European Bank Runs Under Way
As brought up in The Case For Keeping A Little Extra Cash Around, withdrawals from European banks continue at noticeably higher rates. The press has been largely reluctant to call it a “bank run”, but it’s been a little more common to see it referred to as such. I understand the hesitancy because saying there’s a bank run will undoubtedly lead towards more withdrawals and create even more problems from already-marginal banks.
At this point there’s nothing really to comment on as far as the bank runs/increased withdrawals go other than to note their existence, but I think it’s important to be able to read the writing on the wall for ourselves instead of accepting the mainstream media’s assessments at face value. Perhaps even more important than being able to come to our own conclusions is being proactive with having our ducks in a row well in advance of calamity. If you find out about something through CBS, odds are you’re already too late. It’s best to have some cash on hand, food stored, finances secured, supplies, bug-out plans, home security, etc. in place well in advance of actually needing it. If I were in Greece, Spain, Portugal or Italy right now, I’d rather be at home watching this unfold on TV, knowing that I have all I need to make it through instead of tracking down an ATM to withdrawal my life savings and stuff it in my mattress. Things happen that are out of our control, but we have the ability to control how we prepare for these things.
Best of luck to our brothers and sisters over there in the Eurozone – I’m pulling for you.