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I don't know what was the specific reasoning behind what they did, but I believe it might turn out to be the worst decision ever in the history of banking. How
by magoghm 14y ago
I don't know what was the specific reasoning behind what they did, but I believe it might turn out to be the worst decision ever in the history of banking. How are the people in Greece, Spain & Italy going to react when they hear about this? Will they decide to take preemptive measures (take their money out of the bank) before the same thing happens to them? Note: I am not claiming that the same thing will happen in other countries, only that people in other countries might be concerned about the posibility of it happening and decide to do something to protect their money.
- hkmurakami 14y agonot to mention that it only takes a small (almost minimal) proportion of withdrawls to do significant damage to the health of the banking system.
- 1337biz 14y agoMy grandparents were born in Europe throughout the second world war. They always "warned" me not to keep too much money in the bank as when times get tough it is going to be worthless. Always thought that this was kind of a war-generation mindset, but the Cyprus situation makes me actually believe that they are not that much off after all.
- waterlesscloud 14y agoYeah, my great grandfather, who was an adult during the Depression, literally buried money in jars on his land. Having seen something happen probably changes your perspective on things.
- reinhardt 14y agoUnfortunately moving money from banks to jars can't stop TPTB from making it worthless by inflating the $hit out of it overnight.
- tomjen3 14y agoGold.
- darkarmani 14y agoBecause gold never goes down in value.