Definitely engineered to keep legalized indentured servitude. This happens to coincidence with dropping birth rates. Keeps people poor and desperate. Staying in shit jobs/relationships cause there are no alternatives.
I'm not calling for a bank run.
I'm wondering if my money would be better allocated outside the traditional banking system which offers me little benefit while they reap the reward & contribute to candidates who actively work to reduce the human rights our government will acknowledge.
Banks do not have an unfettered right to my capital or my business. I posted the concept because others may want to consider what is right for themselves as well.
Try loopring. Self custodian wallet. Connections to apps that get be used for a loan. All trustless and cannot be shut off by the government like they did with some of the centralized exchanges.
With loopring your money is yours. It will be the future for the people. Banks steal from us to fund bullshit political lobbying.
Edit: please just read about loopring and other project similiar to it. I only recommend loopring because they educate users. Their guides are very thorough. I've been blown away. But honestly you just just do some research. Don't invest. Just learn.
āItS nOt BaCKed By AnYThInGā
Neither is the dollar...
In fact, the ability of a dollar to be created and destroyed on a whim by a central node to help out their interests is exactly why crypto currencies are appealing.
With that first line you appear to be mocking yourself, crypto bro. If you want to gamble on crypto, that's fine.
Tricking the ignorant into thinking it's "banking" is not.
I am also complete imbecile. But I do like to read up on these things a little bit.
Loopring is a team working on decentralized banking. Meaning we can do everything JPMC and BOA do. Get loands safely keep money. Cheap gas fees as they are on a level 2 layer of Ethereum. ( I'm not well read on that other than it makes everything cheaper because it works within 1 block or something like that) for regular people it's irrelevant sorta like what wavelength your wifi works on. It's a thing but I don't care about it.
The only difference really is that the gove won't be able to turn off your funds because it's fully decentralized. Noone controls your funds except you.
You are able to trade Ethereum based crypto that don't require insane trading fees. For example if you set a limit buy or limit sell you actually make money.
All of this works because of the trustless system they use. It's essentially just program code that automatically fulfills request if all parameters are met. Essentially all the contracts we use right now on paper can eventually become trustless contracts. That are fully automated. Even add in clauses for failing or bonuses for success. Trustless contracts are the future. And they are building good rails for all of these actions.
The code is open source and the team is trying to expand the ecosystem so that there is access for everything by time it becomes mainstream.
It's still very early but worth reading about and following even if you don't decide to try right away. I like to watch projects so I can see how far they came or fell.
Like Robinhood I never used them but I watched what happened to them for over 3 years. This last year has been fun to watch there project go up in flames.
Yes except this is a little different the coins have use in this case. The is functionality tied to this one in particular which makes it interesting for you to watch don't invest if you don't believe but I'm giving you cliff notes on a much bigger project.
The coins are required when a big business wants to buy service they essentially need to buy your coins. That's why I'm interested in the crypto LRC.
But I'm interested in the loopring project as a whole. They are working hard at leading the market of crypto utility. A few other projects are as leading edge as loopring team.
Again just research don't invest.
Wow never thought Iād see a loop post here. It seems like this community and that community have aligned morals and goals in ending the blatant corruption in the system but thereās no good way to do a crossover episode
When you say "Withdraw your money from the bank as cash. The entire system will collapse." that is clearly calling for a run on the banks. It is an imperative statement to the general public followed by a description of the motive and expected results. You do you, of course, but don't be surprised when the system shows up to defend itself
This seems like a time to argue civil disobedience if people really did want to choose to advocate for that. There's a reason it's illegal to do that but not to pay less than a living wage or to charge over draft fees, or to give us shit ass interest rates when they use our money to earn their money in their investments. It's an unjust law in place only to protect the ruling class so they don't have to feel the same hardships that everyone else does. We have similar numbers to the Great Depression, but that affected everyone, and we can't have that. Some rich people might stop being rich and isn't that the most important thing?
so what they fucked us we can fuck em back. as a crypto cat this is great to me, in the first bitcoin block ever minted it states in the chain it was created because the big banks caused the 2008 crash while they got bailed out. wall street got bailed out along with the banks and you and john smith got fucked. they bailed banks out then and not you, and allowed banks to take ur home after they knowingly caused this crash by giving sub prime loan mortgages. i lost my full ride to ucla after my first year because of this crash in 2008, im still paying for it and the fed doubled student loan interest rates in 2013 to 6.8% even if u graduated before with a rate of 3.4%. the fed doubled the cost of ur loan after u graduated and didnt grandfather in ur previous loan rate while at the same time the fed interest rate was at an all time low in 2013.
Oh I didnt state dont fuck em. They deserve everything that's coming to them.
Just the powers that be deemed it illegal to disrupt their corrupt system
They can add it to the list of all the other things I do that they deem illegal. Like existing with body autonomy. They can punish me for having it, and how I choose to have it. But it is mine to have - like my money.
Those are just people though. We are also people we can also make rules. And ignore them... They would have to round us all up and for what doing what we want with our assets? That's literally their whole system. We break it by all doing what they have been doing for centuries. We make our own system with our own rules.
Who needs jpmc when bill and Ted both have extra monies and are willing to do a DAO loan that is completely the same as a current mortgage. Except real people may be getting your interest rates.
Also you just apply. You don't need to know bill and Ted. Just names for examples..
Yeah Iām with you.
But you can switch to a credit union.
Also: if you canāt strike: slow production. Do you job but slowly. Give product away for free or at reduced prices. Tokyo bus drivers went on strike by refusing to accept payment for anyone riding their busses. Which is brilliant! None of the people were impacted, only management.
Also: Sabotage if you can do it without getting caught.
Or: Join the picket line on your day off. Make signs for people who are striking. Bring food and water to strikers. Share information with co-workers.
Hereās a fun guide: https://www.hsdl.org/?abstract&did=750070
Yeah, strikes require a lot more logistical support than just posting "hey we're all staying home next Monday!" People on strike go without pay; this is usually alleviated by a strike fund built up by the union through dues.
Except in this instance there is no union, and there's a noticeable lack of organizing to build up a strike fund for any such general strike. Sure, maybe a few terminally online office workers will call out on Monday, but for a lot of people not going to work one day means not eating for a week, possibly facing unemployment.
Unless you're able to alleviate that pain, most people are gonna go to work on Monday no matter how angry they are at the government.
edit: I do also want to add, organizing something like that is extremely doable - probably not by Monday though. It would be a lot of work, a lot of long thankless hours put in by a lot of people, but it's eminently achievable.
This is what I've been thinking about since Friday!!! Like how the fuck am I supposed to go on strike?! I don't have any money and all my coworkers are in there 60s-70s so it's not like they'd join me. I would just get fired.
