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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"Many people have withdrawn their money from the banks fearing a financial crash, and they either carry it on them, find a hideout at home or in storage rooms.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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Thu, 05/24/2012 - 23:12 | 2461170 Rahm
Rahm's picture

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

Thu, 05/24/2012 - 23:15 | 2461177 SHEEPFUKKER
SHEEPFUKKER's picture

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

Thu, 05/24/2012 - 23:41 | 2461232 DoChenRollingBearing
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...

Fri, 05/25/2012 - 00:24 | 2461319 barliman
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.

barliman

Fri, 05/25/2012 - 03:00 | 2461488 Cosimo de Medici
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.

Fri, 05/25/2012 - 03:35 | 2461519 nufio
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.

Fri, 05/25/2012 - 03:50 | 2461524 shuckster
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

Fri, 05/25/2012 - 12:22 | 2462725 hoos bin pharteen
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.

 

Fri, 05/25/2012 - 08:59 | 2461813 Winston Smith 2009
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.

Fri, 05/25/2012 - 01:40 | 2461401 HungrySeagull
HungrySeagull's picture

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

Thu, 05/24/2012 - 23:49 | 2461253 Oh regional Indian
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

;-)

ori

pro-gress-by-de-sign?


Fri, 05/25/2012 - 00:07 | 2461297 Harlequin001
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...

Fri, 05/25/2012 - 00:16 | 2461306 oldman
oldman's picture

@harlequin

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

Fri, 05/25/2012 - 00:25 | 2461316 The Big Ching-aso
The Big Ching-aso's picture

 

 

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

Fri, 05/25/2012 - 00:47 | 2461343 Oh regional Indian
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...

ori

Fri, 05/25/2012 - 00:53 | 2461351 Harlequin001
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...

Fri, 05/25/2012 - 00:39 | 2461333 Harlequin001
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.

Fri, 05/25/2012 - 01:08 | 2461362 slewie the pi-rat
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)

Fri, 05/25/2012 - 01:16 | 2461375 Harlequin001
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...

Fri, 05/25/2012 - 02:49 | 2461462 slewie the pi-rat
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

Fri, 05/25/2012 - 03:44 | 2461521 Harlequin001
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...

Fri, 05/25/2012 - 05:45 | 2461563 fiftybagger
fiftybagger's picture
The raid that rocked the Met: Why gun and drugs op on 6,717 safety deposit boxes could cost taxpayer a fortune


 http://www.dailymail.co.uk/home/moslive/article-1222777/The-raid-rocked-Met-Why-gun-drugs-op-6-717-safety-deposit-boxes-cost-taxpayer-fortune.html#ixzz1vsC9CIm8

 

Fri, 05/25/2012 - 09:08 | 2461850 Harlequin001
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.

Fri, 05/25/2012 - 10:51 | 2462262 prole
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.

Fri, 05/25/2012 - 11:46 | 2462333 Harlequin001
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...

 

Fri, 05/25/2012 - 03:51 | 2461526 shuckster
shuckster's picture

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

Thu, 05/24/2012 - 23:15 | 2461180 The Monkey
The Monkey's picture

There may be a dip to buy coming up.

Thu, 05/24/2012 - 23:20 | 2461188 The Big Ching-aso
The Big Ching-aso's picture

 

 

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

Thu, 05/24/2012 - 23:43 | 2461239 Bizaro World
Bizaro World's picture

Matresses = Bullish!

Fri, 05/25/2012 - 00:25 | 2461293 The Big Ching-aso
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.

Fri, 05/25/2012 - 00:32 | 2461325 palmereldritch
palmereldritch's picture

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

Fri, 05/25/2012 - 00:41 | 2461336 Harlequin001
Harlequin001's picture

what, not $100 billius then?

Fri, 05/25/2012 - 00:06 | 2461295 phungus_mungus
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... 

