Fears Rising, Spaniards Pull Out Their Cash and Get out of Spain

[The Stig]

Original story from CNBC (http://www.cnbc.com/id/48889555)

Excerpt from the story....


In July, Spaniards withdrew a record 75 billion euros, or $94 billion, from their banks — an amount equal to 7 percent of the country’s overall economic output — as doubts grew about the durability of Spain’s financial system.

The withdrawals accelerated a trend that began in the middle of last year, and came despite a European commitment to pump up to 100 billion euros into the Spanish banking system. Analysts will be watching to see whether the August data, when available, shows an even faster rate of capital flight.

More disturbing for Spain is that the flight is starting to include members of its educated and entrepreneurial elite who are fed up with the lack of job opportunities in a country where the unemployment rate touches 25 percent.

[Grumpy Old Man]

Bank Holiday??

[Willie51]

Spain is the next Greece? I read where Spaniards are moving their money to British banks.

[Brownwater Riverrat 13]

Good Intell, something everyone should be keeping their eye on. We don't need a domino effect headed our way but at least I'd like to see it coming. Hmmmm? What scenario do I plan for next?
Thanx Stig


Be safe..............the night is your friend.

[realist]

I read earlier that some companies were positioning cash to transport into Greece in order to pay their bills if Greece leaves the Euro. Not looking good.......

[Sniper-T]

An Italian buddy of mine is pretty nervous over this whole thing... It isn't to Spain's level (or close), but there are a lot of nervous people in Italy too. His extended family are slowly liquidating their assets.

[Echo2]

Slow motion train wreck.....A buddy of mine asked when will "the fall" begin.....I told him 2 years ago.....+/-

[4suchatimeasthis]

Yeah, this was something that actually "registered" for my husband....hopefully it helps him see the big picture with prepping, because YES, it could happen here, and honestly, there is no logical or mathematical reason that it wont.

[Grumpy Old Man]

3 B's

[NWPilgrim]

We should all be aware by now that when a national economy fails, the govt will steal and cheat as much as it can from the individuals. No financial instrument is safe: corporate bonds or stock (GM) or stockbroker account or bank account (BofA).

Tangibles are the only relatively safe store of wealth, and even those can be confiscated (see the many property seizures by cities).

When a nation's economy is unstable the wise will het whatever they can converted to a better currency or land or tangibles.

[Gunfixr]

It will get here, inevitably, so we should prepare for it as best we can.

Our economy has been "propped up" for so long it's kind of hard to believe it's gone this far.

I guess that's one nice thing about being poor, there's no big amounts of money to lose.

[ladyhk13]

We have been discussing removing our money from the banks and leaving only enough to cover our bills each month. The only problem with that is our bank (one of them) is a local one and only has 2 branches and I feel that if we remove our money it will hurt them especially if a lot of people start thinking that way. We make a pretty good interest rate on our checking accounts so I hate to lose that money every month but if shtf we may not even have access to the money and be screwed. So, I'm kind of torn as to what to do.

[slowz1k]

We have been discussing removing our money from the banks and leaving only enough to cover our bills each month. The only problem with that is our bank (one of them) is a local one and only has 2 branches and I feel that if we remove our money it will hurt them especially if a lot of people start thinking that way. We make a pretty good interest rate on our checking accounts so I hate to lose that money every month but if shtf we may not even have access to the money and be screwed. So, I'm kind of torn as to what to do.

Can't hurt to compromise.
I have a savings account that I add a small amount to each month that resides on my property. It's not much, but it'll be there when the banks close the doors, whether I get the rest of my $ or not..
I look at it as "garanteed interest free savings".
Realistically, It'll only be good for a very short while anyway. It won't take long for everyone realize that it's only worth the paper it's printed on.

Just my opinion.

[bacpacker]

We have been discussing drawing what savings we have some each month and stashing. All while keeping a eye on things and pull it all if things look to be picking up steam. It cant hurt.

[Brownwater Riverrat 13]

Can't hurt to compromise.
I have a savings account that I add a small amount to each month that resides on my property. It's not much, but it'll be there when the banks close the doors, whether I get the rest of my $ or not..
I look at it as "garanteed interest free savings".
Realistically, It'll only be good for a very short while anyway. It won't take long for everyone realize that it's only worth the paper it's printed on.

