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To: MrB
what right does a bank have to say that you can’t have YOUR money?

I believe they actually do have that right and, besides, your money isn't there. It's been lent out or invested in Greek bonds [which caused this crisis in the first place when the EU made Greek bondholders take their haircut. The Cypriot banks lost about half their reserves].

The same is true anywhere in the world -- only about 10% of your cash is at the bank. They just depend on the fact that everyone won't want his at the same time.

33 posted on 03/28/2013 1:29:14 PM PDT by BfloGuy (The economy is not a pie, but a bakery.)
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To: BfloGuy

“The same is true anywhere in the world — only about 10% of your cash is at the bank. They just depend on the fact that everyone won’t want his at the same time.”

Then how can they take the 40% from depositors, even from a limited number of depositors who are subject to the 40%. Is there even enough cash in reserve to cover the 40% withdrawals? Remember, the 40% fee is based on total deposits above the $100,000, not the total fractional amount in reserve. Unless I’m missing something here, do these socialists ever realize the consequences what they’re doing? Or more than likely they just don’t care.


51 posted on 03/28/2013 2:09:39 PM PDT by ScottfromNJ
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