Fri, 05/25/2012 - 01:24 | 2461385 AUD
AUD's picture

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

Fri, 05/25/2012 - 01:38 | 2461400 HungrySeagull
HungrySeagull's picture

BWAHAHAHAHAHAHAHAHAHAHAH

BWAH HAW HAW HAW HAW HAW HAW HAW!!!!!

Fri, 05/25/2012 - 04:09 | 2461528 jez
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.

Fri, 05/25/2012 - 10:59 | 2462306 prole
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.

Thu, 05/24/2012 - 23:23 | 2461171 Cult_of_Reason
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."

 http://www.bloomberg.com/video/93342045-fx-concepts-john-taylor-on-euro-currencies.html

Thu, 05/24/2012 - 23:32 | 2461211 Cult_of_Reason
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.

http://www.businessweek.com/articles/2012-05-24/greek-exit-could-trigger-a-run-on-european-banks

Thu, 05/24/2012 - 23:50 | 2461218 The Big Ching-aso
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.

Fri, 05/25/2012 - 11:04 | 2462335 krispkritter
krispkritter's picture

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

Thu, 05/24/2012 - 23:49 | 2461254 JackT
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.

Thu, 05/24/2012 - 23:19 | 2461173 JustObserving
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?  

Fri, 05/25/2012 - 00:06 | 2461294 Harbanger
Harbanger's picture

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

Fri, 05/25/2012 - 00:58 | 2461359 JOYFUL
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!

 

Fri, 05/25/2012 - 06:52 | 2461595 Catullus
Catullus's picture

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

Thu, 05/24/2012 - 23:17 | 2461174 navy62802
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.

Thu, 05/24/2012 - 23:31 | 2461203 Number 156
Number 156's picture

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

 

Thu, 05/24/2012 - 23:31 | 2461206 Ropingdown
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.

Thu, 05/24/2012 - 23:38 | 2461223 The Big Ching-aso
The Big Ching-aso's picture

 

 

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

Fri, 05/25/2012 - 11:16 | 2462397 prole
prole's picture

Governments with guns and employees that want their pensions can make your gold worthless overnight...

I mean you realize your comment is a farce?

Governments rise and fall by the hundreds, through the centuries, yet gold remains.  Nothing any bureaucrat says or does can make gold worthless. They could temporarily reduce the price of gold by selling below spot, that would make their selling price the new spot. Please let me know when they do this, TIA

Thu, 05/24/2012 - 23:14 | 2461176 Banksters
Banksters's picture

Keep your money in the bank.   Then when the govt defaults, THEY can steal from you.

 

Oh, the irony.

Thu, 05/24/2012 - 23:15 | 2461178 meatball
meatball's picture

End of the world soon, yesssssss!

Thu, 05/24/2012 - 23:18 | 2461187 navy62802
navy62802's picture

I hate to say this, but I think this is all going to end in war. I can't see a peacable resolution outside of armed conflict.

Thu, 05/24/2012 - 23:29 | 2461200 The Monkey
The Monkey's picture

Does make one want to pare back on risk a tad.. Maybe I should be 90/10 stocks and bonds instead of 99/1.

Thu, 05/24/2012 - 23:51 | 2461231 The Big Ching-aso
The Big Ching-aso's picture

 

 

In Greece if a guy has an early withdrawal the other guy lets out a big sigh of relief.

Fri, 05/25/2012 - 04:44 | 2461536 Rick Blaine
Rick Blaine's picture

That's exactly what Kyle Bass is saying...

He hasn't specified which countries he thinks will be involved, but I've heard him refer to "this" ending in a war on several occasions.

Obviously, I have no idea if he's right...but based on his recent track record, when he speaks, I listen.

 

Thu, 05/24/2012 - 23:17 | 2461185 tmosley
tmosley's picture

The police get a cut of funds seized from banks when the government vultures swoop in (late to the party, of course).

Thu, 05/24/2012 - 23:40 | 2461217 sitenine
Thu, 05/24/2012 - 23:43 | 2461240 The Big Ching-aso
The Big Ching-aso's picture

 

 

In Greece when you open up a savings account they ask who is your psychiatrist.

