Fullscreen
Loading...
 

Revolution Blog

Move (Out) Your Money!

Published on 2011-11-18
Customers Keeping Their Doggies Moving Gives the Banksters Raw Hides

In this time of dissatisfaction and protest, you can try to occupy banks or public buildings, and possibly get teargassed by the police(external link). Or, you can take your money out of the banks and watch them get hurt instead.

There's a national movement afoot to punish the "too-big-to-fail" banks, known as Move Your Money. During the month of October, a very impressive 650,000 customers moved a total of $4.5 billion out of these big-name banks. The funds mostly went into smaller local banks and credit unions. Of course due to fractional reserve leverage, the pain of shrinking deposits is magnified at least 10 times. As noted in a previous post, plenty of people are also embarking upon "strategic default," that is ceasing to pay on their mortgages even though they might have the money. HSBC took a $1.8 billion charge on their books last quarter for "loan impairment charges."

Internationally, the picture is similar. The Fed was recently hit with withdrawals of $83.3 billion just on November 2nd, the largest withdrawals coming from its deposit accounts. This single day removal was the largest since February, 2009. This essentially amounts to a run on US Treasury Bonds by angry foreign creditors, sick of being cheated by US inflation.

If you're ever inclined to believe, or if you ever hear anybody say, that agorism(external link) couldn't possibly work to increase freedom, just think about what a tiny fraction (not even 1%) of the public is accomplishing here. What if those 650 thousand citizens stopped using banks altogether? What if they began using cash, threw away their plastic cards, and then moved up to digital cash(external link)? What if 650 thousand taxpayers who owed a payment at the end of the year all told the IRS they weren't going to pay, absent collection action? How long would it take the IRS to process that many levies and garnishments?

Now consider what if 650 thousand people became 6.5 million people? Or 65 million people? Even 65 million is only about a fifth of the US population. While that's not nearly enough to outvote the other four fifths, it's certainly enough to bring the tyranny and exploitation to a halt, purely on practical grounds.

It really is true that we, the productive, the customers, the market, can all vote with our money every day, not just once every two years. Since this is the case, why all the focus on politics? If you want to get rid of the bastards, step one is to stop doing business with bastards.