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International Cash Withdrawal Day?!!!!

Indykid | 22.11.2001 10:23

Could this be the Perfect way to destroy the current failing and discriminatory financial system?

Quite a while ago, I remeber reading that only a small percentage of the worlds currency actually exsists in physical coin or paper form, and that if everyone was to demand all their money back from their banks at once (something people are quite within their rights to do surely), the worlds markets would collapse due to the fact that all this money could not be provided at once.

So I had this idea.....why not organise an international cash Withdrawal Day. We could campaign for as many people as possible to withdraw all their money from banks and cashpoints worldwide at once in an attempt to cripple the world economies. If succesful, everyone whether rich or poor would be back on a "level playing field", allowing an attempt to re-build our world in a way that would benfit all, not just small populaion of rich leaders and business men.

Indykid

Comments

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Good Idea

22.11.2001 10:49

Rothschild would choke on his golden nuggets!

(?)


slightly misguided

22.11.2001 12:21

not bad but at the end of the day who would suffer - certainly not the fat cats - most likely the average joe and joanne trying to pay the mortgage and keep their family from poverty... believe me being made redundant and even worse off is not what the average person wants ...

lw


Later, perhaps.

22.11.2001 12:58

I think this one needs to wait untill most, or a very large minority, of the population is of revolutionary mindset. Otherwise it will just annoy a lot of people, and more effort will go into rebuilding the banking system as best they can afterwoods, rather than a new, better, system.

The rich are perhaps also less reliant on cash than the poor, so might be hit less hard.

"Let's take out all our cash
I hear that's not a good idea
Switch of the box, and watch the system crash.

But then again, it might not crash at all
Not if we, think positivly
If we don't pull the wiring from the wall
Completly, off the wall"

Seize the Day

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who has all the money?

22.11.2001 14:08

The trouble with this idea is that most of the money is in the banks of rich people and they probably won't join in.

al


We live on 20%

22.11.2001 16:01

20% of people hold 80% of the wealth, that means that the rest of us, 80%, survive on 20% of the wealth. You can be sure that the wealthiest 20% would keep their money where it is, so it wouldn't effect much.

Think about it, I reckon I could pull out about £400 at the beginning of a good month, later in the month all I could do is increase my overdraft, which would be more interest for them

Crap idea

vincent


Bad Idea

22.11.2001 20:51

There are several problems with the idea of cash withdrawl day. The most obvious is that when the banks realize that they are running out of money they will simpily place an embargo on the further withdrawls, thus ending withdrawl day.

Also, since this idea would have to be well publicized, the banks would be prepared (increase their money reserves or be open for limited business only) you can't catch the banks by surprise with a national campagin. Even, if by some miracle you could surprise the banks, since market transactions are done by credit, not actual money, the markets of the world would contine to operaite as they normally do, the credit ratings would not disappear as the money does.

Finally, what happens after national withdrawl day, most likely national deposit day. The banks would simpily regather and go back to normal, the system will not crash.

Tom


Guerrilla withdrawals

22.11.2001 22:31

Rather than making a nation-wide day of it, why not make guerrilla withdrawals, striking at certain banks and withdrawing cash in large amounts thereby putting banks out of action for a day.

Only me