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Greeks Laugh As Bankers Beg Depositors To Return Money
President of Greek Banks Association Louka Katseli appealed at the citizens to return their money to the banks. “Banks are absolutely trustworthy,” Katseli told Mega TV “as guaranteed by the ECB and the Bank Association, but they would have been even more powerful if 40 billion euros had not been withdrawn in the last months.
Katseli, a former PASOK Minister, appealed to citizens to return their deposits to the banks “now that the banks are open” after a three-week holiday and capital controls.
“Let’s all help our economy,” Katseli urged Greeks and added “If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”
“There will be no need to “haircut” deposits in the future if we all act responsibly,” she added -cheerfully I suppose.
Katseli’s appeal triggered laughter among Greeks and one stressed with hint to capital controls “Oh yes! I will bring my money back to the bank and get it back 60 by 60 euro.”
Another one noted “Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”
A third commented “Certainly. And the banks will go bust after a while…”
A fourth reckoned a very unfortunate incident in 2010 and busted into tears and laughter. Back then Finance Minister Evangelos Venizelos had appealed to the Greeks to buy Greek bonds. The man invested 10,000 euro to help Greece. Two years later, his investment underwent a 53%-Haircut due to the PSI. Now the nominal value of his investment is …”I don’t even open the envelopes coming from the bank anymore, too frustrating,” he told me.
How can Greeks trust the banks after what has happened? Already many worry about their deposits as mergers of Greek banks are reportedly due. Even though they know that merger do not end in losing your money. Or does it? huh?
* * *
Incidentally, this is justt as we predicted last week. In "Greek Banks Just Became A "Strong Sell" At Any Price" we wrote:
... even as an "unsustainable" Greece meanders day to day with yet another capital infusion to avoid a sovereign default, its insolvent banks just became the first casualty of reality. However, they may not be the only ones: recall that bank depositors are nothing more than unsecured creditors. If and when the reality of the Greek economic collapse is fully tabulated (as the IMF appears to have finally done) it won't be just the equity that is wiped out - depositors themselves face the risk of creeping haircuts to their "liabilities."
Which is why we doubt that Greek savers will rush to put their money in the banks, and why we think Draghi is taking a huge gamble by putting even more ELA into Greek banks just before the same banks will announce at any possible moment they are forced to liquidate existing shareholders. The popular outcry against the banking system once a bail in is confirmed, even if it does not involve depositors initially, will send shock waves through society and rekindle the bank run once more.
Ironically, the one thing that would help preserve confidence in the Greek banking system, is more transparency about the "performing" nature of Greek bank loans: if this amount has hit 50% (or more) on the total €210 billion of loans, then depositor haircuts become virtually inevitable - anything well below that and there would still be a modest cushion before bail-ins have to go up in the cap structure.
Which is also why we fear no transparency will be forthcoming and why we expect that people may be fooled once again into believing their savings are, well, safe only to find out the hard way they are anything but - a hard lesson that investors in insolvent Greek banks are about to learn first hand.
Sure enough, so far the score is transparency 0 - propaganda: +∞. And as duly predicted, the bank runs continue.
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About as trustworthy as Greek politicians. Or as trustworthy as US politicians like Hillary, Or the Nobel Prize Winner.
i need a change i can beleive in.
Rapist: "Come back i'll use a condom!"
"Banks are safe and your home is not"? LOL... we home has a better battery and more arms than we see at the bank here.
“Banks are absolutely trustworthy,” Katseli told Mega TV, “Let’s all help our economy... If you take your money out of your chests and houses – which are not safe in any case – and deposit at banks, this will enhance liquidity.”
MDB, is that you?
lmao
This is so comical I see a movie in the works.
"Brokebank Mountain."
Same sort of plot line, but only 1 party is willing.
pods
The bankers won't even give them the courtesy of a reach around.
Greek banks were bankrupt years ago. These are German banks with Greek names. Same thing will happen in Portugal, Spain, and maybe Italy soon.
Distrust of money/banks/politicians, once awakened, develops insomnia.
People will never understand until it happens to them, then they will instantly comprehend it, and remember for the rest of their lives.
This is like Mugabe asking white farmers to come back and work on the farms they left...
"Distrust of money/banks/politicians, once awakened, develops insomnia."
Any system that says "we have no use for you" to a majority of the population, will eventually find a majority of the population saying the same thing in return.
Hey, they "promised" not to cum in yer mouths this time, what more do ya want, Spidey towels?
<--Deposits
<--Greek Fire
What the Greeks should show up to the banks with.
Boomerang effect of Fractional reserve banking, and payback is a Bitch.
What does horseface have to say?
https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTZcF8YVkM5UsyR0zAx...
Oh man... and the Greek banker bonuses were going to be absolutely insane this year. Like insane amounts of hookers and blow for the bankers' hookers and cocaine dealers.
Greeks refusing to exchange their cash for banker IOUs means the bonuses are going to be thousands of euros smaller. Damn you, cruel Greeks! You're doing this on purpose to the bankers, aren't you?
You have angered your money-changer masters. Expect their wrath.
LOL, you are right, that is challened MDB scribe for sure!
Lots of boats in Greece. Aegean sea can safely hold with at least as much ease withdrawing deposits. Open 24/7 too.