Thu, 05/24/2012 - 23:49 | 2461252 sitenine
sitenine's picture

Yes, they would ask that question if anyone actually opened one.

Thu, 05/24/2012 - 23:18 | 2461186 toady
toady's picture

I 'ran' my bank almost a year ago now.

I still have an account that I run bills through, but any extra gets put into physical goods.

Thu, 05/24/2012 - 23:37 | 2461220 GrinandBearit
GrinandBearit's picture

Same here... and my 401k and my IRA and my ROTH IRA all of them cashed out years ago. 

I only keep a minimum amount of cash in the bank to cover my monthly bills.

Fri, 05/25/2012 - 09:56 | 2461247 The Big Ching-aso
The Big Ching-aso's picture

 

 

In Greece these days when you open a bank account they give you a book containing no checks but plenty of deposit slips.

Fri, 05/25/2012 - 00:21 | 2461314 Decolat
Decolat's picture

I remember running my bank.. the kid teller was visibly pissed and scared when I took out 95% of my funds. I had a feeling WaMu was going down fast, and they were gone 2 fucking days later. (!)

A bank run feels sooo good.

Fri, 05/25/2012 - 01:48 | 2461408 eaglefalcon
eaglefalcon's picture

Didn't J P Morgan Chase acquire WaMu?

Fri, 05/25/2012 - 02:05 | 2461433 Dave Thomas
Dave Thomas's picture

Yes they did! All of those fastsigns logos went from WamU to JPmorgan in a hurry.

Fri, 05/25/2012 - 09:15 | 2461883 toady
toady's picture

I thought wells fargo got stuck with wamu...

And the signs didn't change fast here. In fact there was a wamu acrossed the street from a wells fargo a year later. They said they were still working out the final layoffs...

Fri, 05/25/2012 - 02:03 | 2461429 stacking12321
stacking12321's picture

i call bs.

did the teller have concerns about the institution's liquidity situation, vis-a-vis increased losses due to sub-prime mortgages going south?

yes, i can see why a "kid teller" would be "visibly pissed and scared"

 

Thu, 05/24/2012 - 23:20 | 2461190 urbanelf
urbanelf's picture

Do Greek banks offer 37% on checking accounts like govt. bonds?

Fri, 05/25/2012 - 01:32 | 2461397 Captain Benny
Captain Benny's picture

Very interesting point.  Its far cheaper to invest in one's own govt debt and expect devaluation and default rather than invest in one's banking system.  Quite the conundrum....

Thu, 05/24/2012 - 23:26 | 2461195 Let The Wurlitz...
Let The Wurlitzer Play's picture

Is all they do is sit home on their ass all day, I do not see why they cant watch their money at the same time.

 

Thu, 05/24/2012 - 23:26 | 2461197 vincent
vincent's picture

 

 "Bank" and "Trust"

Sad to say it's become an oxymoron.

Soon many more will see the light.

Thu, 05/24/2012 - 23:29 | 2461199 pissing_excellence
pissing_excellence's picture

Marv: I check the list. Rubber tubing, gas, saw, gloves, cuffs, razor wire, hatchet, Gladys, and my mitts.

http://youtu.be/esfI0zd4tUU

Fuck em Greece

Fri, 05/25/2012 - 00:34 | 2461296 Dead Canary
Dead Canary's picture

Now take it easy Marv. Ya gotta CONDITION.

Thu, 05/24/2012 - 23:30 | 2461202 wee-weed up
wee-weed up's picture

The depositors "voting" with their feet is rapidly spreading among the euroweenies. It should reach critical mass shortly...

Thu, 05/24/2012 - 23:31 | 2461207 rockraider3
rockraider3's picture

There is no bank run.  I repeat, there is NO BANK RUN.  Oh, what?  That man behind the curtain using the ATM?  Just ignore him.

Thu, 05/24/2012 - 23:35 | 2461214 nomorebuyins
nomorebuyins's picture

Great video. Cramer should be in a cell with Corzine.