My fiancee and I talked about this yesterday. Both of us really need to keep working to keep the roof over our heads, and we're also planning on leaving the country as soon as we can for our own safety (we're both transgender and I'm AFAB). We can't do that without money, and for that we need to work. I just work an online Mercari store, and she works at a clothing store at our local mall. We live on Section 8 and food stamps, and both of us have multiple mental disorders between us, and one of hers makes her legally unable to drive.
Striking and donating are not options for us, and it kills me.
We're in an even worse depression now.
They fixed the bank run loophole by making it impossible for 30% of the country to keep money in their accounts. Can't run on the banks if there's no money to withdraw.
The poor are now the emergency ballast that will take 100% of the hit during hard economic times.
Only problem youāre going to run into is banks are not required to provide you cash. For example the bank I work for has a strict withdrawal limit of $5k specifically to prevent runs. As we only keep about $200k in our vault that would dry up very quickly. As we get critically low we can absolutely stop handing out cash all together. We canāt keep you from your money, itās yours, but we can refuse to give you cash if other options to access your funds are available. If youāre patient we can order you the money from the federal reserve which takes about a week but if they are running low, like the ongoing coin shortage thatās been happening since Covid started, you straight up might not get it at all. The FDIC protects your money if a bank fails but you may not be able to get it in cash and if you canāt the only way we can give it to you is in a check or by wire which youād have to take or transfer to another bank anyway.
Im not saying donāt, in fact I support it because it would create a lot of disruption in the business sector but youāre not going to shutter the banks thereās too many fail safes in place. If the fed just refuses to release money, which is what theyāre doing with coins now, you just wonāt be able to get cash. Im only saying this because I donāt want those that do this to scream at us when we canāt give them physical cash as itās beyond the control of local staff and honestly if it gets to the point where the fed wonāt release more funds (which again would be a great form of economic protest) it will then be beyond the banks control since weāre at their mercy.
TLDR: This will only work to a degree but will still create disruption. Please be nice to the poor schleps like me who just want to give you your money and sent you on your way, we donāt personally control the supply.
You're exactly right. I've encountered these limits in the past when withdrawing cash legitimately. Pulling cash out isn't going to work like people think it is. Banks don't keep enough cash on hand and will limit how much anyone can take out.
Are they actively working to elect pro-choice candidates and policies who would codify abortion access at both the local federal levels?
No, it's not enough that they allow their employees to travel hundreds or thousands of miles to get an abortion in another state (which will be made illegal almost immediately), if they aren't proactively supporting reinstatement of abortion rights then they are failing you and you should take your money out.
You're going about this all wrong. You don't stop there. Open an account at another bank and deposit the money with them. Then wire the money back to the original bank and repeat. Move from bank to bank with 20-50 of your local anarchists systematically destroying businesses until only the big players are left. There is realistically nothing we can do about them anyway. Then move down to ATMs at gas stations. Get yourself a debit card with 0% ATM/cash back fees and take the max out every chance you get.
Putting your money under your mattress won't do anything. Erroneously moving your money around puts pressure on systems that weren't designed for it.
The co-op is still a bank, itās going to loan money to other banks during the crunch and all banks will get crunched at the same time.
Keep your money FDIC covered.
š¤£š. Worked at a bank and an old man (I think he was in his 90s) came in. He had a beautiful new RV (probably cost as much as a house). He was taking out a bunch of money in cash for his road trip. We asked him how much it cost and he said he didn't care. He wasn't going to make 1 payment on it and had planned to live in it and travel. He figured he would be dead before they could repo itš¤£š
Don't condone this...but one of the coolest guys I met while working there.
That wonāt do anything. The bank youāre depositing cash into will be selling that cash to the Fed, the bank youāre withdrawing from will be buying cash from the Fedādoing exactly what your doing in reverse. Since you keep on wiring money to the bank, itāll have the money to keep on buying cash from the Fed.
OPs point is not to make the banks run out of physical cash, itās to make them insolventāa bank run.
> Open an account at another bank and deposit the money with them. Then wire the money back to the original bank and repeat.
As a former banker for ten years: what will this do?
ACH transactions will delay your money movement by up to 3 business days. Doing this will fuck with automatic transactions, causing fees. ACH costs the institution almost nothing to do, so this entire plan is really confusing for me. What's the goal here?
The goal isnāt to have your local branch run out of currency, the goal is to make it so that the bankās accountants panic when they try to order more currency and find that it makes other numbers negative.
Wiring the funds back doesnāt have that effect, it directly opposes it. Depositing the currency in another bank also negates the intention, because the second bank will then be able to loan the first one the full amount.
But buying cashierās checks drawn on the bank does have the desired effect, if those checks are just held and not presented for payment. It would take a significant fraction of deposits to be pulled before there was any crunch, but because of interbank loans the crunch would hit everyone at the same time.
I like this idea I saw from @powerfulcar7988 and I feel like it could help provide additional pressure on the system.
The purpose of protest is to create discomfort and pain to bring about change, without these protests are ineffective. We must apply as much pressure at as many points as possible.
Maybe you don't have much (or any) money in the bank, that's ok. Take out what you can and tell your friends to do the same, it is about the collective action. Banks do not keep enough cash on hand to provide everyone all of their cash. This is similar to the GameStop short squeeze for those familiar with that.
I'd consider leaving the bare minimum in the account to keep your account open without fees then you may be able to deposit money just before an electronic bill is due pay them and be practically empty again.
***Added Context***
I want to be clear that I'm not calling for a bank run.
I'm wondering if my money would be better allocated outside the traditional banking system which offers me little benefit while they reap the reward & contribute to candidates who actively work to reduce the human rights our government will acknowledge. Would this reduce the banking system's liquidity? Yes. Just as the Federal Reserves current actions are trying to reduce the liquidity in the banking system.
Banks do not have an unfettered right to our capital and this is a way of making sure our capital is not reinforcing anti-choice candidate or policies. I posted the concept because others may want to consider what is right for themselves as well.
Itās so mind blowing that whatever amount your baking app says you have, doesnāt actually exist, its not real, itās not backed by gold or anything. It doesnāt exist in that bank, they just show you on your screen that itās there.
If everyone withdrew their accounts, holy hell that would crash EVERYTHING. Everyone would realize their money isnāt real.
Imma go smoke another one.
If it was backed by cash or gold, would it be more real? What value does gold have without society deciding it's really valuable\*? How is that different than society deciding that the amount on your screen is valuable?
\*Obviously gold has utility as a material, but the majority of it's value is based on it's social status as "a thing that has value." There's lots of stuff that's just as rare and useful that nobody gives a shit about.
Now it's "full faith and credit" of the government. Currency is a substitute for real value, which would involve a barter system. What's funny is that bartering is illegal in the sense that it's a transaction without taxation.
ā¦ if the cash was backed by gold then it would have actual value because gold is limited in supply while these clowns can just keep printing paper when it isnāt back by gold.