Reminds me of that scene in Mars Attacks where the Martians are shooting everything in sight while saying, "We come in peace."
Rakk,Rakk.
"Do not run, we are your friends!"
Never, ever trust a man that says "trust me".
They don't give change in drachmas...
The clown who said this must be high as fuck.
I changed my underwear this morning, - I can believe in that.
I quit wearing underwear. Saves a lot of time and effort and money. Plus, people tend to stay away from me, so I am less likely to get sick.
Maybe instead of peanuts that guy should buy toilet paper. Frankly we're considering a few tons of it may be the best retirement nest egg we could have.
Miffed;-)
I trust his experience after all if you eat peanuts you can wipe your ass with big leafs. But if you don't have anything to eat, toilet paper is useless.
I just wear a sombrero and a wet suit. Because nobody's gonna fuck with a guy wearing a sombrero and a wet suit.
Just the tip. I promise!
Silly Bankers.
First this public service announcement, next a house to house raid.
There is a reason why coin hoardes are still found all over England.....
Thrust me... from behind
APMEX alone has sold nearly 20 tons of Silver Eagles in the 20 round tubes.
http://www.ebay.com/itm/2015-1-oz-Silver-American-Eagle-BU-Lot-Roll-Tube...
AT $440 a tube, that works out to $22/oz. What was the paper price again?
That price is wrong, you can buy a tube for $384 with shipping.
The Mattress National Bank is doing well......
https://www.youtube.com/watch?v=Zvl9N9GdraQ
'Never trust a Greek whose broke! He money in the basement, hidden in the mattresses.. all Drachmas!'
-Mr. Panos
Maybe if there was a compromise situation and the banks were in no way tied to and run by Schaeubel, the ECB and the BIS.
Then maybe some trustworthy people could be found to run the banks.
The law of #'s, is not in your favor on the trust issue.
Oxymoron
Need spiderman towels.
Please elaborate.
http://dailycaller.com/2012/06/06/spiderman-towels-could-save-nationaliz...
GG you beat me to it.
"As Broke Bankia Runs Out Of Toasters, It Has A Bold Solution: A Spiderman Beach Towel"
http://www.zerohedge.com/news/broke-bankia-runs-out-toasters-it-has-bold...
Thanks!
New stacked drilling rigs.
He was just being meme.
lol people just spent months tryingnto get their money out no way they will rush to put it back..... only an idiot...
"It's a Wonderful Life" hits Greece.
When I was in college a LONG time agai that movie was required viewing before any of us went home for Christmas...should be again really.
Sad for Greece that they "did in fact comply with the diktat" and close.
"When the depositors are hanging on your door you have only two options: explain it to them while letting them in, or never reopen again."
Reputations matter more there than in any other business. To say you have to "above reproach" to be a Banker is an UNDERSTATEMENT.
And now Government would appear on the verge of getting a lesson in what it means to have ZERO character in understanding this.
When Illinois blows sky high...and it will...methinks that American Flag will stay in the garage for a bit.
"Those aren't depositors...they're called PENSIONERS."
Greeks complied in the sense that they had Bondage & Discipline thrust upon (politer than into) them.
Having the sadistic banksters suggest that depositors redeposit funds they withdrew is seeing if the Greeks are also into Sadism & Masochism.
Chiraq!!!!!!
Ohh ya, when bammy is gone, Illinois goes down fast and hard, and having been raised there (rural farm country 100 miles outside Chiraq), I'm very familiar what will be waiting for those refugees as they poor out of there in search of greener pastures!
Hint, check ammunition sales over the last 8 years!
Ever notice how strong a resemblance Schauble bears to Mr. Potter? Right down to the wheelchair. It's like they were separated at birth - or maybe Schauble is a vampire who has been 'alive' all this time, and actually is the guy that Mr. Potter was modelled on.
Just like in the movie, it took both Mr. Schautter and a gullible short-sighted population to make Greece into Potterville. Where's Jimmy Stewart when you need him?
How can anybody in the world trust the banks is the question I want to know.
After you deposit the banks will invest your money in some super safe AAA+ Greek Tbills of course. You will reap the enviable benefit of .00000000001% interest and know that only if absolutly totally needed you will even get a free haircut.
Well, .0000000000001% sure is better than NIRP.
I actually do trust banks.
It's the bankers I don't trust.
You can't love um, you can't trust um.
When the first bail-in is announced, Louka Katseli should be arrested, charged with attempting to deceive and defraud Greek citizens, and locked up for the rest of her natural life.
End of.
lol! lol! lol! ...breath... lol! lol!
I say, publicly punished town by town as a warning to others.
Not just her, but every racketeer and criminal in banking and politics.
I picture a long line of flagellants, winding through villages, towns, and cities. If they don't self-apply the whip severely enough, the local constabulary could be employed to help them out with that.
This would restore confidence in the law and the cops, as a bonus.
Failing that, maybe the stocks? Remind sheeps that the word 'stocks' doesn't have to apply just to propaganda.
The Pillory for Hillary?
How about a report on Greek grocery stores.
Are the shelves full?
half full, but ALL the peanuts are gone, I mean all, this guy was not kiding when he said he'd rather by a tonne of peanuts.
