December 7 Is The Unofficial Pan-European Bank Mutiny Day

Tyler Durden's picture

After German blog "All is Smoke and Mirrors" floated an idea of an organized bank run (something attempted previously in the US without much success) in France in response to French austerity protests (which have resulted in no gains), the effort has since expanded to a pan-European organized bank run day on December 7, 2010, and has metastasized to Italy, Germany, the Netherlands, the UK and Greece. We are confident that very soon the rest of Europe, which is currently gripped in a climate of extremely unpopular austerity, will join in this symbolic protest against banking, which unlike the US, may just succeed, considering the European banking system is in total shambles, and in far worse shape than its American counterpart.

Since virtually all actions in 2010 by the global central banking cartel have been geared toward stabilizing the European banking system which continues to wobble on the edge of a complete systemic collapse, perhaps the marginal withdrawal of a few billion in deposits could be just the straw that forces a reset first in Europe, and shortly thereafter in the rest of the globalized developed (and then developing, proving what a joke the whole concept of decoupling is) world. As America has demonstrated so very well, 25 weeks of consistent withdrawals from domestic funds (sorry CNBC, there have not been inflows yet, confirming yet again that fact and propaganda don't mix yet) have resulted in a quarter in which bank earnings were simply said crushed. Had Americans followed through and withdrawn their deposits from banks it would have been the final straw. Luckily, the lack of organization among the US population gave the US banking system a reprieve. In Europe things are different: banks are not as reliant on trading, however, they are far more reliant on a stable deposit base to sustain the Ponzi. Therefore, even a partially successful withdrawal campaign could have far more dire consequences to the continent's banking system, and bring the financial system to its proverbial knees.

And before some accuse the blog's activism of some vile form of megalomaniacal quackery, we should highlight that the action has already been noted by such reputable newspapers as Suddeutsche Zeitung. Furthermore, in just 24 hours 1,500 readers have pledge their support to the action's various Facebook support sites, and another 48,000 are on the waitlist. We hope that more alternative media (the mainstream will unlikely support such a radical venture) catches on, and more Europeans realize they have all to gain and little to lose from forcing the balance of power to shift away from the banks, and into the hands of the people.

As for those who wonder why Europe's banking is much more fragile from a deposit base perspective, we present the graphic below comparing asset bases of American and various European banks: since both Europe and the US have roughly comparable GDPs, one would assume that the two regions' banking systes would have the same asset bases. That, however, is completely wrong. In fact Europe's asset base is roughly ten times, if not more, as great, even as it supports an economy the same size as that of the US. Which is also why it is far more unstable as the marginal utility of every deposit dollar goes that much further via the fractional reserve banking model, and supports that many more assets. In other words, every dollar withdrawn in Europe would have roughly the same impact as 10 in the US.

Which is why this action actually has a chance of success. And even more so that when it comes to political activism, Europeans tend to be far more ready to participate in joint causes, unlike their apathetic US brethren, who are perfectly content to watch the world series and collect their unemployment checks (soon expiring).

Perhaps in a jesture of poetic irony, some two hundred years after America showed the "Old World" what miracles an emancipated and ambitious population can do when it revolts, it will be the Old World's turn to return the favor, and rebel against that most destructive of concepts ultimately created by this splinter experiment from across the Atlantic: Central Banking and a fiat system in which money literally grows on trees.

For our European readers who wish to participate in this experiment, below are the various facebook support pages:

h/t Kyle

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metastar's picture

And the criminal, corrupt, and illegitimate money systems of the world will simply change the rules and/or print more money to crush the masses.

Still, such a bold action by the people would result in an ultimately positive change.

Good People of Europe. The US Resistance to Banking Tyranny Supports You!

Herd Redirection Committee's picture

That is not true.  If we withdraw our faith in their system, then the system fails.  Sure, they will be in position to replace the system,  but if we resist that, then a large victory will have been achieved.  Let us cross that bridge when we come to it! 

Check out PsychoNews, we have just started a series on 'Misconceptions: Hyperinflation & The Oligarchy", where we expose the myth of an all-powerful ruling elite, among other things.

Herd Redirection Committee's picture

To clarify, there is definitely an elite, but they are not 'all-powerful'.  Didn't want it to sound like the elite themselves are a myth.

Anton LaVey's picture

On the morning of December 7th, all the European banks will simply say: "You cannot withdraw more than one thousand (1,000) Euros per person and per account - and only if you have called at least 48 hours in advance".

End of story.

