Banks/economy collapse

Options
Gray_colt
Gray_colt Posts: 87 Forumite
in Savings & investments
Does anyone think taking out all your money now would be wise? If the banks have no money n things do truly go pear shaped wouldnt it be better to have ur money in ur home? I see now that unemployment is now gonna reach 3.4million, seem s a random number...almost a guess. How bad is this gonna get as its really bad now. I think us and future generations are gonna be in alot of trouble:(

Comments

  • mrposhman
    mrposhman Posts: 749 Forumite
    Options
    Theres not enough money to go around so not everyone could get all their cash. Just because they do not have all the cash though doesn't mean everyone should raid them. Its a sure fire way of costing the taxpayer (thats you again) even more money, the more people make runs on banks, the more the government needs to invest and the more your taxes will be raised in the future. It all comes around again.

    So in summarisation, no theres no need to remove them. The banks can continue trading, they are investing the government money to help the banks lend again whilst also protecting their newly reduced capital structures.
  • withnell
    withnell Posts: 1,629 Forumite
    Options
    Gray_colt wrote: »
    Does anyone think taking out all your money now would be wise?

    No, that would totally shaft up the economy and send us backwards by tens of years!
  • I,_Brian
    I,_Brian Posts: 191 Forumite
    Options
    The UK government is just printing more money, so there's no reason to presume a banking collapse. However, how much that £1 will be worth abroad is an entirely different matter...
  • sabretoothtigger
    sabretoothtigger Posts: 10,035 Forumite
    First Post Photogenic Combo Breaker First Anniversary
    Options
    buy gold if you believe in the end of the world i guess. basic value of gold is like 100 dollars an ounce and some think it'll hit 5000 if usa were to default
  • dunstonh
    dunstonh Posts: 116,387 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    Unemployment of 3.4 million is a lower amount in terms of percentage of population than the last time round.
    I think us and future generations are gonna be in alot of trouble:(

    Is this your first recession?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • mardatha
    mardatha Posts: 15,612 Forumite
    Options
    Is anybody printing "RECESSION 2009" tshirts yet ? :)
  • JEFFWT
    JEFFWT Posts: 27 Forumite
    Options
    mardatha wrote: »
    Is anybody printing "RECESSION 2009" tshirts yet ? :)

    Not sure but I have seen one with a picture of Karl Marx and the slogan 'I warned you that this would happen'

    Actually, I think I'll get one :D

    You can see it here:

    http://www.redmolotov.com/catalogue/tshirts/political-tshirts/karl-marx-tshirt.html

    Jeff
    Despite the high cost of living it remains popular
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards