Police Urging Greeks To Stop Stuffing Mattresses

Tyler Durden's picture

We have spent a considerable amount of time in the last week or two explaining just why depositor withdrawals (or bank runs) are the death knell for the Euro experiment. We first described the 'run on banks and governments' on the basis of the potential for overnight loss of 'fungibility' back in December but the escalation last week in Greece (and the contagion to Spain's Bankia) signals things are shifting to 11 on the amplifier of Euro-Fail. This evening brings new information from The Guardian that 'Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft, amid further uncertainty about whether the austerity-struck country will remain in the eurozone.'

Greece's national police spokesman, Thanassis Kokkalakis, told Reuters:

"Many people have withdrawn their money from the banks fearing a financial crash, and they either carry it on them, find a hideout at home or in storage rooms. We urge people to trust the banking system, leave their money there, or at least in a safe place, not hide it at home."  

Uhm, does anyone remember Cramer and his 'Bear Stearns' call? Or are we just "being silly?"

Speculation of a Euro-wide deposit guarantee scheme was quashed somewhat by yesterday's dismally predictable non-event summit - especially given the only three-week span to the next elections. That leaves Greek citizens juggling the possibility of having their home robbed against the probability that the government, via GEURO-isation, will do it for them in the bank.

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Rahm's picture

Trust the banking system..... hahahahahahahahahahahahahahahah.  What a crock of shit!


Classic, two words that should not be used in the same sentence....trust and banks. 

DoChenRollingBearing's picture

Forget it, Police Bitchez!  I am running my account down $500 / day every evening when I drive home.  Oh, wait excuse me.  The article is about the GREEK police.  Sorry, resume normal programming...

barliman's picture


LOL, Do!

That's a very useful thought.   Hmmmmmmm.  For the ZH readers, how about a series of Helpful Hints for Home Savers.

  1. Withdrawing cash in relatively small amounts is a good idea. You will draw less attention and feel less conspicuous.
  2. Move your accounts (i.e. checkings, savings, etc) out of the TBTF/TBTB or any of the regionals and into a small, local bank you have done due diligence on. (One good due diligence step - look into their online banking security. They should REQUIRE you to use strong passwords [letters, numbers & special characters] that you are required to change and CANNOT reuse. They should also have a computer specific verification process required to access your accounts online. Local banks do have this level of security in some cases along with online bill paying [more on that later] so ask lots of questions.)
  3. Checking accounts are for paying bills only. Savings accounts are an obscene joke. Your checking account is worth you taking the time to keep an eye on every day or so - this will also make you feel more comfortable keeping only enough money in the account to cover the checks you write.
  4. Follow the Mormon principle of building up a one year supply of properly stored food that you rotate your way through over the course of using it. How is this a helpful home saver hint, you ask? Interest on $ 5,000 in a savings account for one year will not buy you a good cup of coffee. Having the ability to hold off for a period of time having to buy "necessities" whose price has temporarily spiked by having the same $ 5,000 invested in one year's worth of standard grocery items [no freeze dried shit is necessary] will more than cover the cost of a really good dinner for you and your SO. If anybody raises an eyebrow, tell them it is a religious thing - or to fuck off.  {Disclaimer: this isn't about Mormons or Romney so if your thinking of starting any shit along those lines - see the last two words of the previous sentence.}
  5. The best OPSEC regarding home savings is, in this specific case, like the first rule of Fight Club. You know and your SO knows but NOBODY else has a need to know. Oh, if your SO can't be trusted not to spend your home savings, bad news - you need a new SO.

That's five to get you started.


Cosimo de Medici's picture

Like you say:

What is the rate on a savings account or one year CD in a reputable (a generous term) financial institution?

What is the expected one year rate of inflation on household necessities, including food?

Food storage is the new CD.  And if you are wrong, go ahead and eat your losses.

nufio's picture

not really a continuation to the thread.