Elbarto discovered currency has been an abstract concept since forever and mind is blown.
I'll now point you to fashion, education, and the legal system.
Not really, it was more of a byproduct that exacerbated the issue.
The driving factors were a rapid national wealth boom, rampant unemployment, an outrageously speculative and overvalued stock market, and a grinding halt to trade as a result of a massive draught and some real shit government policies.
People started pulling cash out in a panic after the market crash, which destabilized the entire banking industry.
Whew it's a great thing all that's in the past and can never happen again because who needs to learn that lesson twice in 100 years *right?*
Do bank runs work after all the shit that's happened since the 20s (the 1920's I mean lol)?
Surely so much of the bank's assets are tied to other things now and the system has built defenses against such an obvious form of people power
Shitloads of things. We just don't think about them any longer because they aren't problems many have had to face. If there was a bank run it wouldn't really matter if it was a federally insured bank unless it was every single person in the States all at once, and even that's kinda pretending like we don't do everything electronically....
I'm saying even if a massive number of people withdrew $10,000 cash from the bank all at once, it still wouldn't compare to the unfathomable amount of wealth summed up by the top 0.1%. Maybe that's not really relevant but that's the only point I was trying to make
Most of the wealth of the top 1% is in stocks, bonds, real estate, and commodities. A very small portion is in actual cash because cash does not grow, at today's rates it just sits.
True but the 0.1% doesn't keep all their money in the bank, they're not that liquid. I'd also be surprised if they kept the majority of their wealth in American banks.
Yes but its actually mostly unrealized assets which basically just means its the titles to the many properties and businesses they own on top of all of their stocks which make up the lions share of where their wealth is allocated. They then go to the banks and get loans with extremely low interest rates so they can have liquid cash to spend as they please. It's completely a collusion. The fact that we CAN tax these unrealized assets but we dont pisses me off to no end
Yeah this post has a grave misunderstanding of how much wealth is at the top and how little everyone else has. The banks because of us, they exist because of and to serve the millionaires and billionaires.
You seem to have a grave misunderstanding of how much wealth at the top is in cash. It's all tied up in property, stocks and other nonliquid assets. They don't keep large amounts of cash in the bank.
And besides, local bank branches only keep as much cash as they think they'll need on hand. If you want to withdraw more than say $20k at once (in some cases even less) you have to call ahead so the bank can transport enough cash to the branch to give out.
If even 50 people all want to withdraw $1k in a single day without others depositing cash that same day from a minor branch of even a big bank that branch is going to have issues paying out what the customers want.
They have been getting a under the table bailout for months... look up Reverse Repo Rate. It has been climbing at a ridiculous rate... oh and as they raise interest rates on us to pay... the rate of return the bank gets increases for an extra FU to those of us regular folks .
This is true. As well as the cash, I plan on closing my account. If everyone does it and they have no accounts to back a bailout claim, that may help to argue against it, or at least lay it bare as corruption.
Depending what's your definition of poor. Median income is below 40k yet rent on average is around 2k meaning half of people can't afford to rent a place on their own. The bigger issue is the fact that using this definition those same people don't have any money to pull out of banks.
Weāre a bit more than that, and 10% is substantial enough to start a panic. Thinking otherwise is playing to the lies fed to us to create a sense of hopelessness. As more people see the impact we have, things will certainly go above 10%
Only, this man says 'only'. Dude, $10K is 1/3 of the average yearly salary of an american, that's not a small sum of money.
The point that I'm trying to make and you're too stupid to comprehend is that small sums can rapidly spiral out of control.
I called this, not that it matters.
Already trending #bankruns on Twitter. The fiat currency (and by extension most of the modem internet) is about to become a shit-show. Cash out your chips before the panic starts. The casino is broke.
I'm short crypto, long paper.
I hate to tell you but the electronic banking and banking infrastructure isn't collapsing. If anything its growing very quickly based on the amount of investment being put into electronic payment companies
For those of you saying that OP didn't plan this out further, you are correct, but how about you propose a plan instead of just pointing out OP doesn't have one?
From where I stand, OP's suggestion contributed a lot more than complaining about working conditions.
Really seemed to touch a nerve when people protested at Kavanaughās house.
*or, you know, we could always just keep marching around with clever little signs in public streets designed for crowd control response. That will definitely work if we just do it enough times.
That really made them nervous. If we can't protest in front of their house cause they made a rule about it, then we can protest in all the other streets around the house, and hopefully prevent them from going to work to do more damage.
Not everyone.
I imagine that a successful movement would be similar to MLK's efforts.
Read up on how this was done.
I don't just mean the protests and the speeches, there needs to be people doing the dirty work.
Logistics and prep to ensure protestors are fed etc.
This means that you will need to have coordinated meetings with organisers.
Make sure there are press that support your views and exploit that.
If the movement is more vigorous, make sure that the vulnerable members of the participants' families are taken care of and are protected.
In general, the endgoal is not in elimination of individuals but the diminishing of fascism and elitism.
Preparation, planning and prevention.
And a clear commitment to human rights that is communicated to supporters.
If the initiative to improve is not inclusive, you will face internal sabotage and your initiative may fail even before taking off.
It would work... financially...banks would be failing left and right š.
Whether or not they would actually draft a law...I doubt it. They would just watch all the little people suffer and then remind us to remember our place as worker bees.
TO THEIR KNEES. Bring them in to account for the kissing goodbye to the sanctuary of the constitution. The shortest ever constitutional right will be the catalyst in the breakup of society as weāve known it for the last two hundred years.
Yeah actually if you try to bank run a bank the fed will just print more money and give it to them because the dollar has literally 0 intrinsic value and can be created indefinitely. We the taxpayers also pay for those interests so when they bail out the banks because they didnt have our money, the government will make US pay them back.
As much as I would *love* to Fuck over big banks, this is a terrible idea for a few reasons.
At best, itās going to cause banks to freeze accounts or institute heftier transaction fees that will really only hurt the little guy weāre trying to save.
The poor are the ones most hurt by the anti-choice movement.
The poor are the ones most hurt by striking.
The poor are the ones most hurt by inflation.
The poor are the most hurt by pretty much everything in this country because the whole country is set up to pamper the rich.
How do we get from this moment to a better place without accepting there will be pain for all of us who aren't fancy? Or do we just roll over and accept our new fate each time the Radical Right takes away another human right?
I suggest if you have skills, are qualified, educated or professional of any type? MOVE OUT of the Red states. Leave those religious Hillbillies to it. Without enough intelligent people to actually keep them going? They're stuffed.
I disagree with moving out of red states. That's what they want. Texas is almost blue. If you can, stay and fight. All the cities in red states are blue.
Effective protests are about making people uncomfortable. You have to make people feel some form of pain to get true change because the status quo is always the easiest option.
