Greek bank runs

[1Admin]

http://worldnews.msnbc.msn.com/_news/2012/05/16/11729795-greeks-withdraw-894-million-in-a-day-is-this-beginning-of-a-run-on-banks?lite

Not a good sign.

Do people think Amerika is immune to this sort of thing?

[Matt In Oklahoma]

BOHICA
brushin up on my southern madarin :)

[WiseOwl]

I am pullin popcorn out of the 5 gal for this one!

[antishot]

As long as they don't talk about it to much on the brain ******(tv) the American people will just fall back to sleep.

[xdpatriot]

I've been keeping an eye on Greece for awhile. I've thought and heard from others that Greece will be the tipping point. Them, then Europe, then us. We can learn some things I believe if we watch them and make a note of the timeline. It should give us an idea of what to expect. Prayers for that country and ours. Now, everyone can go back to watching American Idol or whatever it is the sheeple watch.

[Rmplstlskn]

Do people think Amerika is immune to this sort of thing?

Yes... My bank teller told me that they have more than enough money in their bank for a full withdrawl.... Plus, I'm FDIC insured!

Go back about your business... Nothing to see here. (As the wise and prudent scamper preps like secret squirrels...)

[monkeybird]

Did she also tell you that Banks are only required to keep 10 percent or so in reserve.

As of 2006 the required reserve ratio in the United States was 10% on transaction deposits and zero on time deposits and all other deposits.

http://www.enotes.com/topic/Reserve_requirement

This tell us that if a sudden run on the bank were to occur, a whole lot of people would be out of luck!

The Greek situation has gone from bad to worse and wall street only yawns. Why?

[Patriotic Sheepdog]

Not just Greece, Spain has experienced bank runs as well.

http://www.seattlepi.com/news/article/Spain-banking-sector-shaken-by-report-of-bank-run-3565081.php

Adding to the anxiety, rating agency Moody's downgraded its credit ratings on Spanish banks. The banking sector has been hit hard by a collapse in the Spain's property market and is facing tough funding rules that many analysts fear it can't afford.

Moody's Investor Service's downgrade on Thursday of 16 Spanish banks is bound to further rattle investors. The agency said it took the action because the banks face a rising tide of bad loans with Spain's economy again in recession, its real estate market a shambles and its unemployment rate stubbornly high.

Sound familiar...real estate market in trouble, economy in trouble, unemployment rate high? TPTB here in America need to look in the mirror.

[QUOTE]Depositors have been pulling their funds out of Greek banks. People fear the country's financial sector might collapse if Greece left the eurozone and that their savings would become worthless if the country started using a substantially devalued new currency, such as the drachma.

Bankia SA, the country's fourth-largest lender, saw its shares fall as much as 27 percent during trading in Madrid after the El Mundo newspaper reported [B]the bank was hit with more than

[Bearman202]

Okay, you yank your money out of the bank, then what are you going to do? Sink it all into beans? Precious metals? How much gold and silver can you carry? How do you know someone is going to want to trade it for what you want? I think this whole thing is going to get really ugly, and it's not going to take long to get there. I pray that I'm wrong, because there are a lot of billionaires out there who have a lot riding on keeping things the way they are, but I'm also convinced that there are many things that just out of their control. The problem seems to be that those same people don't believe that. They firmly believe that they can control anything. I think they're wrong, but hey, what do I know?

[antishot]

I don't see the sense in having a savings account because you just don't make any money having it in there. So yeah beans and ricebecause you can always eat it can't eat cash. Precious metals yup but I would brass steel and lead. I don't my fair share of buying silver but now I like the previous. I am not to worried about any billionaires because they really don't feed my kidos in the long run. I took my money out if the banks years ago because how am I going to get my cash if the do shut down or if the market drops big. My grandfather told me once " If you don't have it and can't put your hands on it at 12am they you dont have it and you are putting your trust in someone you really don't know". Just the old farmers blood.

[JUSTIFIED]

I don't see the sense in having a savings account because you just don't make any money having it in there. So yeah beans and ricebecause you can always eat it can't eat cash. Precious metals yup but I would brass steel and lead. I don't my fair share of buying silver but now I like the previous. I am not to worried about any billionaires because they really don't feed my kidos in the long run. I took my money out if the banks years ago because how am I going to get my cash if the do shut down or if the market drops big. My grandfather told me once " If you don't have it and can't put your hands on it at 12am they you dont have it and you are putting your trust in someone you really don't know". Just the old farmers blood.

You've got a wise grandfather antishot. We're the same way. We haven't trusted the banks for a few years now and feel it's just a matter of time before the bank runs occur in our country. Our home is on the market so we can buy one more suitable for when the shtf. Makes us nervous to put some of our cash back in the bank so they know we have enough to take care of down, closing, etc...Can't wait to get it back out!

[Grantmeliberty]

I have long advocated purchasing something durable that you can hold on to. Anything that you buy today that you would have to buy tomorrow is good. If you buy it today and the price goes up, then you have an instant return on your investment. I bought a couple of hundred gallons of gasoline and put preservative in it 6 years ago. It is still good, because I used one of the drums last year. Any money in the bank returns less than the rate of inflation, and has all the problems associated with someone else being in control. I leave enough money in the bank to cover some bills, the rest is in my possession.

[JUSTIFIED]

I have long advocated purchasing something durable that you can hold on to. Anything that you buy today that you would have to buy tomorrow is good. If you buy it today and the price goes up, then you have an instant return on your investment. I bought a couple of hundred gallons of gasoline and put preservative in it 6 years ago. It is still good, because I used one of the drums last year. Any money in the bank returns less than the rate of inflation, and has all the problems associated with someone else being in control. I leave enough money in the bank to cover some bills, the rest is in my possession.

Grantmeliberty, I like your idea about the fuel. We've got a dozen 5 gallon cans but I can get 55 gal. drums from work, free. Found a Terapump(manual drum pump)on Amazon for $19.99. Looks good unless somebody has found a better pump?

[Lowdown3]

Justified- I looked at going with drums early on for gas storage. Then I remembered that 1 gallon of gas has the explosive power of 10 sticks of 40% IIRC.

So 55 gallons going up at one time could potentially cause a serious problem :)

[Lowdown3]

More news of bank runs in Europe.

http://directorblue.blogspot.com/2012/05/ruh-roh-europes-invisible-bank-run.html?m=0