I wouldnt be surprised to see media coverage of theft of cash stuffed mattresses and cops saying they dont have resources to find the thieves. And it wouldnt be surprising if they lead thieves to homes where people have withdrawn their money.

shuckster's picture

Scientifically speaking, the price of food can only go up. The soil has limited micronutrients. It becomes more exhausted with every passing day. Food inflation is just around the corner. It has to be. Agro subs have kept food prices down, but soon the chains will snap. Once food prices break a certain threshold, riots will start. It's science, not social science. People are animals, they are limited in their reactions to different stimulae. They will react predictably

hoos bin pharteen's picture

Agree that prices will skyrocket, but it's not a nutrients problem.  The real factors to watch are population, monetary inflation and energy spend/calorie.


Winston Smith 2009's picture

"Move your accounts (i.e. checkings, savings, etc) out of the TBTF/TBTB or any of the regionals and into a small, local bank you have done due diligence on."

Nearly correct.  Definitely move your money, but deposit it in a local Credit Union.  They by law cannot play the speculative games with your money that any bank can and you are a part owner.

HungrySeagull's picture

I strip mine accounts each month, been doing it sooo long no one notices anymore.

Oh regional Indian's picture

And yet, the implication has always been th eopposite. 

Banker's Trust New York manages Trust Funds for the Most Trusted Old Line Families. It holds their gold in a trusted location with trusted guards and trust-worthy management.

Trust us. 

Trust (n) : businesses organized to reduce competition




Harlequin001's picture

That's not the same thing ORI, You can put yopur money in a bank in a safe deposit box and it remains yours. That is not the same as what these police are saying, which is to invest it in the bank deposit scheme and hope they give it back to you...

I'd be interested to see what kind of financial services licence they're carrying, because if they didn't have one, and they gave financial advice such as this, then that would make the whole regulatory system a complete farce wouldn't it?

Oh, it already is...

oldman's picture


Be certain you read the small print in your safe deposit agreement if you live in California----cash, gold, and a few other items are taboo              om

The Big Ching-aso's picture



OTOH, the police continue to urge stuffing liquid deposits into each others flanks.

Oh regional Indian's picture

Latest Presidential Directive/FEMA/NDAA whatever strangle-law that has been signed includes the word Porn for Safe Deposit boxes as something the Feddies can take as "evidence".

The list of items was quite eye-popping.

The Totalitarian Tip-toe...


Harlequin001's picture

ORI, That's not the issue. The issue is whether you should trust the deposit system or not as per the Greek police advice, and I have suggested Deposit boxes as being less risk, not secret.

For clarity, I have always said it is better to have some assets offshore. The US system becomes irrelevent when you do...

Harlequin001's picture

absolutely oldman, due diligence is everything these days...

but even Californians can have assets overseas, which gets around your gold taboo problem.

slewie the pi-rat's picture

in slewienomics, the thing to remember in greece (from where ori started on down, in this comment string) is that right now, these "deposits" are payable in EUR

maybe soon these deposits will be "converted toDrachmae" or dong or something: aka "the fungibility F.A.I.L."

also, tyler shows us the "run" possibilities earlier, today in:

In Europe, It's All About The Bank (Run)

Harlequin001's picture

Slewie, whilst I understand and do not disagree with what you say, my conversation with ORI began with the differentiation between trusts and banks, and the difference between bank deposits and bank safe deposits.

This is not the same.

The police are saying put your money back in the banks, I am saying there are other places and other ways to hold your cash which are different risk, and bank deposits and bank safe deposits are a good example. I believe we are now moving onto the risks associated with those dfifferent means, but your point is not lost...

slewie the pi-rat's picture

i was just trying to remind people what the article was about, i guess

the reason the poleeces are "advising";  the reason the euros are being cashed out, now (fungibility loss fear)

i wasn't trying to argue

i thought ori was responding to sheepfukker and maybe spamming his article/website?  ori's article may be about the ubers staying uber by design

he is the second person to suggest your statement about bankster boxes is not valid

you:  and I have suggested Deposit boxes as being less risk, not secret.

where fungibility is not an issue and where deposit insurance is in force and where there is hanky panky with the boxes, your suggestion ain't gonna be accepted, H_001, b/c it isn't true

you are correct about moving along the risk continuum and the necessities involved, but you chose an example for the other side of the debate!

put the google on:  "safe deposit boxes raided (in CA)" and you will see how this too, has been utterly violated by the corpo-fascist police state, here

it appears the gendarmes may have taken a statistical sample of box contents in CA and i do mean TAKEN!

now, if that has troika-esque overtones, perhaps we can all enjoy the harmonics, together

Harlequin001's picture

Slewie, with regard to this' it appears the gendarmes may have taken a statistical sample of box contents in CA and i do mean TAKEN!' it may be true, but I would need to look into this a lot more before I accept that the Feds can simply walk into any depository and simply take a statistical sample.

