Monday, 29 November 2010

If Ireland Doesn’t Take The Bailout . . .

Gonzalo Lira: If Ireland Doesn’t Take The Bailout . . .

However, we have a long week ahead of us—a very lo-o-o-o-ong week, to be sure. Because although this is the deal that’s been approved by the EU finance ministers, the deal negotiated by the Cowen government, there is one final hurdle to this bailout:

The Irish. Specifically, the Irish parliament.

The key date that’s coming up insofar as Ireland is concerned is December 7: “A date which will live in infamy!” really is living up to its moniker, because that’s the day the Irish are supposed to pass their budget—their budget with the EU/IMF bailout conditions: The Austerity Budget.

Now, here’s a question—the obvious question:

What if the Irish can’t—or won’t—pass the austerity budget?

What if the Irish don’t take the bailout?

December 7 is also World Bank Run day ... show the banksters and the politicians what you think!

Thursday, 25 November 2010

Ireland: bank run warning

Ireland Risks Bank Run, El-Erian Says

Ireland risks a “major bank run” unless European officials act quickly to calm the financial turmoil in the nation, Pacific Investment Management Co. Co- Chief Investment Officer Mohamed A. El-Erian said.

“What you advise your sister in Ireland now is that you’d say take your money out of an Irish bank and put it in another bank headquartered elsewhere,” El-Erian said. “That’s what happened in Argentina and in emerging economies. People worry about their savings.’

Wednesday, 24 November 2010

Lights.. Camera.. ACTION!

British Bankers' Association warns of Cantona-inspired crisis

A plan hatched by ex-footballer Eric Cantona for a mass run on the banks could cause a financial "crisis", the British Bankers' Association has admitted.

The UK trade body warned that the direct action revolution promoted by the French former Manchester United striker risked a new Northern Rock "if enough people" withdraw their savings.

"I don't understand what benefit there would be in trying to crash the banking system," a BBA spokeswoman said.

"You would very quickly get into a Northern Rock situation if everybody wanted their money at once. It wouldn't take very long before you get queues and then you would get camera crews.

"Once something looks like a crisis it becomes a crisis.

Indeed.... and of course its all Erics fault!

'bad idea'

Global 'Bank Mutiny Day' a bad idea, warns UK Banking Association

If enough people act on Catona's urging, said a spokesperson for the BBA, "... a mass run on the banks could cause a financial catastrophe."

The idea is spreading rapidly into North America, with people publicizing Stop Banks on blogs and Facebook, urging contemporaries to sign on for the day.

World Bank Run Day - links

Heres the latest list of facebook pages for World Bank Run Day - 7/12/2010

















big thanks to

Irish Run On

Run on the banks prompted Irish rescue deal

IMF to pump in $110 billion to Irish economy

Fears of a run on the banks caused the weekend bailout of the Irish economy after massive sums were withdrawn in recent weeks.

The New York Times reported that the action taken this weekend of an expected $110 billion dollar package was “prompted by fears of a bank run when the markets opened on Monday morning.”

Monday, 22 November 2010


Official European Bank Run Day - review

Bank Run 2010, Eric Cantona forces the tipping point

Start your own bank, and if the state tries to stop you, confront them. You can be sure that the existing banks will be pushing for the violent suppression of you and this bank run right now; that is all they have left to fight with; the apparatus of the police state.

If you want your money to be used for good purposes only, you have to stop paying it to the state. Period

Good critique of the current situation.... only 15 days to go!

Domino Effect

Ireland accepts a bail-out – who'll be next? concerns have grown over the state of the economy, there's been evidence of a slow-moving bank run (or 'bank walk', as some wags have put it) on Irish institutions. For example, an estimate by Ciaran Callaghan of Dublin-based NCB Stockbrokers, suggests that Bank of Ireland lost €10bn in deposits between late August and early September.

For all the support given by the ECB, depositors have clearly been becoming increasingly nervous that – to put it simply – Irish banks would just run out of money. The Irish government promised that it would stand behind the banks. But of course, everyone's realised by now that this is a hollow promise – the Irish state can't afford to bail out its entire banking sector.

Saturday, 20 November 2010

Still more pulling out...

Account holders withdraw €23bn from banks this year

MORE than €23.5 billion of deposits have been withdrawn from the three major Irish banks since the start of the year. AIB says it has seen outflows of €13bn in deposits due to withdrawals by nervous corporate and business customers who fear for the Irish bank system.

The loss of faith in Irish banks was further highlighted recently as Bank of Ireland confirmed it suffered €10bn in similar withdrawals prior to the end of September 2010as big investors feared the guarantee on the banks might not be extended.

Friday, 19 November 2010

KILL THE BANKS - 7/12/10

"We don't pick up weapons to kill people, to start the revolution... the revolution is really easy to do nowadays. What is the system? The system revolves around the banks. It's based on the power of the banks... so it must be destroyed starting with the banks. This means that the 3 million people with their placards on the street... they go to the bank, withdraw their money from the banks and these ones collapse. 10 million people and the banks collapse and there is not real threat, a real revolution. We must go to the bank. In this case there would be a real revolution. It's not complicated. You simply go to the bank in your country and withdraw your money. If there are enough people withdrawing their money, the system collapses. No weapon, no blood, or anything like that."

Thursday, 18 November 2010

More pulling out...

A bank run begins in Ireland

The FT reports this morning that corporate customers have been pulling out their deposits from Irish banks, amid signs of fading confidence in the banking system. Irish Life & Permanent said corporate customers had withdrawn รข‚¬600m, more than 11% of total deposits, during August and September.

Monday, 15 November 2010


Savers told not to panic over state bailout speculation

SAVERS were told not to panic last night. The Central Bank, economists and financial advisers all insisted that depositors' savings would be safe if the country was forced to sign up for an international bailout.