Peanuts for the win. How could I have missed this commodity segment, damn.
Hey, don't knock peanuts. They make GREAT supplies for the pantry -- you know, if you're one of those crazy preppers who likes to set aside for 'just in case'!
That guy sounds like a stocker to me.
Gold, nice to hold.
Don't need a bank.
Don't need a hair cut.
Don't need a safe.
Give to your kids.
No fraud, no fiat, no inflation.
The time will come.
Crazy talk. That sounds like actual savings. Krugman says we are a consumer economy and you are not doing your part.....
Savings is bondage.
Debt is freedom.
It's people like you that Weasley Clark was referring to. Hillary will make him Camp Czar after she's crowned.
Now who was the contributor repeatedly pushing GBI on ZH?
http://www.bullioninternational.com/advisory-board/
Not just the banks..but if I had a business in Greece other than a restaurant..I would get the hell out....the future is not bright for Greece and only problems in the future...materials..payments..even employees ....Greece is dead all but the tourist part...and even that will be cut as not to many Germans will be visiting i think...
That's ok, you can meet up with um in spain and party like there is no tomorrow.
Politicians make the laws governing banks. If banks are untrustworthy, point the finger up a level.
Bankers own the politicians. If politicians are untrustworthy, point the finger one up a level.
Lucifer owns the bankers...
Point the finger down two levels.
and they do yaveh's work...
oh right I mean "god"...since the entity claims to be "the one and only"
All of these "one and only" gods need to have a final battle and settle this shit.
I'm getting really tired of these gods competing for my unquestioning belief while
there is more than one of them around.
Seriously.
I trust no ghosts, holy or not. I believe in no ghosts, holy or not. Anyone that does has a keen handle on their mesmerism dial, turned to megavolts.
I'm tired of subsidizing their bad habits.
I trust no ghosts, holy or not. I believe in no ghosts, holy or not. Anyone that does has a keen handle on their mesmerism dial, turned to megavolts.
I'm tired of subsidizing their bad habits.
1. There is no "v" in Hebrew.
2. God's name is YHWH, approximated as Yahweh.
3. You were, are, and therefore, probably always will be retarded.
That is all.
Where in the bible does it advise theists to call other people names?
http://www.hebrew4christians.com/Grammar/Unit_One/Aleph-Bet/Vav/vav.html
"Yahweh (/?j??hwe?/, or often /?j??we?/ in English; Hebrew: ?????) was the national god of the kingdoms of Israel and Judah, although probably never worshiped exclusively by the early Israelites"
https://en.wikipedia.org/wiki/Yahweh
That's not the name of g0d, you silly goose - that's the name of the Demiurge.
https://en.wikipedia.org/wiki/Demiurge#Gnosticism
You know nothing.
For starters:
BLESS THE NAME
Psalm 145:21
My mouth shall speak the praise of YHWH: and let all flesh bless his holy name for ever and ever.
CALL ON THE NAME
Psalm 80:18
So will not we go back from thee: quicken us, and we will call upon thy name.
Psalm 99:6
Moses and Aaron among his priests, and Samuel among them that call upon his name; they called upon YHWH, and he answered them.
Isaiah 12:4
And in that day shall ye say, Praise YHWH, call upon his name, declare his doings among the people, make mention that his name is exalted.
CONFESS THE NAME
2 Chronicles 6:24-25
And if thy people Israel be put to the worse before the enemy, because they have sinned against thee; and shall return and confess thy name, and pray and make supplication before thee in this house;
Then hear thou from the heavens, and forgive the sin of thy people Israel, and bring them again unto the land which thou gavest to them and to their fathers.
1 Kings 8:35-36
When heaven is shut up, and there is no rain, because they have sinned against thee; if they pray toward this place, and confess thy name, and turn from their sin, when thou afflictest them:
Then hear thou in heaven, and forgive the sin of thy servants, and of thy people Israel, that thou teach them the good way wherein they should walk, and give rain upon thy land, which thou hast given to thy people for an inheritance.
DECLARE THE NAME
Psalm 22:22
I will declare thy name unto my brethren: in the midst of the congregation will I praise thee.
John 17:26
And I have declared unto them thy name, and will declare it: that the love wherewith thou hast loved me may be in them, and I in them.
Romans 9:17
For the scripture saith unto Pharaoh, Even for this same purpose have I raised thee up, that I might shew my power in thee, and that my name might be declared throughout all the earth.
Hebrews 2:12
Saying, I will declare thy name unto my brethren, in the midst of the church will I sing praise unto thee.
DO NOT DESPISE THE NAME
Malachi 1:6
A son honoureth his father, and a servant his master: if then I be a father, where is mine honour? and if I be a master, where is my fear? saith YHWH of hosts unto you, O priests, that despise my name. And ye say, Wherein have we despised thy name?
EXALT THE NAME
Psalm 18:46
YHWH liveth; and blessed be my rock; and let the God of my salvation be exalted.
Psalm 34:3
O magnify YHWH with me, and let us exalt his name together.
GIVE THANKS TO THE NAME
Psalm 106:47
Save us, YHWH our God, and gather us from among the heathen, to give thanks unto thy holy name, and to triumph in thy praise.
