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Originally Posted by Know me.
No report of bank runs I can see anywhere.
I'm stuck between saying its irresponsible to make a post saying there is a bank run and my own paranoia that it could be happening, and it’s just being kept out of the media.
Anyway, anyone got a spare shovel? I have something I need to bury in the back yard tonight.
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Just try to get money out of the bank yourself, and see how much of a fight they put up. I'm calling it a bank run because I know enough people who are getting their cash out, and their banks give them the same reasons:
- We don't have that much cash in the branch
- We can order it in and we'll have it ready to pick up next week
- Many of our customers are withdrawing cash, and we need to make sure everyone has enough
There won't be a news story about it because they'd probably get sued by the banks, or the Aus Fed police will kick in the door and take their computers.
Personally, I keep the following in mind (From Australian perspective, but probably applies equally as well to NZ):
- The world economy is in simultaneous Demand Shock + Supply Shock. It's frozen.
- The majority of businesses will not reopen
- Australian Banks stay afloat because of mortgage repayments
- Over a million households were already under mortgage stress in 2018 and 2019
- Unemployment is about to skyrocket
- For those that keep their jobs, productivity is about to tank. The majority of people don't know how to actually be productive at home.
- Fractional reserve banking ended on Monday. Banks are not required to keep any reserves
- Trillions of dollars are being minted almost on a daily basis, and volatility is growing
- No one really knows the death rate and hospitalisation rate of COVID 19
- No one really knows whether the virus leaves people with permanent damage to their lungs