icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm

Cantona’s protest fails to defeat banking system

Former footballer Eric Cantona called on the people to bring down French banks by withdrawing their cash in an attempt to end what he called a corrupt and criminal banking system.

The massive financial crisis forcing governments, businesses and individuals into despair is a crime of a corrupt banking and financial system, contended Cantona . His fight to cause massive withdraws from banks in order to bring the system down became an internet sensation and rattled the nerves of banker.

However, Cantona’s call for action has failed. French banks are reporting no excess demand in withdrawals.

Karl Denninger from The Market Ticker said running ATM machines or a branch location out of cash is easy, and would have only a limited impact.

You would have to orchestrate some sort of run on electronic money as opposed to the physical money,” he said. “Now a day’s most of it is digital and it’s stored in a computer. It’s not in 100 dollar bills.

Simply calling on people to pull their cash out of their account would have a very limited impact on the overall economy.

At the same time, in the United States, it has come to light that tax payer dollars were spent on printing millions of USD $100 bills that are not usable as currency because the security features. The value of the bills makes up over 10 percent of the entire supply of US currency on the planet.

How do you run off that many of these without checking to see if the printing is working correctly?” asked Denninger. “I wonder about the quality control situation.”