Cantona vs the banks

[ad hoc]

http://www.guardian.co.uk/world/2010/nov/20/eric-cantona-bank-protest-campaign

This certainly has some sense to it. (Though if I was going to sign up, I think I'd be tempted to take my money out on the 6th, to make sure I could)

The fact that the woman from the French banking federation can only come up with the fear of thieves as a counter-argument tends to make me think they don't really have an argument against it.

This did make me snort though:

In between doing publicity campaigns for L'Oréal, Cantona has this revolutionary side.

[Amor de Cosmos]

Cantona vs the banks

Where do you keep your money instead? Inside your mattress? With a credit union? There's clearly an opportunity for some type of "anti-bank" but what and where is it?

[ad hoc]

Cantona vs the banks

I think some form of credit union might work (or a bank like the Co-op in the UK*)

But obviously you need an alternative to banks to have any success.

(*As a Sheffield Wednesday fan, I am painfully aware that the Co-op bank is not immune to making fucking stupid business decisions regarding debt)

[Cavalry Trouser Tips]

Cantona vs the banks

I usually get charged more if I pay by anything other than direct debit for most bills, so wherever I shift my cash to would have to support this.

[Rogin the Armchair fan]

Cantona vs the banks

I agree with Cantona that the threat of this is a fantistic way to get banks to listen to what people want, but I'm afraid that the reality of carrying out that threat could be disastrous. No bank keeps more than about - what? - 5% of its apparent reserves in cash - they've been lent out to other people in the form of loans and mortgages. So if everyone went to withdraw their apparent savings, they'd find they weren't there. That would spark panic, the bank's shares would collapse, and the bank could go into liquidation meaning everyone lost their savings altogether (although, curiously, not their mortgages, which would be "bought" by other banks while the first one was in administration).

That was pretty much the story told about what might happen to Northern Rock during the "run" on that bank, a few years back, anyway.

And yes, what would you do with your life savings in cash, even if your bank gave them to you? Hardly any home contents insurance policies will cover you for any more than £1,000 of cash you've decided to leave lying around the house, unless you've got similar security measures at home (safe, burglar alarms linked to police) that you'd expect to find in a bank in the first place. So you'd have to end up sitting next to it, at all times, for fear of someone nicking it all, and within a week you'd be mumbling like Gollum about your "precious".

[Evariste Euler Gauss]

Cantona vs the banks

Metaphorically, this would be the equivalent of lots of angry account holders bashing the soft ends of their noses as hard as they can into the hardest part of the banks' skulls.

[Balderdasha]

Cantona vs the banks

The closest thing I've seen to an 'anti-bank' which still does most of the useful bank type things that you'd want it to is Triodos, see here: http://www.triodos.co.uk/en/personal/

It is a bank, with current accounts and savings account and ISAs and whatnot, but it invests money exclusively in environmentally and socially responsible businesses. Not only that, but each year it publishes a list of every single company it finances so you can see whether you're happy with where the money's going. It tends to give slightly lower interest rates on savings than other banks because, hey, it's not as profitable yet to invest in the Fairtrade Foundation and windfarms as it is in say, American tobacco and gulf oil, but if you want a 'non-evil bank' that's the trade off.

[Cavalry Trouser Tips]

Cantona vs the banks

Doesn't look like they do current accounts though. I may be missing the link in amongst all the proclamations of how ethical they are.

In fact their whole website looks nice, but doesn't seem to have much in the way of 'action' buttons.

[Brandenburger Toro]

Cantona vs the banks

Sir Isaac Euler Gauss wrote:

Metaphorically, this would be the equivalent of lots of angry account holders bashing the soft ends of their noses as hard as they can into the hardest part of the banks' skulls.

Yes. It's a breathtakingly ill-conceived and irresponsible move.

[NHH]

Cantona vs the banks

Well, given voting for politicians who want to draw a stop to the rent-seeking scumbags is out, what other means do people have? What would you have us do?

[Brandenburger Toro]

Cantona vs the banks

Uh, something other than attempting to collapse the value of your savings? That you're annoyed at the banks taking?

[Cavalry Trouser Tips]

Cantona vs the banks

sa-vings?

[Brandenburger Toro]

Cantona vs the banks

Presumably, the only people in a position to withdraw money from their bank accounts are people who have money in their bank accounts.

At least, that's how I remember it working.

[Cavalry Trouser Tips]

Cantona vs the banks

Ah, so just maxing out my £500 overdraft on that day won't count?

Damn - I'm not even rich enough to protest against the banks in a non-violent manner.

[Guest]

Cantona vs the banks

Announcement: at the request of Géraldine Feuillien I split from BankRun of 2010 in order to allow her to fully enjoy the fruits of her labor. Henceforth I call my movement Le Run on The Bank. and its goal is January 6.

I am not a man, I'm Cantona.

[EIM]

Cantona vs the banks

Cool.

[Cavalry Trouser Tips]

Cantona vs the banks

I hope V07768198309 (or should I say Eric) sticks around - I'm sure EIM here has loads of questions.