The Greek Bank Holiday: This is What an Economic Collapse Looks Like
Why?
Because the European Central Bank has stopped sending in the money that was keeping the Greek financial system afloat. Had people been able to go to the bank and withdraw their money, the banks would be unable to function. So, the banks said, “Nope, you can have $60 if you want to wait in line for long enough to get it.”
Yes, you’re understanding this correctly: the banks are keeping afloat using the money from people’s accounts. The Greek stock markets did not reopen today. This is a last-ditch effort from the Greek government to prevent total economic collapse.
The situation there is dire, and much like Venezuela, it’s a case study for anyone who believes that an economic collapse of our own financial system is imminent here in America.
We need to pay attention to what’s going on in Greece. This is what a real economic collapse looks like. It isn’t a Mad Max
It’s quiet desperation, long lines, and a sick feeling in the pit of your stomach as you wonder how you’ll feed your kids and keep a roof over their heads. It’s the discovery that you thought you had been doing the right thing financially, but you were deceived. It’s the realization that everything you worked for your whole life is gone.
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