Posted on 01/10/2019 4:10:46 PM PST by DeoVindiceSicSemperTyrannis
Yellow Vest protesters are hoping to trigger a bank run with a nationwide coordinated cash withdrawal. By threatening the French financial system, protesters say, they want to peacefully force the government to pass their reforms.
“If the banks weaken, the state weakens immediately,” said Yellow Vest “sympathizer” Tahz San on Facebook. “It’s elected officials' worst nightmare.”
Protesters plan to empty their bank accounts on Saturday, withdrawing as much money as possible in a bid to undermine the French banks – if not the euro itself. The plan is to “scare the state legally and without violence,” forcing the government to adopt the movement’s Citizens’ Referendum Initiative, which would allow citizens to propose and vote on new laws.
(Excerpt) Read more at rt.com ...
While I support the folks who are protesting carbon taxes and other leftist assaults on their freedom, I think I would worry that they may be inadvertently setting up “mug a Yellow Vest day.” If I were them, I would probably ditch the actual vest that day and for certain stay away from any “no-go zones.”
Poor France.
The French are revolting.
When cash is eliminated this won’t be possible. You’ll never be in possession of your own money. You will be a serf. Even before that happens, they can turn off the ATMs.
The protestors need to read the small print on their accounts. Banks can decided what the cap is for an account withdrawal on any given day.
Banks only have a certain amount of money in their various teller drawers - and once it's gone then that's it.
The banks could limit the protestors to a maximum withdrawal of 100 Euros, or less.
A run starts when the non runners get scared that the runners are going to take all the money out of the banks. The only way to stop a run is by closing the banks. That just tells people they still can’t get their money. Or that the bank doesn’t have their money. People today don’t understand banking any better than the folks in Bedford Falls.
Time for Yellow Vests to come to California?
“The protestors need to read the small print on their accounts. Banks can decided what the cap is for an account withdrawal on any given day.”
They sure can. But the moment the banks impose limits on withdrawals, that’s when the real fun begins. Confidence will plunge, then others who aren’t in the protest will begin to freak out.
They sure can. But the moment the banks impose limits on withdrawals, that’s when the real fun begins. Confidence will plunge, then others who aren’t in the protest will begin to freak out.
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This summer might be fun to watch how jumpy the Frogs get.
It would be great to see that happen, but I don't believe it would.
Most citizens would understand that a particular bank branch only has a certain amount of cash on hand each day to cover cash withdrawals - and that people would need to come back the following day (or week) to get more.
30 people in line withdrawing 1,000 Euros each at any branch would probably exhaust the cash on hand.
“Most citizens would understand that a particular bank branch only has a certain amount of cash on hand each day “
Laughable. People are panicky animals. “It’s a wonderful life” was a great film. But a bank run in Bedford Falls in the 1940s is a different animal than in a modern city where nobody knows George Bailey personally.
“30 people in line withdrawing 1,000 Euros each at any branch would probably exhaust the cash on hand. “
And then the word goes out that “the bank is out of money!!!” and 500 people gather out front.
There is no way that people understand the concept of fractional reserve banking. You are forgetting how idiotic people are.
Only two out of five of us can identify the three branches of government;
Less than half of us know which nation dropped the atomic bomb;
Only one-third of us know that the Congress, not the President, declares war;
Only 30% of us know that members of the House of Representatives serve two-year terms and only 25% of us know that Senators serve six-year terms;
Most Americans continue to believe that the 9/11 terrorists came from poverty or were neglected as children despite overwhelming evidence to the contrary;
A generation ago presidential speeches were pitched at the level of twelfth graders. Today they are pitched at the level of seventh graders;
Even after the 9/11 Commission had stated publicly that Saddam Hussein had provided no support to Al Qaeda, a poll showed that half the population still insisted that he had;
Only 25% of us can name more than one of the five freedoms guaranteed by the First Amendment but more than 50% of us can name two members of the Simpson family.
Yellow bellies in Sacto, Berkeley, and SF.
Sounds like fake news
The fact that this country elected Barack Hussein Obama to the presidency not once, but twice 7 years after 911 should scare the hell out of anyone with any common sense.....
Ah yes, Disney’s musical slander of capitalism.
There is not enough folks in yellow vests with money to make a dent in any first world banking system.
There are not enough....
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