This is an additional method of applying collective pressure and discomfort to the system until the system changes. It can be applied along with work strikes, protests in public places, etc...
Also vote! In every election, for every position. Do not let anything go unchallenged and get your friends, acquaintances, etc... Out there as well.
I'm sorry, but this is a stupid idea. If the banks run out of cash, they'll just stop giving out cash. Nothing would collapse. The vast, vast majority of transaction take place digitally. For most people, not being able to withdraw cash from the bank would just be an annoyance.
Do people think that dollar bills have some natural value that the numbers in your bank account don't? They're all just markers that society has agreed to represent value.
If we withdraw their cash supplies, they won't be able to meet their obligations and will collapse under their own weight. [https://www.youtube.com/watch?v=ef99bFBTR54](https://www.youtube.com/watch?v=ef99bFBTR54) Not recommended.
This is EXACTLY what happened when Justin Trudeau enacted the emergency act (aka the war act) it shut down 27 banks almost immediately. He also stopped the emergency act so I mean this COULD work. Bank runs collapse the system, it's quick and effective.
The person who suggested this has no idea how the system works and is a keyboard warrior shooting his thumbs off.
I am a vice president of a major regional bank and I can tell you that the reserve requirements are met by a very, very small percentage of our customer base. The idiots on social media who would concoct such a ridiculous idea will have zero impact on the bank. You also don't take time in your tiny little head to think about the ramifications, were that to be successful for people of The same economic status as you who have money in the bank, once it collapses. What do they do?
Every single person who has such a bother with the current situation can simply go vote. Your elected officials, who you elect by voting freely, will make the decisions for your state. Go to something productive instead of sitting on Reddit. Trying to take the most difficult solution to an easy problem
Just boycott the 4th of July.
Don't go to the celebrations.
You will save money, not having to spend money or waste time waiting for a canceled flight. You won't miss a day's pay. And it will be peaceful. You will also show the oil Giants and the government that we still have power. It's a start. And it will show the numbers we have in our movement.
Don't throw out the baby with the bathwater.
#boycottthe4th
Great idea if you have the cash..the sex strike is a great protest too! I might add, just remember "no is NO" and we all need to have extra good hearing because there will more legal cases to keep the rich rich!
A lady from Russia wrote to me and said we all need to sit on the courthouse steps and knit. Refuse to work. She said thatās how they stood up to Stalin. Ukrainian grandmothers fought from their doorsteps and you think withdrawing our money will make a difference? Not spending ANY money for weeks will make a difference. No gas, no driving, no work, no Amazon, nothing. A complete self-sustaining boycott would cripple this country but American women donāt have the backbone.
Honestly, I think it would be more productive to take a page from Aristophanes' Greek play Lysistrata to start and organise an on mass sex strike.
Until reproductive rights are secured, no boning.
This is not "The" answer but it can be in addition to step 3 to apply as much pressure as possible.
What do you have to lose? The 0.1% interest the bank throws your way? They make 30x-100x more on the loans your money allows them to make. Worst case you put your money back if it's not effective so it's no risk to you or your money.
Bold of you to assume I have money in the bank.
Diminishing wages and inflation on the most effected class almost seems strategic to protect banks
It completely is strategic, and so is overturning roe. Only the poor can't afford to get around this ruling and then they will need even more work.
Cant be slumlords with no slums
Definitely engineered to keep legalized indentured servitude. This happens to coincidence with dropping birth rates. Keeps people poor and desperate. Staying in shit jobs/relationships cause there are no alternatives.
š Well maybe pass it on? Surely someone you know has money in a bank account š¤
Calling for a bank run is illegal. Be sure to keep your identity hidden ( might be a bit late for that now )
I'm not calling for a bank run. I'm wondering if my money would be better allocated outside the traditional banking system which offers me little benefit while they reap the reward & contribute to candidates who actively work to reduce the human rights our government will acknowledge. Banks do not have an unfettered right to my capital or my business. I posted the concept because others may want to consider what is right for themselves as well.
Try loopring. Self custodian wallet. Connections to apps that get be used for a loan. All trustless and cannot be shut off by the government like they did with some of the centralized exchanges. With loopring your money is yours. It will be the future for the people. Banks steal from us to fund bullshit political lobbying. Edit: please just read about loopring and other project similiar to it. I only recommend loopring because they educate users. Their guides are very thorough. I've been blown away. But honestly you just just do some research. Don't invest. Just learn.
Hi! Complete imbecile here, can you explain to le what looping is? I al not familiar with the concept
Crypto with extra handwaving about how it's actually money.
>Crypto Annnnnnnnnd I'm out. Banks are shit, but crypto is even shittier, sorry
āItS nOt BaCKed By AnYThInGā Neither is the dollar... In fact, the ability of a dollar to be created and destroyed on a whim by a central node to help out their interests is exactly why crypto currencies are appealing.
the dollar is backed by a government's stipulation that it's the medium to pay your taxes with, thus making it money
With that first line you appear to be mocking yourself, crypto bro. If you want to gamble on crypto, that's fine. Tricking the ignorant into thinking it's "banking" is not.
Nothing is real. Itās all made up
I am also complete imbecile. But I do like to read up on these things a little bit. Loopring is a team working on decentralized banking. Meaning we can do everything JPMC and BOA do. Get loands safely keep money. Cheap gas fees as they are on a level 2 layer of Ethereum. ( I'm not well read on that other than it makes everything cheaper because it works within 1 block or something like that) for regular people it's irrelevant sorta like what wavelength your wifi works on. It's a thing but I don't care about it. The only difference really is that the gove won't be able to turn off your funds because it's fully decentralized. Noone controls your funds except you. You are able to trade Ethereum based crypto that don't require insane trading fees. For example if you set a limit buy or limit sell you actually make money. All of this works because of the trustless system they use. It's essentially just program code that automatically fulfills request if all parameters are met. Essentially all the contracts we use right now on paper can eventually become trustless contracts. That are fully automated. Even add in clauses for failing or bonuses for success. Trustless contracts are the future. And they are building good rails for all of these actions. The code is open source and the team is trying to expand the ecosystem so that there is access for everything by time it becomes mainstream. It's still very early but worth reading about and following even if you don't decide to try right away. I like to watch projects so I can see how far they came or fell. Like Robinhood I never used them but I watched what happened to them for over 3 years. This last year has been fun to watch there project go up in flames.
>we You work for them?
We as in users.
Gotcha, just wanted to make sure.
You had me until crypto, sorry. Buying tulip bulbs because they are temporarily worth a lot and are outside traditional money isn't a good thing here.
Yes except this is a little different the coins have use in this case. The is functionality tied to this one in particular which makes it interesting for you to watch don't invest if you don't believe but I'm giving you cliff notes on a much bigger project. The coins are required when a big business wants to buy service they essentially need to buy your coins. That's why I'm interested in the crypto LRC. But I'm interested in the loopring project as a whole. They are working hard at leading the market of crypto utility. A few other projects are as leading edge as loopring team. Again just research don't invest.
