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 Almost €50 million was withdrawn within 24 hours of Joe Duffy's RTE radio show when panic-stricken callers vented their fury and fears that they would only be guaranteed about 90% of their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!