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Title: Bank Run Imminent: Catalan Separatists Urge Supporters To Pull Cash From ATMs On Friday Morning
Source:
Zero Hedge
URL Source: http://www.zerohedge.com/news/2017- ... ists-urge-supporters-pull-cash
Published: Oct 20, 2017
Author: Tyler Durbin
Post Date: 2017-10-20 07:26:34 by cranky
Keywords: None
Views: 1076
Comments: 7
As tensions escalate in Spain, Catalan Separatists are potentially about to do some real damage and hit Madrid where it really hurts. In a tweeted message to their 270,000 followers, Assemblea Nacional urged supporters to pull cash from CaixaBank and Banco Sabadell branches between 8 am and 9am Friday to protest at their decision to shift their legal domiciles out of the region... #BREAKING Civil society groups in Catalonia call for mass withdrawal of money from ATMs tomorrow at 8am to pressure Spanish government — Catalan News (@catalannews) October 19, 2017 Demà, prioritàriament de 8 a 9 h, ves a un dels 5 principals bancs i retira la quantitat que vulguis en efectiu. Són els teus diners! pic.twitter.com/TqQUESFOZJ — Assemblea Nacional (@assemblea) October 19, 2017 As the video begins... "Go to 1 of the 5 main banks and take out as much cash as you want. Don't forget, it's your money". Civil society organizations in Catalonia call for a mass withdrawal of money from bank ATMs on Friday at 8am in order to pressure the Spanish government. Organizers don't especify how much money should be taken out nor what to do with it. The action targets the five main banks in Catalonia: Caixa Bank, Sabadell, Bankia, BBVA and Santander. Organizers call on clients of Caixa Bank and Sabadell to show their disagreement with the banks' recent decision to move their headquarters out of Catalonia due to the escalating political crisis between governments in Barcelona and Madrid. This is the first "direct and peaceful" action organized by Crida per la Democràcia (Call for Democracy). This is an umbrella group which includes among others the two main pro-independence organizations in Catalonia: the Catalan National Assembly (ANC) and Òmnium Cultural. The mass withdrawal is also aimed at condemning the imprisonment of ANC and Òmnium presidents, Jordi Sánchez and Jordi Cuixart, held in custody on sedition charges since Monday. As a reminder, both Banco Sabadell and Caixabank - the two largest banks of the Catalan region - moved their corporate headquarters out of Catalonia (with the help of the Spanish government) shortly after the referendum. And now it's time to find out just how solvent (and liquid) the strong Spanish banking system truly is. The message has now been retweeted or liked over 7,000 times (and remember its past midnight in Spain). 
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#1. To: cranky (#0)
It's their money. And the bank will choose whether to give it to them or not. Expect the central bank to issue directives limiting the daily withdrawals. Starting a bank run isn't a very good way to assert your national sovereignty and can hurt you and the local economy as much or more than the central bank.
It is the BANK's money, once you hand it over to them. If the government declares a bank holiday, money is not handed over. If there is a run on the backs, they can cease operation. https://supreme.justia.com/cases/federal/us/23/333/case.html U.S. Supreme Court Bank of the United States v. Bank of Georgia, 23 U.S. (10 Wheat.) 333, 341-42 (1825) [excerpt] 23 U. S. 342 and deposited as such, so that according to the course of business and the understanding of the parties, the identical notes were not to be restored, but an equal amount in cash. They passed, therefore, into the general funds of the Bank of Georgia and became the property of the bank. The action has therefore assumed the proper shape, and if it is maintainable upon the merits, there is no difficulty in point of form.
It is the BANK's money, once you hand it over to them. Well, either way, the whole bank run threat was apparently a big bust. Too bad.
#4. To: cranky (#3)
Too bad. It's what touched off the Great Depression, bank runs in Austria leading to a confidence crisis that spread internationally. Too bad indeed.
It's part of Spain and they might as well get used to it. They are not a sovereign state. Spain has permitted them to govern autonomusly, somewhat akin to a U.S. state. Spain will simply dissolve the autonomous government and institute direct rule tomorrow. There is nothing to negotiate.
Top • Page Up • Full Thread • Page Down • Bottom/Latest"Go to 1 of the 5 main banks and take out as much cash as you want. Don't forget, it's your money".
#2. To: Tooconservative, cranky (#1)
It's their money. And the bank will choose whether to give it to them or not.
The sum sued for is the balance due upon the general account of the parties, and it is money had and received to the use of the plaintiffs, if the transaction entitled the plaintiffs to consider the deposit as money. It is clearly not the case of a special deposit, where the identical thing was to be restored by the defendants; the notes were paid as money upon general account
#3. To: nolu chan (#2)
It's their money. And the bank will choose whether to give it to them or not.
Replies to Comment # 3. Well, either way, the whole bank run threat was apparently a big bust.
#5. To: cranky (#3)
End Trace Mode for Comment # 3.
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