GLORIFY THE NAME
1 Chronicles 16:10
Glory ye in his holy name: let the heart of them rejoice that seek the YHWH.
Psalm 86:9,12
All nations whom thou hast made shall come and worship before thee, O Lord; and shall glorify thy name.
For thou art great, and doest wondrous things: thou art God alone.
Teach me thy way, O YHWH; I will walk in thy truth: unite my heart to fear thy name.
I will praise thee, O Lord my God, with all my heart: and I will glorify thy name for evermore.
HONOR THE NAME
Psalm 66:2,4
Sing forth the honour of his name: make his praise glorious.
Say unto God, How terrible art thou in thy works! through the greatness of thy power shall thine enemies submit themselves unto thee.
All the earth shall worship thee, and shall sing unto thee; they shall sing to thy name. Selah.
LOVE THE NAME
Psalm 5:11
But let all those that put their trust in thee rejoice: let them ever shout for joy, because thou defendest them: let them also that love thy name be joyful in thee.
Psalm 69:36
The seed also of his servants shall inherit it: and they that love his name shall dwell therein.
MAGNIFY THE NAME
2 Samuel 7:26
And let thy name be magnified for ever, saying, YHWH of hosts is the God over Israel: and let the house of thy servant David be established before thee.
Psalm 69:30
I will praise the name of God with a song, and will magnify him with thanksgiving.
MAKE KNOWN THE NAME
Exodus 9:16
And in very deed for this cause have I raised thee up, for to shew in thee my power; and that my name may be declared throughout all the earth.
MENTION THE NAME
Isaiah 12:4
And in that day shall ye say, Praise the YHWH, call upon his name, declare his doings among the people, make mention that his name is exalted.
Isaiah 26:13
O YHWH our God, other lords beside thee have had dominion over us: but by thee only will we make mention of thy name.
PRAISE THE NAME
2 Samuel 22:50
Therefore I will give thanks unto thee, O YHWH, among the heathen, and I will sing praises unto thy name.
Psalm 148:1-2
Praise ye YHWH. Praise ye YHWH from the heavens: praise him in the heights. Praise ye him, all his angels: praise ye him, all his hosts.
PUBLISH THE NAME
Deuteronomy 32:3
Because I will publish the name of YHWH: ascribe ye greatness unto our God.
REMEMBER THE NAME
Exodus 3:15
And God said moreover unto Moses, Thus shalt thou say unto the children of Israel, YHWH God of your fathers, the God of Abraham, the God of Isaac, and the God of Jacob, hath sent me unto you: this is my name for ever, and this is my memorial unto all generations.
Psalm 45:17
I will make thy name to be remembered in all generations: therefore shall the people praise thee for ever and ever.
SACRIFICE TO THE NAME
Psalm 116:13, 17
I will take the cup of salvation, and call upon the name of YHWH.
I will pay my vows unto YHWH now in the presence of all his people.
Precious in the sight of the YHWH is the death of his saints.
O YHWH, truly I am thy servant; I am thy servant, and the son of thine handmaid: thou hast loosed my bonds.
I will offer to thee the sacrifice of thanksgiving, and will call upon the name of YHWH
SEEK THE NAME
Psalm 83:16
Fill their faces with shame; that they may seek thy name, O YHWH.
SING TO THE NAME
Psalm 9:1-2
I will praise thee, O YHWH, with my whole heart; I will shew forth all thy marvellous works.
I will be glad and rejoice in thee: I will sing praise to thy name, O thou most High.
THINK ON THE NAME
Malachi 3:16
Then they that feared YHWH spake often one to another: and YHWH hearkened, and heard it, and a book of remembrance was written before him for them that feared YHWH, and that thought upon his name.
TRUST IN THE NAME
Isaiah 50:10
Who is among you that feareth the LORD, that obeyeth the voice of his servant, that walketh in darkness, and hath no light? let him trust in the name of YHWH, and stay upon his God.
PS- You are truly a one trick pony.
Exactly. And here we are. It’s “Nobody’s fault”.
That’s why if I get bailed in, I’ll keep it simple. I start with the bank teller.
I doubt that very many bank tellers know much about what their employers are up to. If you start with the bank teller, you are probably starting with somebody who is not knowingly complicit. You want to start somewhere? Start with K Street in DC.
Either way, he'll be at K... the banks will be closed and the tellers will be right out there with the rest of the crowd demanding their money.
The denizens of K will be the only ones who can be made to give it to them, since they'll be the only ones who know where it is. And... hey bonus!... the tellers will be able to tell them where their bosses can be found.
If bankers own politicians it's becasause they sold themselves to the bankers out of there own volition. If bankers are untrustworthy, point the finger up a level.
And if polititians are able to sell themselves to whomever they want it is because the people keep voting for them, i.e. let them get away with it. If polititians are untrustworthy, point the finger up a level.
<<it is because the people keep voting for them>>
Marked you up b/c there's still lots of places in the world where this is correct, sort of.
But in the days of Deibold machines... and COMPLETELY IGNORED public voting such as the recent Greek referendum... and COMPLETELY IGNORED public protests such as Bankster Bail-In 2008... and corrupt counting officials such as the ones Stalin was so kind as to warn us about... and secret trade contracts such as TTIP that skirt any public response or court system at all... and deliberately unrepresentative systems such as first-past-the-post so UKIP could come second in the public vote and win only a single seat...
