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Title: Greeks Rush the Banks; Lines Form at ATMs; Nearly $1 Billion Withdrawn in Past Week
Source: [None]
URL Source: http://www.shtfplan.com/headline-ne ... ithdrawn-in-past-week_05152012
Published: May 16, 2012
Author: Mac Slavo
Post Date: 2012-05-16 18:19:39 by Capitalist Eric
Keywords: None
Views: 1604
Comments: 16

Without a government for the last eleven days, and amid mainstream discussion of a Euro Zone exit, the Greek people are realizing that the economic and political system as they know it is rapidly descending into chaos.

With massive jobless rates that have forced many into bartering to survive, and facing credit destruction across the entirety of the country that has led to shortages of critical supplies like life saving medicines, those with any money left at national banks are taking the desperate step of withdrawing as much of their savings as they can from a banking system on its last leg.

This is what it looks like when a populace plagued with uncertainty finally loses trust in the credibility of their country’s leadership and financial system.

Anxious Greeks have withdrawn as much as 700 million euros ($893 million) from the nation’s banks since the inconclusive May 6 election, President Karolos Papoulias told party leaders yesterday, according to a transcript of the meeting posted on the presidency’s website today. Papoulias said he got the information from the head of the Bank of Greece, the central bank, George Provopoulos, according to the transcript.

Via Zero Hedge

Greeks line up at ATM’s across the country to withdraw cash:

As has been said before, Greece is the canary in the coal mine.

The debt has piled up across Europe and the United States. Like the Greeks, Americans will soon hit a breaking point from which there will be no return. When it does finally happen you can be assured that your local ATM’s and banks will be inundated with panicked depositors attempting to take possession of as much of their money as possible.

But once the lines start forming it will be too late. Banks will have no choice but to limit withdrawals and close their doors (even to safe deposit box owners), because they will not have enough cash on hand to meet demand.

The choice is simple: Either prepare now and have physical assets in your possession, or join the crowds and hope the government will come up with a solution to the massive outflows that will ensue when the bank run begins.

Considering the madness we’ve seen when people can’t get their hands on a Black Friday discounted Xbox or flat screen TV, our guess is that any solution the government puts forth to deal with the anger and frustration of people who can’t access their money will involve something like this:

(3 images)

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Begin Trace Mode for Comment # 9.

#2. To: Capitalist Eric (#0)

So when are we going to see this coming here. You seem to know its coming . If so why can't you tell us when?

NewsJunky  posted on  2012-05-16   18:32:41 ET  Reply   Untrace   Trace   Private Reply  


#3. To: NewsJunky (#2)

Sure I know it's coming. A LOT of us know...

As to when, I was actually expecting it back in 2008, but I clearly underestimated the depravity that the Keynesians would stoop to, to cover up their crimes...

No way to know exactly when, bubba... I've seen estimates of 3-6 months, with other sources (that I know are credible) saying 12/31/12, when the U.S.A. encounters what they're calling the "Financial Cliff." Google it, you should find a lot of interesting data.

There are far too many variables to make such prognostications meaningful. My wife was commenting on this just two nights ago, saying "I wish we could know what will happen in the next year..." Of course, if I knew that, I'd have already bought a winning lottery ticket.

The US Government knows it's coming soon, due to their enactment of the draconian executive orders, the NDAA, and other disturbing things like buying 450 million rounds of hollow-point .40-cal ammo. [I told a friend of mine- a retired general- about this, and you should have seen the look on his face... he was completely unaware of these latest developments.]

"When" is the #1 question, these days... ((( sigh )))

Capitalist Eric  posted on  2012-05-16   19:19:24 ET  Reply   Untrace   Trace   Private Reply  


#4. To: Capitalist Eric (#3)

There are far too many variables to make such prognostications meaningful.

Exactly.. That's why I don't take your predictions about imminent doom seriously.

NewsJunky  posted on  2012-05-16   19:36:09 ET  Reply   Untrace   Trace   Private Reply  


#5. To: NewsJunky (#4)

Exactly.. That's why I don't take your predictions about imminent doom seriously.

I'm glad you cleared that up.

I know that myself and many others on this forum are deeply concerned with what you take seriously and what you don't.

We The People  posted on  2012-05-16   19:45:18 ET  Reply   Untrace   Trace   Private Reply  


#8. To: We The People (#5)

There are far too many variables to make such prognostications meaningful.

Facts are facts.. I didn't make them up.

NewsJunky  posted on  2012-05-16   20:07:10 ET  Reply   Untrace   Trace   Private Reply  


#9. To: NewsJunky (#8)

Facts are facts.. I didn't make them up.

Indeed. I post the facts, and when you ask when the crash will occur, and I say I don't know exactly, you say that's a good enough reason to ignore the impending crash.

A micro version would be in a jet, when the pilot announces the engines are on fire, and we're going to crash, so get ready...

And you ask, WHEN will we crash?

The pilot- if he bothers to respond to such an idiotic comment- might say "I don't know exactly when, but it's gonna' be DAMNED SOON."

And you say, "Oh, since you can't tell me EXACTLY when, I'll just ignore you."

That's insane.

Capitalist Eric  posted on  2012-05-16   20:22:57 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 9.

#12. To: Capitalist Eric (#9) (Edited)

Yeah but a global economic system is quite a bit more complex than a plane. Lot fewer variables to diagnose with a plane. Your opinion is not shared by most economists either.

NewsJunky  posted on  2012-05-16 20:45:01 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 9.

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