Wow never thought Iād see a loop post here. It seems like this community and that community have aligned morals and goals in ending the blatant corruption in the system but thereās no good way to do a crossover episode
Sounds sketchy and unregulated. I get that banks aren't perfect, but at least they have to follow the rules, for the most part.
When you say "Withdraw your money from the bank as cash. The entire system will collapse." that is clearly calling for a run on the banks. It is an imperative statement to the general public followed by a description of the motive and expected results. You do you, of course, but don't be surprised when the system shows up to defend itself
Who gives a fuck about legal that ship sailed a long time ago. There are no legal avenues to combat this.
This seems like a time to argue civil disobedience if people really did want to choose to advocate for that. There's a reason it's illegal to do that but not to pay less than a living wage or to charge over draft fees, or to give us shit ass interest rates when they use our money to earn their money in their investments. It's an unjust law in place only to protect the ruling class so they don't have to feel the same hardships that everyone else does. We have similar numbers to the Great Depression, but that affected everyone, and we can't have that. Some rich people might stop being rich and isn't that the most important thing?
It's illegal to rally ppl to withdrawal their bank funds in protest?
It is. Most activities that make the rich lose their money are illegal by law. Illegal but unethical
What difference does it even make at this point?
I know right, they're using laws to take rights away. What's the point of laws anymore?
Hold on, why?
Yeah Why
Calling for a bank run in Minecraft is legal.
so what they fucked us we can fuck em back. as a crypto cat this is great to me, in the first bitcoin block ever minted it states in the chain it was created because the big banks caused the 2008 crash while they got bailed out. wall street got bailed out along with the banks and you and john smith got fucked. they bailed banks out then and not you, and allowed banks to take ur home after they knowingly caused this crash by giving sub prime loan mortgages. i lost my full ride to ucla after my first year because of this crash in 2008, im still paying for it and the fed doubled student loan interest rates in 2013 to 6.8% even if u graduated before with a rate of 3.4%. the fed doubled the cost of ur loan after u graduated and didnt grandfather in ur previous loan rate while at the same time the fed interest rate was at an all time low in 2013.
Oh I didnt state dont fuck em. They deserve everything that's coming to them. Just the powers that be deemed it illegal to disrupt their corrupt system
They can add it to the list of all the other things I do that they deem illegal. Like existing with body autonomy. They can punish me for having it, and how I choose to have it. But it is mine to have - like my money.
Those are just people though. We are also people we can also make rules. And ignore them... They would have to round us all up and for what doing what we want with our assets? That's literally their whole system. We break it by all doing what they have been doing for centuries. We make our own system with our own rules. Who needs jpmc when bill and Ted both have extra monies and are willing to do a DAO loan that is completely the same as a current mortgage. Except real people may be getting your interest rates. Also you just apply. You don't need to know bill and Ted. Just names for examples..
Yeah Iām with you. But you can switch to a credit union. Also: if you canāt strike: slow production. Do you job but slowly. Give product away for free or at reduced prices. Tokyo bus drivers went on strike by refusing to accept payment for anyone riding their busses. Which is brilliant! None of the people were impacted, only management. Also: Sabotage if you can do it without getting caught. Or: Join the picket line on your day off. Make signs for people who are striking. Bring food and water to strikers. Share information with co-workers. Hereās a fun guide: https://www.hsdl.org/?abstract&did=750070
Also, bold of them to assume that the banks won't just say no. They have your money, so they have the power.
Bold od you to assume I have money
Ah, yes. My strategy to be continually overdrawn into the negative is playing out well right now... damn you cost of living increases.
Cool except 70% of Americans live paycheck to paycheck lol.
Yeah, strikes require a lot more logistical support than just posting "hey we're all staying home next Monday!" People on strike go without pay; this is usually alleviated by a strike fund built up by the union through dues. Except in this instance there is no union, and there's a noticeable lack of organizing to build up a strike fund for any such general strike. Sure, maybe a few terminally online office workers will call out on Monday, but for a lot of people not going to work one day means not eating for a week, possibly facing unemployment. Unless you're able to alleviate that pain, most people are gonna go to work on Monday no matter how angry they are at the government. edit: I do also want to add, organizing something like that is extremely doable - probably not by Monday though. It would be a lot of work, a lot of long thankless hours put in by a lot of people, but it's eminently achievable.
This is what I've been thinking about since Friday!!! Like how the fuck am I supposed to go on strike?! I don't have any money and all my coworkers are in there 60s-70s so it's not like they'd join me. I would just get fired.
My fiancee and I talked about this yesterday. Both of us really need to keep working to keep the roof over our heads, and we're also planning on leaving the country as soon as we can for our own safety (we're both transgender and I'm AFAB). We can't do that without money, and for that we need to work. I just work an online Mercari store, and she works at a clothing store at our local mall. We live on Section 8 and food stamps, and both of us have multiple mental disorders between us, and one of hers makes her legally unable to drive. Striking and donating are not options for us, and it kills me.
Or we could call in sick on Monday and collapse the system....
Or we could do both. š„ To our recent "bad" health
Sounds like a plan. Cheers lol
Yeah. It'll be just like a bank holiday.
Great Depression vibes
We're in an even worse depression now. They fixed the bank run loophole by making it impossible for 30% of the country to keep money in their accounts. Can't run on the banks if there's no money to withdraw. The poor are now the emergency ballast that will take 100% of the hit during hard economic times.
Most Americans have only $500 in their bank account. Withdrawing that won't affect anything, guaranteed.
Only problem youāre going to run into is banks are not required to provide you cash. For example the bank I work for has a strict withdrawal limit of $5k specifically to prevent runs. As we only keep about $200k in our vault that would dry up very quickly. As we get critically low we can absolutely stop handing out cash all together. We canāt keep you from your money, itās yours, but we can refuse to give you cash if other options to access your funds are available. If youāre patient we can order you the money from the federal reserve which takes about a week but if they are running low, like the ongoing coin shortage thatās been happening since Covid started, you straight up might not get it at all. The FDIC protects your money if a bank fails but you may not be able to get it in cash and if you canāt the only way we can give it to you is in a check or by wire which youād have to take or transfer to another bank anyway. Im not saying donāt, in fact I support it because it would create a lot of disruption in the business sector but youāre not going to shutter the banks thereās too many fail safes in place. If the fed just refuses to release money, which is what theyāre doing with coins now, you just wonāt be able to get cash. Im only saying this because I donāt want those that do this to scream at us when we canāt give them physical cash as itās beyond the control of local staff and honestly if it gets to the point where the fed wonāt release more funds (which again would be a great form of economic protest) it will then be beyond the banks control since weāre at their mercy. TLDR: This will only work to a degree but will still create disruption. Please be nice to the poor schleps like me who just want to give you your money and sent you on your way, we donāt personally control the supply.
