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EU: People are withdrawing money
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  • This is being under-reported right? This seems like a big deal and yet it's not showing up on big media's radar.

  • Read the same on an Italian site that reports an article of Paul Krugman.

    1. It suppose that Greece can go out from Euro already next month.

    2. Withdrawals of mass in Spanish and Italian banks, depositors seeking to transfer their money in Germany

    3. EU could:

    • Perhaps it would be introduced controls and limits on money transfers and cash withdrawals abroad.
    • Alternatively, or concurrently, the European Central Bank will start to make big loans to banks to prevent their collapse.
    • Germany has a choice. Accept that Italy and Spain receive large amounts of money borrowed by the ECB. Drastically change approach: to give hope to these countries, mainly to Spain, they must be given the opportunity to borrow at low interest rates and have a higher rate of inflation to adjust prices. Or ...
    • End of the Euro. And we are talking about months, not years..
  • No, on Yahoo there's just links to what actress is wearing a "revealing" dress today...

    That, and Eduardo Saverin wants to avoid paying exhorbitant US taxes, like the rest of us here...

    They try to innoculate the masses from critical daily thinking, and turn us into "Yahoo" 's...

  • @NickBen The notice was on yahoo..

    http://it.finance.yahoo.com/notizie/la-fine-delleuro-4-mosse-160006447--finance.html?nc

    US taxes are minor than European, in fact some (also small) companies in EU pretend to have its head office in USA or UK.

    They try to innoculate the masses from critical daily thinking, and turn us into "Yahoo" 's...

    Agree, where are young people protests? Why are we sleeping? Too much naked glamorous life on TV?

  • Protests won't change anything.

    As for considering withdraws, they can have good consequence.
    I mean total and absolute ban on cash. The sooner the better.

  • Protest against corrupt politicians. In Italy now we accept that they are corrupt and steals, no wonder about this, and not resign no matter what scandal are involved. People says anyone do anything and if we had them we will too. Protest won´t change the fact that the crisis is now here, but at least it should continue to stumble the fact that they continue to tax the normal people and this month they have bought all the blue cars new (representation cars don´t know if is the right name in English)

  • It's almost impossible to imagine any sensible solution to this economic mess - even if you have money, you get no return on it and it's not safe any more in banks.

    @subco we withdrew most of our savings in Oct 11 when the first Euro crisis was gathering speed. We are renting and intend to build a house but even that is looking risky now!

  • End of the Euro in Greece? Wouldn't that lead to crazy inflation? 1,000,000 drachmae for a loaf of bread? Wouldn't this lead to protests / riots?

  • it's not safe any more in banks

    Generally it is media who want you to belive that it is not safe in banks :-) As competition is stronger with each day, and if bank system of your competitor don't have money it is big plus to you :-)

    My position is simple - ban all cash. Next - nationalize all private banks.

  • If you had spare money right now - which I do, in advance of using it to build a house - what would you do with it? For "safety"? Just wondering, as ours has been safe so far, but we haven't got any interest from it (again, that's OK but with inflation the value of it is going down).

  • Gold.

  • Of course if you have spare money, you buy more camera equipment.

  • @VK

    1) Why nationalize all private banks? What are for you the advantages?

    2) Could understand that ban all cash will solve problems like shadow economy, perhaps make more difficult for the Mafia make their business etc. But this will never happen, barter, at least people coin another value, this happens in some headquarters of Rio, or find other ways to deal.

    Never heard about BITCOIN?

    http://en.wikipedia.org/wiki/Bitcoin

    The FBI Is Terrified Of Nerd Fad Bitcoin:<

    http://www.uproxx.com/webculture/2012/05/the-fbi-is-terrified-of-nerd-fad-bitcoin/

    However I agree with Mark_the_Harp: It's almost impossible to imagine any sensible solution to this economic mess And interesting times are coming along...

  • Why nationalize all private banks? What are for you the advantages?

    As I'll have time I'll make long posts about it. To be short - such approach has huge advantages.

    But this will never happen, barter, at least people coin another value

    It is very easy to prevent in mass scale.

    Never heard about BITCOIN?

    I heard about it and checked almost since it's introduction. It is just made and supported by people who make money on it. Otherwise it is just useless thing.

    It's almost impossible to imagine any sensible solution to this economic mess

    I'll try to post my solution to this mess :-) It is quite original.

