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BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$

 
Night Owl

User ID: 16611221
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05/26/2012 08:55 AM

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BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Things are getting worse in Spain. If regular folks come to realize that they have no protection from bank's going bust, they'll really start a run on banks. This is certainly a way to start a "run". Imagine if it became known that the FDIC was broke and could not cover regular "Joe's" money in the banks, what would YOU do?? Whoops... guess FDIC is broke too .... guess you have to rely on the Government to print more money to cover your deposits. At least in the USA they CAN print. In the EU ie Spain, they do not have this luxury. Soooo, what are people going to do especially since more banks have had their Credit ratings downgraded yesterday....?????


"While many Spanish consumers may still be trusting the government to protect their money — perhaps not realizing that the country’s Deposit Guarantee Fund has been depleted and now exists mainly in name only — the in-the-know money is heading for the border at an increasingly brisk pace. "

[link to www.nytimes.com]
Anonymous Coward
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Spain
05/26/2012 08:59 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
They are asking for a government "rescue" of 19.000 million euros?, I read it before, what a bad joke...
like banks would be necessary.
Anonymous Coward
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Spain
05/26/2012 09:01 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
If everything continues the same, the bank will have more money and the poor will be poorer.
Night Owl (OP)

User ID: 16611221
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05/26/2012 09:21 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
So, are people aware that their $$$ is not safe in Spanish banks? Are people taking their money out like the Greeks? If they are, where are they putting it? Are they converting to other currencies or just moving their Euros to Northern country banks, like German or Swiss ones??? Curious how people are reacting to the banking downgrades.
Anonymous Coward
User ID: 12167965
Spain
05/26/2012 09:27 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
That would be stupid and a waste of time, if the banks go down here, why would other banks stand..
Anonymous Coward
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Spain
05/26/2012 09:29 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
I don´t think Europe is comparable to South America, the Argentinian case where the savings were confiscated?
Nickadeemus

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05/26/2012 09:33 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
We are all standing at the edge.

Nick®
nickhuh
Pure Life; Get it on...
Night Owl (OP)

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05/26/2012 09:37 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
The problems is no one knows what will happen. My guess is that Greece will leave the Euro - and that will be messy. France, Portugal, Ireland and Spain will demand more support from the ECB and Germany will continue to say now. Pressure will mount on Germany and eventually Germany will say the ultimate "Nein" and will withdraw from the Euro and leave all the rest of the broke countries with a highly devalued currency. Welcome to hyperinflation!!

Last Edited by Night Owl on 05/26/2012 09:52 AM
Night Owl (OP)

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05/26/2012 09:56 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Ah, others are on the same idea track ...

"Apparently, Germans have understood how insidious—insidious for Germans, but a great deal for debt-sinner countries—these bonds would be. They'd spread the risk of each country to all countries, but the last man standing, possibly Germany, would end up having to bear them all. They'd cut the borrowing costs for Greece (oops, scratch that), Spain, Italy, and a slew of other Eurozone countries but raise the costs for Germany—now zero on shorter term debt, and negative when adjusted for inflation. It didn't help that Bundesbank President Jens Weidmann vilified them in his quiet manner every chance he got, most recently when he said, "The belief that Eurobonds could solve the current crisis is an illusion."

But the next big battle may actually revolve around keeping Germany in the Eurozone: 50% of the respondents saw more disadvantages than advantages, up from 43% in February; only 45% saw more advantages, down from 51% in February. The more costs and risks rise for Germany, the more this number is going to skew away from the euro. A scary trend for Eurozone bailout freaks. And suddenly Germans woke up to the headline, "Greeks Pay less Taxes"—taxes being a sore subject for Germans who pay out of their noses to get their welfare-state budget into balance. For a debacle without equal, read.... The Confiscation Conundrum in Europe."


[link to www.zerohedge.com]
Burt Gummer

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05/26/2012 09:59 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
We are all standing at the edge.

Nick®

 Quoting: Nickadeemus


Yep.

November 2012 elections determine if we pull back and save the USA....or head over the abyss.

