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Guest Post: Musing Of A Bank Run
Submitted by Joe Wäges
Musing of a Bank Run
If ever there were a sign of the times, one can clearly see the desperation of the establishment upon reading Andrew Clark's "Eric Cantona's bank protest isn't very wise". After reading the article and comments it becomes painfully clear that most people, the author included have no idea how the monetary system works.
How does Mr. Clark propose with that "There's nothing evil about the concept of banks – they exist to look after our savings and to provide investment for businesses", given that banks create money out of thin air based on deposits as a multiplier. One cannot say (with a straight face) they are looking after our savings as the very purchasing value of those savings is being diluted through legalized counterfeiting known as leverage and or the money multiplier. I do not think Mr. Cantona is arguing against the concept of banking, but rather organizing the end of the current predatory casino model paraded around as capitalism. Calling this model capitalism is an insult to capital, as it is after all savings. True capitalism cannot exist in a system where money is based on debt, not value; a printing press and not from savings. On the point that the concept of banking is not evil, one concedes that an idea cannot posses any characteristics of a living entity as it is an idea. That said debt based monetary systems utilizing a fiat currency, are historically used by oppressive régimes as the system itself is a giant wealth transfer and consolidation mechanism.
Ask yourselves how can it be that I, my friends and family, businesses and corporations, states, nations and indeed every entity created by man be in debt all at the same time? It is because of the banking and monetary system itself. The assets of the people are transferred to banks by creating ever more "reserves". There is no hope for savings in a fiat currency as the nominal value can be maintained, but the actual purchasing value is devalued at an exponential rate. Most importantly in this type of system you can never be out of debt as the system is based on debt. Banks create principal and not interest, which is why there is a minimum payment on credit cards. This is the interest payment. Banks do not care if you ever liquidate debt and it is in their best interest that you don't. If you round up every last dollar both physical and digital, and apply it to all of the debts, there still will not be enough money as it has yet to be created. In short is a scam and once trapped inside, it is very difficult to escape. Mr. Cantona is only showing us one possible exit.
The crisis we are facing is that exponential growth of debt, also known as the money supply, is an unsustainable function and the banks knew this. They only had to refer to the "small" history of banking spanning the last 500 years. Every person, corporation, state and government is well beyond prudent debt saturation levels, and has been so for some time. In short we cannot take on more debt, and this breaks the entire system forcing all to liquidate assets at a fraction of their value as no new value is being created by the banks in the form of debt as the exponential monster requires. This is how banks transfer wealth, for pennies on the dollar, from the aggregate to the few with little to no personal cost to them, as their money is a created based on a multiplier of our money.
The solution is to strike first and cripple the banks by removing our money and using it to buy physical assets. A demonetization of the system if you will. Precious metals and essential commodities are naturally the best investments. The banks will cry wolf, but this time there will be no bailout. The people must insist on their sovereign nation issuing its own debt free currency, as it is the only real purpose for a national government to begin with. We don't need private currencies anymore and fractional reserve banking is the largest hammer in the toolbox of tyranny. Banking and indeed money should be based on value not debt. Lets make this the end of debt slavery and the beginning of a renaissance of liberty by withdrawing all of our money and restoring the power and prerogative of the nation-state by reinstituting the practice of issuing debt free money and full reserve banking based on fees and not interest. All debts must be repudiated as illegal instruments without exception.
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Anyone notice that Dec 7th is the day the Irish Parliament vote on the budget? Should prove an interesting day!
And, even more ironic, Pearl Harbor Day.
Even more ironic, Armageddon.
When I read the news story downplaying Cantona's idea I really was sickened. They are trying desperately to herd the sheep back into the pens, but some of the damn black sheep just won't do as they are told! Thats why the article was titled "Move Along, Nothing To See Here"! They were terrified people would pay attention to a celebrity (which is what they have trained us to do), but in this case it was a "rogue" celebrity that is not a vacuous, mouthbreathing, sh*t for brains "do as you are told" celebrity .
Good work, Eric, keep telling it like it is.
http://psychonews.site90.net
PsychoNews: Exposing the Oligarchy, one Psycho at a time.
Facta non verba. As per Mssr. Cantona's video - Physically demonstrating in the street is no longer a valid option. No one pays attention, let alone garners any action, except that of the police.
Time for action. Facta non verba = Deeds not words. December 7th is indeed very apropo, make it the banks 'Pearl Harbour.'