I'd say, LESS AND LESS these days is the public to blame, at all. Soon the public blame will be completely absent, since no vote that doesn't go bankster way will matter. Some would say we are already there.
Let the organised criminals at the top - the bank racketeers and their puppet politicians - take the blame for what THEY have done, with or without public help. Their public permission for their crimes is only their cover. Most of them have no mandate for this Titanic of a failing globalist empire.
Banks pay politicians handsomely for favorable laws.
"Jeffrey Dahmer is a great babysitter!" -Louka Katseli
"Drinking bleach cures cancer!" -Louka Katseli
BWAH-HA-HA-HA-HA!!! stop, you're killing me!
in the mean time silver eagles are now on backorder from at least one well-known dealer...
Greek Bankers Go On Robbery Spree
Nobody Is Safe- Citizens Protest
“Ah sure! Banks will never see my money again, I prefer to buy tonnes of peanuts with it.”
Now there's an interesting angle. You either buy peanuts with your money by taking it out of the bank or you get peanuts in return by leaving it in the bank.
I'm confused.
Call yourself lucky if you get peanuts from the bank. Normally you get an escort out after they empty your pockets.
You sly dog! Who's the babe?
"Don't Run! We come in Peace! Raak raak!"
~ Mars Attacks
Time for a joke:
Robber robs the bank and shoots the teller.
He then turns to a customer on the left and asks, "did you see what I did?"
The man replies "yes" and the robber shoots him dead as well.
The robber then turns to an elderly couple on the right and asks, "did you see what I did?"
The old man replies, "I didn't see anything, but my wife saw everything."
Cue bankers hiring burglars to prove how unsafe money is in the home.
What? Bankers are too honest and trustworthy and would never do such a thing? Conspiracy theory?
Louka Corzine.
Seems appropriate to use a Hedge slogan here:
FREE CORZINE!!!
Get a rope and waterproof container and drop your cash into the septic tank.
Don't think they will be looking there
Nah, just put it in the microwave, they never look for money in there, especially if it's turned on.
Right, so just run your microwave all day and night SMDH
Get a rope and waterproof container and drop your cash into the septic tank.
Don't think they will be looking there
Well it looks like they are not running out of cocaine yet. So there is that.
THE BANK ARE NOW OWNED BY THE BANKSTERS ND CABAL. WHY RETURN IT TO THE LIONS DEN??
"But I can't say this...I'll look like a complete asshole."
" You have to, your the boss. Besides, you're PASOK...You have told bigger whoppers than this one before."
(grumbles) "I'm still gonna sound like an asshole."
If banks are so good...why did they need a bailout?
They were losing at the track. When they win, they keep it.
Because "Nobody could have seen it coming".
Tsipras really screwed up this country. If anyone needs to identify a bad guy in this problem, that would be Tsipras. It all did not have to go down like this.
Marked you up, but I think Schauble, Merkel, Draghi, and Lagarde might bear some teensy bit of responsibility too...
Forced digital currency on the way. Making paper currency valueless.
The IMF could even require this in order to continue recieving funds that they will then repay the IMF with for older debts.
They will then have to make bartering illegal also. Must be severe penalties if caught bartering.
Haha, make barter "illegal."
Vast numbers of flea markets and swap fests will break out in the woods, etc.
Exactly! But then you have the snitch who rats them all out. Goverment would then have to make severe punishment for them to scare the rest.
The snitch will end up like Charlie in Viet Nam, his stuff cut off and stuffed down his throat.
Yeah, RIGHT!...
https://www.youtube.com/watch?v=pkYNBwCEeH4
“Banks are absolutely trustworthy, we will spend your cash right away."
Don't you just love the appeal to the citizens to help Greece? Did she wave the Greek flag with the national anthem playing in the background?
Keep their money in the bank where the bankers can steal it easily "to help Greece". Easier than sending goons door to door to steal it.
The bankster employees would just steal the returned cash and stuff it in their yards in a can.
Just thinking out loud.
Since the Greeks have so much money laying around at home, this sounds like a good opportunity for an enterprising bank.
Why doesn't some foreign bank bring in several strategically placed ships around the Aegan, with their bank branches, guaranting Greeks a good return for their funds. The bank is in international waters, the greek people can ferry to the branch, and their money is safe from Euro-crooks and Greek political crooks.
Just a wild thought.
For the record, this is one time I do agree with the Greeks, leaving your money with the banks is pointless and very risky. But just as risky is having all your Euros, if you are Greek, as "Y" Euros, cause the authorities can still screw you that way. If i were Greek, I'd take all my euros and take trip to German, get in the REAL EUROs, the "X" aka, Deutsche Marks!
Then when things get tough... they can just sail away.
Ah good point...but still...there has to be some sort of opportunity when there is so much money laying around doing nothing. Just thinking.
Y EURO POLL
Out of interest, I'm in Italy, and as soon as this Greek crisis started, "Y" Euros disappeared, it appears the Central Banks started weeding them out of the system immediately, and still are not being seen even now.
