From Zero Hedge:
“Thailand’s Government Savings Bank (GSB) president admitted that clients withdrew 30bn Baht (around $1bn) in a single-day last week and Bank for Agriculture and Agricultural Cooperatives (BAAC) and Krungthai Bank (KTB), although of a much smaller magnitude, have also seen withdrawal spikes of similar magnitude according to The Bangkok Post. The ‘bank run’ comes after speculation that cash at the state-run banks are being used by the government (which is in turmoil) to fund farmers (who have not received their ‘promised’ rice subsidies of over 130 bn Baht). Withdrawal requests are met with banks warning that there were insufficient funds at the time due to many depositors withdrawing cash.”
Bank run in Thailand, you say? It can’t happen here, we will be told. We are superior to Thailand, right? America is the exception to all rules! Yeah, right…
From the story:
“One depositor, rather ironically summed it up, ‘I started to feel concerned that my money may become only paper.'”
Guess what everybody–your money isn’t worth the paper it’s not printed on (1:17 in video below)!