Nothing out of the ordinary will occur on December 7.
Unfortunately.
The guardian is the UK's premiere statist mouthpiece, much like our own New York Times.
Nah, WSJ has it all over 'em when it comes to the banksters - no comparison.
The Guardian is the most left wing of the so called 'quality' press. For them to be supporting the coalition govt is a bit of a concern ... except that nobody reads the paper anyway, its rubbish. So who gives a sh*t what they say ?
The man on the street reads the Sun, the Daily Mirror etc. They can't even spell bank run...
Thats the power of the internet.
How many days do you think before new laws are passed restricting the internet following Wikileaks disclosure? They are already calling it the 9/11 of diplomacy.
http://www.metro.co.uk/news/848670-wikileaks-unleash-a-diplomatic-9-11-as-thousands-of-messages-published
Problem/Reaction/Solution
The Internet is currently the greatest threat to tyranny. They have no choice but to suppress it.
No worries, Jay Rockefeller is on it, but no one will bitch.
Not allowed, cuz he's a severe Lib.
Problem/Reaction=Suppression
Hegalian Dialectics
Oldest trick in a Tyrants book.
Hegelian - after Georg Wilhelm Friedrich Hegel (1770-1831)
Do not waste your fingers DZ is too dumb.
The establishment uses the Hegelian dialectic (create thesis & antithesis to control synthesis) to create, manage and perpetuate conflict.
"How many days do you think before new laws are passed restricting the internet following Wikileaks disclosure? "
Chinese Internet Is Heavily Censored
But Chinese citizens and computer nerds hack their way around it...
We can too...
Then what ...
I believe this will only move us more quickly to the palletive printing phase of the collapse.
In advance of that date, I've already taken the necessary steps. It is prudent to help the cause and Eric. He has my respect.
Say that again? Slow, please? There isn't enough money in existence to pay off all the debt? I got the green shoots again, jeez, you mean default is enevitable if we don't save the banks? Don't scare me like that.
http://www.youtube.com/watch?v=ayiU-4emlKg
"If you round up every last dollar both physical and digital, and apply it to all of the debts, there still will not be enough money as it has yet to be created. In short it is a scam...", +1
Maybe my latest video can help educate: A public service message from Greasy Hair Bear, chairman of F'dIA
If every American citizen made December 7th $10 day, it would bring the country to its knees. What's that you ask? Withdraw everything but $10 from every account that day then put it back the next.
Remind them that "fractional reserve banking" is a bitch in reverse.
Mish:
UPS, Dow, Northrop Grumman Borrow Money to Fund Pension Plans; Massive Lies at CalPERS to Hide Pension LossesOf all the things the Congress should have been watching, its things like this.What are the Gvt agencies responsible for this type of theft doing?.
These companies have made untold billions, maybe trillions, and to not FUND their pension plans 100%,is Insanity.
This just ONE more nail in the coffin of this Republic, it will come down to total tyranny, or a civil war, before its said and done.
Any idea how many Americans just THESE three affect?.
Whoda thunk SS was more secure?.
we've been 'ranting rhapsodic' on this for some time now. glad the meme is gaining more and more momentum. the culprits are clear.
http://www.zerohedge.com/forum/how-do-we-arrive-eve-our-collapse-0
ZeroHedge may be casualty of the information war.
The Dec. 7th run on the bank is a nothing burger. Why? Because if it were gaining any steam, logic would dictate that the run should have already started. You can't plan a run on a bank. Anyone who really wanted to cause a successful run on the bank wouldn't wait and take the risk of losing their own money. They just want everybody else to lose their money.
Don't piss on my back and tell me it is raining piss.
The banks don,t see it as your money,they see it as theirs and for years have worked out ever more complicated ways to get their hands on it.Name one bank product that has actually been profitable for the customer over the very long term,taking inflation and purchasing power into account.
Gotcha covered, AuNuts.
However, one could argue that in both cases, merchants have built the interchange fees into the prices of their goods - everybody pays. The ones that carry a balance just pay more.
Bah. I concede the point.
The banks don,t see it as your money,they see it as theirs
When you make a deposit, that money ceases to be yours. It becomes the bank's.
You become a creditor. When the SHTF, the bank uses your money to pay liabilities to other members of the financial elite. You, as a (cough) easy mark (cough) small creditor, stand in line and hope you get something back.
