ) are saying for years by now that they will lower the staf, directors wages, but still they receive more and more money and also receive a couple of miljion euro when they leave ! And that in a time where there are so much people still without a job. So yes, in the end this may well be a solution... Times must change.

Still, I don't know if mentioning a date before the event will happen is that wise.... If I would start something like this I would not share the date of the event on the world wide internet were everybody including the police could read it.

reply to post by boondock-saint


Nice catch. From what I see in their article, they are incredibly heartless and blinded. They may brag about a 14k Dow and 401k growth, but they fail to explain WHY those levels were reached. All that 'profiteering' was during the time of toxic MBS, global derivitives and hedge bubbles, and gross over leveraging of assets via the Fractional Reserve Banking mathematics. It was only good on paper, and when the time came to pay out, the debts started stockpiling. Maddoff was a prime example of the wall street shuffle. The $800B TARP financially enabled the global players, while our measly $160B stimulus package was a smack in the face. And more than likely that tiny check we all got went right back into the banks to catch up on bills and mortgages. It's proof that trickle down economics is vastly crippled. What I see as a giant flag now is the profoundness of a jobless recovery. What I see going on is the Wall St cult are using American assets to invest in overseas ventures and currencies. They're growing the stock markets at the expense of desperate American investors. The vacuum of capitalism is gushing out in foreign markets via international banks and corporations. It is why the dow is over 11k and unemployment/underemployment is nearly 18%. There is a huge profit in reduced labor and import/export shams. The Free Trade Virus as we know it. We're losing our ass on this hype and it's time to plug the dyke.
Our time to collapse the international banks is at hand. We need to sever the ties with them and promote our local economies by keeping our money local. Big banks and international companies funnel our money into offshore accounts which artificially supports our local GDP. Those financial giants are on the edge of collapse already because of ForeclosureGate and they need solid assets more now than ever. If we pull the rug out from under them, they will have little choice left but to abandon their US presence.
Everything we do will undoubtedly have large impacts on our economy, but then again, everything THEY have done have had large impacts on our economy. Big difference is, THEY hold the reigns and not us. It's time...

reply to post by boondock-saint


Wow, nice find indeed. However, it's empty threats and self-aggrandizement from people who honestly do not get it. Eat what they kill my butt. They eat what we make for them. And we can put whatever we want in it. They had better remember that.

I would be more than willing to participate, however my bank account is already at Zero, Has been at zero for over a year, I doubt I still have an account, I have not checked on it.

For the people saying it won't work, because of central banks etc.. Isn't that the reason they sold the idea to the US government for having a central bank? It would just come to show everyone that having a central bank had different purposes. From what I understand Central banks, privately owned by those foreign interests, would prevent such catastrophic events like what our country experienced. Or was it to prevent bank runs. Hell I'm confusing myself.

If anyone can correct me, I would greatly appreciate it I would like to better understand this. This situation in it's entirety is simple, but not without it's hidden complexities, atleast for me.

reply to post by Majestic Lumen


Believe it or not, if you leave your bank account at zero, they don't cancel it. They run it into the negative with fees that can stack up into the thousands in the course of a month or two, then borrow against the imaginary debt.

My brother was overdrawn and busted by fees. So he paid the fees, left his account at zero, and never went back. Later he got a notice that he owed several thousand dollars. They hit him for monthly services fees and stacked up daily overdrafts for being overdrawn by the amount of the fee. He cashes his checks through family members accounts when he can't find a check cashing place now, and walks around with several hundred bucks and a knife everywhere he goes- and so far that's the most secure way to keep his money that he has ever had.

Originally posted by SonOfTheLawOfOne
I think you're on ATS also, so that must include you?

Just curious... what qualifies you as the "genius" in economics that you feel compelled to insult someone?

Why not just better explain your position stated above and perhaps explain how your above statements demonstrate a benefit to anyone other than the elitists and corporatists?

~Namaste

As you wish, so shall it be done.

You're right, I am part of ATS, thus perhaps I am part of the "economically ignorant crowd" that I insist exists here on ATS, but I am learning.

Saving is closely related to investment. In economic terms, to achieve equilibrium output, leakages must equal injections. Injections into the economy are seen as Government spending and Investment (and net exports). Leakages are Saving and Taxes (and net imports if there is a trade deficit). How everything in the economy is closely related creates very intricate and complex situations, and I will not claim to know everything because I indeed do not. However, I must emphasize that I in no way condone the hyper-consumption attitude or the tyranny of corrupt banking systems and large corporations. But the truth is, the numbers do not lie and to deny ignorance means not jumping on the bandwagon even if something sounds theoretically good. In this case, we have many people thinking that "brining down the financial system" will be a good thing or that it will end self-interested corporatism.

Let me tell you this: a complete destruction of the current financial system will not alter selfish human nature. Those who have power only exhibit what we would if we were in the same position.

But back to the economics: Banks are able to loan their assets to corporations based on a multiple of the amount of deposits that are in their system. In turn, Banks can loan this money to businesses for the businesses to invest into capital. In the GDP equation, (Y=C+I+G+(Nx)), this increases I and ultimately Y, holding interest rate and money supply constant. If an entire country decides to withdraw their money from demand deposits (checkings accounts, etc), then perhaps there wouldn't be as great as an effect as if an entire country decided to withdraw their savings and more liquid investments as well. Because these are not counted in the money supply, the sudden demand for money would increase and your interest rate would rise holding money supply constant. Why? According to the Investment/Savings and Liquid/Money curve relations, when the demand for money goes up, it drives interest rates up (just think: money becomes rarer than it would be at equilibrium, thus is worth more). When interest rates rise, Investment goes down, lowering GDP/Y (income). This is not a good thing.

Of course this is just what I interpret could happen from my limited knowledge, but from a page or two back, I had seen a professional economist had already given his opinion, which I guarantee is much more accurate, correct, and detailed as opposed to mine.

But I would like to stress the fact that this sort of measure that the French people wish to take won't help anything. My main problem is how easily people will jump onto the bandwagon here on ATS of essentially doing anything that sounds like it could potentially hurt "the system" when in reality, it's just a sensationalist, ill-thought out group of actions based on making the individual feel good, as if they are actually going to make a difference In truth, we could all go to the bank in withdraw all our money, but in the end, we may hurt the big bad evil corporations and bankers, but we also hurt ourselves. Do you have a roof over your head? Food to put on your table? An internet connection? A job? Friends? Someone to love? If so, why complain? Because you have to pay taxes? Because you have to work to earn your living? I can understand the disdain people have for those people who take large sums of our money and do nothing intelligent with it, as I share in many anti-corporatist ideologies, but simultaneously, the community of ATS should strive to endorse and consider intelligent options, not simple options that give you a sense of unity among the rest of the proletariat and ultimately a warm fuzzy feeling inside when really more harm than good is being done.