I searched the link and found an article which referred to a Bank of America screw up in relation to orphaned estates. I am aware that boxes can be raided but that is normally in the context of an illegal activity, or tax evasion for example. I do not accept that the authorities can simply walk in and demand to open safe deposit boxes without good cause. That is not to say that they can't under any circumstances, but my point still remains that these Greeks do have the option of withdrawing their euros from deposits and putting them back in the same bank's (or any other including non bank) safe deposit boxes without suffering the same fate that depositors will, and that assets held in trust might be in no way linked to this.

If what you say is true and you are genuinely concerned about it then you should consider moving your assets offshore to a jurisdiction that is not so 'accessible' to the US authorities without some form of court order or other authority...

Harlequin001's picture

Thanks for that fiftybagger. Very interesting. Whilst I appreciate the sentiment I don't think this is applicable here. This is a raid however misguided and badly executed supposedly to sieze the proceeds of criminal activity. Whilst I in no way condone it it is clear that the majority of innocent boxholders have since had their property returned, i.e. it is not simply a sweep to snatch anyone and everyone's assets as was implied in an earlier comment.

What's missing here is the understanding that these powers are as applicable to anything you have in your home, any bank deposits and any other assets you own. It is not a problem with bank safety deposits as such as too much police powers. I suggest that this particular incident is going too far, but it is not in the spirit of the discussion above.

I certainly wouldn't say it was a good reason to put your money back into deposits, or that the risk of using safety deposit boxes is in any way equal to that of losing your money or having it manipulated for you within the normal banking system. If anything I'd say it highlights the need to have assets overseas where the local police can't simply game the system to abuse their authority, but would need to prove their case in a foreign court before they can gain access to your assets.

prole's picture

Serfs and plebs rest easy! Harlequin is here to defend the actions of the state! The British government didn't steal the contents of 6,000 safe deposit boxes, no! they were in fact conducting an action "to sieze the proceeds of criminal activity."

Really you tool, who would read anything you have to say ever again after you wrote that? I can only assume you got a respectable percentage of all the stolen loot.

Harlequin001's picture

You didn't bother to read the article did you? You just thought you'd bounce on here and make some smart comment because you think it sounds good didn't you?

You have no idea what you're talking about do you? You really are a first class prick.

Do us all a favour Prole and shut the fuck up unless you have something in any way constructive to say that might in any way contribute to the conversation.

Frankly, I've got better things to do...


shuckster's picture

Indeed - they have one of the lowest loan to deposit ratios of all the banks. Nothing says strength than low leverage

The Monkey's picture

There may be a dip to buy coming up.

The Big Ching-aso's picture



The Greeks should be experts at Bank Holidays.  Their 5-day work week includes 5 holidays already.

The Big Ching-aso's picture



Shit.  I can't wait 4 the end of the world.  Then we can begin worrying about starting it all up again.

palmereldritch's picture

And the Greek word for bed bug appears to be kopious...

phungus_mungus's picture

The police want them to keep their money in their bank accounts, cuz it'll be easier for them to seize it that way, than having to go door to door... 

AUD's picture

That or depositors 'money' is being used to prop the police pension fund.

HungrySeagull's picture



jez's picture

This evening brings new information from The Guardian that 'Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft . . .

Hahaha! They don't realise that the Greeks are taking their money out for safety's sake. They've got it exactly backwards. Typical coppers.


Greece's national police spokesman, Thanassis Kokkalakis, told Reuters:  We urge people to trust the banking system, leave their money there . . .

That's what you "urge", is it?

Anybody taking financial advice from a police spokesman deserves everything he gets. And how much personal responsibility is Mr Kokkalakis offering to any who take his advice, in the event of the forthcoming bank crashes, extended bank holidays and sudden oppressive limits on daily withdrawals? None, of course. He will suddenly become rather quiet on the subject.

prole's picture

Like Skilling re-assuring Enron stockholders they had nothing to worry about, I forget the quotes something like "your company is rock solid, with a great future" while the top guys were dumping shares.

