The talk on Saturday was about NatWest, RBS and the computer glitch which saw many shut out of their funds.
The blind obviously saw it as just a computer glitch. The fanciful saw it as a trial run. Most forget 2008/9. In that year, a fund did just that to me, saying I could take none of it out. A bank made new rules and if I didn’t sign to agree by a certain date, those funds would be transferred.
There is no need for a run on the bank, crowds outside, beating on the closed door. The way it will be done is via the “computer glitch” or fine print no one knows about. If your funds are a figure online, then you are vulnerable. If they’re what’s in a passbook, then at least you’d have eventual recourse.
Anyone over 50 in Russia doesn’t trust banks in the least. Though the new generation have fallen for the credit never-never trap, speak to one of the older people and you’d know it’s so much guff what banks say. NatWest said customers would not be out of pocket. Get that – a promise by a bank which can have a funds dysfunction as and when it wants – it only needs an apology to customers after that.
Someone said, on Saturday, oh they’d never do that, there are laws about deposits. Yes there are and no, banks cannot just wilfully steal your funds, except by penalty clauses and hyper-interest charges, just as with the utilities companies pretending your smart-meter says x when it’s really y. How would you know?
Have you heard of this modern term the “stress test”? Do you bank online, e.g. through a cash machine, which is online in the end? Why, when five American banks crashed in late January but the regulators simply said they hadn’t crashed would you trust anything they say? What about this about bonds?
Why would the media be allowed to be frightening people if all was A-OK? If the result is a run on the banks, why would the media, which you know is controlled, be precipitating the crash? Have you heard any more about Jamie Dimon’s “error”? And you still plan to keep your money in the bank or in a fund where the fund manager “assures” you all is well? What’s any of the money you supposedly have in the bank actually made of? What’s it backed by?
Gold or alloy? Where is the gold? Or is your money ultimately backed by government assurances, on the grounds that banks are too big to crash, the government has promised you all is fine and anyway, there are laws to protect you? Do you have implicit faith in those laws in the completely changed, post-crash brave new financial world?
Have you seen Sackerson’s url?
Good luck. I know what I’m doing today and it’s similar to what any Russian over 50 would do. I just need to find a shoebox.
When I said that on Saturday, someone said not to be so gloomy. I asked her if she knew what a bear market and bull market was, what it is to be a bear and to be a bull? She didn’t. To be bullish is to talk up the situation, to be bearish was to talk it down or be pessimistic.
‘Oh, so you’re obviously a bear,’ she said.
‘Yep,’ I replied, ‘which means I don’t talk bull.’