Forum Post: Are we still transferring bank accounts tomorrow?
Posted 12 years ago on Nov. 7, 2011, 1:26 p.m. EST by jeffersonjackson1913
(37)
This content is user submitted and not an official statement
I heard a little ditty about trying to get everyone to switch to Credit Unions and the like and close their accounts with national commercial banks? Is this still happening? This would be a great step in the right direction. It may even get the government to finally consider issuing debt free currency.
yes, tomorrow and forever, until they are no more.... new online banking coming soon....
I have been part of a Credit Union since I had money to save from my paper route. Never used a Bank. I look back now, pat myself on the back, and call me genius.
I would love to see the local Credit Unions get all the business. I bet they could start providing better rates too!
The best way to regulate the money-changers is to be a smart consumer. We do not need government for this.
I agree with you about being a smart consumer. However, I also believe that more attention needs to be called to the process of money creation.
In my opinion, if the government issued its own, debt-free currency, regulated by population growth, we would not see such severe "business cycles". I'm not saying transferring accounts will do this directly. But it will get attention if enough people do it. It has the potential to get people to educate themselves about the current system.
The issue of money creation needs to have a bigger role in the motives of this movement.
Yes, but to do that, we can not just change the system, the current system must be abolished. I do not think our present administration is willingly ready to go along with that. We have our chance this coming Presidential election. After next Nov., If we get more of the same...I see a peaceful protest going to a violent uprising. Nobody wants to see that.
rebuilding our world, replant our garden of eden all across the neighborhood and world, we should never have to rely on capitalism to feed ourselves. Local gardens and farming can feed the world.
http://wesower.org
boycott capitalism, force change.
[Removed]
How about if you all transfer your money into my account?
Psst...big banks wish they could ditch all these penny ante accounts. Knock yourself out.
Smart! Hurt the big banks so they can get MORE bail out money! Smart!
Not the case. People would not be squandering their money, they'd be moving it to other types of accounts. The money would not disappear. Therefore, there would be no need for a bail out. If such a response were considered, the social upheaval would be extensive.
Hello.....If everyone moved their money from BoA to a smaller bank.....then the government would bail out BoA when they were about to fail.....hello!?
Sure because the public would be so on board with that.
The Government would not be able to justify bailing out a large bank simply because people took their business elsewhere. Everyone, not just OWS, would be very, very, angry if that was even considered.
HAHAHAHAHAHAHA....didn't stop them from bailing them out the first time.....nice joke! HAHAHAHAHA
Do you understand the current recession? Banks were bailed out because many, many debts were not being payed back. Money literally disappeared. It was money that would have been spent into the economy...granted, with inflation. Regardless, the money supply shrank, and the only answer the government could come up with was to prop these banks up. Transferring accounts takes the money from the banks they are transferred from, yes, but the money would still exist in the economy.
Walmart has goods and K-Mart has goods....take all the goods from Walmart and give them K-Mart....Walmart will close...they have no goods to sell....banks r a business, if they have no money in accounts to loan to people and to invetst they close....you really are way to smart for me,
Yes, when people take money from a bank on a large scale, it is put at risk to be insolvent.
Yes the point of this would be to scare the larger banks because it puts them at risk. The worst thing for national banks and those responsible for the current economic situation is that people understand the system.
The point of this would be to let those who are controlling our money know that we are wide awake to their game.
Also, your K-Mart Wal-Mart analogy is fallacious. This would not be that type of situation. If you want to compare it to the commodities market it's more akin to taking product from Wal-Mart & K-Mart and dispersing it to small, community stores.
[Removed]
Remmber not all the banks wanted Tarp money, while most have already paid it all back with interest.
If you slowly empty the account of individual account holders it won't make it neccesary for the banks to be bailed out because they are "Commercial" Banks, they will still enough money to continue business. And no politician in their right mind would suggest bailing one out now anyway. On the other hand they will make less profits and will either live with that or change their business practices.
So look at it this way, instead of taking everything out of Walmart, theyd only be taking the shoe section out of walmart, which reduces their profits though does not cripple them.
I expect it will have the same impact as "A day without a Mexican" did in California.