Please note that this is pretty much already in place - my [European] bank has a big sign up front telling you they require a 48 hour notice for withdrawal of more than 5,000 Euros in cash.

A much more interesting form of action would be to withdraw a large sum of cash every month to keep in your own pocket - which is what I have been doing for the past 6 months now.

Another would be to use that cash to buy Gold and Silver. Which is (surprise!) also what I have been doing.

Apart from that, yes, I'd love to see a lot of these corrupt bankers receive a well-placed kick in the pants.

Al Gorerhythm's picture

Yup. Who's dumb enough to wait around for the long lines to appear. I'll be stuffed if I'm going to camp out on that day, waiting for the banks to open. I'll leave that to the Johnny(Bravo)-come-lately, true believers.

Clark_Griswold Hedge Mnger's picture

Well then people should start pulling out 1,000 or 2,000 euros on a day that week.

Get a nice steady stream of folks popping in for some play money to go.

Wouldn't it be nice if folks here in the US got themselves organized enough to do something like this.

And the icing on the cake would be if everyone ordered just 1 silver coin and ask for delivery.  That would make for some interesting headlines.

Anton LaVey's picture

Make that 10 silver coins, and you have an even more ... ahem ... "interesting" situation.

I recommend the beautiful (and still cheap) 50 Francs "Hercules" coin:

I bought a large number of these beauties recently, and they do look very good.


Clark_Griswold Hedge Mnger's picture

I would agree,

I've pulled a decent amount of cash out recently, bought some nice shiney metals to add to the pile, expecting delivery any day now.


It would just be real interesting if you could get a high number of people to just all do it on the same day.  You know, if you take out 100-200 bucks for pocket money for the week, double it, then place a little order of PMs with a "Deliver it Bitch" for good measure.


You have China, pulling back rare earths; they are limiting silver exports and actively encouraging people there into metals...with a billion plus people there not all actively doing that, but you still have enough noise as it were to make it very interesting.

jus_lite_reading's picture

According to my source in Germany, many people who are joining this movement are planning on withdrawing well in advance of December 7th. I'm certain however, their gov't will intervene and perhaps start charging penalties or come up with some scheme which may curb a few weak hands. On the other hand, this movement is catching on quietly and many people are converting their Euros into gold coins.

I fully support their cause and hope the US joins them!

DoChenRollingBearing's picture

ZH-er Village Idiot and I tried cheerleading something like that earlier this year.  Big yawn, but I will be watching.  And I would most certainly be happy to see the idea get some traction here in the USA.

Village Idiot's picture

Thanks for the hat tip, DoChen.  Those were grand days.  I still have some matches, btw.

Fish Gone Bad's picture

Perhaps DoChen was just a little before his time?  I am a big fan of keeping a whole pile of cash in a safe. 

flacon's picture

NO, you withdrew $200 + extra in derivatives. The beauty of Fractional Reserve Banking on steroids.

jus_lite_reading's picture

Actually, his $20 deposit is leverage out to an astounding $720 in derivatives. Now think of all the unwinding that will need to take place...



Clark_Griswold Hedge Mnger's picture

and while you think about how much to $ protest with on Dec 7th.

Take a look and google HR4646... for some pleasure reading.


This little nugget is waiting in committee for our fabulous soon to be retiring lame duck members to come back to and vote on.   Sort of a parting F@ck You to the folks back home who voted you out.

RockyRacoon's picture

I participated and am much happier at my new local bank!  They call me by my first name when I come in and the branch manager comes out of her office to say hello.  All it takes is a little momentum and being sure they get the new checks right.  But, that would mean getting one's fat ass out of the computer chair and going outside (hopefully after showering).

traderjoe's picture

I shave on Tuesdays and fridays. My mom does my laundry on Fridays and makes a nice lunch of chili mixed with fritoes, cheese, and onions. I find that is my favorite day to leave the basement for errands...

Fish Gone Bad's picture

Chile + Fritos + Cheese + Sweet onions is definitely one of my comfort foods.

RockyRacoon's picture

We call that a Frito chili pie.  When I was in grade school the local drive in (which I had to ride my bike to) would just open the Frito bag and dump the chili, cheese, and onions on top of the chips.  Stick a plastic spoon in it and there ya go!

chopper read's picture

that actually sounds pretty damned good around a campfire. 

Al Gorerhythm's picture

"I participated and am much happier at my new local bank!  They call me by my first name when I come in and the branch manager comes out of her office to say hello."

