Last May, the Greeks withdrew almost $900 million from banks thinking that the country would run out of cash if Greece returned to the drachma and not to the European currency.
The fear is:
1. How does this affect the U.S?
2. How will the U.S. respond and how does this response affect average citizens?
3. What can an individual do to protect themselves and family?
Several banking sources told Reuters similar amounts had also been withdrawn on Tuesday. Nevertheless, there was no sign of panic or queues at bank branches in Athens on Wednesday. Bankers dismissed suggestions that a bank run was looming.
If a multitude of individuals withdraw money, it is considered a run on the bank;
If other banks withdraw money, it is considered a system failure;
If JP Morgan Chase withdraws (or loses) money, it is considered another bailout.
What can be done to stop having our tax money used without representation to bailout other companies, and now countries?
Hey, with no tax money, the government can not spend what they do not have. Stop paying taxes. Oops, Government is already spending money they do not have. Heck, the states,cities, and the consumers are spending money that they do not have. We are SOL. Keep printing money, my dear government. I have some monopoly money sitting in the closet. Will that help?
Many are looking at the possibility that Athens issues IOUs to meet salaries and key service bills for a fixed period, much in the way California did during its budget crunch in 2009 when it issued ‘registered warrants’ with a coupon in place of dollar salaries and which banks then accepted for cash. Why not? If California used ‘registered warrants’ in 2009, Greece can do it in 2012. Is California better off three years later?
What if the consumer starts issuing ‘registered warrants’ or IOUs when they spend their money? What’s that, the consumer is already doing this for the last 50 years. Yea, man, where have you been, in the 60s? Well, my brain is in the 60s but my .. I just had a brain fart.
What was the question? Oh, you were talking about CREDIT. The way consumers purchase something with a piece of plastic and “promise” to pay with real money. Just think, we are using plastic to purchase things. I remember playing monopoly and thinking that was real money. It is strange that the game of monopoly applies to the real world.
How fast can Government print money – worthless money, that is? Let’s see, in 24 hours, 10 print machines, all that special ink and paper, …. hmm, my math is a bit off, but it would be much cheaper and faster if everyone printed their own money.
Thought for the day: Can governments print money fast enough to cover the daily debt that we are all going into? The California debt is “http://www.usdebtclock.org/state-debt-clocks/state-of-california-debt-clock.html“.
There is a forecast that a “Grexit” (Greek Exit) would cost the Eurozone governments alone $300 billion, pushing the whole European economy – which narrowly avoided entering recession by recording exactly zero quarterly growth – into a crisis not seen since the 1930s. And IIF (Institute for International Finance) and IMF (International Monetary Fund) is taking this lightly? No wonder why the world is in such a fine mess.
The three stooges, or is it the G8 or G10, are the idiots. As long as the corporation CEOs are making money, who the heck gives a flying f#### about the other guy.
Global financial institutions have a $536 million exposure to Greek debt, according to the latest figures from the International Monetary Fund, although almost all is borne by France, Germany and other key European economies.
Wow, we have something in common with the Europeans. $536 million is not that bad.
The U.S., aka U.S. financial institutions, have an exposure of $2 billion to JP Morgan Chase debt. According to CEO Dimon from the I Don’t Care, It’s Not My Money (IDCINMM) fund, although almost all is borne by the U.S. taxpayers, U.S. taxpayers, and other key U.S. taxpayers.
CEO Dimon was later heard to say that “JP Morgan Chase will still make money with this $2 billion loss”. Besides, this is just a drop in a bucket in using other peoples’ money. We can and will do things our way knowing that the President will provide aid to us. We cannot go wrong.
Who runs, I mean, ruins this country?
– president, corporate CEOs, foreign countries, aka, the 1%?
Who supports this country?
– taxpayers, aka, the 99%.