Politics Yellow Vests in France Planning a Bank Run to Collapse the Euro

[pipedreams]

"French President Macron's decision to raise fuel tariffs in November has mushroomed and his country has succumbed to a wave of protests and violence the likes not seen since the 1960s. The yellow vests are everywhere and beyond causing chaos on the streets, it seems they’re now turning against the banks.

French banks hold an estimated one-quarter or less of all the funds that would be required should French citizens take such an action. A bank run like this has the potential to paralyze the country and even collapse the euro."

https://bitcoinist.com/yellow-vests-in-france-planning-a-bank-run-to-collapse-the-euro/

[janice6]

Sounds like they are getting clever and employing finesse.  F the EU.

[pipedreams]

This is one time the French are hanging in there and fighting.

[C_Hallbert]

"French President Macron's decision to raise fuel tariffs in November has mushroomed and his country has succumbed to a wave of protests and violence the likes not seen since the 1960s. The yellow vests are everywhere and beyond causing chaos on the streets, it seems they’re now turning against the banks.
French banks hold an estimated one-quarter or less of all the funds that would be required should French citizens take such an action. A bank run like this has the potential to paralyze the country and even collapse the euro."
https://bitcoinist.com/yellow-vests-in-france-planning-a-bank-run-to-collapse-the-euro/

Bravo!


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[pipedreams]

I think the ordinary French are realizing their getting taken to the cleaners by the EU and Macron.

[crockett]

Socialism only works out for lazy beta males and feminist who can't get any productive **** done and need the handouts from those doing the real work. Until the system collapses because of too many takers, and not enough makers. They'll be the first to crumble when nobody takes care of their useless asses. Probably freeze to death while not being able to build a shelter or hunt anything other than leafy greens.

Edited January 9, 2019 by crockett

[janice6]

Too give up their national pride is to give up their cultural heritage.  If you lose your pride and heritage, you have little left.  I wish them success.  It's a hard road, but it holds promise.  “Liberty, Unity, Equality”, Liberté, Unité, Égalité.

 

[Brown Hawk]

1 hour ago, crockett said:

. . .  Probably freeze to death while not being able to build a shelter or hunt anything other than leafy greens.

The people most likely to add poison ivy to the soup and salad ?. 

Hawk 

[tadbart]

2 hours ago, crockett said:

Socialism only works out for lazy beta males and feminist who can't get any productive **** done and need the handouts from those doing the real work. Until the system collapses because of too many takers, and not enough makers. They'll be the first to crumble when nobody takes care of their useless asses. Probably freeze to death while not being able to build a shelter or hunt anything other than leafy greens.

Too many suckers, not enough teats.

[Al Czervik]

I know nothing about French banking laws/regulations, but what if a majority of banks had more withdrawals than cash on hand?  What would be the consequences and how would that affect the rest of the EU?

[Historian]

3 hours ago, pipedreams said:

I think the ordinary French are realizing their getting taken to the cleaners by the EU and Macron.

That's pretty much what my French family members are saying.

[crockett]

28 minutes ago, Al Czervik said:

I know nothing about French banking laws/regulations, but what if a majority of banks had more withdrawals than cash on hand?  What would be the consequences and how would that affect the rest of the EU?

Same what happened in Germany in WWII: the banks close, plus the money on your account isn't worth **** due to a crazy inflation.

This is a 50 Million Mark bank note. It was good for some groceries.

 

[Al Czervik]

30 minutes ago, crockett said:

Same what happened in Germany in WWII: the banks close, plus the money on your account isn't worth **** due to a crazy inflation.

This is a 50 Million Mark bank note. It was good for some groceries.

 

I agree, that French banks would be insolvent, but with the rest of the EU not being in the same boat, I'm not sure how things would play out.

[Brown Hawk]

5 minutes ago, Al Czervik said:

I agree, that French banks would be insolvent, but with the rest of the EU not being in the same boat, I'm not sure how things would play out.

Basically, what happened to Germany in the Great Depression.  The run on the banks would seriously devalue the Euro.  With the devaluing of the Euro, the stability of the EU comes into question, probably the massive inflation mentioned above.  

