And what is wrong when you go the next day and withdraw the cash?
Oh I forgot! The banks won’t have any cash!
If this plan is implemented, all you have the next day is worthless shares in a borke bank.
I was just on a job last week where I met an engineer from the Mid East who went through the Cypress mess. He had 330,000 € (about $500,000 at the time) go “poof!” and lost it all. Just savings.
Two things surprised me, a) that foreign born professionals save a lot more than us (of course most I meet are pretty mobile, so they probably don’t have it locked up in a mortgage) and b) they didn’t leave a trail of dead bodies when a significant fraction of their life toils was converted to crap. Granted, they don’t have easy recourse to Rule 308 in many of those areas...