When the currency failed in ecuador in 2004 - they closed the doors of all the banks, and noone get their money while the currency plummeted. By the time the Sucre had been shored up by the Dollar most people's assets were worthless. We met a lady at the weekend who lost $7,000 (a lot of money here).
So with the eruptions in London this morning. While we MUST retain confidence in the banks, what other options are there?
I remember two stories from the summer: 1) if the ports were blockaded we would run out of food in the UK in 72 hours. Instead of cracking heads, why doesn';t someone target French ports (normally the french do this themselves but..)
2) there was a suggestion in the summer that the cashpoints might run out of money. In the same way as we ran out of petrol (many people here consider petrol a safe way to store money!) why couldn't we run out of pound notes on fine afternoon..? Again, instead of cracking heads, why don't they organise everyone to take out money on the same day, the system would crash (like the trojen at the moment that blackmails companies - if they don't pay, the trojen sends hundreds and thousands of emails and requests to the company website at the same time and crashes it.). Oh - i forgot if we crash the banks, we own them now and we're the shareholders.
If they lose, then we lose.
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