Bank Runs

Discussion in 'Markets & Economies' started by TreasureHunter, Oct 20, 2019.

  1. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    Or steer clear of them like the plague. If bank runs occur a debit card probably wouldn't work either. Youd just be screwed then. The whole system would be frozen.
     
  2. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    I believe it's because of WWII. Do you know that Pearl Harbor wasn't the only target? Singapore was the other target which was attacked on the 8th Dec. Whoever controls Singapore has access to Indonesia and beyond to British India and Australia. Tens of thousands of Australian troops were sent by the British to defend Singapore. Apparently it wasn't enough.
     
  3. TreasureHunter

    TreasureHunter Well-Known Member

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    Singapore's strategic location (tremendous maritime traffic flows through the Malacca Strait), the major international airport, the large number of banks and one of the world's biggest ports... I think these are the primary reason.

    Obviously, any major power "needs" Singapore: Japan, China, Australia, the USA, the UK... anyone who has anything to do with trading or simply needs to cross the strait (for example, the US Navy).

    Some wanted and/or have tried to put their "claws" on Singapore.

    But I'm sure that many will jump in to protect it for the sake of interest.
     
  4. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    This is old news, but I'm quite amazed that you still need to queue up at the bank to take out money. I would have thought that with Internet banking, it is possible to transfer money out without going to a branch? Perhaps in China, it is not possible to do that?

    Here in Singapore, all major banks internet or mobile banking allow transferring cash to any local bank within seconds (up to SGD200k a day), free of charge, and wire cash to any overseas bank (up to SGD500k a day).
     
    Last edited: Nov 18, 2019
  5. alor

    alor Well-Known Member Silver Stacker

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    ^ in China they are more advance, their money are with Ali pay, We chat... so there is no need for the bank, may be for pay crediting
    they don't use cash for few years already
    unless the phone network is down or battery is flat

    I used to think that Oz would be leading with Telstra having this kind of payments, but China had adopted this much faster and widely used
    the future is unpredictable
     
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  6. sgbuyer

    sgbuyer Well-Known Member Silver Stacker

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    Last edited: Nov 18, 2019
  7. TreasureHunter

    TreasureHunter Well-Known Member

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    "Old news"? It happened in earlier this month. It's worrying.

    Revolut cards allow almost instantaneous transfers from account to accounts. Digital mobile-based systems are replacing the traditional "home banking" systems. It's very popular in Europe. But I doubt they're safe. I would personally feel very uneasy having "too much" money on a Revolut card account.

    Anyway, traditional banking is decaying, it's going to end soon. Cards like Revolut are taking over: tiny fees, almost national bank currency exchange rates, almost instantaneous transfers... crypto support.
     
  8. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    maybe it is possible but it is ALSO POSSIBLE that I could also have a 3 way with taylor swift and miley cyrus though I dont like the chances of EITHER happening
     
  9. JOHNLGALT

    JOHNLGALT Well-Known Member

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    Central Banks to Buy EVERYTHING - Alasdair Macleod. 22 Feb 2020. Reluctant Preppers _JLG.

     
  10. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Every Australian Bank have instant XYZ bank to ABC bank account transfer, so queing up to get cash out in an economics emergency (not a internet outage) is not an issue. Unless every bank was at the brink, but that is impossible.

    (Note: a day or two internet outage of one bank, in the scheme of things is not a bank run)

    Surely only sheeple have one bank account and watch weeks of their XZY bank collapsing on the news and have all their money/assets in that bank, if you are not one than no reason to queue for money lol

    Realistically the possibility of every Australian in Australia dying at the the stroke of midnight is more plausible than every Australian bank collapsing at the same time
     
    Last edited: Feb 22, 2020 at 7:55 AM
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