Came across this video related to bank runs (scene from an old movie) - it's a lot worse nowadays and if it happens to you, you get to see the bank run in "full color" and 3D surround sound
^ This guy used to madly promote cryptos back 4-5 years ago. Just as wildly as he did promote silver and gold. It's an odd show in which he and his wife perfectly simulate an otherwise non-natural discussion. It's an unreality show with an abrasive nose-voice. But he makes many strong points, is well-documented, nevertheless.
We had the making's of a bank run (in Aust) in early Oct 2008. I've posted about this before, thus will just note that in the lead up to the Rudd Govt announcing the Aust Govt Deposit Guarantee on 12 Oct 2008 (which was a Sunday and they wanted to announce before opening of the bank's on the Monday), the Aussie banks had seen an increased level of withdrawals across the counter and particularly ATM...some 3-4 times normal daily levels of cash withdrawals the week of 6 Oct 2008, and by late week (at a banking function) the major Aust bank CEO's were getting repeated updates on outward cash from the banks...and thus a tad nervous and lent on Rudd who was at the same function. None of this made the media that week, only the announcement on Sunday re the guarantee So whilst some may say it's not current news etc, it only takes some ongoing bad news like Lehman Bros collapse in Sept 2008 to start people thinking the worst, then acting on same....which is what happened to a small extent in 2008.
The only things i can think of that can cause a mass physical cash withdrawal today is 1) extended power outages & or 2) extended network disruptions. Since all the rules changed after 2008, there can no longer be a bank run due to a lack of liquidity since liquidity = infinity today. Every central bank has made it very clear that banks can't go insolvent anymore. This is the very reason zombie Deutsche bank and many other technically failed banks are still around.
True! I noticed the same thing in the past 1-2 years. System downtimes, login errors or anything else that blocks you from using the platform. I think they're doing it on purpose. Perhaps the bank doesn't have enough money on certain days and just "needs to borrow", where "borrow" is some sort of "mini bail-in", so they use our money for a few hours, days, even... Without cash it's terribly difficult to survive when you're travelling abroad and suddenly the online banking system you're using decides to "not work". Many travel agents, airlines don't have physical offices and/or they don't take cash, so getting back home from a faraway country can be a nightmare-adventure. Online banking is unreliable. Anything digital is unreliable.
I love online banking due to the convenience it provides not having to go to the bank etc...great in normal times but we have seen what happens when a bank's network goes down...cash only at petrol stations, supermarkets etc. Contrived digital outages will be used to steam the outflow of cash when bank / govt think a run is on. No need to close the branch doors as per past history..It will be "Sorry, the network is down and we can't process over the counter, ATM, EFTPOS etc etc"......but until that point, if economic news turns nasty, issues with banks start to arise, watch for growing queues at ATM's, branch teller boxes......then grab what you can.
Sounds like a good scenario for when 'THEY' want to confiscate the wealth of those who bought into the CRYPT@CR@P BULL$#!t. "Sorry the Internet is down", = POOF & it's gone. _JLG.
This is another proof to the fact that if you are serious stacker ,you don't need to worry about banks outages ,Government Guarantee etc. why? because you spend all your money on stacking!
and in what universe will coles or a petrol station take a silver or gold coin for a tank of fuel or a shopping trilley of goods when the banks systems are out ****HINT****** IT AINT THIS UNIVERSE
Your opinion begs the question why do you even bother posting on this forum? No one suggests going to Coles to buy with their stack. But my mate who stacks on his farm would gladly trade a 1/20 Oz for a few ears of corn, a chook, or even a lamb to spit and feed my family with if we found ourselves in a crisis. So whyll you're busy working out what to do with your choice of toilet paper currency while the shelves at Coles are empty, those of us with foresight will be doing relatively okay.
There won't be any bank runs, and the reason is simple. The average person doesn't have any money in the bank. Many only have debt, the rest know that the bank is the worst place to keep cash.
When he finds his choice of toilet paper, I hope he wipes his chin because he just keeps dribbling so much $#!T.
We can only guess as to how an actual bank run would play out because none of us have experienced it before. A few things to consider are - due to the online nature of banking, we would not know when the big boys and girls start moving out. - the governments will not tell or will not know the whole truth.(this is what happened during the 1990 Pyramid Building Society collapse when the Victorian Treasurer tried to reassure investors ) - Withdrawal limits are a possible early sign - The possibility of bail-in laws being applied. - The very likely possibility of a contagion such that other far more secure banks suffer from a run on deposits We must not forget that access to funds is paramount in every economy. Our jobs and our way of life depend on it more than we realise. In 2008 the banking systems of the world nearly ground to a halt. I had already withdrawn all my money from the bank because the signs were there. The weakest links in the chain broke first. That is what you need to pay very close attention to. The investment/lending firms that are highly geared go first.
In 2008 and 9 there were many business advertising food or fuel for metals. They advertised on the radio everyday around here.
Gold and silver currency is less than a hundred years old. It's amazing how quick people forget metals used to be used as currency. That was before the days of XRF. Sure there were counterfeiters, but there are paper counterfieters now too. Doesn't stop people buying and selling from each other.