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Bank runs starting in China


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Posted (edited)
26 minutes ago, Craig said:

Britain... 

Sad but true. What savings I have are scattered around several banks and I'm stranded overseas for the next few months (my choice - better than being stranded in UK !), one of the first things I'm planning to do when I get back to the UK is try to get the money out of the banks while its still worth something.

Edited by Andersen
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I'm not sure we'll see bank runs in Britain any more. The Northern Rock run was mostly oldies with lots of cash savings, who understood the concept of bank failure. Many of them will be dead now and their money spunked away by their boomer offspring. If most people are in debt they're not going to bother queueing up for hours to get their overdraft out. Plus there's the FSA protection.

I do think runs are likely in other countries though, probably Italy which I think is going to 'go Greek' fairly soon.

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Posted (edited)

If I heard a bank/building society was in trouble I would be quick to take any savings out and put it temporarily in a current account of a safe bank as it would save the risk of any future hassle and it would make little or no difference being in a zero interest rate current account as savings rates are in any event almost zero.

Edited by twocents
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6 minutes ago, twocents said:

If I heard a bank/building society was in trouble I would be quick to take any savings out and put it temporarily in a current account of a safe bank as it would save the risk of any future hassle and it would make little or no difference being in a zero interest rate current account as savings rates are in any event almost zero.

yes, take seconds to transfer money online, I'd do it at the first sign of trouble, why wouldn't I? all very well the FSA protecting your money, but it could take weeks and be a real hassle. Something that can be avoided quite easily.

You won't see queues outside banks until all the money has gone.

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5 minutes ago, snaga said:

yes, take seconds to transfer money online, I'd do it at the first sign of trouble, why wouldn't I? all very well the FSA protecting your money, but it could take weeks and be a real hassle. Something that can be avoided quite easily.

You won't see queues outside banks until all the money has gone.

First control is to limit the amount you can transfer electronically.  Those stops are already in place in almost every bank and have been for years now.

Second is to make you go into the branch for any transfers over, say 500 quid.  Call it a security check.

Third is no withdrawals over X amount by any route..  You're fucked then.

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They tested a bit of confiscation in Cyrus a few years ago.  Don't know how that translates now, not when "we're all in it together" this time and not just trying to teach some people a lesson.

Plus all those trillions in tax havens, surely that would be one of those moments that could be stirred up into French Revolution/ gullitines type scenario. 

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3 minutes ago, Dogtania said:

They tested a bit of confiscation in Cyrus a few years ago.  Don't know how that translates now, not when "we're all in it together" this time and not just trying to teach some people a lesson.

Plus all those trillions in tax havens, surely that would be one of those moments that could be stirred up into French Revolution/ gullitines type scenario. 

Happened over the weekend didn't it? With the banks closed on the Monday for the "bail-in". Now they would steal it by printer going brrrrr and just making the same value worth half.

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Just now, eta-carinae said:

Happened over the weekend didn't it? With the banks closed on the Monday for the "bail-in". Now they would steal it by printer going brrrrr and just making the same value worth half.

That's true, when you have harnessed alchemy nothing else needs done

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54 minutes ago, wherebee said:

First control is to limit the amount you can transfer electronically.  Those stops are already in place in almost every bank and have been for years now.

Second is to make you go into the branch for any transfers over, say 500 quid.  Call it a security check.

Third is no withdrawals over X amount by any route..  You're fucked then.

yes, which is why it is important to panic first.

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