Netherlands Plans to Make Call for Bank Run a Criminal Offense
The Dutch government plans to make calls for bank runs a criminal offense to help protect the banking system’s stability, more than a year after an outflow of deposits sparked the bankruptcy of lender DSB Bank NV.
“A lender can only function if deposit holders and creditors have faith in its solidity,” Minister of Justice Ivo Opstelten said in a letter to parliament. “Persons who intentionally make public statements on a lender’s solidity and call for a bank run put this lender in a real danger of bankruptcy."
The truth needs no laws to support it...
Thursday 23 December 2010
Saturday 18 December 2010
Spanish fly
Roubini Says Spain Risks Bank Run Without More European Support
“Spain is too big to fail but also too big to be bailed out,” Roubini said today in a Bloomberg Television interview on “Surveillance Midday” with Tom Keene. He said the existing resources for bailouts are too small “to backstop the Spanish banks and the sovereign if there is going to be a run on them.”
One to watch...
“Spain is too big to fail but also too big to be bailed out,” Roubini said today in a Bloomberg Television interview on “Surveillance Midday” with Tom Keene. He said the existing resources for bailouts are too small “to backstop the Spanish banks and the sovereign if there is going to be a run on them.”
One to watch...
Wednesday 8 December 2010
The bank run will not be televised...
Cantona's bank run set to flop in France
Today's mass bank run plot that was launched off the back of an Eric Cantona interview on YouTube looks set to flop.
'Bankrun 2010' was created by two filmmakers in response to Eric Cantona's call for millions of people to 'cripple the banks' by all withdrawing their cash at once.
A date was set for Tuesday 7 December, but the plan looks to have fizzled out with just a handful of activists turning out across France.
Just goes to show that most people will only start running... when its too late!
Today's mass bank run plot that was launched off the back of an Eric Cantona interview on YouTube looks set to flop.
'Bankrun 2010' was created by two filmmakers in response to Eric Cantona's call for millions of people to 'cripple the banks' by all withdrawing their cash at once.
A date was set for Tuesday 7 December, but the plan looks to have fizzled out with just a handful of activists turning out across France.
Just goes to show that most people will only start running... when its too late!
Monday 6 December 2010
On your marks.... get set....
Banks braced as King Eric's day of reckoning arrives
More than 34,000 people around the world, mainly in France, Italy and Britain, have taken Cantona's big idea seriously. They have pledged their support to internet sites which have called for a co-ordinated "bank run" tomorrow. Another 27,000 are said to be "considering" joining in.
Politicians and bankers, who initially ignored the growing "buzz" surrounding the Cantona bank raid, have been making increasingly jittery remarks in recent days. They say there is no danger that the banking system will collapse, even if the super-wealthy Cantona withdraws all his own millions (which he insists that he will).
More than 34,000 people around the world, mainly in France, Italy and Britain, have taken Cantona's big idea seriously. They have pledged their support to internet sites which have called for a co-ordinated "bank run" tomorrow. Another 27,000 are said to be "considering" joining in.
Politicians and bankers, who initially ignored the growing "buzz" surrounding the Cantona bank raid, have been making increasingly jittery remarks in recent days. They say there is no danger that the banking system will collapse, even if the super-wealthy Cantona withdraws all his own millions (which he insists that he will).
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!
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.’
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!
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.
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
FRANCE:
http://www.facebook.com/event.php?eid=101996426533405
GREECE:
http://www.facebook.com/event.php?eid=156793421024126&index=1
ITALY:
http://www.facebook.com/event.php?eid=134126563309311&ref=ts
ENGLAND:
http://www.facebook.com/event.php?eid=137793666269183&ref=ts
BELGIUM:
www.facebook.com/event.php?eid=146613742051420&ref=ts
DENMARK:
http://www.facebook.com/event.php?eid=165722086791298&ref=mf
HOLLAND:
http://www.facebook.com/event.php?eid=120861784641668
CZECH REPUBLIC:
http://www.facebook.com/event.php?eid=141889172526236&ref=nf
PORTUGAL:
http://www.facebook.com/event.php?eid=173398762675945&ref=mf
ICELAND:
http://www.facebook.com/event.php?eid=171950586154877&ref=nf
ROUMANIA:
http://www.facebook.com/event.php?eid=171591619166058
ALBANIA:
http://www.facebook.com/event.php?eid=171068769571926
SPAIN:
http://www.facebook.com/event.php?eid=102889343112668
MEXICO:
http://www.facebook.com/event.php?eid=155685657809889
IRELAND:
http://www.facebook.com/event.php?eid=127461060644469
LEBANON:
http://www.facebook.com/home.php?#!/event.php?eid=170843532933663
big thanks to bankrun2010.com
FRANCE:
http://www.facebook.com/event.php?eid=101996426533405
GREECE:
http://www.facebook.com/event.php?eid=156793421024126&index=1
ITALY:
http://www.facebook.com/event.php?eid=134126563309311&ref=ts
ENGLAND:
http://www.facebook.com/event.php?eid=137793666269183&ref=ts
BELGIUM:
www.facebook.com/event.php?eid=146613742051420&ref=ts
DENMARK:
http://www.facebook.com/event.php?eid=165722086791298&ref=mf
HOLLAND:
http://www.facebook.com/event.php?eid=120861784641668
CZECH REPUBLIC:
http://www.facebook.com/event.php?eid=141889172526236&ref=nf
PORTUGAL:
http://www.facebook.com/event.php?eid=173398762675945&ref=mf
ICELAND:
http://www.facebook.com/event.php?eid=171950586154877&ref=nf
ROUMANIA:
http://www.facebook.com/event.php?eid=171591619166058
ALBANIA:
http://www.facebook.com/event.php?eid=171068769571926
SPAIN:
http://www.facebook.com/event.php?eid=102889343112668
MEXICO:
http://www.facebook.com/event.php?eid=155685657809889
IRELAND:
http://www.facebook.com/event.php?eid=127461060644469
LEBANON:
http://www.facebook.com/home.php?#!/event.php?eid=170843532933663
big thanks to bankrun2010.com
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.”