Is anybody out there seeing "Y" Euros besides in Greece?
Yeah, the different countries Euro's are all identified to those countries. Which makes me wonder why they even went to the Euro in the first place.
What's the point of having the common currency be specific to nations who have no control over the valuation?
It seems to me like they got the benefit of a 'common currency', but left in a back door to quarantine a countries currency should they wish...so again, what was the point?
Can you imagine having say, an "Alabama dollar", and a "New York dollar"? Which one would be worth more? And what would that difference DO to the whole notion of the dollar?
God, these people are painfully stupid at times.
As curbyourrisk noted above, and has been outlined by ZH previously, the move to digital currency and the outlawing of paper fiat will pick up steam. Full control by .gov and the ability to tax everything that moves.
I am starting to like the idea of them going to a cashless system. Because the barter system will replace it so fast all of us will be stunned. That will put producers at the head of the table.
This might show just how much the banksters believe in their own BS. A complete disconnect from reality.
I'm with you, VWA. The whole 'cashless' idea makes me laugh, not tremble. This would wake up a HUGE number of regular 'folks' who otherwise are already going thru all sorts of acrobatics to try to preserve their status quo. They'd lose right away, their prime base of support: every senior citizen who is already resistant to doing much online business as it is. You'd see runs everywhere, and it would finally challenge the trust of aging boomers in their beloved politicians.
Banks and government, together as partners in Going Full Retard.
The banks operate on the basis of the 'fractional reserve' system. They can loan out as much money as they want, including to governments, as long as they have 10% of their total assets IN THE BANK, IN THE FORM OF DEPOSITS. ZH readers know all banks work that way.
The Greek people have either caught on... or simply by being encouraged by the incredibly stupid AND CRIMINAL seisure of their assets, they are removing their money from the banks. It is the banks themselves who, due to their own sheer panic, are openly and actively stealing the Greeks' money and making it nearly impossible to retrieve money once it has been deposited into the bank
So why would any Greek EVER AGAIN put ANY money into a bank? And how could any bank possibly expect to see as much as one penny of deposits? The banks are literally stupid beyond description if they think they have created even the slightest bit of incentive for people to deposit money. There is no incentive. The banks are going to more and more drastic measures every week to demonstrate that they are the world's greatest criminals. And the whole world sees it now.
The truth of this very serious matter is this: If the Greek people, ALL GREEK PEOPLE, pull ALL their money out of the banks, 60 Euros every single day, until they have drained the bank bone dry, that bank is absolutely fucked. The lenders to the bank are fucked. The ECB is fucked. The IMF is fucked. The entire Troika is fucked.
And yes, the Greek people are fucked... but they are fucked anyway. So why not take down the very gods who are oppressing them, actively ensnaring them into eternal debt slavery? The best way to fight back at the banks, the only method that is 100% guaranteed to succeed, is to drain the very life-blood that these demonic banking institutions run on. Jesus would be very pleased.
Whether it be by accident or by clever design of the Greek people... this process is already underway. They just need to keep it going until the bank collapses in a heap of dust.
Albertarocks,
With all respect Alberta, you're wrong. I can understand why you think the way you do, for there is a lot of stuff out on the internet about fractional reserve etc and debt. Its all wrong. Ill prove it to you right now with what you said. Right nwo there is about 120Billion in euros in savings in the Greek banks, you check this anywhere this number has been well published. Now if we are doing your fractional reserve methodology, this 120 Billion is really only 12 Billion euros! Now how can Greeks have pulled out 40 Billion in euros? For if they did, then there should be at least 400 Billion via fractional reserve methods. You see it doesn't work, the numbers don't add up.
The banks rely on the central banks to put reserves into their accounts, not based upon how much money depositors leave, that is inconcenquential, but on how much those banks require to lend out! That is the problem Alberta. You see this injection of money from the Central Bank (ie. printing money), that is injected into the bank system, is based upon how the individual banks can lend out the cash. This is what DEBT MONETIZATION means. The problem in the case of Greece and many other countries is that the banks have been largely, and in some cases nearly solely, been giving this money out to governments, and very little has been reach the people for business loans and etc. So in the case of Greece, too much money has gone from the banks to government, and that has strangled the liquidity ability of the banks to now operate, all because the government is not paying back the loans it has borrowed from the banks. It gets more complicated but this is enough to explain how your supposition is not valid.
Alberta be careful about what you see and hear on the Internet, most of it is based on ancient methods of banking that are not valid anymore. What you wrote would have been correct for the 1930's Depression, but not for today. Its totally different.
With respects from an ex-BCer,
Cold-Pragmatism
Uh...your math confused me.
The statement 120 billion euros in deposits is the reserve. So -40 billion euros would leave 80 billion euros unless the sytax of the statement is wrong?
I appreciate your classy tone. You're quite right about the fact that all the QE money has never reached the proper economy. It sits on the banks balance sheets as reserves and therefore has never had the fractional factor applied to it. Same holds true for the 'bailout money'. The Greeks are about to get another 'bailout', every penny of which will go right back to the institution who lent it... as payment on a previous loan. I get that.
On the other hand, if the IMF and ECB were not concerned about whether or not the Greeks kept their money on deposit in the bank they would not have imposed capital controls. So you bet they need the Greek money in the banks.
