My brother in law was posting about this HSBC thing yesterday and my sister piped up with this:

"I read somewhere that if the banks get in trouble they are legally allowed to use your money to bail themselves out,and thats exactly what happened in Cyprus , when they did this , it was a tester for other governments to do the same"



Is this true?

I wonder why we HAVE to get paid wages or even dole into a bank directly? When I was young many moons ago, we got a pay packet with cash and never paid a penny in bank charges...............hhhmmmmmmmmm

Babs wrote:
It sure is - Slog article about the legislation

hat4uk.wordpress.com/2013/08/09/global-l...-ago-did-you-notice/

It is called a "bank deposit levy" and the one you refer to was called a "one off" which is laughable.

Many people shared such cynicism and this did a lot to encourage interest in the bitcoin as well as, according to Paul Krugman, potentially causing a run on the banks.

Be prepared for ATMs suddenly not working.

Seems as good a place as any...
Why This Harvard Economist Is Pulling All His Money From Bank Of America

More here...
www.zerohedge.com/news/2014-01-31/why-ha...s-money-bank-america

They can make cash non legal tender anytime they see fit.

Tbh andy as i understand it, they cant.
Anything you offer in payment, that is accpeted, is a legal tender.
What they would do is hoover it up and take it out of circulation. Thousands would just hand it in to the banks ofc.

Legal tender is anything the gov deem fit to say it is.
Id expect an amnesty period ofc but what trader in his right mind is going to want worthless paper in exchange for goods after that period is over?

Made last year...not out on full release yet that I can see....just got me thinking outside the box as to where the cash is going

when you pay, or are paid into a bank there is a trust created, you are actually giving your money to the bank and trusting them to owe, and pay, it back, it becomes their money of account


the example on the giving of the pen is also what happens when you GIVE your name to a policeman or woman! it becomes theirs to do with as they please.

andyh wrote: I may well be wrong but that's not how i understand it.
If you offer to sell me a car and we agree that i pay you in bags of coal, i have made a legal tender. That's my understanding of it. Cash is widely accepted as a legal tender. Tender being a verb rather than a noun.I dunno. The various local currencies seem valid and accepted though already

Id like to see someone buy a house with it or a car, lol...

As for legal tender the clue is in the legal bit at the start.

Eg which countries allow 24ct bullion and which dont

I see no reason why someone couldnt use a local currency to buy a car. If they had enuff of it and the vendor accepted it.
The legal bit of legal tender refers to the fact that the contract is honoured by the accepted tender and therefore considered legal.
Like i said i am happy to be shown to be wrong on it

You cant pay your road tax or insurance and a gazillion other things with LETS schemes or barter, it only works for small scale local trade

Indeed. And that's cos HMRC et all don't accept it as a tender. Just as you could refuse to accept my coal as a tender for your car. You could legally demand payment in custard.

Yes but 99.9% of trade is done in money because people have no conception of owt else. Therein lies the trap

Babs wrote: The use of a bank can be enforced by your employer because Maggie Thatcher devolved the Truck act.

justoneman wrote:
And thank you

And welcome

Babs wrote:
i'm not as young now , but I still get my wages in an envelope

'll tell you a true story about why the Bank of Scotland ATM's used to go down on a Saturday night at 10pm

OK Dawney....spill...pleeeease.....