  • @Vitaliy_Kiselev "I mean total and absolute ban on cash. The sooner the better." and My position is simple - ban all cash. Next really ?????

    Where are we then, when nobody have anymore cash in the pocket?
    From that day, you have nothing to say anymore abouth it,

    Its back to the roots, plus point is, people will start to exchange there stuff with each other :)

  • I don´t mean Bitcoin itself, the idea behind it. It´s astonishing to see that we have the possibility to make something like this, could be that something like Bitcoin but completely free will come (like wikipedia, gimp, blender, linux..). However the fees I think Are not worst than that from paypal, and willing or not for some transactions is still needed (don´t know if paypal even takes fees for donations?)

    It is very easy to prevent in mass scale.

    How? A coin after the time who they was of gold is simply a paper accepted from people for trade. My 10€ coin is only a piece of paper, everything could be used for trade if people accept it for. If you are not suggesting a police state..

  • @Kihlian

    Considering Bitcoin, I already said that it is just useless commercial project.
    As for money I just suggest to read something about it.

    How? A coin after the time who they was of gold is simply a paper accepted from people for trade.

    In almost all countries you'll find money monopoly. Btw gold is no different from paper, as you can assign any value to it.
    As for preventing barter, I can consult any real businessman.

  • Even my grandmother after the World War II, has traded with barter. She went to the shop and gives eggs for other food.. Not big trade but if you don´t have to eat.. About gold, the story shows that maintains the value, coin not, look at the hyperinflation in Germany in the 1923, or at the picture who a men mop the floor the paper are coins.. ;-)

    220px-20_millionen_mark.jpg
    220 x 122 - 11K
    220px-Inflació_utan_1946.jpg
    220 x 299 - 31K
  • @Kihlian

    Even my grandmother after the World War II, has traded with barter. She went to the shop and gives eggs for other food.. Not big trade but if you don´t have to eat..

    It is absolutely not related to current reality. Go to any real business and ask how real barner transaction is performed. I am not even talking that happens to such business who, without any reason, will prefer barter.

    About gold, the story shows that maintains the value, coin not

    I really want to send you towards graphics of gold prices. And also read something how gold price is being determinated, the procedure.

    Current process of middle class elimination have many layers, one of them being mass media working on people forcing them to buy gold.

  • Even a 12 year old girl knows that money is simply other people's debt, and it's a means of enslaving us.

    http://www.zerohedge.com/news/12-year-old-girl-crushes-canadian-and-american-dream

  • @ahbleza

    money is simply other people's debt

    Sounds stupid. Btw, your link is to resource professionally promoting two things - gold and ultraliberal approach to everything (let me rephrase, current goverment is fucking you simple way, this guys tell you how horrible it is, but want to fuck you in all holes available :-)

  • Next - nationalize all private banks.

    That doesn't automatically solve many problems. In Germany, half of the banks that suffered most from crisis were national state banks.

    http://www.spiegel.de/international/business/0,1518,536635,00.html

    But they came into that situation by heavy mismanagement. I tend to nationalize private banks too, but management is crucial.

    Germany has a choice. Accept that Italy and Spain receive large amounts of money borrowed by the ECB. Drastically change approach: to give hope to these countries, mainly to Spain, they must be given the opportunity to borrow at low interest rates and have a higher rate of inflation to adjust prices. Or ...

    Chancelor Merkel wants to keep to austerity at all means. Her party just lost elections of the most important state in Germany to the socialists. France's new socialist predisdent Hollande and German socialist party SPD want to change Euro politics, trying to create income as well for struggling countries instead of just austerity- meaning more investment. Austerity alone will bleed Greece and other countries to death over time. I'm German and don't like to see Greek newspapers calling Germans nazis and showing Merkel in Nazi uniforms - but I can totally understand it. I hope election of Hollande will be a strong signal.

  • That doesn't automatically solve many problems.

    I never said that this alone will solve any problems. It is just one of many necessary steps.

  • @Vitaliy_Kiselev If you don't understand that money (or more specifically, the money supply M2 or M3) is largely based on a fictitious multiplier of bank debt, then please allow me to educate you

  • @ahbleza

    I edited your message just cutting videos (as they have zero value for me, stating few things that is known to school boys), as this topic is not for educating me. Especially if it is not required :-)
    But again, thing that you said previously is oversimplification.