What would happen if we all decide to withdraw every single coin in our bank accounts,mshwari,mpesa etc? ?? As in, we just decide to keep our money under our mattresses,wallets ,handbags…after all, its my money…just thinking
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Withdrawal charges?
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please stop thinking
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there wouldn’t be enough money to give everyone their bank balance…that’s for sure…
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the system would just crumble. We wouldnt even finish doing it.
Most money is virtual on a book or a comp. Cash is less than 10 percent.
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Try understand how fractional banking works. And yes the system will crumble.
People would visit neighbours at night, not to exchange niceties but to take what is not theirs.
Kuna ile story ya how the Goldsmith operated. Ebu itafute utaelewa gow banks operate
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http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=goldsmith+banking goldsmith story ndio hiyo
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Read also the story of the traveller who visited a broke rural village and produced a 100 dollar bill.
It went round the village, came back to him and he left with it. But all the debts in the village had been settled.
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mpesa itakupatia, banks hazina io mulla
The bank works as a pyramid scheme ,
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thats a weird way of thinking
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was wondering what to google to get this story to paste here…
not weird at all…it’s how it works…
That’s how banks collapse. If I shouted from the rooftop that Equity is collapsing, everyone would rush there to withdraw their money. Equity would be unable to give all the money, and would collapse.
It is a slow day in the small Southern town of Dogpatch and the streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit. A tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.
As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.
The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.
The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Co-op.
The guy at the Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.
The hooker rushes to the motel to pay off her room bill with the motel owner.
The motel proprietor quickly places the $100 back on the counter so the traveler will not even suspect that it was missing.
At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves.
No one produced anything. No one earned anything… However, the whole town is now out of debt and now looks to the future with a lot more optimism. And that, ladies and gentlemen, is how a “stimulus package” works.
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reminds me of the incident in machakos a few years back when because of siasa mbaya some politicians told residents that the kikuyus were stealing their money through Equity to finance a candidate’s campaign. the following day multitudes were at the mayakos branch to withdraw their money…the manager’s assurances went unheeded until three securicor three threes were escorted to the bank, heavy kashas of what the customers were told was money offloaded from one of them as the other two remained under heavy guard that they began believing and leaving. just like a pyramid scheme, a bank biz is secure only as long as the clients believe their money is safe…
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Is the town in a better position now? Before, everyone owed someone something, and everyone was owed something.
Now, nobody owes anybody, and nobody claims from anybody.
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…and everyone is creditworthy again…