You don't "lose your money" in a bank run. You just strip the banks and its branches of its cash on hand. Get it? Then other people come in to get cash for something and there isn't any. Like your aunt Martha who wants cash to put in the kids' Christmas cards. That causes panic! That's the idea. That is why the bank run needs to be sudden and simultaneous. Nobody loses their money. It just wakes up the morons who don't understand how the system works. Makes them take a second look at banking in general. Some of those morons actually think that they "lose" their money. Imagine that.
I did my part. Withdrew 80% of my fiat and bought physical gold. Future is soooo less stressful now. LOL! I bet you were one of those waiting in line last Black Friday.
No shit Sherlock! I just pulled $20G today, I sure hope you're not left holding the bag, of shit that is!
In the US, December 7th is Pearl Harbor Day.
There's no point withdrawing your $ if you don't exchange them for other commodities & henceforth refuse to accept $ as 'payment' for your goods & services. Good luck with that (& I say that unsarcastically).
Otherwise the central bank will make up the difference, that is after all the dark art of central banking, to make up the difference & spread the pain around.
Oh, I agree fully that little will come out of this bank run. Now if eric Contona was a prudent fellow, he would tell everyone to withdraw all their money, and buy silver. That would cause the entire frauduent bank system to implode. And I'll be singing praises!
gold is good too
Hallelujah! Someone actually gets it.
PS Max Keiser made the same suggestion (buy silver) when he posted Eric Cantona's interview vid. on his website (www.maxkeiser.com).
If you trade $ for commodities, that just puts the money into the hands of someone else, who may, or may not, put it into their bank account. Everybody withdrawing their money could be deflationary, and debts would be called in. If so holding dollars in the Bank of Sealy is a smart move as it removes velocity of that amount of money.
The kink, is of course if CB's print up the difference to fund the broke FDIC. Again, they would have to print enough to counteract the debt collapse tsunami.
Could the prep for the coming run on the banks be the means by which much of the bank deposits become physically printed paper leading to hyper inflation in Europe? If the banks prepare for the run by actually having the currency available, that might be interesting.
I had the same idea as Cantona. I thought, why don't we start withdrawing our money, every Saturday, 5% of our personal holdings at a time, and hiding it. Don't spend it. Hide it. Announce what we are doing. Do it inexorably. Don't use the cash machines. Form orderly lines at the tellers and stand there quietly in line to draw out our money out, 5% at a time.
That's it. Quite simple really.
I hope you're not planning on picking anything worth a shit at a distressed price with that cash... you're a little late to that party.
Screams of fear of bank runs is now deafening.
Sentiment on financials could not be worse.
When the bank stocks turn, its going to be a massive short squeeze.
SIR JOSIAH STAMP, (President of the Bank of England in the 1920's, the second richest man in Britain)"Banking was conceived in iniquity, and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen, they will create enough deposits, to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear, and they ought to disappear, for this would be a happier and better world to live in. But if you wish to remain the slaves of Bankers, and pay the cost of your own slavery, let them continue to create deposits."
hey, Andrew... f/u.
what happens when the dog actually catches the bus?
The bus pulls over and all the little kids get our and scream at the puppy (small banks fail), but everyone piles back in and keeps driving (big banks live).
Andrew Clark - adding him to the list of people I want to punch in the face.
Broke is Broke
It should be clear by now to everyone that the shit is hitting the fan. Sovereign governments one by one are requiring bailouts because of insolvency, NOT liquidity problems. This same phenomenon has and is occurring in the USSA with various states receiving federal help in order to sell debt to keep the doors open and services continuing. This is all fine until the day arrives that the USSA federal government gets shut out of the credit markets leaving only one buyer, The Fed!
There is currently a very quiet debate as to whether or not The Federal Reserve itself can become insolvent ... it already has!
Go back a couple of years and think about all the crap assets that banks unloaded onto the Fed's balance sheet in return for Treasuries. Has any of this putrid paper recovered in value from the .13-.15 cent bids that were prevalent then? No. In fact, the Fed is keeping all of this stuff "off the market" so no price discovery can be made.
They in no way want investors to know that these assets are virtually worthless. Of course they (as can the banks with FASB's blessings) carry worthless paper at par or whatever they choose and the charade goes on down the road. So it goes on down the road and everyone is happy but it still doesn't change the fact that the entire banking system including the Fed is insolvent and a sham!