Cult_of_Reason's picture

Bank Run Starting in Spain, Portugal, and Italy

John Taylor: "Yes, the numbers show it is happening in Spain, Portugal, and Italy."


Cult_of_Reason's picture

Greek Exit = Run on European Banks

UBS has told its wealthy clients that there’s a 20 percent chance of Greece leaving the euro within six months... A Greek exit could trigger “a chain reaction of bank runs and soaring risk premiums on government bonds of weaker countries, and that ultimately breaks up the entire euro zone,” UBS economists Thomas Wacker and Jürg de Spindler wrote in a note to investors.


The Big Ching-aso's picture



In Greece if you go to the bank & ask for a deposit slip they hand you a sheet of toilet paper.

krispkritter's picture

A few years hence: In America if you go to a supermarket and ask for toilet paper, they hand you Dollars...

JackT's picture

First, thanks for the link. Secondly, WOW! What a great clip. Mostly because it's MSM, but also Taylor saying that Greek Ship Builders bailed on their own country 2 years ago.

JustObserving's picture

"Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft"

If they are forcibly converted into drachmas in banks, that would be certain theft.

Mattresses are more trustworthy than a bankster.

Why are the Greeks, Spaniards, Italians not buying gold and silver instead?  

Harbanger's picture

They should walk from the Bank straight to the coin shop and buy PM's with Euros.

JOYFUL's picture

Xactly the question what needed to be asked in an article like this...

but wasn't.

When the Tylers infamously fell for the WSJ disinfo gag about Turkish government gold accumulation and spun it into "Turkey Confiscates Gold?!?!" the correct storyline went missing in action =

Within the confines of the Euromerikan prison zone, the inmates are actively discouraged from buying or holding PMs...outside of that gulag, as Turkey most actively illustrates, them dumb 'third world' folks are getting on with bizness...http://www.reuters.com/article/2012/05/17/gold-turkey-iran-idUSL5E8GGF3K... bizness of stayin alive through perilous times.

 an 80% increase between 2010 and 2011in retail investment demand for gold coins and bars here...5,000 tonnes of accumulated gold in homes across the country...21.9g of gold consumption intensity, per capita.......gold now the top investment choice for Turks, after property...just a few choice morsels of the  kind of information not available to the CampFema holidayers...

Yes, the Turkish government has encouraged us to put some of that gold into the banking system: there are $2.8bn worth of gold-related deposit accounts and $1bn worth of gold-related investment funds - having a XAU account at the bank in addition to holding physical has been a very convenient way of riding this bumpy market...buying and selling as easy as logging on to your account. If it helps with the balance of payments problems, so much the better. Do I trust the banks? But I have a lot more faith in my ability to use them to my advantage here than in Euromerika...we'll feel the shockwaves of the tsunami, but the waves will be a magnitude lesser than what is headin yur way!

Bottom line...

Turkey is buying Iranian oil with massive amounts of gold...in defiance of the ZATO puppet dictates, while steering clear of outright defiance...and encouraging it's citizens to store their wealth in an inflation-buffered vehicle...duplicitous Asians we be!...as westerners pass the time watching carnival sideshows like Facebook IPOs, comfortably stretched out on the deck chairs of a ship too big to sink!


Catullus's picture

Because other people will still accept euros for things.  There's still a need to hold on to euros.

navy62802's picture

If they have the means, they should be purchasing gold, no matter the size or denomination. I know you can get quarter-ounce or even 1/10th ounce Krugerands from APMEX. At least that way they know that their savings will be preserved when it is inevitably converted to a new currency.

But we all know what the grand powers have planned for this eventuality ... confiscation of all privately held gold. It's happened before and it will happen again. Because gold empowers the citizen.

Number 156's picture

No matter what, they will strip those people of any form of wealth they can get their hands on. 


Ropingdown's picture

Governments with guns and employees that want their pensions can make your gold worthless overnight....except as a store of value for the distant future.  If I was Greek I'd buy dollars as fast as possible and stuff them in a bank vault up north, just like the Spaniards are doing.

The Big Ching-aso's picture



In Greece the bank tellers hand you a this is a stick up note.