Thu, 05/24/2012 - 23:35 | 2461215 rockraider3
rockraider3's picture

Wait, if you are unemployed, aren't you basically at home most of the time anyway, making a robbery pretty unlikely?  

Thu, 05/24/2012 - 23:39 | 2461225 gwar5
gwar5's picture

Bullshit!  Take it all out of the banks -- ASAP! Grandma and Grandpa Gyrodopolous were right about the banks and the depression! What do the cops know, that's why they're cops! The cops just know they won't get their paychecks if the banks shut down, and that's when they'll switch sides for good and be Greek again.

 

Thu, 05/24/2012 - 23:45 | 2461228 savagegoose
savagegoose's picture

and for gods sake if you dont trust the banking system at least tell the local cops how much money you have and where its hidden ok? </sarcasm>

Thu, 05/24/2012 - 23:40 | 2461229 Zgangsta
Thu, 05/24/2012 - 23:54 | 2461271 otto skorzeny
otto skorzeny's picture

the scary part is that Greek cops aren't PTSDed like ours are from Iraq/Afghan. I see there is a big push to "hire a vet"-idle vet minds are the devil's playground. I'm sure seeing the MSM constantly showing vets getting priority hiring  won't create animosity from the millions without jobs who were smart enough not to go fight the banksters/neocons/AIPACs wars

Fri, 05/25/2012 - 00:00 | 2461286 The Big Ching-aso
The Big Ching-aso's picture

 

 

U can tell there's a big bank run in Greece when people walk out with 2 coin rolls of drachmas.

Thu, 05/24/2012 - 23:52 | 2461230 Seasmoke
Seasmoke's picture

yes please leave your money in the banks, so the cops can get paid , for bashing your heads, from the bankstas they protect

Thu, 05/24/2012 - 23:41 | 2461233 NetDamage
NetDamage's picture

Sounds to me like gold vaults with armed security will prosper greatly in Europe this year.

Thu, 05/24/2012 - 23:43 | 2461238 nomorebuyins
nomorebuyins's picture

Being a burglar seems like a lot of work , maybe too much work. I think the euros are safe at home.

Fri, 05/25/2012 - 02:31 | 2461454 HungrySeagull
HungrySeagull's picture

Here in the USA, you break front door down or get inside during the night...

You probably will not survive. Unless you hit the right house filled with pious Far Left antis pussys.

Fri, 05/25/2012 - 11:31 | 2462456 prole
prole's picture

Well this may be a bit "insensitive" but we must keep it real on ZH-

http://www.dailymail.co.uk/news/article-1312735/Dr-William-Petits-agony-...

PS- Look at the pic, guy does not look like he is really in all that much "agony"

Thu, 05/24/2012 - 23:44 | 2461242 Zgangsta
Zgangsta's picture

It really doesn't matter what you do with your money.  If they really need it, they'll just torture you until you tell them where it is.

Thu, 05/24/2012 - 23:45 | 2461243 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Given that the global financial system is teetering, going to the mattresses seems like the logical decision for the average citizen.

Thu, 05/24/2012 - 23:45 | 2461245 walküre
walküre's picture

The banks should encourage the depositors to take the money out and buy gold.

Yes, when they buy gold at least the money goest back into the system.

Hoarding cash in mattresses is poison for the banks and their system.

Thu, 05/24/2012 - 23:49 | 2461255 peekcrackers
peekcrackers's picture

I am urging Cramer to try salting his foot ..before he has to eat it again .

Fri, 05/25/2012 - 11:21 | 2462417 krispkritter
krispkritter's picture

He'd have to be quite the contortionist as his head is so far up his ass you'd need a colonoscopy to confirm his eyes are brown because he's so full of shit...

Thu, 05/24/2012 - 23:49 | 2461256 nomorebuyins
nomorebuyins's picture

Police urging Greeks to just give us your money.

