Eric Cantona, former Arsenal player comes up with an idea to deal with the banks. He says if everybody went to the banks and withdrew all their money in the same day, the banks would collapse.
The date is December 7, and his got already several hundred thousands of followers who will do it...banks are a bit nervous.
I wonder: okay, everybody goes to their local bank and take all their savings out...then what??? Will that be positive for the economy, or just a pointless action?
http://www.thefirstpost.co.uk/71800,news-comment,news-politics,eric-cantona-sparks-campaign-to-cause-run-on-the-banks
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Cantona: what do you think about his plan?
Advanced Wordsmith
Quote by javier
Eric Cantona, former Arsenal player comes up with an idea to deal with the banks. He says if everybody went to the banks and withdrew all their money in the same day, the banks would collapse.
The date is December 7, and his got already several hundred thousands of followers who will do it...banks are a bit nervous.
I wonder: okay, everybody goes to their local bank and take all their savings out...then what??? Will that be positive for the economy, or just a pointless action?
http://www.thefirstpost.co.uk/71800,news-comment,news-politics,eric-cantona-sparks-campaign-to-cause-run-on-the-banks
Pointless unless everyone does it.
Eric Cantona played for Man Utd, not Arsenal
Pointless even if everybody does it ... banks don't have that much liquidity to be able to give everybody their money on sight like that! Most banks have a policy saying that if you want to withdraw more than a certain amount you have to tell them at least 72 hours ahead of time so they can arrange to have the amount there for you!
Active Ink Slinger
Bassman nailed it. Plus, if there was a run on a bank's liquidity the system is built to allow them to shut up shop temporarily. All it would do is cause a panick, maybe some Bank failures and then where would be be.
Unfortunately we NEED the regulators to deal with the hierarchies of the Banks to truly teach them a lesson - but they won't.
Unfortunately we NEED the regulators to deal with the hierarchies of the Banks to truly teach them a lesson - but they won't.
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"If history repeats itself, and the unexpected always happens, how incapable must man be of learning from experience?" - George Bernard Shaw
"If history repeats itself, and the unexpected always happens, how incapable must man be of learning from experience?" - George Bernard Shaw