Think of it this way, it is the same thing as if a homeowner bought his McMansion in 2003 for $700,000 with $35,000 down , remortgaged in early 2007 for another $500,000 and is paying the 2 notes with a credit card. Now this homeowner is running around saying his house is worth over $2 Million and lists it for sale at $2.5 Million. No matter that the house will not even fetch the original $700,000, the homeowner says "I'm a Millionaire and just fine" when in fact he is flat assed bankrupt and upside down with no hope of escape!
THIS is exactly what the Fed has done, they have liabilities (Dollars) all over the place but their balance sheet looks far worse than swiss cheese. In reality it was the same back 3-4 years ago when they held 90+ percent of their assets in Treasuries but now they are even a more obvious bankrupt.
OK, so they won't declare technical bankruptcy but they ARE being forced to crank out more and more less valuable currency every day! The above is all 100% correct, all we need is a little time for Mother Nature to unveil the truth and prove this out!
We are now a couple of weeks into the Gold and Silver "correction", anybody out there smell what I smell? I smell a MASSIVE short squeeze in Silver unlike any other asset class in history.
Even though Gold and Silver have been THE TWO best currencies on the planet by a runaway for 10 years now, the "corrections"... coordinated smash downs... have been merciless, this one just ain't working! Silver is without a doubt acting better than all of the metals and this is because the world is figuring out the truth. The truth being that the paper Silver that has been sold for years now isn't really Silver, it is a liability of whoever sold it in the first place.
Jason Hommel wrote a great piece yesterday "Crash JP Morgan, Buy Silver!" where he estimates that only 300 Million ounces of real Silver are available for sale AND delivery. He is probably very close to correct but it wouldn't even matter if the number were double! 300 Million ounces is less than $8 Billion, not even a ham sandwich in today’s world!
Think about it, Ireland is requiring over $100 Billion bailout, $1 Trillion is not enough for all of Europe, The Fed is embarking on another $600 Billion. Heck The Treasury goes $8 Billion in the hole every 2 days, it's chicken feed!
$8 Billion, that is, 300 million ounces of Silver...now that's a different story that will be told once the inventories are depleted.
The bottom line is that there is so little REAL Silver available and SO much paper money (with MUCH more to come!) that there is absolutely no telling how high Silver can go once the run on physical possession really gets rolling. Literally $ Trillions of not backed, and in reality worthless paper, will be chasing Gold and Silver.
The funny thing is that even though Silver is much cheaper than Gold it is also much more SCARCE! An economic or financial anomaly you say? Not for long and it would be a very good idea to have some before Mother Nature steps in and repairs the long broken Silver/Gold ratio not to mention the paper/metal ratio.
A year from now you will not even recognize the financial and economic landscapes!
Via LeMetroPoleCafe!
Ah - but you have to ask yourself why none of the 1000+ billionaires the USA alone boasts (if that is the right word) has not 'stepped up to the plate' and bought a humungous pile of silver.
What could they possibly be afraid of? Is it related to the reason Warren Buffet sold the silver stockpile e acquired in 1998? Who persuaded him to sell it? What did he buy with the resulting cash? GM? GS?
The buying of silver in size is coming from the east and from a growing number of small investors - plus a few hedge funds such as Sprotts Asset Management of Canada and it is rumoured he had to scale back his order to $500 mill. when they to tried, originally, to buy $1 billion's worth.
Moral: No US billionaire will touch silver with a barge pole. Too dangerous. Jason Hommel emailed the majority of them, I believe, and got no response.
Buffet's silver was used as the seed for establishing the SLV ETF so him and his cronies could leverage the physical by 100:1 and sell shares and make oodles more money! I would not be surprised that he has redeemed his physical with his profits and is sitting back laughing at the greater fools!
"and got no response"
What, you expected a billionaire to announce that he plans to corner and disrupt the physical silver market? Duh. People still remember the Hunt bankruptcy.
For all we know, some of those billionaires that Hommel talked to began dipping their toes in the silver market, and that helped drive the short squeeze to $29.
Debt really isn't about 'money'. It ultimately devolves th the voluntary servitude each and everone agrees to assume, guided by government and banker porn.