Thu, 05/24/2012 - 23:50 | 2461258 Arnold Ziffel
Arnold Ziffel's picture

My cousin Konstantinos has a King Size matress...with a nice soft Egyptiian cotton (450 thread count) mattress pad.

Thu, 05/24/2012 - 23:50 | 2461261 Atomizer
Atomizer's picture

Greece.. Put all your assets into the Bank of Sealy.

Fri, 05/25/2012 - 09:05 | 2461267 TNTARG
TNTARG's picture

Want to listen to the dimension of the nonsense from the ECB's master Draghi???

http://www.youtube.com/watch?v=o1Xh_idVfU8&feature=share

 

Thu, 05/24/2012 - 23:54 | 2461269 Kiwi Pete
Kiwi Pete's picture

I hope they're not stuffing their matresses with Y series Euro notes. They'll be the first ones declared invalid.

http://hat4uk.wordpress.com/2012/05/18/european-banknotes-the-suddenly-missing-y-chromosome-in-greece-40/

Fri, 05/25/2012 - 00:01 | 2461285 dwdollar
dwdollar's picture

That's equivalent to locking third class passengers in the bowels of the Titanic. Arrest the Greek police for crimes against humanity.

Fri, 05/25/2012 - 00:02 | 2461290 Atomizer
Atomizer's picture

During the day, you can safely store olive oil or wine bottles, by night..

 

The Back Up Bedside Gun Rack

Fri, 05/25/2012 - 00:09 | 2461301 indio007
indio007's picture

Yes, I'm going to take financial advice from the cops.......

Can I sue them for bad advice when the banking collapses?

 

 

Fri, 05/25/2012 - 00:21 | 2461313 Atomizer
Atomizer's picture

RE: Can I sue them for bad advice when the banking collapses?

 

I hope you have realized by now, the government parasites don't pay for the lawsuit damages. Taxpayer's always payroll for their fuck ups.

Fri, 05/25/2012 - 11:22 | 2462418 krispkritter
krispkritter's picture

Gives new meaning to the phrase "Suit yourself."

Fri, 05/25/2012 - 00:17 | 2461308 Dorky
Dorky's picture

Cramer is a shithead.

Fri, 05/25/2012 - 01:26 | 2461388 Dr. Engali
Dr. Engali's picture

That's an insult to shitheads everywhere.

Fri, 05/25/2012 - 00:19 | 2461309 world_debt_slave
world_debt_slave's picture

Trust in god, that is, your government.

Fri, 05/25/2012 - 02:56 | 2461485 nathan1234
nathan1234's picture

God stands for Justice

The Governments are made up of criminal human elements and stand for injustice.

Please know the difference

 

 

Fri, 05/25/2012 - 00:23 | 2461318 dbomb12
dbomb12's picture

Coming soon to a U.S city near YOU

Fri, 05/25/2012 - 00:32 | 2461328 q99x2
q99x2's picture

Just leave your money with the banksters and they'll take good care of it.

You got a be kidding me.

Fri, 05/25/2012 - 00:34 | 2461329 hedgehog9999
hedgehog9999's picture

This is the "ALL CLEAR" signal to take all your money out, perhaps not stuff it in a matress but deposit it in a safer Bank entity.....or better yet buy heavy stuff that if you drop it in your foot , it hurts....

Fri, 05/25/2012 - 00:37 | 2461334 worbsid
worbsid's picture

Roger on that heavy stuff. Bullets!

Fri, 05/25/2012 - 00:35 | 2461332 worbsid
worbsid's picture

New Word:

 Exhaustipated: When you’re just too tired to give a shit!

 

Fri, 05/25/2012 - 02:57 | 2461486 slewie the pi-rat
slewie the pi-rat's picture

or take one, either

Fri, 05/25/2012 - 00:43 | 2461339 Lazane
Lazane's picture

worth mentioning though not widely reported out of the Grecian news is their has also been a run on wheelbarrows, hardware and building supply ware houses report that they have recently completly sold out of the long standing inventoried store item. 