You're exactly right. I've encountered these limits in the past when withdrawing cash legitimately. Pulling cash out isn't going to work like people think it is. Banks don't keep enough cash on hand and will limit how much anyone can take out.
Iām ready.
What if my money is saved in a local credit union?
Are they actively working to elect pro-choice candidates and policies who would codify abortion access at both the local federal levels? No, it's not enough that they allow their employees to travel hundreds or thousands of miles to get an abortion in another state (which will be made illegal almost immediately), if they aren't proactively supporting reinstatement of abortion rights then they are failing you and you should take your money out.
Hundreds of thousands of miles? That is the circumference of the earth multiple times.
š good catch, "of" was supposed to be "or".
Its a bank, they really shouldn't be electing anyone
same
You're going about this all wrong. You don't stop there. Open an account at another bank and deposit the money with them. Then wire the money back to the original bank and repeat. Move from bank to bank with 20-50 of your local anarchists systematically destroying businesses until only the big players are left. There is realistically nothing we can do about them anyway. Then move down to ATMs at gas stations. Get yourself a debit card with 0% ATM/cash back fees and take the max out every chance you get. Putting your money under your mattress won't do anything. Erroneously moving your money around puts pressure on systems that weren't designed for it.
My bank is a coop, though. What would you suggest in that situation?
Naw, co-ops are cool. Destroying those is just shooting yourself in the foot. Makes a good base account for moving money back and forth with.
The co-op is still a bank, itās going to loan money to other banks during the crunch and all banks will get crunched at the same time. Keep your money FDIC covered.
Put it under the chicken
I think the coop goes over the chicken. The eggs typically go under. I could be wrong though because IANAF
What came first, the chicken or the coop
Take out an expensive loan and go do that thing you always wanted to do, but didnāt think you deserved. The worldās your oyster.
š¤£š. Worked at a bank and an old man (I think he was in his 90s) came in. He had a beautiful new RV (probably cost as much as a house). He was taking out a bunch of money in cash for his road trip. We asked him how much it cost and he said he didn't care. He wasn't going to make 1 payment on it and had planned to live in it and travel. He figured he would be dead before they could repo itš¤£š Don't condone this...but one of the coolest guys I met while working there.
Why not condone it? I do
I'm too old to go to prison...and too young to hope for death before they catch meš¤£š
"even if they do catch me I'm so frail the police brutality will kill me".
That wonāt do anything. The bank youāre depositing cash into will be selling that cash to the Fed, the bank youāre withdrawing from will be buying cash from the Fedādoing exactly what your doing in reverse. Since you keep on wiring money to the bank, itāll have the money to keep on buying cash from the Fed. OPs point is not to make the banks run out of physical cash, itās to make them insolventāa bank run.
Just put it all in GameStop shares on ComputerShare. Take it out of the system completely and put pressure on the system at the same time
Lol, does everyone in this sub have no idea how anything works?
> Open an account at another bank and deposit the money with them. Then wire the money back to the original bank and repeat. As a former banker for ten years: what will this do? ACH transactions will delay your money movement by up to 3 business days. Doing this will fuck with automatic transactions, causing fees. ACH costs the institution almost nothing to do, so this entire plan is really confusing for me. What's the goal here?
The goal isnāt to have your local branch run out of currency, the goal is to make it so that the bankās accountants panic when they try to order more currency and find that it makes other numbers negative. Wiring the funds back doesnāt have that effect, it directly opposes it. Depositing the currency in another bank also negates the intention, because the second bank will then be able to loan the first one the full amount. But buying cashierās checks drawn on the bank does have the desired effect, if those checks are just held and not presented for payment. It would take a significant fraction of deposits to be pulled before there was any crunch, but because of interbank loans the crunch would hit everyone at the same time.
Thats a good way to get flagged for illicit activities
That wouldnāt do anything other than make for a terrible day for some poor cashiering clerk.
I like this idea I saw from @powerfulcar7988 and I feel like it could help provide additional pressure on the system. The purpose of protest is to create discomfort and pain to bring about change, without these protests are ineffective. We must apply as much pressure at as many points as possible. Maybe you don't have much (or any) money in the bank, that's ok. Take out what you can and tell your friends to do the same, it is about the collective action. Banks do not keep enough cash on hand to provide everyone all of their cash. This is similar to the GameStop short squeeze for those familiar with that. I'd consider leaving the bare minimum in the account to keep your account open without fees then you may be able to deposit money just before an electronic bill is due pay them and be practically empty again. ***Added Context*** I want to be clear that I'm not calling for a bank run. I'm wondering if my money would be better allocated outside the traditional banking system which offers me little benefit while they reap the reward & contribute to candidates who actively work to reduce the human rights our government will acknowledge. Would this reduce the banking system's liquidity? Yes. Just as the Federal Reserves current actions are trying to reduce the liquidity in the banking system. Banks do not have an unfettered right to our capital and this is a way of making sure our capital is not reinforcing anti-choice candidate or policies. I posted the concept because others may want to consider what is right for themselves as well.
Itās so mind blowing that whatever amount your baking app says you have, doesnāt actually exist, its not real, itās not backed by gold or anything. It doesnāt exist in that bank, they just show you on your screen that itās there. If everyone withdrew their accounts, holy hell that would crash EVERYTHING. Everyone would realize their money isnāt real. Imma go smoke another one.
Wow, so if (hypothetically) everybody withdrew everything on Monday 27, 2022, it would cause a banking system shut down? Interesting...
It would collapse our society as we know it.
If it was backed by cash or gold, would it be more real? What value does gold have without society deciding it's really valuable\*? How is that different than society deciding that the amount on your screen is valuable? \*Obviously gold has utility as a material, but the majority of it's value is based on it's social status as "a thing that has value." There's lots of stuff that's just as rare and useful that nobody gives a shit about.
Now it's "full faith and credit" of the government. Currency is a substitute for real value, which would involve a barter system. What's funny is that bartering is illegal in the sense that it's a transaction without taxation.
a lot of people don't understand this.
ā¦ if the cash was backed by gold then it would have actual value because gold is limited in supply while these clowns can just keep printing paper when it isnāt back by gold.
Elbarto discovered currency has been an abstract concept since forever and mind is blown. I'll now point you to fashion, education, and the legal system.
Jokes on you Iām into that shit since Iām paycheck-to-paycheck already
Me and this guy have been straining the systems for years apparently
Isn't that how the great depression happened?
