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EU: People are withdrawing money
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  • FulgencioFulgencio

    spanish withdraw has happened after they nationalized bankia it is one more fraud of our goverment... the president of bankia, rodrigo rato, used to be minister of economy of their previous popular party goverment 8 years ago.. supossed to be a genious.. just like his father and older brother who went to jail years ago for ruining two banks... just like his grandfather who went to jail before for monetary fraud We are ruled by thieves.. not just spain.. all of us... awake

  • Mark_the_HarpMark_the_Harp

    @subco Good advice! There are always some skills in demand and it makes for a more interesting life. I just wish I understood the bigger stuff that's happening!

  • DazzaDazza

    So if this is true how long till a total financial system collapse? People are withdrawing physical cash or just transferring over to overseas banks? The implications of both are a little different.

  • johnnymjohnnym

    Thing is : technically many banks (and more every day) are now largely national banks. But the profits they make don't (yet) go to the nation as the largest shareholder/insurer, but are being extracted from the company as salaries and bonuses.

  • ahblezaahbleza

    Here's a great BBC documentary on Euro debt crash

  • halliahallia

    Just joined. Hey everyone. Pleased to see another favorite topic of mine besides camera hacking resides here - Our failing money system. To add a few ideas:

    Big mistake No1 - Currently we treat the tool to measure the value of things (money) as just another commodity. Currencies are traded, loans are packaged and traded, company shares are traded, all with the goal to make more money from, well, money. So the measuring unit is measuring itself. Feedback. Iiiiiiiiiiiiiiiiii....

    State debt solution: More and more banks will have to be 'bailed out'. So let's 'loan to own' them as the vulture funds call it. Public rescue money - fine, but then they should be owned by the public. That achieved all over the place, we, the new owners can just delete all state debt multilaterally. Don't matter if some country has to delete more than others. It's all just numbers in computers which have lost any connections to real values anyway. Who's gonna loose?

    Money is too important a tool to leave it's creation in the hands of profit-seeking private companies. It needs urgently to be democratized. How? Ideas?

  • luxisluxis

    @Vitaliy "My position is simple - ban all cash. Next - nationalize all private banks" amen!

    finally i can figure out your position on some issues ;)

    Just one problem though, again is the human factor...Greed will creep in sooner or later. I have seen it before. But seriously, in a moment like this, a little bit of state regulation and taking the matter in its own hands(the state) . Otherwise we might see a failed ones. About Greece, people might come to their senses and stay within the euro even if the measures prosed are totally unfair and the one responsible for the mess are not going to pay for it(again and again...). And a "safety valve" proposition is to nationalize for a limited period of 3-5 years most of the petrol companies in Europe. Immediately cut down price, at least the extra percentage of speculation. Reduce the stock exchange margins in the trading of oil.(ok maybe dreaming here, i do realize nobody has the balls to do this and even if he/she does, their life span expectancy will be reduced greatly:\

    In some places in Europe the gas is at almost 2 euro per litter! make this 1,50- 1,20 and a big boom in spending will come back resulting in all kinds of growth in this credit based(menace) economy/society.

    Why is media not reporting the withdraw form the banks? well,maybe its better this way or we might directly go into the 1930s and a few precedents before, due to the media frenzy.

    on personal note, i am broke, so can i get more broke and how do i transfer my zero euro to a safer bank,hm? ; )

    @subco this is my only capital as you suggested.

  • Vitaliy_KiselevVitaliy_Kiselev

    Just one problem though, again is the human factor...Greed will creep in sooner or later.

    Human nature is quite complicated thing. But in one state bank, with total transaction tracking, it is much more easy to minimize human greed. Add here big personal responsibility. Totally different approach to accounts. And you have working system.

  • luxisluxis

    @Vitaliy I agree, but yet, it depends also on who and how is running the state. Unfortunately, we come back to politics(left, right, center ; ) and if you have a "little" time : )

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  • luxisluxis

    clearly stated problems with clearly stated answers:

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