Eric Cantona, a former French footballer, went on the air recently to give his view of what should be done with the banking system:
If everyone in France decided to walk into the bank and demand their money withdrawn, the system would collapse. The reason this is true has to do with the widely used fractional reserve banking system that doesn’t require a bank to have but 1/10 of what you have deposited in a bank.
telegraph.co.uk is reporting that is is going viral on the internet.
This concept of revolt would be the same in every country using the fractional reserve banking system. However, the resultant collapse of these banks would inevitably lead to austerity measures being blamed on those that pulled their money out. Seems like a highly volatile and risky solution likely to result in more hardship. Nonetheless, it is good to see people beginning to become aware of the gravity of the situation we are in.
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