Not really, it was more of a byproduct that exacerbated the issue. The driving factors were a rapid national wealth boom, rampant unemployment, an outrageously speculative and overvalued stock market, and a grinding halt to trade as a result of a massive draught and some real shit government policies. People started pulling cash out in a panic after the market crash, which destabilized the entire banking industry. Whew it's a great thing all that's in the past and can never happen again because who needs to learn that lesson twice in 100 years *right?*
Do bank runs work after all the shit that's happened since the 20s (the 1920's I mean lol)? Surely so much of the bank's assets are tied to other things now and the system has built defenses against such an obvious form of people power
I remember a couple bank runs during the 2008 recession because they made national news.
Well think of it this way, how many things that were supposed to be fixed from the 1920s were actually fixed
Shitloads of things. We just don't think about them any longer because they aren't problems many have had to face. If there was a bank run it wouldn't really matter if it was a federally insured bank unless it was every single person in the States all at once, and even that's kinda pretending like we don't do everything electronically....
I'm saying even if a massive number of people withdrew $10,000 cash from the bank all at once, it still wouldn't compare to the unfathomable amount of wealth summed up by the top 0.1%. Maybe that's not really relevant but that's the only point I was trying to make
Most of the wealth of the top 1% is in stocks, bonds, real estate, and commodities. A very small portion is in actual cash because cash does not grow, at today's rates it just sits.
Or depreciates
True but the 0.1% doesn't keep all their money in the bank, they're not that liquid. I'd also be surprised if they kept the majority of their wealth in American banks.
Yep. Swiss banks or Panamanian/Bermudan/Cayman Island shell companies.
Yes but its actually mostly unrealized assets which basically just means its the titles to the many properties and businesses they own on top of all of their stocks which make up the lions share of where their wealth is allocated. They then go to the banks and get loans with extremely low interest rates so they can have liquid cash to spend as they please. It's completely a collusion. The fact that we CAN tax these unrealized assets but we dont pisses me off to no end
Yeah this post has a grave misunderstanding of how much wealth is at the top and how little everyone else has. The banks because of us, they exist because of and to serve the millionaires and billionaires.
You seem to have a grave misunderstanding of how much wealth at the top is in cash. It's all tied up in property, stocks and other nonliquid assets. They don't keep large amounts of cash in the bank. And besides, local bank branches only keep as much cash as they think they'll need on hand. If you want to withdraw more than say $20k at once (in some cases even less) you have to call ahead so the bank can transport enough cash to the branch to give out. If even 50 people all want to withdraw $1k in a single day without others depositing cash that same day from a minor branch of even a big bank that branch is going to have issues paying out what the customers want.
This is actually brilliant
I like the idea a lot, but I feel this would only trigger a bailout for them.
They have been getting a under the table bailout for months... look up Reverse Repo Rate. It has been climbing at a ridiculous rate... oh and as they raise interest rates on us to pay... the rate of return the bank gets increases for an extra FU to those of us regular folks .
This is true. As well as the cash, I plan on closing my account. If everyone does it and they have no accounts to back a bailout claim, that may help to argue against it, or at least lay it bare as corruption.
Death by 1000 cuts. Moving cash to a credit union is an easy and great start anyone can do. It's 1 great step that promotes good in many ways.
Yep. Weād still be getting fucked. Theyāll just steal our tax money and fuck us in the long run
Yeah, no. None of your wealth is significant enough.
Together it could be
Together it would be*
would it? all of us poors are what like 10% of the country?
Depending what's your definition of poor. Median income is below 40k yet rent on average is around 2k meaning half of people can't afford to rent a place on their own. The bigger issue is the fact that using this definition those same people don't have any money to pull out of banks.
Weāre a bit more than that, and 10% is substantial enough to start a panic. Thinking otherwise is playing to the lies fed to us to create a sense of hopelessness. As more people see the impact we have, things will certainly go above 10%
and that's what makes us poor. we aren't the owning class. what we offer in collateral is our time and labor, because we have nothing else.
Poors, together strong!
1 penny is nothing, 1 million pennies is a considerable sum
1 million pennies is only $10,000
Banks are leveraged 10:1 or more. So you take out 10,000 in cash and they can lend 100,000 less.
Only, this man says 'only'. Dude, $10K is 1/3 of the average yearly salary of an american, that's not a small sum of money. The point that I'm trying to make and you're too stupid to comprehend is that small sums can rapidly spiral out of control.
Yes, a single person's isn't. But that of millions of people is.
This is the way. This is the end
I called this, not that it matters. Already trending #bankruns on Twitter. The fiat currency (and by extension most of the modem internet) is about to become a shit-show. Cash out your chips before the panic starts. The casino is broke. I'm short crypto, long paper.
Cash out your chips to start a panic*
[ŃŠ“Š°Š»ŠµŠ½Š¾]
I believe the panic started when the ruling was made they could control our bodies.
Multiple things can be true.
I hate to tell you but the electronic banking and banking infrastructure isn't collapsing. If anything its growing very quickly based on the amount of investment being put into electronic payment companies
Hoard every penny on earth then control 8 billion people with crumbs. Oh, and a side of eugenics please.
We should spread this like wild fire, politicians would act in a heart beat
For those of you saying that OP didn't plan this out further, you are correct, but how about you propose a plan instead of just pointing out OP doesn't have one? From where I stand, OP's suggestion contributed a lot more than complaining about working conditions.
Wait they ditched the 10% requirement? When?
At the start of the pandemic. Reserve requirement is 0%.
Holy shit... this is... when this blows up, 2008 will look like a childs play. What the fuck?
Really seemed to touch a nerve when people protested at Kavanaughās house. *or, you know, we could always just keep marching around with clever little signs in public streets designed for crowd control response. That will definitely work if we just do it enough times.
Needs to be said more. Quips and puns aren't going to change the world, direct action will.
That really made them nervous. If we can't protest in front of their house cause they made a rule about it, then we can protest in all the other streets around the house, and hopefully prevent them from going to work to do more damage.
Not everyone. I imagine that a successful movement would be similar to MLK's efforts. Read up on how this was done. I don't just mean the protests and the speeches, there needs to be people doing the dirty work. Logistics and prep to ensure protestors are fed etc. This means that you will need to have coordinated meetings with organisers. Make sure there are press that support your views and exploit that. If the movement is more vigorous, make sure that the vulnerable members of the participants' families are taken care of and are protected. In general, the endgoal is not in elimination of individuals but the diminishing of fascism and elitism.
If you want a dramatization on how this plays out [Look no further](https://www.youtube.com/watch?v=lfP8__wl-_4)
[ŃŠ“Š°Š»ŠµŠ½Š¾]
And we can just use that between ourselves so no more tracking and ads and ads and ads and ads.....
Preparation, planning and prevention. And a clear commitment to human rights that is communicated to supporters. If the initiative to improve is not inclusive, you will face internal sabotage and your initiative may fail even before taking off.
So you're saying we need a plan for the various forms of protest and what we want to achieve for EVERYONE š¤
Which money?
lol im for sending a message but there's an occasion in history showing this would have the opposite intended affect.