Therefore the people need to take every penny out. Since the banks need it... deny it.
I do admit that sometimes I tend to write with a big of a firey tone. I blame my severe anger with the overall banking agenda for that.
With all due honesty, I really hate to say what I am going to write. For I truely believe you are sincere in your thoughts and understanding, but I have to oppose you on this too. The reason why the GREEK banks want for Greeks to return their savings has to do with the fact that the ECB, has turn off the liquidity tap. As I explained earlier it is the CENTRAL BANK that controls how much money is in the system, and Draghi has now tightend the tap. So why do the Greek Banks plead for the Greeks to bring money back? Because, it is the only available liquidity in the system to keep the flow money that is, lending money out, to create the economy. The government which is largely to blame for gumming up the system, has no finances, it can't put money back into the system, because, greeks don't pay their taxes! You see the issue here, is that the ECB and EU are forcing the Greeks to start using their capital to move the Greek economy again, but the Greeks refuse to do so. The Europeans are saying "why should we get their economy moving? Its their economy, let them get it moving themselves!".
You know one of the biggest complaints in the economic world today is that the rich are getting richer compared to the poor. What is really happening is that the rich are getting richer, but that isn't the problem, the problem is that the rich ares sitting on their money and are not making it do anything other than just sit in the bank. The wealth of a country is also very dependent upon the velocity of money, that is how much money is touching people. The more money moves the more people can make things happen. In Greece, the Greeks are sitting on their money. So Greece suffers.
The Greek banks can survive without a single depositor, but if they have no borrowers, then they will collapse. Up until now the best borrower was the government, but the government is now broke. So banks in greece now need the individual borrower to step up. But they can't lend money out, because the ECB said no more. So the only money left to do business with is with the depositor.
Right now the problem is that Greek banks have no borrowers and a bad loan sheet (largely thanks to the government). They need to increase the good to bad loan ratio, and to that they need to lend money. To lend money, they need money from depositors, because the ECB is forcing Greeks to start investing in their country which they never did before. If Greeks don't invest in their country...it doesn't matter how many Euros they have at home, they will lose them. For if they have "Y" Euros, they are already earmarked as Drachma.
In short, the Greeks are basically shooting themselves in the head, if they don't change their Y Dracham to X Deutsche Marks. The Greeks are just being even more stupid than they were when they got themselves into this mess. This is when you need GOOD leadership, and why it was better for them to leave the EU and go to the drachma, which is something I have stated many many times.
In short....Greece you are morons. Everything you are doing is counter productive. Greece deserves their fate...to sink into the Aegan. Being selfish got them into this mess and remember all that money they have hidden at home, most of it, if not all of it, they didn't earn it. So stay selfish, but in the end you will get what you deserve....suffering that only you have yourselves to blame for.
No mercy should be shown for Greeks/Socialists/Communists or what ever you want to call them. Greeks own this mess, 100%, now. They had a chance to take responsibility into their own hands and said No! Ok no it is! Now pay the price for your No Vote! Cause you can't say No but.... It doesn't work that way, only selfish people are like....and that is the problem here, not liquidity, not central banks, but selfishness...greek selfishness!
All great points. And you are not wrong.
It's a horrible mess with no good outcome. The only solution I fear is revolution, global wide revolution against the banks. But of course that would collapse the entire global system into complete bloody chaos and anarchy. What arises once the dust settles, what happens on the other side of this Kondratiev winter we are entering is anybody's guess. But cycles of humanity suggest it will be something spectacularly good. But in the coming days of darkenss, few people will even believe that better times ahead are possible. I'm afraid the earth is going to have to pass through hell before we see a glimpse of heaven. And ALL OF IT is due to the satanic bankers.
I have your fears too, but I also see solutions. There are solutions, and I am not being flippant here. But the solutions require leadership. If you look up some of my past comments you will see have outlined some, especially for the coming pension fiascoes to come.
Yes Central Banking must change. Yes there is a collusion between powerful financial interests and the government. But to stop these evil forces, we need the people to wake up! We need people to cry out the truth, no matter how painful it is, and deal with it honestly. For example, Greece, they have a long history of lackadaisicalness and of quite offensive arrogance and indignance. They need to face reality, and when they can do that, things will start getting better. Every country in the world is run poorly, but that doesn't mean to lose hope. I see there are good paths forward, and as long as people like you and I talk and even ARGUE, it is good! IT IS VERY GOOD! For then, the truth will come out, and answers will become self evident.
Alberta, don't lose heart. There are people who have answers, the right answers, seek them out. The future of this planet is depending on you. Just remember everything must be earned and thus respected, for if you don't earn it, you can never respect it. The lower the value it comes to you, like healthcare, the more people abuse it (i tossed that one in for us Canadians). When governments throw money around like there is no tomorrow, beware, for the cost is always one you pay heavily in the future.
Alberta don't get negative. There are always answers, seek them. You know what the X-Files used to say, "The truth is out there!", and it is, go find it! Then share it, and help everyone else to use it. The future of the human race depends on people like you. The fight is only starting to begin!
