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Frenchies are gonna crash the banks

ZZZZZ

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#1
Vive La Revolution!

Too bad most of these Yellow Vesters only have about E6.42 in the bank. :D

Yellow vest protesters to withdraw all their euros in massive run on French banks
Furious yellow vests are preparing to withdraw all their euros in a massive run on French banks, as the violent protests spill over to Britain.
Staff reporter and AP, AFP
News Corp Australia NetworkJANUARY 10, 20199:19AM


Paris riots destroy the country


Yellow vest activists are urging French citizens to empty their bank accounts and spark a massive run on the country’s banks in their longstanding fight with the government — which could lead to the collapse of its banking system.

The call for citizens to withdraw all their euros come as copycat protests are planned for Britain on the weekend.

The left-wing “People’s Assembly” activist group has invited thousands of people to wear yellow vests at an anti-austerity “Britain is broken” march in central London this weekend.

“See you on the streets and don’t forget your #YellowVests,” the group, which is demanding a general election to end the ruling Conservatives’ program of austerity, wrote on Facebook.


Riot police stand in tear gas during clashes in Toulouse. Picture: AFPSource:AFP

Meanwhile right-wing, Brexit-supporting activists have signalled their intent to hold demonstrations in British cities, including the capital, under the banner “#YellowVestUK”.

This comes ahead of the ninth straight weekend of protests across France, with yellow vests now issuing calls on social media for massive cash withdrawals from banks.

Protesters hope the move will force the government to listen to their demands, notably their call for more direct democracy through the implementation of popular votes that allow citizens to propose new laws.

Activist Maxime Nicolle called it the “tax collector’s referendum.”

In a video message, Nicolle said “we are going to get our bread back … You’re making money with our dough, and we’re fed up.”


Yellow vests (gilets jaunes) protesters take part in an anti-government demonstration in downtown Lille, northern France. Picture: AFPSource:AFP

WHAT COULD A BANK RUN MEAN?

If a bank run succeeds, the yellow vests could cause a complete failure of France’s banking system.

Unlike Australia, France operates on a Fractional Reserve System meaning their banking system holds a fraction of money that’s deposited by customers. The rest is used to make loans, creating new money.


A protester runs from teargas launched by riot police outside Paris. Picture: APSource:AP

The countries banks are believed to have about a quarter of the cash needed to weather a bank run.

If reports are true in saying 70 per cent of the population plans to withdraw all their euros, it means more than 46 million people will be directly revolting against the system.

This could lead to a systemic banking crisis in the country where almost all the banking capital is wiped out.

HOW COULD IT AFFECT ECONOMY?
France has the seventh largest economy in the world and the second largest in Europe, valued at $US2.58 trillion, according to world bank data.
It relies heavily on tourism and agriculture to sustain this — and boasts being the most visited country in the world.

If a bank run leads to widespread financial crisis it can result in a long economic recession for businesses and consumers who don’t have enough money.
During the Great Depression in the 1930s much of the economic damage was caused by bank runs.

A bank run like the one being promoted in France now could potentially paralyse the country’s economy and lead to a collapse in the Euro.

Anti-government demonstrators set fire to garbage bins in Bordeaux as the yellow vest movement morphs into a mass protest against Macron’s policies. Picture: AFPSource:AFP

Meanwhile, French officials slammed a fundraising drive that brought in more than 100,000 euros ($A160,000) for a former boxer filmed punching police officers during the latest “yellow vest” anti-government protests in Paris over the weekend.

Christophe Dettinger turned himself in to police after videos emerged of him assaulting shield-carrying officers during the demonstrations on Saturday.

Women wearing yellow vests observes a minute of silence for the victims of the national yellow vest movement in Paris. Picture: APSource:AP
More than 7000 people had pledged a total of 117,000 euros ($A187,000) to help pay legal costs for Dettinger, who remains in custody.

In a video posted on YouTube on Sunday, he described himself as an “ordinary citizen” acting out of anger with what he called the repressive tactics of the police.

“I was tear-gassed, with my friend and my wife, and at a certain point the anger just rose up inside me,” said the 2007 and 2008 champion of France’s light heavyweight division.

His case garnered many pledges of support on social media, with some calling him a hero for defending a movement which has accused police of using excessive force against demonstrators.


French President Emmanuel Macron is preparing for the ‘great national debate’ in an attempt to defuse tensions. Picture: AFPSource:AFP

The yellow vest movement, originally against fuel tax hikes, has snowballed into a wide protest against the rising cost of living, which prompted French President Emmanuel Macron’s government to announce a minimum wage hike and other financial relief.

Macron swept away France’s traditional parties in 2017 with a grassroots campaign that promised more participative democracy. He is hoping the same tactics will now defuse the biggest crisis of his presidency.

The centrist leader is gearing up what he has termed the “great national debate”, a public consultation to discuss the “essential questions” facing the nation after nearly two months of violence.

The debate is the third prong of the 41-year-old’s strategy for ending the demonstrations.

It will see town-hall meetings held around the country, where citizens will have a greater say in the running of the country, amid accusations that he is too highhanded and distant.


French Senator Chantal Jouanno has come under fire from yellow vest protesters for earning around $A23,000 per month. Picture: Joël Saget/AFPSource:AFP

But many of the protesters in their now trademark high-visibility vests say the measures are not enough, claiming rural France is paying the price for Mr Macron’s policies that they see as mainly profiting a wealthy Parisian elite.