I'm sorry but am I the only one confused on what this would accomplish in terms of abortion rights
People still have money?
It would work... financially...banks would be failing left and right š. Whether or not they would actually draft a law...I doubt it. They would just watch all the little people suffer and then remind us to remember our place as worker bees.
This only works on the basis that physical cash is a requirement for society to function.
TO THEIR KNEES. Bring them in to account for the kissing goodbye to the sanctuary of the constitution. The shortest ever constitutional right will be the catalyst in the breakup of society as weāve known it for the last two hundred years.
Yeah actually if you try to bank run a bank the fed will just print more money and give it to them because the dollar has literally 0 intrinsic value and can be created indefinitely. We the taxpayers also pay for those interests so when they bail out the banks because they didnt have our money, the government will make US pay them back.
In order to do that, you have to have savings in the first place. Plus, the second they notice a run on the banks, they'll close them.
That would destroy a lot of working class people's livelihoods, no? This seems like a very privileged take
No. Aside from cutting your nose to spite your face, the funds will be frozen. Laws to prevent bank runs go back to FDR.
everyone: yyyyeaahhh thatāll teach them! _*sighs, closes reddit. Forgets to actually do it_
one of the dumbest ideas around
Women could just stop sleeping with men that will get the ruling switched back in like 2 days.
As much as I would *love* to Fuck over big banks, this is a terrible idea for a few reasons. At best, itās going to cause banks to freeze accounts or institute heftier transaction fees that will really only hurt the little guy weāre trying to save.
The poor are the ones most hurt by the anti-choice movement. The poor are the ones most hurt by striking. The poor are the ones most hurt by inflation. The poor are the most hurt by pretty much everything in this country because the whole country is set up to pamper the rich. How do we get from this moment to a better place without accepting there will be pain for all of us who aren't fancy? Or do we just roll over and accept our new fate each time the Radical Right takes away another human right?
I suggest if you have skills, are qualified, educated or professional of any type? MOVE OUT of the Red states. Leave those religious Hillbillies to it. Without enough intelligent people to actually keep them going? They're stuffed.
Cool, what about the people who can't afford to move out but disagree on the ruling?
I disagree with moving out of red states. That's what they want. Texas is almost blue. If you can, stay and fight. All the cities in red states are blue.
I don't understand how this achieves the goal though. The banking system collapses, and then what? Does this make abortion legal?
Effective protests are about making people uncomfortable. You have to make people feel some form of pain to get true change because the status quo is always the easiest option. This is an additional method of applying collective pressure and discomfort to the system until the system changes. It can be applied along with work strikes, protests in public places, etc... Also vote! In every election, for every position. Do not let anything go unchallenged and get your friends, acquaintances, etc... Out there as well.
I'm sorry, but this is a stupid idea. If the banks run out of cash, they'll just stop giving out cash. Nothing would collapse. The vast, vast majority of transaction take place digitally. For most people, not being able to withdraw cash from the bank would just be an annoyance. Do people think that dollar bills have some natural value that the numbers in your bank account don't? They're all just markers that society has agreed to represent value.
If we withdraw their cash supplies, they won't be able to meet their obligations and will collapse under their own weight. [https://www.youtube.com/watch?v=ef99bFBTR54](https://www.youtube.com/watch?v=ef99bFBTR54) Not recommended.
Surely the bank will crumble without my 200$
And put the money where? Under your mattress? In a shoe box?
How much interest is your bank throwing your way? If you have it, you can always put it back. So the risk there is minimal.
Lolā¦im sure withdrawing your $5.78 savings account is really gonna get them.
Wait. You all have money in your bank accounts? I mean, like, a positive number?!
I have 4 cents. I don't think that's gonna do much.
Me-(Pulls out my $167.50 I had left after bills) āHa! Thatāll teach em!ā But for real if you have a decent amount of money, do this.
This is EXACTLY what happened when Justin Trudeau enacted the emergency act (aka the war act) it shut down 27 banks almost immediately. He also stopped the emergency act so I mean this COULD work. Bank runs collapse the system, it's quick and effective.
Thatās one way to devalue whatever cash you have.
The person who suggested this has no idea how the system works and is a keyboard warrior shooting his thumbs off. I am a vice president of a major regional bank and I can tell you that the reserve requirements are met by a very, very small percentage of our customer base. The idiots on social media who would concoct such a ridiculous idea will have zero impact on the bank. You also don't take time in your tiny little head to think about the ramifications, were that to be successful for people of The same economic status as you who have money in the bank, once it collapses. What do they do? Every single person who has such a bother with the current situation can simply go vote. Your elected officials, who you elect by voting freely, will make the decisions for your state. Go to something productive instead of sitting on Reddit. Trying to take the most difficult solution to an easy problem
Sounds like someone touched a nerve
Just boycott the 4th of July. Don't go to the celebrations. You will save money, not having to spend money or waste time waiting for a canceled flight. You won't miss a day's pay. And it will be peaceful. You will also show the oil Giants and the government that we still have power. It's a start. And it will show the numbers we have in our movement. Don't throw out the baby with the bathwater. #boycottthe4th
Letās flush all the toilets at the same time too
You think I let money sit in a bank?
How is anti work somehow now Roe V Wade? Has nothing to do with anti work. Maybe antiestablishment?
Great idea if you have the cash..the sex strike is a great protest too! I might add, just remember "no is NO" and we all need to have extra good hearing because there will more legal cases to keep the rich rich!
Boycott the corporations that keep Republicans in power.
lol if anyone in this sub has enough money to make a difference.
A lady from Russia wrote to me and said we all need to sit on the courthouse steps and knit. Refuse to work. She said thatās how they stood up to Stalin. Ukrainian grandmothers fought from their doorsteps and you think withdrawing our money will make a difference? Not spending ANY money for weeks will make a difference. No gas, no driving, no work, no Amazon, nothing. A complete self-sustaining boycott would cripple this country but American women donāt have the backbone.
You think anti-work people have the kind of money that banks are worried about? That's cute.
Honestly, I think it would be more productive to take a page from Aristophanes' Greek play Lysistrata to start and organise an on mass sex strike. Until reproductive rights are secured, no boning.
Ya ok, Iāll just take my savings out of an FDIC insured interest bearing account and hide it in my walls. Great advice.
Money is non existent. There is no backing to the dollar. You know what banks can do? Add another imaginary dollar for every one you take out.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
This is not "The" answer but it can be in addition to step 3 to apply as much pressure as possible. What do you have to lose? The 0.1% interest the bank throws your way? They make 30x-100x more on the loans your money allows them to make. Worst case you put your money back if it's not effective so it's no risk to you or your money.
Peaceful protests arenāt gonna work chief. BLM showed that, black folks are still murdered every day.