---------- Forwarded message ---------- From: Michel Bauwens <[email protected]> Date: Sat, Jan 25, 2014 at 4:16 PM Subject: Re: Bank Run Fears Continue as Banks Restricts Large Cash Withdrawals To: Daryl Taylor <[email protected]>
thanks! On Sat, Jan 25, 2014 at 4:04 PM, Daryl Taylor <[email protected]>wrote: > > http://www.zerohedge.com/news/2014-01-24/bank-run-fears-continue-hsbc-restricts-large-cash-withdrawals > > *First come the restrictions, then the confiscations. * > > "This is how it begins, with restricted access to bank balances and banks > requiring justifications for withdrawals. See Cyprus in 2013, or worse, > Argentina in 2001. The system does not regard your bank balance as your > money. It is a liability the bank owes to you, which it may or may not be > able to meet. Reserve requirements have been whittled away to virtually > nothing, meaning that the bank could not satisfy even 1% of its deposit > account liabilities if everyone decided to cash out at once. They restrict > access in order to slow down the outward movement of money, but in doing so > they generate fear that makes bank runs more likely. Once the psychology > shifts, and it can do so on a dime, they're damned if they do and damned if > they don't." *Nicole Foss* > > -- P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net <http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation>Updates: http://twitter.com/mbauwens; http://www.facebook.com/mbauwens #82 on the (En)Rich list: http://enrichlist.org/the-complete-list/ -- P2P Foundation: http://p2pfoundation.net - http://blog.p2pfoundation.net <http://lists.ourproject.org/cgi-bin/mailman/listinfo/p2p-foundation>Updates: http://twitter.com/mbauwens; http://www.facebook.com/mbauwens #82 on the (En)Rich list: http://enrichlist.org/the-complete-list/
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