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Covid19 related banking glitches?
#1
Is there a possibility of Covid19 related issues like ATM's not working and cards being refused, ie the banking system partly or completely failing if only temporarily?

What economic conditions could lead to such a situation?  Didn't it happen in 2000 in some South American country?

I know our bank accounts are supposed to be protected by a guarantee, but can these fail? Is the government or the collective banks behind these guarantees?

A few articles are appearing talking about a deflationary spiral caused by Covid19.

https://www.kitco.com/news/2020-03-25/Ne...omics.html
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#2
(03-27-2020, 03:06 AM)silverfish Wrote: Is there a possibility of Covid19 related issues like ATM's not working and cards being refused, ie the banking system partly or completely failing if only temporarily?

What economic conditions could lead to such a situation?  Didn't it happen in 2000 in some South American country?

I know our bank accounts are supposed to be protected by a guarantee, but can these fail?  Is the government or the collective banks behind these guarantees?

A few articles are appearing talking about a deflationary spiral caused by Covid19.

https://www.kitco.com/news/2020-03-25/Ne...omics.html

Here, the banks/credit unions are limiting the amounts that can be withdrawn.
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#3
(03-27-2020, 03:06 AM)silverfish Wrote: Is there a possibility of Covid19 related issues like ATM's not working and cards being refused, ie the banking system partly or completely failing if only temporarily?

What economic conditions could lead to such a situation?  Didn't it happen in 2000 in some South American country?

I know our bank accounts are supposed to be protected by a guarantee, but can these fail?  Is the government or the collective banks behind these guarantees?

A few articles are appearing talking about a deflationary spiral caused by Covid19.

https://www.kitco.com/news/2020-03-25/Ne...omics.html

2000 was a financial issue, different.


That said I've heard reports of some ATM's being empty and some banks limiting cash withdrawals, but I ALWAYS hear people complain about that.

I have thought of taking all the cash out of the ATM that I own and service in my business - but haven't yet.

OTOH a number of places now REFUSE CASH thinking it's contaminated, they only take debit/credit cards (with germs on them) and have you push a (contaminated) pin pad instead of cash.

irony is, the virus lives longer on plastic than it does on paper!

Unlike others, at MY business we sanitize the pinpad EACH use and NEVER touch their card.
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#4
(03-27-2020, 08:17 PM)DaveGillie Wrote: irony is, the virus lives longer on plastic than it does on paper!

The real irony is that up here, our money is actually plastic, much like Australia.
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#5
(03-27-2020, 03:06 AM)silverfish Wrote: Is there a possibility of Covid19 related issues like ATM's not working and cards being refused, ie the banking system partly or completely failing if only temporarily?

What economic conditions could lead to such a situation?  Didn't it happen in 2000 in some South American country?

I know our bank accounts are supposed to be protected by a guarantee, but can these fail?  Is the government or the collective banks behind these guarantees?

A few articles are appearing talking about a deflationary spiral caused by Covid19.

https://www.kitco.com/news/2020-03-25/Ne...omics.html

Anything could happen. ATMS have to be restocked with cash on a daily basis. Depends on the ability to move the cash.

Deposit taking ATMs have all but disappeared from Australia.

The non-physical movement of money depends on a huge interconnected banking and non-banking telecommunications links. It's the very reason that ARPANET was built and that led to the internet as we know it today. No single point of failure. It's conceivable that an expert could be a single point of failure for one or more instances. Say, an engineer who is the only one who can repair a key component is dead.

We had a situation last year on our holidays in the Scilly Isles. The ferry broke down mid-week and there's only one to get people on and off the islands. The air service is limited to a couple of small planes, so the people who flew in wanted the hotel accomodation that the ferry customers should have vacated. This lasted for a week and quite quickly people were sleeping in the town hall and on the floor of various halls. Now imagine if you have coronavirus combined with a ferry that isn't operating. The part that was supplied to fix the ferry was faulty and it took another two days to get another replacement.

We eventually flew out and caught a National Express bus that took 15 hours to get us back to Northern England. The bus was full of dirty, coughing "new British" people. 

Any disaster planning needs to take into account contingencies and make a plan to cope. It never happens that way.

Computer disaster plans generally plan for an alternate site to host the workload. What if the key staff are incapacitated? So the DR exercise pretends that a non-expert can follow detailed instructions and they play it out. I've been through these many times and most people can't find a key on a keyboard. Years ago, I had an operator on the phone and I was trying to het him to press an escape key. My PC keyboard was different from his and he couldn't find the key (#). Imagine the frustration! 

Just waiting for the lights to go out, I have a couple of generators, food for 6 weeks. Let's hope things work out.
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#6
It seems the whole world is running on close to empty: No slack in the system. Little resilience. Extraordinarily long supply chains. No buffer capacity. Everyone has assumed someone else has spare capacity. Reliance on China or somewhere else in Asia to make key components.

If you've ever been on a Navy ship, you'll find they are trained so that everyone is across a number of roles and everyone does fire fighting drill. Maybe the world's population needs to cross train with half the population being firemen or paramedics.

Wayne - love the term 'new British'

I watched a BBC Earth documentary a few days ago whose theme was how many times the population of Britain had been replaced by others, starting with the Beaker People 5000 BC who came from the middle east and supplanted the hunter gatherers who had been there before. It went on through Saxons, Vikings, Normans etc. To me it was a semi academic softening up exercise regarding the current replacement of the British population: Nothing to worry about, it's just the flow of history. You haven't been sold down the river by your political masters. Naturally several of the presenters were shades of brown, because this is the BBC.
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#7
I have been watching how the amount of paper $$$ that can be withdrawn each day at the credit unions has been declining.

At first it was $2,000.

Then $1,500.

Now it is $1,000 per day.
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#8
(04-05-2020, 07:06 PM)aqua Wrote: I have been watching how the amount of paper $$$ that can be withdrawn each day at the credit unions has been declining.

At first it was $2,000.

Then $1,500.

Now it is $1,000 per day.

.
I took most of the Cash OUT of the ATM that I own and service,

figured it might not be worth the $2.50 service fee to be handing out cash that I can alternatively,  have my hands on
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#9
(04-05-2020, 07:17 PM)DaveGillie Wrote: .
I took most of the Cash OUT of the ATM that I own and service,

figured it might not be worth the $2.50 service fee to be handing out cash that I can alternatively,  have my hands on

We live in "interesting times".
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#10
Also, you can literally wash money. I did that with some that got mildewed. Put them in the washing machine. Stuck them in the dryer too.
Monty Python: “There are a great many people in the country today, who through no fault of their own, are sane.”
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