A story from that time was a man who was paid for his work, piled all the money into a wheelbarrow and went to buy a few groceries.  Reasoning that the money was so worthless that no one would steal it, he went inside and bought his groceries.  He came to get the money to haul in to the grocer, and found he was right.  All the money was still there.  The wheelbarrow was gone!

Hawk  

[Al Czervik]

11 minutes ago, Brown Hawk said:

Basically, what happened to Germany in the Great Depression.  The run on the banks would seriously devalue the Euro.  With the devaluing of the Euro, the stability of the EU comes into question, probably the massive inflation mentioned above.  

A story from that time was a man who was paid for his work, piled all the money into a wheelbarrow and went to buy a few groceries.  Reasoning that the money was so worthless that no one would steal it, he went inside and bought his groceries.  He came to get the money to haul in to the grocer, and found he was right.  All the money was still there.  The wheelbarrow was gone!

Hawk  

I submit that if the bank run was largely isolated to France, things wouldn't get that bad.  If, however, it caused a continental-wide panic, things would get bad.  Then, Vlad would look bring more landmass back into the Soviet fold.

[Brown Hawk]

1 hour ago, Al Czervik said:

I submit that if the bank run was largely isolated to France, things wouldn't get that bad.  If, however, it caused a continental-wide panic, things would get bad.  Then, Vlad would look bring more landmass back into the Soviet fold.

France and the French banking system is intertwined with the rest of Europe and the Euro.  And France is the largest economy in the EU.  Take out the keystone, the arch collapses.  Not like the different countries have a separate currency.  No way a Euro is worth one cent in France, and two dollars across the border.  

Hawk 

[pipedreams]

Wonder how accurate this is.

[willie-pete]

If banks close because they are insolvent, their employees don't have a job any more, Companies ( some in other countries ) that had their money in that bank to pay their employees lose their money and can't pay their own employees; they close.  All these employees can't buy stuff now so other companies close, etc. etc., etc.

Rolling depression.  

 

I don't think the " yellow vests " have thought this thing through.  They all will be out of a job.

Edited January 10, 2019 by willie-pete

[astepup]

I may be getting more cynical as I age, however it's very hard for me to feel sorry for any of them. You get what you vote for. 

[Huaco Kid]

I think that people are realizing that 'global economic equality',  in all it's magnificent loving glory,  doesn't mean that everyone will be lifted up to your level of living, but that you will be dragged down to everyone else's level of living.

"Tada!  We are so equal! How could we be any more caring?"

[Huaco Kid]

"Since you are all equally "The Rich",  we'll have to tax you more.  It's only fair."

[C_Hallbert]

I think that people are realizing that 'global economic equality',  in all it's magnificent loving glory,  doesn't mean that everyone will be lifted up to your level of living, but that you will be dragged down to everyone else's level of living.
"Tada!  We are so equal! How could we be any more caring?"

Perfect.....


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[Brown Hawk]

2 hours ago, willie-pete said:

 

I don't think the " yellow vests " have thought this thing through.  They all will be out of a job.

I think they’ve thought it through.  It seems they’d rather be out of a job than out of a country.  And many are already out of a job because of the taxes and regulations.  

We just have to wait and see what is really happening.  

Hawk 

[Moshe]

13 hours ago, crockett said:

Same what happened in Germany in WWII: the banks close, plus the money on your account isn't worth **** due to a crazy inflation.

This is a 50 Million Mark bank note. It was good for some groceries.

 

Yup.  After the heavy indemnities placed on Germany by the United States, it collapsed their economy.  A loaf of bread was worth a wheel barrel full of marks.

 

Also, watch this thread be moved over to politics in one...two...

[MtnBiker]

18 hours ago, pipedreams said:

"French President Macron's decision to raise fuel tariffs in November has mushroomed and his country has succumbed to a wave of protests and violence the likes not seen since the 1960s. The yellow vests are everywhere and beyond causing chaos on the streets, it seems they’re now turning against the banks.

French banks hold an estimated one-quarter or less of all the funds that would be required should French citizens take such an action. A bank run like this has the potential to paralyze the country and even collapse the euro."

https://bitcoinist.com/yellow-vests-in-france-planning-a-bank-run-to-collapse-the-euro/

If that actually happens, the Brexit crowd will be slapping themselves on the back!!