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!
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?
..as 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.
..as 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.
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.
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
DON'T PANIC!
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.
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.
Friday 29 October 2010
Stopbanque - 07/12/10
Stopbanque - european call to withdraw your money on 7th december - follow the links!
http://stopbanque.blogsport.de/ - german site
http://stopbanque.blogspot.com/ - french site
Facebook event - english site
http://stopbanque.blogsport.de/ - german site
http://stopbanque.blogspot.com/ - french site
Facebook event - english site
Thursday 30 September 2010
Irish rug pulling
Headlines about the Irish government's billion-euro bail out of Anglo Irish Bank will leave hundreds of thousands of British investors and savers fearful for the security of their money.
The Irish government first stepped in to ensure Anglo Irish Bank's solvency through nationalisation last year, with Allied Irish Bank and the Bank of Ireland also recapitalised in February of that year to the tune of €3.5bn each.
The Irish government has long claimed that customers with savings in all of Ireland's major banks are safe. It extended a 100% deposit guarantee to all Irish-owned financial institutions in 2008 until 29 September 2010, and this has recently been extended to the end of the year. But panicked savers have continued to withdraw their cash – in the first half of this year customer deposits fell by more than €5bn to €23.1bn.
Andrew Hagger of Moneynet.co.uk says: "Savers who have fixed-rate bonds with Anglo Irish Bank or other Irish banking groups will just have to wait for them to expire. When they do, especially if this is after 31 December when the 100% government protection is scheduled to end – and especially if they have savings worth more than €100,000 in any one group – customers might want to spread their cash around to be safe. No one is saying the banks will go under, but then no one thought Icesave would go bust." more
Last year small savers piled into Irish banks because of the government protection... now it looks like its time to move again.
Wednesday 1 September 2010
Are we trying to keep people in poverty?
Do we want Britain to have fewer poor people in the future? I trust that your answer to this question is “yes”, whatever your political inclinations or favoured economic theory. So let’s take as a starting point that our goal is to reduce the number of poor people, OK? This might seem like the most uncontroversial premise imaginable. But it is, in fact, an extremely contentious proposition. There are a great many politicians, lobby groups and think tanks who are arguing for the precise opposite: who are demanding that the poor be preserved – or, as they describe it, “protected”, much in the way that endangered species are protected from extinction. more
Dont forget to read the comments...
Dont forget to read the comments...
Friday 15 January 2010
2010 - predicting the futue
2010: Giant Gathering Storm Clouds
The blind, the deficient, and the compromised fail to fully appreciate and detect the meaning of the Dubai debt default or the Iceland financial failure. They actually believe these busts have been dealt with by the very strength of the capitalist system. These default failures signify a continuation of the credit market crisis that never went away.
This will be the year of magnificent crises that change the face of the global financial structures. Debt will be dumped like a broken Vegas gambler. Paper money will be discarded like yesterday's newspaper.
Read the rest of the article for all the good news and predictions for 2010. Happy New Year!
The blind, the deficient, and the compromised fail to fully appreciate and detect the meaning of the Dubai debt default or the Iceland financial failure. They actually believe these busts have been dealt with by the very strength of the capitalist system. These default failures signify a continuation of the credit market crisis that never went away.
This will be the year of magnificent crises that change the face of the global financial structures. Debt will be dumped like a broken Vegas gambler. Paper money will be discarded like yesterday's newspaper.
Read the rest of the article for all the good news and predictions for 2010. Happy New Year!
Thursday 14 January 2010
Thursday 7 January 2010
Wednesday 6 January 2010
Cuba of the North
Angry Iceland defies the world
Iceland's president has blocked a Bill to pay Britain and Holland up to £3.4bn for Icesave depositors, acknowledging that popular feeling in the island nation is too strong to proceed without a referendum.
The reality is that Icelanders have erupted in collective rage at what they believe to be gross injustice and "gunboat diplomacy" by Downing Street. What rankles is Britain's use of anti-terrorism law to freeze Iceland's assets. The Icelandic central bank was listed besides al-Qaeda as a terrorist body – unprecedented treatment for a NATO ally. Holland was careful not to go so far.
"Importers couldn't get trade finance for food. We feel deeply wronged," said Johannes Skulason from InDefence. Shelves were bare for weeks in Icelandic shops as the banking system disintegrated.
Watch the IMF and banking community start their dirty tricks to force Iceland to play the game!
Iceland's president has blocked a Bill to pay Britain and Holland up to £3.4bn for Icesave depositors, acknowledging that popular feeling in the island nation is too strong to proceed without a referendum.
The reality is that Icelanders have erupted in collective rage at what they believe to be gross injustice and "gunboat diplomacy" by Downing Street. What rankles is Britain's use of anti-terrorism law to freeze Iceland's assets. The Icelandic central bank was listed besides al-Qaeda as a terrorist body – unprecedented treatment for a NATO ally. Holland was careful not to go so far.
"Importers couldn't get trade finance for food. We feel deeply wronged," said Johannes Skulason from InDefence. Shelves were bare for weeks in Icelandic shops as the banking system disintegrated.
Watch the IMF and banking community start their dirty tricks to force Iceland to play the game!
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