Just my opinion.

You are right on target with "It'll only be good for a very short while anyway." Yes I know, you'll be able to buy...................what's available?????????...............what have you got???????????........................well what's it worth to ya?????????????............................give ya a thousand dollars for it?....HA, HA, HA, HA, HA, HA, HA, HA!!!!!!!!
NOOOOOOO, WHAT DO YOU GOT THAT I NEED????????????

But yes, money will be good as the closer it gets and during the initial onslaught.You'll be able to "slam stock" all you can get and then hunker down. That's what everyone will do.................and then the violence spreads, and then comes the time you find yourself and what you are truly capable of...................you'll either find yourself someplace everyone wants to know the ultimate answer to or...................you live................ with this new thing........oh, drifted there.

Be safe..............the night is your friend.

[Brownwater Riverrat 13]

No but seriously, we need to keep our eye on Europe's economy. There is a domino effect going on. The only smart one seems to have been Merkel of Germany. But she seems to also be Having some multi cultural problems of her own, another thing to be watching. OK, off of that. But That all effects us....U.S.! So if we happen'd to have our money in mason jars like "Lucious Clay" at least we had it out before that bank said, "we don't have anymore cash". But it's personal choice.

Be safe...............the night is your friend.

[bacpacker]

I'm just waitin on Lucious Clay to get up and walk around the wooley swamp. :)

You are right about Germany. Europe would have already went down the tubes otherwise without them. Makes me wonder if that wasn't the plan back after WWII????

[Brownwater Riverrat 13]

Ahh, some people remember......guess we'll be ready for them boys over on Carver's Creek.
Ah yes, ze German's ah zmart zometimes. Zay even got everyone showing ze papers...........
Well let see if anyone can follow their lead.

Be safe..............the night is your friend.

[ladyhk13]

Do any of you think that the dollar will come back and gain it's value after shtf and the country rebuilds? If so, wouldn't it be smart to pull the money out and just sit on it even if you can't spend it at the begining? If the banks close at least you would have your money in your hand.

[NWPilgrim]

Depends on what you consider SHTF. If you mean the financial cliff then, no, by the time it is over the enduing inflation will make old dollars near worthless.

I keep a few thousand in cash at home secured, a few thousand in savings, and have a 401k I can't get out of until I quit the corp. I stopped adding to the 401k in 2007 and since have "invested" all I can in tangibles, food/water preps, learning new skills, and helping family to prep.

I think SHTF us going to leave us all broke for a long time and no financial instrument is safe, including feral reserve notes. Dollars will be useful in the early stage of SHTF but I would not count on them much past the first six months.

[Willie51]

This article is in the Bob Livingston's Sept Issue of his Newsletter. It is long, so I won't post the entire article where he explains why the dollar (fiat currency) is becoming less and less valuable and will become worthless in our life time. He feels and has for a long time that a collapse and "The Great Reset" is coming. I will be glad to post the entire article if anyone wants it.

The great reset is coming!
What does this mean? It means that after the
cataclysmic crash of debt and fiat paper money
that is coming soon, people will be happy and
satis fied to work for $2 a day in silver, or pay
$250 in silver for a new car or $500 in silver for
a new home.
This is the way things used to be, before the
bankers and politicians stole and debauched our
Constitutional money and imposed “legal tender”
upon the country.
I myself have worked hard for $3 a day. But
they were redeemable silver certificates and you
can’t imagine their purchasing power! I could buy
a week’s groceries and have silver dimes and
quarters left jingling in my pocket.
If you haven’t done so already, buy gold and
silver coins to be financially independent when
the great reset arrives. Yes, take your depreciating
paper money and exchange it for the new money
that you will need.
Store food and buy things of substance to get
through the economic and social convulsions
to come, until we reach the new day and the
great reset.

[bacpacker]

Do you have a link to the whole article?

[Willie51]

Try this. http://www.boblivingstonletter.com/archive.aspx

Then click on the September 2012 Issue and scroll down to the article, "The Great Reset". If it doesn't work let me know.

[Willie51]

The problems in Europe are only part of the perfect storm that's brewing, but is an important part.