Thanks. No worries, I am far from a quitter. I feel very empowered just by knowing and understanding what I have learned in my life. I try to enlighten anybody who will listen, although those kind of people are few and far between. Especially the older ones. Younger people... a huge and growing number of them are listening and learning.
What keeps me from going insane is literally that for the most part I understand what is going on. I feel very bad for those who are going to get broadsided and won't even know why it happened. Therefore they won't have any feeling of hope because all of it will be such a mystery to them.
I also understand the study of long wave cycles so I am fully confident that humanity will emerge out the other side into a glorious world of some sort. But that world will not include bankers or banking as we know it. So unless we get driven right back into the dark ages... we should emerge from a short term hell perhaps as early as 10 years down the road.
If it turns out to be worse than that, I see the world breaking down almost into tribalism... small groups of people cooperating for the good of their own community. I could see the people of the world trying to go as rural as possible... at least those who have a fruitful environment to migrate to.
Two things. First, you should have told him the fraction in fractional reserves is actually closer to 1 - 3% of the amount LENT OUT, not 10% (that would be very conservative and old-fashioned_, as far as these fucks are concerned).
And the problem is NOT that all the loans are going to the government. The problem is, the government then uses THOSE LOANS to pay off OTHER LOANS! No amount is spent in Greece. Not infrastructure, not pensions. Straight to pay off older loans...
Because those loans were lent by stupid but well-connected financiers (who envision scenarios like this), and they WILL get their money back, before letting the whole thing implode just that bit further.
The rule is 10%.
The fact that they do indeed violate that rule is even greater reason, MUCH GREATER REASON, to deny them a penny of the people's money. Let them use all their own money if they want. It's a vicious circle and the majority of the bankers are going to end up broke anyway. Not all of them are going to end up winners. It's just that they're too stupid to even realize that.
the rule? come on guys, let's base this discussion on some facts, please.
in the western world it's 0-1 %
https://en.wikipedia.org/wiki/Reserve_requirement
You come waltzing in here as if you know it all and you quote Wiki? Haha
The truth of the matter, just so you'll know for next time you want to make a fool of yourself by trying "oneupmanship", is that it's a complex mixture of rules depending on a whole lot of factors. http://www.federalreserve.gov/monetarypolicy/reservereq.htm
If you go to the trouble to read the "official" website, you will see that in certain circumstances the ratio is 10%. Like... dude... WTF does it matter? Why sweat the small stuff?
It doesn't matter what the rate is... if you think it matters then you have deliberately missed my point entirely. Which reflects very badly on your character.
One more after thought:
I thought I'd add this too, for you seem to put a lot of emphasis, on that 10% that is kept in reserve from depositors. You got that wrong too. You see, the Central Bank when it wants to expand the money supply, that is increase liquidity, it will put funds in the reserve account of the bank, those extra reserves are then used as a basis to tell the bank they can loan out 10x that much money. Hence, you see money is added into the system. Thus that 10% reserve, is used to faciliate a loan that has a value 10x the reserve that the bank has and can now give to somebody. Thus that debt that somebody gets from the bank is a form of new money in the system, called DEBT MONETIZATION. The reverse happens when the Central Bank wants to contract the money supply, they either pull reserves from the bank or more generally they demand the banks to decrease their reserve fraction, instead of 10x they can only lend out 5x as much money. There are other ways to shrink liquidity but you should get the idea. What's important is that, IT IS NOT THE DEPOSITOR that determines the reserve in the bank, it is the central bank that determines how much reserve there is. Depositors are not really important to a bank now days, what a bank really wants is to lend money. That is why depositors are a liability to a bank, they are more of a cost than a source of income. In short, banks do not work like they did before World War 1, where the depositors determined the loans that the bank provided, that ended decades ago. That's why we have central banks, so that banks are not constrained by the depositor availability to do business. In short, Alberta, NOT A SINGLE BANK IN THE WORLD NEEDS DEPOSITORS! They take depositors for if they didn't you'd get a lot of angry borrowers!
And yet they keep asking people to deposit their money.
Read below, I explain it all. I know its hard for people to accept that banks don't need depositors, but its true. Depositors create more problems than they are worth, that is modern banking. Most people still think about banking like it was in the 19th century, but it isn't like that anymore. Deal with it, cause its the truth.
I feel you are incorrect in your statement. Deposits count.
not really true, except china.
Western central banks rarely alter the reserve requirements because it would cause immediate liquidity problems for banks with low excess reserves; they generally prefer to use open market operations (buying and selling government-issued bonds) to implement their monetary policy. The People's Bank of China uses changes in reserve requirements as an inflation-fighting tool, and raised the reserve requirement ten times in 2007 and eleven times since the beginning of 2010.
https://en.wikipedia.org/wiki/Reserve_requirementReminds me of the time in the USA when a Brinks truck's back door opened up on the freeway and money went flying and the radio stations asked everyone to return it. ROFLMAO
"Banks are absolutely trustworthy" LOLOLOLOLOL ROFLMAO....... Rinse, Repeat.
Please put you 10,000 Euro back in the bank,,, we will allow you to draw 60 per day......... if your real nice.
This has gotta be the funniest and at the same time the saddest thing I have heard in many years!
Man, that shows just how stupid they think we plebs are.