Their latest bone of contention is the reported 14,666-euro ($A23,000) monthly salary for Chantal Jouanno, who will lead a national debate being organised by the government to discuss living standards and government policies.

“If they want to propose lowering my salary, they are completely free to do so,” Ms Jouanno told France Info on Monday.

A mural by street artist PBOY depicting yellow vest protesters inspired by Delacroix’s painting Liberty Leading the People. Picture: Philippe Lopez/AFPSource:AFP

Public sympathy for the movement is strong, with a huge mural celebrating the revolt appearing in one of the most traditionally left wing districts of the French capital. Street artist Pascal Boyart created the work, based on Eugene Delacroix’s monumental canvass Liberty Leading the People, which glorified the revolution of July 1830 in which the people of Paris drove King Charles X from power.

He told AFP that the mural was to show his support for the anti-government protests which have shaken France since November.
“Art has always been a means of expression for all political movements,” said the 30-year-old painter.

He has also added a “bitcoin puzzle” to the work, and said the person who finds the key will win 1,000 euros ($A1600).
One of Boyart’s previous works shows Delacroix setting fire to a 100-euro note.


Protesters clash with riot police in Bordeaux. Picture: AFPSource:AFP

Several hundred women wearing yellow vests have marched during a rally in Paris and in other cities to give a different image to the movement. Picture: AP Photo//Michel EulerSource:AP

Ten people have died in the revolt and over 1400 have been injured, according to the BBC. But several hundred women wearing yellow vests marched through Paris in a bid to restore a peaceful image to the grassroots protest movement, a day after demonstrations veered once more into violence.

Some women carried yellow balloons, and at one point, they fell to their knees in a minute of silence for the 10 people killed and many others injured since the movement began in mid-November.

Women also marched in other cities around France carrying signs reading “I am your daughter” or “I am your Grandma.”

https://secure.caseyresearch.com/?cid=MKT394570&eid=MKT394619&assetId=AST98641&page=1
 

Cigarlover

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#6
I thought they were protesting because of higher gas taxes and the fact that they were all broke and taxed to death. Now they actually have money in the bank?
 

Aurumag

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#7
I thought they were protesting because of higher gas taxes and the fact that they were all broke and taxed to death. Now they actually have money in the bank?
Maybe they are inviting other EU citizens to join the revolt indirectly.
 

engineear

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#8
I'm not sure if this has been stated previously, but, Antifa covers their faces and runs from attackers, the Yellow Vests, from the photos I've seen , are not afraid of showing who they are. Not many are hiding their identity. Ballsy, even for all the women involved.
It appears Macphony is gonna get a French kiss....with a Molotov Flambe'....sil vous plait?
 

Pyramid

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#11
Something tells me that a bank run on cash may have negative unintended consequences, and give the bankster globalists more ammunition for a cashless society.

During the Great Depression in the 1930s much of the economic damage was caused by bank runs.
Fair point by the author in the OP. However, most everything was paid for in cash (gold and silver) and barter in the early Great Depression (no credit cards back then) then barter and paper FRN's after 1933. Banks were not doling out credit like candy like today, those that did went bankrupt.

Murray Rothbard's book "America's Great Depression" demonstrates that the creation of the federal reserve in 1913 was at the root cause of the Depression. The Fed and .gov monopolized money and credit, leading to boom-bust cycles. Free-market economy would have avoided boom-bust cycles, Dr. Rothbard argues.

More millionaires were made during The Great Depression than in any other era in US history, by those who had liquid cash to buy and invest in hard assets, not with credit.
 

Cigarlover

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#13
Something tells me that a bank run on cash may have negative unintended consequences, and give the bankster globalists more ammunition for a cashless society.



Fair point by the author in the OP. However, most everything was paid for in cash (gold and silver) and barter in the early Great Depression (no credit cards back then) then barter and paper FRN's after 1933. Banks were not doling out credit like candy like today, those that did went bankrupt.

Murray Rothbard's book "America's Great Depression" demonstrates that the creation of the federal reserve in 1913 was at the root cause of the Depression. The Fed and .gov monopolized money and credit, leading to boom-bust cycles. Free-market economy would have avoided boom-bust cycles, Dr. Rothbard argues.

More millionaires were made during The Great Depression than in any other era in US history, by those who had liquid cash to buy and invest in hard assets, not with credit.
I'm waiting. I'll be buying up 1000's of acres of farmland for an oz of gold. I'm going to grow tomatoes, peppers, onions and garlic so I can start a salsa factory.
 

coopersmith

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#14
If the bank run crashes the euro things will get interesting real quick. The late Bob Chapman said if the euro markets crash it will move to the US in 30-60 days. I hope everyone is prepped up tight.
 

Cigarlover

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#15
If the bank run crashes the euro things will get interesting real quick. The late Bob Chapman said if the euro markets crash it will move to the US in 30-60 days. I hope everyone is prepped up tight.
I do need to top off the TP, other than that i am set fairly well. The best prep I have is land and seed.
 

bern

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#17
It seems that the call for a bank run was not met amongst the yellow vest protestors. The idea was promoted almost a month ago.
 

arminius

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#18
For sure the french media is lying about that, certainly can't trust any news about the banks intentions...