‘Bank Run 2010' aims to end ‘criminal, corrupt’ financial system

[cory777]

Source: Raw Story

In what may be the most subversive reaction yet to global outrage over the financial crisis, a European soccer star has inspired an international "bank run" protest aiming to collapse the global financial system.

The organizers of "Bank Run 2010" have chosen December 7 as the day when protesters are meant to withdraw their money from the banks, which they hope will cause a run on the banks that could collapse financial institutions.

But critics of the move say it's futile: If the protest is successful, they say, it will only result in another taxpayer bailout of the banks.

But that hasn't stopped the protest's organizers from dreaming of a bloodless revolution that puts to an end the Western financial system that many say has been transformed into a "casino" benefiting only the financial institutions themselves.

Read more: http://www.rawstory.com/rs/2010/11/bank-run-corrupt-financial-system/

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[Name removed]

1. Deleted message

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[galileoreloaded]

2. Actually, it will confirm the money is worthless. n/t

[Fool Count]

3. So what if one loses $500 or $1000 or even $5000 that he had in his bank account?

It would be a small price to pay for destroying the corrupt system that enslaved them.
To save their children from being enslaved by it too - totally worth it.
In any case, that would be a much smaller price our ancestors were prepared to pay when
they set about changing the system.

[BzaDem]

5. They wouldn't lose any money. The government would simply bail out the banks.

Where would the money to bail out the banks come from? Austerity measures. Pretty self-defeating.

[KharmaTrain]

6. Good Luck On Selling That One...

As said above, a nice concept, totally impractical. For most people I know $500 is a lot of money...$5,000 in the bank would be beyond their wildest dreams. They live paycheck to paycheck and any money they have in the bank is their lifeline incase someone suddenly loses a job or some other crisis. They don't look at who "enslaved" them, they're just trying to make it through another day.

Sadly the little guys are the pawns in this game and in no position to turn things around. Boycotts are a wonderful concept rarely ever successful especially against multinational corporations that have their financial tentacles so interwoven in so many areas.

The corporate world has little care for anyone who isn't one of theirs and have successfully played to the selfish nature of people...look at how many of these poor slobs just voted for teabaggers and rushpublicans. The only way the system will change, unfortunately, is when one day the corporates wake up and see their consumer market is gone. By then we're all going to be in a bigger world of hurt.

[Delphinus]

7. Boy do you ever have *that* right!

I was reading, thinking I'd be lucky if I had $50 left over after paying my bills.

[jtuck004]

4. No, the value of money doesn't depend on whether the banks have

cash in their accounts. That value comes from what people think your money is worth to pay or settle obligations, on your government accepting it, more of a central bank function today. One bank fails, another bank opens.

In theory it would short the assets of the bank accounts so they could not meet their obligations, a liquidity crisis. Then they close. Except that we have a central banking system which allows them to borrow money to cover such instances.

In reality it would probably be more symbolic, since the majority of bank assets are not in cash that can be withdrawn on a whim,
or in protest.

Would be interesting, but perhaps not the most effective vehicle for change. On the other hand they have 14,000 of the 3 to 10 million people they think they need, so they are on their way there.

[JackRiddler]

10. The money will not be rendered worthless, no.

The affected banks may go under.

The immediate effect of large bank failures would likely be deflationary.

What happens otherwise depends on where they put their money.

The "move your money" movement in the US is more specific about that.

http://moveyourmoney.info/

Jennifer M.:
“Moved both my business and personal accounts today to a small community bank. It feels good not be encouraging the “big banksters” anymore. Bye bye Bank of America.”


Scott C. on Facebook:
“My money’s movin’, movin’, movin’. See ya around Citi. You’re just too much trouble to be dealing with now.”

Aja at Get Rich Slowly:
“I made a real difference, and while my tiny accounts are nothing to a company like Chase, they matter a lot to my local bank and my community. (And did I mention the free cookies?)”

[xchrom]

8. recommend

[endless october]

9. this is like don't buy gas this Tuesday.

we all saw how well that one worked each time it was tried.