'Money/debt' is an illusion (albeit quite on par with peyote), and it is a necessary component of the modern division of labor functionality. Lots of species make their toil on the globe, and they get along without 'money'. Not sure where humans without 'money' would fit on the evolutionary scale. Clearly an efficient tool for both inter-species and cross species predation.
http://www.atlantic-times.com/archive_detail.php?recordID=47
Off topic - Any discussion of today's very down EU trading vs. the big rebound in US equities.
Real market vs. puppet?
How is it on the same news, on the same fundamentals EU ends down 2.5% and US comes out relatively flat.
POMO doesn't push EU?
Spain T yields ramping to nearly 5.5%...and with significant debt to be issued at these suddenly higher yields? Certainly impacts banks in EU and US but EU were down, US up? All US losses being papered over, handed to fed, or accounted away?
Where does POMO go? Asia? US?
I like the idea of the Dec. 7th bank run, but it won't work. If it had any legs to it, it would have already happened because everyone would try to be first to get their money. My approach, (as mentioned here before...) is a slow and steady process of removing money from the banks and ourselves from the system.
A simple approach fine tuned for the current times... Turn On, Tune In, Drop Out: Break the Banks
http://newwaveslave.com/2010/11/turn-on-tune-in-drop-out-break-the-banks/
Rock on...
Please run the banks. That would be so cool
Just reading the latest by Evans-Pritchard in the Telegraph (here http://www.telegraph.co.uk/finance/financetopics/financialcrisis/8169225... ) and it contains this gem:
In other words, the beatings will continue until morale improves! Outstanding!
Eric Cantona's plan, I hope it does some good.
Same with Max's plan. The banks are the problem,
not the people. The people will survive, the banks will not.
Rumors on ZH a couple of weeks ago about banks being short of cash on hand. I decided to add $20k fiat to my safe full of PM's, 'just in case'. Local branch said they could only handle $5k on any given day. Had to take what I could that day, made plans to return end of week for another $5k, and 'special ordered' $10k for delivery a week later.
While I don't see this Dec 7th run being well enough organized to have an impact, my experience tells me that it could certainly be done. Wouldn't take too much for banks to start turning people away, as the cash isn't there.
It's all about the cash my ballistic friend. Ordinary people need to find that there is no cash in their bank! That fear is the essence of a successful bank run. Of course there are no missing assets, just no cash to back it up. Dim witted citizens get really panicked! That's what we want to create -- fear. That makes the 6 o'clock news and the next day there are lines at the banks wanting their money. Total success when Obama has to come on the breaking news wires to tell people that their money is "safe" and guaranteed by the (bankrupt) FDIC.
Pulled it a long time ago.
That 'fear' is also the catalyst for collapse and 'printing', since cash in hand held, can't/won't support fractional expansion, which is what the system relies upon.
Withdraw your cash (make it worthless if enough follow), and make sure you back up with tangibles.
Total success when Obama has to come on the breaking news wires to tell people that their money is "safe" and guaranteed by the (bankrupt) FDIC.
Hasn't Obama already done that? Here in Australia .gov.au did that a couple of years ago.
Here's an interesting aside. Over the weekend one of our 'big four' banks couldn't meet its demand deposit liabilities due to a 'computer glitch'. It seems it dawned on nobody that the money thus only exists as as accounting entry on a computer spreadsheet & thus doesn't exist all. There was however, no bank run on news of this bankruptcy.
They haven't had the Obama press release in conjunction with actually not being able to get cash out of their bank. If people distrust him as much as folks here would imagine, that would instill a riotous bank run for cash.
Not from The Obamabot, but there was this back in '08
http://www.youtube.com/watch?v=xUDr9nNm6C4
Remain calm.
Make the FED turn digital dollars into physical dollars, THAT'S the point. These fuckers DO NOT WANT a physical dollar economy. They can't track it and it's harder to claw back. Make as many transactions in cash that you can. Pull cash from the banks when you can. This is the way forward.
This is how it could work. Those of you with tweeter and facebooks account. First thing the 7th, go to the bank and withdraw as much money as you can afford to take out for a few days. Then tweet that the bank had problems getting your cash and that you had to return a different day. Wounder in your tweet what could be going on with the bank. Dont admit this is purposeful, just wonder out loud. If you get a tweet like that, re-tweet it with a comment. Something like: "My bank had little cash this morning too, I wonder whats going on with the banks?" Post a face book comment saying something "Got a call from a couple of friends in different cities. For some strange reason the banks don't have much cash today. Are you having problems accessing your money?"