You surprise me RR. I would have thought you would be the first to deny the banks your savings, period. Unless of course you are just in the mood for change. Why would you (other than the obvious reasons of Electronic Transfer of Wages) enter the foyer of any of these fractional reserve destroyers of savings?  I hope not just because they call you by your first name.

I guess we are all in the situation where we have to suck on the teat of the private banks so as to get our wages. All credits have to be transfered through them (for a fee of course). 

However, I no longer see the relevance of banks. Just as the banks set up MERS so as to avoid the county fees, why can't our bosses establish a database where they can electronically transfer our wage credits (backed by profits}, to a central data base, no fees attached. Nearly every transaction is an electronically paid credit, so why not circumvent those turds, (sorry Ferguson) altogether? What is their use if they don't operate on a cash basis in these electronic ages?

RockyRacoon's picture

Banking, as a general concept, is not evil.  Its original concept has been bastardized by greed and fraud.   I do NOT have "savings" in any bank -- period.  I have a checking account and that is all.  Merely for the convenience of writing checks.  I do NOT even have an ATM card.   I pay cash from the pocket for all in person transactions.  I use checks to pay utility bills, mortgage, and such.  I do NOT use on-line bill pay as I use the mails exclusively.   The bank manager knowing my by sight is just a cherry on top.  The bank is that small!  My credit card that I use for Internet purchases is thru this same small bank.  I can walk in and discuss any problem.  So, I hope I've not destroyed any image of me that you may have constructed.  Banks are a tool, and banking is the providing of a service, but that role has been reversed by the big banks.

Bob's picture

It would certainly be a redeeming commemoration of Pearl Harbor Day.

traderjoe's picture

An event which extensive documentation demostrates was at least allowed by the President, if not encouraged.

Count me in for 12/7.

max2205's picture

Pinch me... I would do it if they do it. I love yuropeons

Dr. Richard Head's picture


Bring out your debt!  Bring out your debt!

AUD's picture

"Withdrawals from domestic funds", where does the 'money' go? Into a bank account?

A bank run, where does the 'money' go? Hoarded in notes, in other words, the credit of the government?

So what? It's still just rolling over the debt, central banks will make up any shortfall.

Until people understand that true money is what extinguishes debt, then debt will be passed off as money.

Tyler Durden's picture

You have heard of physical commodities and/or precious metals? Also, what part of the $2.1 trillion decline in shadow banking liabilities (and thus money) that we have highlighted about 10 times in the past 3 months have you missed?

AUD's picture

C'mon Durden, you can't seriously be saying that all the 'money' is moving into gold? Gold will be moving into backwardation by then, which it's not at present.

What about government bonds? That's where most of the 'money' is presently going. What are government bonds if not debt? What's the dollar? The debt of the Reserve Bank.

Holding the debt of the Reserve Bank is rolling over the government's debt. And don't give me the Fed is a private institution line. It's as private as our "wholly owned by the government" RBA here in Australia.

AUD's picture

And I left out that government bonds are a promise to pay what? Dollars, that's what. In other words they are the same fucking thing.

I stand by my point.

zaknick's picture

People participating in a bank run are not your run of the mill bankster loving paper bugs. Isn't that obvious?

AUD's picture

Aren't they? Then why are they hoarding dollars?

zaknick's picture

Who's hoarding dollars?? They're trying to bring down the banks not to "hoard" anything. This is an act of protest. Yoiu did read that this was a movement started at a German "conspiracy" website?


Dude, accepting a mistake doesn't make you less of a man!

AUD's picture

So they 'run' on the bank, then what do they do with all their physical notes? Buy gold?

They could have done that already.

chopper read's picture

oi, you must know that banks have reserve requirements.  when reserves are depleted, loans must be called in to maintain reserves.  for example, with a 10% reserve requirement, a bank can originate 10 euros of loans for every 1 euro deposited.  if i withdraw my 1 euro, then a bank needs to borrow that euro from another bank, or recall 10 euros in loans.  if another bank cannot lend 1 euro because its patrons are withdrawing, too, then we could have potential bank failures.  All of this can happen simply by converting digital euros in a bank account to paper currency to be held in a safety deposit box, for example.  Most likely, reserve requirements would be dropped to 0% in response to this coordinated bank run. 

AUD's picture

And as I've already said, central banks will make up the shortfall, just as they did in '08. In fact that's what central banks are for, to make up the shortfall with there government mandated ability to pass off bad debt on you, in the form of dollars.


chopper read's picture

"lender of last resort", i got it.  

however, depending on how large this run on the banks becomes, you are potentially looking at a crisis response in the form of a major expansion of the ECB balance sheet in order to maintain adequate depository funds for those corporate and government clients still engaged in daily transactions with each commercial bank. 

