Banking crisis; what if millionaire wants his money?
>from Telegraaf.nl
Millionaire at bank; ” Pls give me all my money”…….
Oooh we are ONLY talking about uh…. somewhere around the 5 million euro…. (6 million US dollar)…..
It didn’t really happen YET – but at a French bank (Crédit Agricole) a millionaire has been asking about the possibilities…… Well – it is a bit hard for a bank to do…;
A bank does not have that kind of money in cash – so they need to get it from somewhere else…..;
one truck for the money transport is only insured for 2 million euro….. they need 3 trucks….
Ah well – the millionaire was only asking…… maybe his trust in the money market will come back….  
[...] Original post: Banking crisis; what if millionaire wants his money? [...]
You have a lovely cat, every time i see it, make me wanna laugh
If I were the bank, I would transfer the money to an account they have with the branch of the European central bank in that country. There they have the cash already, so he can
pick it up there. Then it’s at his own risk as soon he leaves the building there with the cash, and he can decide if he wants an insurance or not.
If I were the millionaire, I would transfer the money to the account of a gold trader and pick up the 250 kilograms gold that I bought with the money. And store it at a safe location and sit out the crisis. If the billions and billions that are pumped in the financial system recently give an inflationary backlash at some point, the gold will gain in value… People still seem to like money so much, the general public still doesn’t realize that the money we use nowadays has essentially the same value as Monopoly money… It has only value because our governments say it has value, but this is in fact an empty promise. They have nothing as collateral for the money you use…
You know how big French is uh…??
That branch could be far away – and you are not going to make your customer travel to pick up his money…… Specially not such a customer !!!
The bank (probably) made enough money out of those 5 million – so organizing a transport to that mans his “mansion” is the least they could do….
I would just leave it on the bank and take the interest….. isn’t French also guaranteeing the full amount on bank savings..??
Sure, you have to trust already your government that your money is worth something (but it’s actually worthless) and on top of that, trust the government they guarantee that money you have in the bank…
What is that guarantee? It’s just a guarantee of *money*, but certainly not a guarantee of the *wealth* that the money is representing today. In these times, why wait for a governmental painkiller if you can avoid the pain in the first place?