Last Edited by Useless Cookie Eater on 05/26/2012 09:59 AM
Fred
User ID: 16689699
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05/26/2012 10:06 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Time to print greenbacks, inflation is not the worst outcome.
Right now we pretend that only choice is deficit spending vs.
crashing the economy. There is another choice accept some
inflation and print until the economy revs up. Then pull back.
Night Owl (OP)

User ID: 16611221
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05/26/2012 10:13 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Ah, others are on the same idea track ...

"Apparently, Germans have understood how insidious—insidious for Germans, but a great deal for debt-sinner countries—these bonds would be. They'd spread the risk of each country to all countries, but the last man standing, possibly Germany, would end up having to bear them all. They'd cut the borrowing costs for Greece (oops, scratch that), Spain, Italy, and a slew of other Eurozone countries but raise the costs for Germany—now zero on shorter term debt, and negative when adjusted for inflation. It didn't help that Bundesbank President Jens Weidmann vilified them in his quiet manner every chance he got, most recently when he said, "The belief that Eurobonds could solve the current crisis is an illusion."

But the next big battle may actually revolve around keeping Germany in the Eurozone: 50% of the respondents saw more disadvantages than advantages, up from 43% in February; only 45% saw more advantages, down from 51% in February. The more costs and risks rise for Germany, the more this number is going to skew away from the euro. A scary trend for Eurozone bailout freaks. And suddenly Germans woke up to the headline, "Greeks Pay less Taxes"—taxes being a sore subject for Germans who pay out of their noses to get their welfare-state budget into balance. For a debacle without equal, read.... The Confiscation Conundrum in Europe."


[link to www.zerohedge.com]
 Quoting: Night Owl



I love the part in the article that says Greeks are delaying paying their taxes 'cause they don't want to pay in Euros and would rather wait and pay them in devalued Drachmas! LOL!!! Smart people!!! Governments ALWAYS underestimate the ability of people to respond in unique ways to their thievery!! LOL The best laid plans of mice and men.....

"
"The notoriously tax-sinning Greeks paid their government even less than before," the article began unnervingly. Turns out, Reuters had gotten two anonymous “senior” finance ministry officials to talk: Greeks were refusing to pay their taxes in euros in anticipation that they could soon pay them in drachmas, albeit with minor penalties. And lacking a government, they wanted to wait for the outcome of the next election on June 17, which hopefully would produce a government, any government. And so tax revenues in May were on track to drop 10%. Outside of Athens and Thessaloniki, tax revenues would fall between 15% and 30%. First capital flight then quiet bank runs, and now a refusal to pay taxes to a government they don’t have, in a currency they might not have much longer.... The Greeks are preparing for a reversion to the drachma, and they're trying, very understandably, and very smartly, to protect whatever they can—which, of course, simply speeds up the process of reverting to the drachma."

[link to www.zerohedge.com]
Anonymous Coward
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05/26/2012 10:32 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Lots of threads on this topic yesterday, and even MSM coverage. People in Argintina, bailing on their currency, too. The street decides if monies in banks is safe- people decide- then it's a run on the Euro banks, then they want to change Euro's to another currency. The govt. will try to block this activity, banks will limit withdraws etc.
If it happens here will Unk Sam ever let FDIC run dry? Or, will they just print lots of new money so we are pushed into hyperinflation? deadhorse
Anonymous Coward
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05/26/2012 10:51 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Things are getting worse in Spain.
 Quoting: Night Owl


ahhh
Anonymous Coward
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05/26/2012 11:06 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
The FDIC can't cover what it's supposed to. Hasn't been able to for quite some time.
Mr. Toppit

User ID: 4452166
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05/26/2012 11:11 AM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
They are asking for a government "rescue" of 19.000 million euros?, I read it before, what a bad joke...
like banks would be necessary.
 Quoting: Anonymous Coward 12167965


Last I heard that had changed to 24.000 million euros. When the hand is out ...

its a bottomless pit.
Anonymous Coward
User ID: 16715208
Spain
05/26/2012 11:37 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
The crooks made it to the top, that was the plan from centuries ago.
Anonymous Coward
User ID: 16718093
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05/26/2012 11:58 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Que lastima!! Y ahora que? No dinero?
Anonymous Coward
User ID: 13230390
United States
05/26/2012 11:59 AM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Googling Collapse of Major Banks ...
[link to www.google.com]
... angelic google returns the words of LAST PROPHET in first two of the first 10 results
---
"swiss" UBS to be used as milestone ...

