Banking Crisis - Free Market on the Toilet Bowl?

Reward - €000000000000000000.00

Which one of these have you never heard of before?

Money makes the world go round.

Your pocket is your best friend.

Money doesn't grow on trees.

If you want to collapse the Irish banking system call Liveline.

Yip, you need not have a degree in GeorgeLeeology (for those outside Ireland this means economics) to guess that the latter is a quintessential lesson for anti-capitalist protestors. Almost €50 million was withdrawn within 24 hours of Joe Duffy's RTE radio show when panic-stricken callers vented their fury and fears that they would only be guaranteed about 90% of their savings up to €20,000 in the event of the whole show crashing down. A lot of people transferred their money into the Post Office which gives a 100% return on deposits. Credit Unions also fared better due to their more benign deals on writing off debt despite the fact their credit return bands are lower (about €12,000).

Are these lads burying their money after withdrawing it from the banks?

Then in steps Master Lenihan, the Minister for Finance, to calm all of us irrational monkeys tuned into the radio, on the phone lines and in the bank queues. He vowed that with the support of the State the banking sector will now be capable of upgrading the savings guarantee to €100,000. A lot of people sighed with relief and slept easier. To people like me who can count their savings in 3 digits, the whole furore was less significant.
The Yuppies may soon be jostling for space on O'Connell bridge

My advice - as a rule of thumb rather than a short-term way out of a fix, live a more sustainable and subsistent lifestyle and there will be a lot less to worry about if and when it comes to retail banks collapsing, though it more than likely will not as it has mainly been hugely risk-taking investment banks whose shit have hit the fan of late. And don't forget, keep a few €€€'s under the mattress just in case!


varus said…
I find the best option is to live in a deficit, therefore when the banks go bust, i actually end up in a better situations - No bank, no debt!!
Damien Moran said…
Nice one Varus. And if you drop out of this world and have your money in the local Post Office they take care of the funeral expenses. Anyhow, the banks seem safe here and in Poland for the present moment. But it should be a healthy warning for people to reduce their debt to banks as soon as they can and cutback on lavish spending. Do you really need 2 or 3 cars? 2 or 3 sun holidays a year? 4 plasma TVs? For sure one does not. But if the banks keep lending we'll keep spending without regard for tomorrow or next month's potential woes.
Shaunj said…
This was on the cards for some time. And it is all down to good old fashioned greed. The celtic tiger just devoured itself.

Damien Dempsey says it best on a song of the same title.

"The fastest growing inflation rate in the world,
the cost of a run down house is absurd
This isn’t any age for a low income wage
Ask anyone who’s locked in a cage
A couple with kids can’t afford a place to live
Even if they have a good job
We’re bring robbed by the builders and the fat cat government
A league of greed and they don’t even need for a thing
It’s a sin
But it’s the nature of the beast
You’d better go and find a priest and confess
Because your greed is gonna leave you soulless"
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