AUD, do you believe that a widespread and coordinated run on the banks could cause a problem, or do you believe that no amount of withdrawals would cripple the system?

AUD's picture

A problem sure, but cripple the system? No.

Did the "widespread and coordinated run on the banks" in '08 cripple it? No

Why? Because the central banks made up the shortfall and despite the 'assets' of central banks, the Fed in particular, now being worth what?, zero if we're lucky, the 'system' still operates.

No, only when there is an understanding that money is what extinguishes debt & people demand payment will the system be permanently crippled.

Or as Antal Fekete likes to say "gold moves into backwardation".

chopper read's picture

i believe that we are all in agreement.  FRNs are ultra-short-term 'debt' that can be extinguished by converting into gold. 

No, only when there is an understanding that money is what extinguishes debt & people demand payment will the system be permanently crippled.

as government bonds are similarly converted to gold, the debt is extinguished and the system is 'permanently crippled'.  Since the FRBNY is currently buying Treasury Bonds, we are thus in these early stages of conversion with very few signs that we will emerge from this 'liquidity trap'.  the ensuing bond collapse is the endgame.  those who hold physical assets of barter, including gold, silver, tobacco leaves, goats, etc., will possess the entirety of wealth and 'money'.   

tip e. canoe's picture

"FRNs are ultra-short-term 'debt' that can be extinguished by converting into gold. "

how so chopper?  when you exchange gold for FRN's, the FRNs are not being extinguished, merely transferred from one entity to another (like in a game of hot potato), yes?   remember there is no more gold convertibility thanks to tricky dick.

it seems the only way to extinguish the debt is to demand payment in "lawful money" aka coins.

chopper read's picture

i was speaking of it from a personal perspective, not as it relates to the overall system.  I understand that the gold dealer must then play hot potato with this paper money. 

Importantly, however, if all savers and investors persisted with conversion to gold, the remaining holders would all be unproductive borrowers and counterfeiters. 

I mean this: 

If you perform a productive service or provide a useful good and are paid in 1 fiat, for example, then you have 'created 1 unit of wealth'. 

If you take 1 unit of wealth to the bank, and this bank originates 10 units of loans, then the bank has counterfeited 9 units of money, and created no additional wealth. 

If you know that by depositing your 1 unit of wealth into a bank that this will devalue the very unit that you are depositing, then you may instead buy gold.

If the gold dealer knows that depositing this 1 unit of wealth into a bank will devalue it then he may buy more gold from the miner instead.

If the miner knows that depositing this 1 unit of wealth into a bank will devalue it then he may only except barter such as oil, for example. 

In other words, not everyone in the world has to accept paper currency.  When productive drillers, miners, loggers, and farmers stop accepting fiat money, then the impact will come full circle.

If enough productive people do this then the only folks left holding fiat currency are the counterfeiters themselves and unproductive borrowers.  

we win.  banks lose.

Raymond K Hessel's picture

I think AUD has finally made his point here and I have to agree with him 100%.


While it'll be disruptive to individual banks, on the whole, the central banks will step in to lend to banks who've been forced to cover their capital requirements.


It is my hope that when people see how it failed to produce the desired result, they will realize that what they thought they were doing was exchanging fiat currency for money, hence, the next step will be to sell currency, buy gold/silver/money. 


That will be the pivot point....or else, nothing....nothing will happen and we all take a bullet in the back of the head behind some anonymous convenience store.


Seriously, I hate the fucking CAPTCHA thing. 

RockyRacoon's picture

I can only speak for myself.  See my comment to DCRB above.

Banking per se is not the deal, it's banking to do the most "damage".

Going to a small, local bank was my answer.  Any funds that are not needed to pay bills and such is in PMs and cash.  Same theory in why I have 3 credit cards: 1 for Internet purchases only so I can keep close tabs on it.  1 for use at merchants, etc.  and 1 for the simple fact that they gave me a $25K line on it -- which I have never used.   The first 2 of these cards are the type that HAVE to be paid off in full every month.

chopper read's picture

"be your own central bank."   rates at 0%?  buy PMs with all non-working capital.  rates at 20%?  convert some PMs to fiat in order to lend at the attractive rate (if returns exceed increases in fiat living expenses - 'personal inflation').  

New_Meat's picture


"Going to a small, local bank was my answer."

yep, we're clear of Bank of Amigos 'cept for a small amount.  Spread around a bit, none took TBTF money.

-  Ned