Fri, 05/25/2012 - 00:51 | 2461350 Lazane
Lazane's picture

the picture denotes that the greeks are squirling away C-FRN, if this is actually the case, greeks are letting all know who they think will be the last dog standing in this scrum. pretty telling if the picture is correct, though coming from this old crow I be pretty darned scared if their were not a gold or silver kern to be had for a hard days work.  caw ! caw! 

Fri, 05/25/2012 - 01:06 | 2461365 Dick Darlington
Dick Darlington's picture

No respect left for the greek sheeple. They still want euro and still keep their money in insolvent greek banks. Think they have watched Captain Euro propaganda video one time too many. Uh huh, man up will ya.

Fri, 05/25/2012 - 01:24 | 2461384 Dr. Engali
Dr. Engali's picture

Replace Captain Euro with Captain America and you could say the same thing about the U.S.

Fri, 05/25/2012 - 01:05 | 2461367 dbomb12
dbomb12's picture

All they have to do is listen to Obama, Spend more. Cant wait till Ol Francois take the seat in Fronce Its all downhill from here

Fri, 05/25/2012 - 01:09 | 2461371 jcamargo
jcamargo's picture

Still talking about paper. It will be rock bottom for Greece when government limits the purchasing of durable foodstuffs and criminalize their hoarding at home.

Fri, 05/25/2012 - 01:49 | 2461410 Widowmaker
Widowmaker's picture

As anyone non incorporated knows, trust is earned. It has productive utility.

Fuck the fraud-banks.

Fri, 05/25/2012 - 02:23 | 2461446 Joe The Plumber
Joe The Plumber's picture

Too bad politicians and banks wont realize this until it is too late and all the trust was squandered, spent too cheaply

Fri, 05/25/2012 - 02:00 | 2461424 Vigilante
Vigilante's picture

I haven't seen a place selling 'investor' gold in Greece..

...hence the stuffed mattresses..

Fri, 05/25/2012 - 02:05 | 2461432 nathan1234
nathan1234's picture

The Greek police are keeping their money too in their own homes.

They are not sure of their Government and their banks also.

Fri, 05/25/2012 - 03:05 | 2461501 AnAnonymous
AnAnonymous's picture

As if police officers will not be involved in burglars when their paycheck is not due.

Another round of cheap US citizen propaganda, cops cant tell "move money to house so we can set up burglaries and grow richer, thanks to the vast amount of data, the connections we have"

That would be self indiction.

Fri, 05/25/2012 - 03:22 | 2461507 Debugas
Debugas's picture

here is first hand experience from Lithuania where Snoras bankas was busted a year ago

It took a month to get all the ensured (according to law the amounts up to 100000 euros) deposites back but that completely emptied the garanties fund and forced the government to borrow additional one billion euros. Now all tax payers are paying interest on that.

Deposits that had more than 100000 euros only got back the ensured amounts of 100000.

Bank obligations (which where sold as "ensured according to law deposit certificates") holders got wiped out

It took two weeks to take one's belongings from safety deposite boxes

 

P.S.

and that was a rather small bank. what happens if the major one fails you can imagine (with garanties fund now empty and government in debts)

Fri, 05/25/2012 - 04:39 | 2461534 falak pema
falak pema's picture

What is plan B ? Stuffing their women, stuffing their politicians, stuffing their bankstas?  Crazy world, I'll have some stuffed tomatoes! 

Fri, 05/25/2012 - 04:46 | 2461540 Rick Blaine
Rick Blaine's picture

All this is going to do is cause all rational Greek citizens to double the rate at which they are stuffing their mattresses.

Fri, 05/25/2012 - 05:16 | 2461550 No Euros please...
No Euros please we&#039;re British's picture

Could be a bank run because the book "Corzination for Dummies" has just been translated into Greek, Spanish and Italian.

Fri, 05/25/2012 - 06:08 | 2461575 Pygar
Pygar's picture

Police are urging Greeks to keep their money in bank accounts rather than putting it at risk of theft [by somebody other than the government...]

