Hayek economics ?
Posted on 08/02/2011 9:06:23 PM PDT by Danae
In one of the biggest banks in the centre of Athens a clerk is explaining how his savers have been thronging to pull out their cash.
Wary of giving his name, he glances around the marble-floored, wood-panelled foyer before pulling out a slim A4-sized folder. It is about the size of a small safety-deposit box – and those, ever since the financial crisis hit Greece 18 months ago, have become the most sought-after financial products in the country. Worried about whether the banks will stay in business, Greeks have been taking their life savings out of accounts and sticking them in metal slits in basement vaults.
The boxes are so popular that the bank has doubled the rent on them in the past year – and still every day between five and 10 customers request one. This bank ran out of spares months ago. The clerk leans over: "I've been working in a bank for 31 years, and I've never seen a panic like this."
Official figures back him up. In May alone, almost €5bn (£4.4bn) was pulled out of Greek deposits, as part of what analysts describe as a "silent bank run". This version is also disorderly and jittery, just not as obvious. Customers do not form long queues outside branches, they simply squirrel out as much as they can. Some of that money will have been used to pay debts or supplement incomes, of course, but bankers put the sheer volume of withdrawals down to a general fear about the outlook for Greece, one that runs all the way from the humble rainy-day saver to the really big money.
(Excerpt) Read more at guardian.co.uk ...
“The government should not be in the student loan business, anyway.”
They’re now not only “in the business”, they’re the only source! They’ve now prohibited banks or private lenders from making student loans.
Strings attached?
You betcha.
‘
“WE are where the Europeans fled.”
And even today, we still are. That’s why they so want us to be better and restore the dream they look toward.
Hayek economics ?
If a Rino, then it will be sometime in the future.
Only a real conservative can end this nightmare.
Zero tolerance for marxism in US Government, make it part of the oath of office.
Make deficit spending and voting for deficit spending a CRIME except in case of war declared by Congress.
Make voter fraud a crime punishable by a minimum sentence of 25 to life.
Make all voters re-register to vote under strict controls.
“Banks in Germany are reporting the same problem with Safe Deposit Boxes, except the German people are stuffing their boxes with Gold and Silver.”
That is certainly smarter; I remember years ago, when Argentina had a bank holiday while it revalued its currency. People couldn’t get at their accounts, and when the banks re-opened the money was worth a lot less. A few enterprising Argentines realized they could draw the balances from ATMs in casinos in neighboring Uruguay; the rest were screwed.
The problem with using safety deposit boxes for metals is that you’re still at the mercy of a third party who basically works for the government; our government confiscated gold the last time we had such economic misery. Metals are easy to store/hide and weather the elements well.
I agree; see # 26.
I agree with your comments, and don’t think they are overstated.
HEhe!! Thanks!
This one was real fun: http://www.aim.org/aim-column/blacklisted-scientist-challenges-global-warming-orthodoxy/
And you know what? I am fine with that. College is to expensive, and forcing people to see the “real costs” up front will help lower it.
We need to eliminate at least half the colleges and universities in the US, and then start cutting programs. My alma mater is spending millions on a new sports complex, yet making cuts in engineering. Makes you wonder who is running the show.
This indicates fear that Greece will leave the Euro and reinstitute the the Drachma. They will declare a bank holiday, convert all deposits and devalue all at the same time. See the Argentina crisis and what they did to US$ deposit accounts for a roadmap.
Will never happen in a million, million years. Voter fraud is certainly something that needs to be dealt with, but elevating it to the same sentence as capital MURDER is insanity.
“there is no record or anyone being prosecuted for not turning in their gold.”
Maybe, but they sure as hell weren’t publicly trading it the way they do today. Not much point in owning something you could never admit to owning, never mind finding a market for it.
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