Feed the panic with updates saying something like: "Just heard that so and so bank closed their doors earlier today. They said is just for a few hours. What is going on?"
Once others respond, if they say they got their money with no problem, congratulate them on getting to the bank before they ran out of money. If by then the bank starts turning people back, respond with something like: "I think I'm going back and get some more cash. Dont want to get caught without cash if there is something strange going on".
If enough people do this, it will become a self fulfilling prophecy with people calling and texting each other too run to the bank and get their money now!!!
http://i1038.photobucket.com/albums/a468/goldsaver/IMAG0115.jpg
Good ideas! I'm glad you don't work for the gov't -- or DO you?
I love it, Goldsaver. Now if only I had a Facebook account or a Twitter... I also can't participate on the withdrawal front as I closed my bank account two years ago. Well shit, I guess I can just buy some more silver.
If you don't have a bank (or credit union) account, how do you get your money? Alot of the employers out here have been direct deposit only for a few years now but even if you still get a physical paycheck, nobody out here will cash them without an account. If you work for yourself for cash only, you've got to do a million small jobs because next to nobody, not even government workers who I've heard are all millionaires, keeps hundreds of dollars on hand all the time.
I may not have much money sitting in a bank, but I don't know how the majority of Americans who can't just withdraw six figures and put it into gold on a whim would function in the day-to-day economy without access to banking services (at the very least, checks to pay bills that aren't local).
cash the check at the bank that cut it, i do it all the time w/o having an account.
pay bills via cc or postal money order. if everyone did this it would be a good start.
1. Great idea, unless the bank it's drawn on is an hour or more away.
2. You purport to hurt banks by paying bills with a bank-issued credit card?
"The solution is to strike first and cripple the banks by removing our money and using it to buy physical assets. A demonetization of the system if you will. Precious metals and essential commodities are naturally the best investments."
Even if you wanted to, how i ask?
1) Much of the bottom 80% of this countries wealth vanished vis-a-vis the previous fictitious equity in their homes.
2) Other assests consist of IRA and 401k etc. How do you get your money out of these tax sheltered investments without getting hammered?
3) Even those of us with investments outside of above vehicles, still have to contend with the fact, you cant even be in cash inside a brokerage account. Note also, for example, the largest mutual fund (FDRXX) Fidelity Cash reserves fund. Now, ref rule 2a-7 now 22e-3(a).
4) While many brokerages will allow you to buy physical gold inside a IRA, can you take possession of it without tax implications, no.
The bottom line, they (banks, financial institutions and the FED) have most Americans over a barrel, and they know it. Most Americans, lucky enough to have money, find themselves in a situtation where their own money is on LOCK DOWN.
For the benifit of zerohedge readers that may have missed the biggest change to the right to your own money...all via SEC.
--------------
"This Is The Government: Your Legal Right To Redeem Your Money Market Account Has Been Denied"
http://www.zerohedge.com/article/government-your-legal-right-redeem-your...
and
"Suspending Money Market Redemptions Is Now Legal; SEC Approves New Money Market Regulation In 4-1 Vote"
http://www.zerohedge.com/article/suspending-money-market-redemptions-now...
"The solution is to strike first and cripple the banks by removing our money and using it to buy physical assets".
Way ahead of you.
This is a game of musical chairs and the music is about to stop.
Paper in its various forms doesn't have a bright future.
Tanigble assets are at least that.
Zerohedge routinely gets erudite posts by experts expounding at this...
but hey, you don't need a weatherman to know which way the wind blows.
"The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title."
- Anonymous
Meanwhile in the UK, council meeting stormed, police overpowered by anti austerity protestors.
http://www.bbc.co.uk/news/uk-england-london-11870742
The steam is building.
Congrats, Taylor. Proj Mayhem is working. Wake me up when VIX hits 80.
Attention: BankRun 2010. I thought as many others that the movement initiated by Eric Cantona was spontaneous and naive and thought that I could hang myself to it in order to establish La Nouvelle Économie.. After a Skype discussion with Géraldine Feuillien I came to the conclusion that it was a movement whose brain manipulator is still unknown but whose purpose is to establish an economic system probably fascist that will emerge by terror rather than a movement that will foster the economic interests of each of us.
fantastic post... so few people understand the critical difference between capital and money... the ignorant include the entire board of the Federal Reserve, the Bank of England and of course the editorial staff at The Daily Moneyprinter (aka the FT)