We urge people to [go back to sleep], trust the banking system, leave their money there, or at least in a safe place [where the police can easily collect it], not hide it at home [where the government might not even know where it is!]."

Weird how my brain just fills in the missing parts.  Who says paranoia isn't an adaptive trait?

 

Fri, 05/25/2012 - 06:10 | 2461576 bad craziness
bad craziness's picture

So why don't these lazy Greeks just buy physical gold. It's got to be the only place on earth right now that a gold desk in a mall would be selling not buying....

Fri, 05/25/2012 - 07:19 | 2461610 kanenas
kanenas's picture

1) Gold desks started poping up everywhere since people are selling their jewelry/coins to survive the month and pay additional taxes.

2) Since last year it is illegal for retail shops to sell gold coins and bars. Flying to Germany is a better option, but adds to your cost, and there is a 10.000eur limit that can go undiclared.

Fri, 05/25/2012 - 07:18 | 2461607 israhole
israhole's picture

So if people just want to hang onto their money themselves it causes the entire system to collapse?  Whodathunkit?

 

That's right, soon Johnny Law will be helping you with your money.  Cops giving investment "advice".....lol

Fri, 05/25/2012 - 07:29 | 2461621 Confundido
Confundido's picture

Same reason why in Argentina, in 2001, traveller cheques from Amex, in USDs were trading at a premium over USD cash: They were protected against theft or mob assaults. Amex made a fortune during those months.

Fri, 05/25/2012 - 07:40 | 2461636 MFL8240
MFL8240's picture

"'Police are urging Greeks to keep their money in bank accounts....."

 

Police have less credibility than politicians, I had to read this a second time!! lol!!

Fri, 05/25/2012 - 07:43 | 2461638 Quinvarius
Quinvarius's picture

If they leave their money in the banks, it will magically turn into Drachmas in the future.

Fri, 05/25/2012 - 07:54 | 2461647 ZeroPoint
ZeroPoint's picture

If they had any sense, they'd be stuffing those mattresses with precious metals instead.

 

Fri, 05/25/2012 - 08:29 | 2461697 engineertheeconomy
engineertheeconomy's picture

You mean the same cocksucker cunt cops that are on the banks payroll, the ones that  beat protestors in the face with batons?

Fri, 05/25/2012 - 08:43 | 2461752 LvM
LvM's picture

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

Who loves irony?

Fri, 05/25/2012 - 08:56 | 2461808 Lost Wages
Lost Wages's picture

Greeks should find alternative uses for their money, rather than just stuffing it in a mattress. I recommend filling a large sack with Euronickels and hitting cops in the head with it.

Fri, 05/25/2012 - 09:37 | 2461940 jjsilver
jjsilver's picture

Might as well stuff it with toilet paper, at least you will be able to use the toilet paper

Fri, 05/25/2012 - 10:41 | 2462203 10mm
10mm's picture

Shoot the fuckers breaking in.

Fri, 05/25/2012 - 11:26 | 2462435 Backdraft
Backdraft's picture

I invested 2 grand in a fireproof gun safe.. a big mutha....it contains the aresenal and my largest stack. Still have a small stack in a "safe" deposit box so I figure I best make room in the big mutha. The majority of the other PM, lead, is packed for long term storage and hidden away in an inconspiciuos location until the time comes. The family no longer thinks I'm nuts, so we're In the process of working on a long term food suppli

I have been reading you folks on ZH for several months now. I honestly thought I was crazy when I first started feeling this way about the USA and the world's position but after reading ZH, I saw I was not alone in my thinking. I have learned a hell of a lot from you guys and I appreciate it... it is an honor to be among you.

P.S. My typing sux most of the time so I ask your patience.

Fri, 05/25/2012 - 13:58 | 2463121 KandiRaverHipster
KandiRaverHipster's picture

LOL that cramer vid is priceless!  the top comment from THREE years ago, "I bet Jamie Dimon masturbates furiously to this video?"

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