BankRun2010

Jimbo Mahoney

Jimbo Mahoney

Jimbo Mahoney

Soldato
Joined
18 Oct 2002
Posts
6,672
Just came across this while perusing my lunchtime financial news websites:

http://www.bankrun2010.com/

(I've done a search to see if it's been posted on OcUK yet, but can't find any).

I'm also trying to work out the pros and cons of this. On the surface, it seems like a nice way to get back at the banks, but if you dig deeper, is it actually going to end up doing more harm than good?

I'm neutral on the matter at the moment, just trying to figure out how to play it. Interested to hear both sides of the argument and I know that you, the good people of OcUK will oblige with the usual onslaught of responses.

:D
 
Our Govts. can't stop the Banks, we probably can but Millions of lives would be lost from the absolute chaos that would ensue for a few decades until a new system emerged. :(
 
Stopped reading after it said take out all your money from the bank. I think it's nice how we all blame the bankers yet let the previous government go about their business as if they did nothing wrong.

Those greedy, greedy bankers!
 
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That's retarded.

Clearly people don't understand how the banks work. Your money isn't in the bank, and it's not supposed to be. It's supposed to be lent out to borrowers. If it wasn't, there'd be no point to banks existing. Banks can't possibly have enough money to pay out all accounts at once, because to do so they'd have to recall all their debtors, which would destroy all the businesses who'd borrowed from the banks and then we'd be really ****ed. You don't keep your money in the bank, you loan it to the bank, in return for security, interest, ease of use, direct debits, debit and credit cards, etc.

Honestly, it's so ****ing stupid.
 
doofer said:
Our Govts. can't stop the Banks, we probably can but Millions of lives would be lost from the absolute chaos that would ensue for a few decades until a new system emerged. :(
Click to expand...

"The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inert, so hopelessly dependent on the system that they will fight to protect it."

Most people today are too stupid to survive a life that doesn't involve being a 40hr a week slave.
 
If you were to do a run on a single bank, this might work, but only on that bank. Bank of england would probably just kick in a loan to cover time to bring in existing loans.

However, it will completely fail, just think of the logistics. Branches will run out of cash, cash machines will be depleted in just hours, and all it will mean is a load of hassel for people who are after money for a real reason.

Also, as the banks will know this is a temporary protest, the markets will not react in the same way, and the banks will remain viable, and investors confident.

Hence, there will be no real affect?

I am a financial novice, but thats my understanding of the whole thing?!
 
On the website they state that their aim is for a Citizen's Bank to be set up. Why not just set that up instead? If it is so good people will flock to it and you manage to create your system.
 
vonhelmet said:
That's retarded.

Clearly people don't understand how the banks work. Your money isn't in the bank, and it's not supposed to be.
Click to expand...

But surely thats the point, people do know this and thats the reason for the request for everyone to withdraw the money from the banks. People know that they do not have the reserves to meet the demand and would put the bank into crisis. Hence a run on the bank. its the whole point.

Also i would assume if this did happen a bank could not just recall all loans etc. The loans have been provided under terms and conditions that would need to be adhered to. The bank couldn't just decide to call in the whole amount I wouldn't have thought?
 
Malakite said:
But surely thats the point, people do know this and thats the reason for the request for everyone to withdraw the money from the banks. People know that they do not have the reserves to meet the demand and would put the bank into crisis. Hence a run on the bank. its the whole point.
Click to expand...

What good would that do?
 
Now I wouldn't consider myself financially clever, but surely this is a horrible idea. It won't work?

And if it did work, it would pretty much **** the country?

So... either it won't work, which it won't, or it will ruin all our lives.

That'll teach those greedy banks!
 
Malakite said:
But surely thats the point, people do know this and thats the reason for the request for everyone to withdraw the money from the banks. People know that they do not have the reserves to meet the demand and would put the bank into crisis. Hence a run on the bank. its the whole point.
Click to expand...

A bank should never have enough money to meet the demands of everyone withdrawing simultaneously. If they did, then it would mean they were not loaning anything out, which would defeat the entire point of the bank.

Malakite said:
Also i would assume if this did happen a bank could not just recall all loans etc. The loans have been provided under terms and conditions that would need to be adhered to. The bank couldn't just decide to call in the whole amount I wouldn't have thought?
Click to expand...

Of course they couldn't. That's why they can't meet the demands of a full withdrawal.
 
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