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Geek Culture / Move your money!!!

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Matty H
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Joined: 7th Oct 2008
Location: England
Posted: 23rd Nov 2011 19:54


On December 2nd the occupy movement are asking people to show their support by moving their money to a mutual.

I will be moving from Lloyds to Nationwide. It would be interesting to know how much support this movement has, any opinions on this would be welcomed.

http://moveyourmoney.org.uk/

PAGAN_old
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Location: Capital of the Evil Empire
Posted: 23rd Nov 2011 21:07
Moved my money long ago. I dont trust the banks


dont hate people who rip you off,cheat and get away with it, learn from them
Seppuku Arts
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Location: Cambridgeshire, England
Posted: 23rd Nov 2011 21:14
What banks are 'mutual'? I bank with HSBC and to be honest, I've been very happy with the service and how they've treated me and my money. I like the fact they didn't give me an extended overdraft because their system was that I needed to generate enough turnover on my account - yes I needed the money because the government balls up with student loans a couple of years ago, but that to me sounded like sensible banking: "we won't give you money unless we know you're able to give it back". I personally wouldn't want to switch, however, I do sympathesise with the occupy movement. The only issue is, it's kind of a political issue, so it's hard to say what direct this thread goes in. Hopefully a mature and respectful one.

TheComet
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Location: I`m under ur bridge eating ur goatz.
Posted: 23rd Nov 2011 22:08
Did you know that banks own only less than 5% of the money that is paid to them? Let's say hundred people each pay 10 bucks to a bank. You'd think the bank would then store the money, and have 1000 bucks worth of money right? WRONG! They will actually only have 50 bucks. So if everyone suddenly wants their money paid to them, also known as a "run on the bank", the bank will only be able to pay 5 of the people.

"Move your Money" is kind of a run on the bank, though it's more a political stand-up than a traditional run That's why I agree with it, and I urge you all to move your money.

I've learned more from this video about how banks work than from anywhere else. It's pretty long, but it's certainly worth a watch.



TheComet

Kezzla
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Joined: 21st Aug 2008
Location: Where beer does flow and men chunder
Posted: 23rd Nov 2011 22:09
Will be interesting to see indeed, just a shame I'm already with a community bank or i would switch to add impact to their statement. It's good to see their actually keeping up their effort and not running out of steam. corporate empathy and responsibility is long overdue.

best of luck to them.

Sometimes I like to use words out of contents
Wolf
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Location: Luxemburg
Posted: 23rd Nov 2011 22:18
...and thats why I quit commercial business. The more you learn about banks, the less you want to have a part in their play.

The right man with the wrong engine can make all the difference, doctor freeman...
Blobby 101
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Location: England, UK
Posted: 23rd Nov 2011 22:27
Also, I don't care -.-

Why is everyone getting so worked up about this occupy thing? Everyone in the world relies on capitalists to some extent, it's not great but it's not going to change.
My money is fine in the bank it's in ATM, I'm not going to go through the palaver of changing banks just to make some stupid statement that will change nothing.

Wolf
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Posted: 23rd Nov 2011 22:32
Quote: "Everyone in the world relies on capitalists to some extent, it's not great but it's not going to change."


Everything changes, the only thing that matters is how long it takes. And change appears to be rather common in these times now.

The right man with the wrong engine can make all the difference, doctor freeman...
Kezzla
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Location: Where beer does flow and men chunder
Posted: 23rd Nov 2011 22:44
I wouldn't say that I'm worked up over it and I have no problem with capitalism. The thing I want to see change is the big companies who focus so much on money that people get burned obtaining it.

there was an attempted movement in Australia recently(not sure how it went or how successful it was)
it was a good idea, they were getting people to sign up to a group who were going to use their collective power to barter a better deal from a bank. They would also shop around the banks sort of like an auction to play them against each other.

so instead of 1 guy trying hopelessly to get some leeway, a few thousand people ask for it and promise to join their bank if they play nice. people power + wise capitalism.

done wisely a peoples movement really can make a difference.

I think they need to band together and use numbers to play the banks game rather than snipe at them.
shoot a gun start a war
give supplies start a trade.

I think the threat of a mass migration may perk up their ears and make them more open to listening, and going through with it will be a demonstration of people power.
Then they may be more open to being reasonable towards average joe.

interesting days.

Sometimes I like to use words out of contents
Seppuku Arts
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Posted: 23rd Nov 2011 22:56
Interestingly, I've heard the Occupy movement constantly being referred to as 'anti-Capitalism protests' and I was listening to BBC Radio 4 on the way to work and they actually referred to it as a "Pro-democracy protest" and felt that actually, that's a much better description.

Essentially this move your money stunt is for people who don't like what their bank do with their money to move it to a bank who does, it means if those banks want those people and their money back, they'll have to earn it.

Quik
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Posted: 24th Nov 2011 11:46
shoe that video is long, ill watch the rest at home: really interesting though


The result of origin.. Oh and ponies
Matty H
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Posted: 24th Nov 2011 12:40
@TheComet

That video was how I first discovered how money was created, I didn't believe it of course. But after a lot more research I can confirm that it is indeed true, in fact in the UK we no longer have a reserve ratio so banks are almost unlimited to how much credit(money) they can create out of nothing, and then charge interest on it

I have just obtained an account with Nationwide.

This movement to move your money has been going since the bank bailouts, the date of 2nd December is more of a UK target I think. I think the worse things get the more people will take interest, there is a chance more bailouts will be needed soon, depending what happens in Europe.

Due to the way banks are leveraged(they don't really have much real money) it would only take a small percentage of people to withdraw their money to make a bank insolvent.

Deathead
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Posted: 24th Nov 2011 17:10
I moved my money, it was sat on the side for ages... I just had to put it in my wallet.

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