Forget the lawyer-talk and economist-talk. To 90% of all depositors, they have a simple contract with the bank: I give you my money and you can use it to make m

Forget the lawyer-talk and economist-talk. To 90% of all depositors, they have a simple contract with the bank: I give you my money and you can use it to make more money (loaning it out at interest, etc) on one condition: you keep it absolutely safe and give it back when I ask. That's it, that's the deal as far as almost all depositors care. And if they think for one microsecond that the bank might welch on the deal, they want out, now. Not tomorrow, n.o.w. This is an brazen raid on personal deposits: a new, unexpected tax on funds people thought had already been through taxation and were safe. People will hate it. And they'll see the banks as both having breached their understood contract and being the cause of an unfair tax. If the government puts in rules restricting withdrawals, they'll just take it out at whatever rate is allowed and send it elsewhere, or invest it in tangibles like gold or gems and put those in private lockboxes. The net result over the next year will be a steady flight of small-investor capital out of every country that is even slightly suspected of this scam. A lot of it will just disappear from the economy. This will depress those economies for years if not decades.