[link to www.sciforums.com]
14 posts - 7 authors - Last post: 13 Jul 2008
Choosing the "swiss" UBS (1) to officially enter the phase of "collapse of major banks", which in the timeline is located at the end of illuminati ...

[link to bb.intrade.com]
Anonymous Coward
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Ireland
05/26/2012 12:00 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
They are asking for a government "rescue" of 19.000 million euros?, I read it before, what a bad joke...
like banks would be necessary.
 Quoting: Anonymous Coward 12167965


19 billion .
Mr. Toppit

User ID: 4452166
United States
05/26/2012 12:02 PM

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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
They are asking for a government "rescue" of 19.000 million euros?, I read it before, what a bad joke...
like banks would be necessary.
 Quoting: Anonymous Coward 12167965


19 billion .
 Quoting: Anonymous Coward 16678227


LOL now its a bad joke. A million is pocket change.
Anonymous Coward
User ID: 16678227
Ireland
05/26/2012 12:05 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
They are asking for a government "rescue" of 19.000 million euros?, I read it before, what a bad joke...
like banks would be necessary.
 Quoting: Anonymous Coward 12167965


19 billion .
 Quoting: Anonymous Coward 16678227


LOL now its a bad joke. A million is pocket change.
 Quoting: Mr. Toppit


Yep .
Anonymous Coward
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Australia
05/26/2012 12:07 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Who cares about Spain the Spanish will just still make Spanish salami and Spanish wine and no one will care.
Because that's just how the Spanish are, OLAY! 5a
Anonymous Coward
User ID: 16605533
Australia
05/26/2012 12:09 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
So, are people aware that their $$$ is not safe in Spanish banks? Are people taking their money out like the Greeks? If they are, where are they putting it? Are they converting to other currencies or just moving their Euros to Northern country banks, like German or Swiss ones??? Curious how people are reacting to the banking downgrades.
 Quoting: Night Owl


Spanish can make heaps of stuff themselves.
They are not reliant on imports.
Spanish don't give a fuck about anything, they just get up and do whatever.
You over hype such shit.
Anonymous Coward
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05/26/2012 12:12 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
like banks would be necessary.
 Quoting: Anonymous Coward 12167965


See Spanish don't even care about or want banks anyway cruise
Anonymous Coward
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05/26/2012 12:14 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$



neener2
Anonymous Coward
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05/26/2012 12:17 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
Same with the US. Everyone should slowly start withdrawing their money.
Anonymous Coward
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Australia
05/26/2012 12:18 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$



neener2
 Quoting: Anonymous Coward 14708718


Greenspan = British plant you fool!
Where did he go to work after leaving the US?
At an honorary unpaid position at her Majesties treasury in London cruise
Anonymous Coward
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05/26/2012 12:20 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
If everything continues the same, the bank will have more money and the poor will be poorer.
 Quoting: Anonymous Coward 12167965


Followed by a big posh party.
Anonymous Coward
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United States
05/26/2012 01:51 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
In == X days == pension funds and savings of HUMAN CATTLE will be officially declared defunct, as explained by LAST PROPHET long ago.
Thread: In == X days == pensions and savings of HUMAN CATTLE will be officially declared defunct, as explained by LAST PROPHET long ago.
Anonymous Coward
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05/26/2012 02:06 PM
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Re: BREAKING: Spain's bank Insurance Fund is broke! No protection for people's $$$
LOL

I just went and cleaned out my bank account. I'm getting a funny feeling about next week.

Oh, and I'm the one who predicted DOW +77.7 on friday.

So I'm not one for talking out my you know what

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