 What would u do if u got $1,000,000,000,000 |
what would u spend in on ?????
can u imagine having a billion dollars????
that's awesome
... |
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Also has anyone taken the landlord to court because of this ... |
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mikeronson@ymail.com | What would happen if every bank closed down? |
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suigeneris-impetus
 |
This question is making me want to withdraw all my money now and keep it with me. |
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holdencaulfield06
|
well banks are not simply used to store people's money so they can put it in a secure location to later take it out from.
banks have a very large role in our economy and work closely with the government. they help control inflation as well as unemployment. here's one way in which they work:
(pre-req: interest rates refers to the idea that if you borrow money from a bank, you will have to pay back that amount mulitplied by whatever interest rate the bank was charging, in the simpliest of terms)
let's say the government decides to put money into banks. in this case there is more money available, and banks will lower their interest rates in order to get more people to borrow money from them. in this situation, since interest rates are low, the amount of capital expenditures will increase (in other words, since interest rates are low companies will borrow money from banks to fund new projects, whether it be research, building expansions, or new programs). since capital expenditure has increaed, there is more work in the economy and more employment. however, more moeny in the economy also equals more inflation, which is hurtful to the economy.
now if the government takes money out of the system we see the reverse. banks raise interest rates in order to discourage people from taking the little money they have. therefore capital expenditures go down, employment goes down. however, since there is less money in the economy inflation goes down.
this is one of the issues the fed has faced in the past few months. they are deciding between inflation and unemployement. while inflation kills the economy, it prevents a recession.
if every bank closed down our economy would buckle. companies would be unable to fund new projects, there would be massive layoffs, and there would be chaos.
hope that helps. |
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Duke75
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I'd have to find another job. |
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a_c_7_3
 |
We'd have loads more All Bar Ones |
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bookish
|
Haven't any of you heard of the FDIC (Federal Deposit Insurance Company)?
If your bank goes under, you will not lose your money. And every bank is not going to close down.
Edit: Please understand, the Federal Government insures your bank deposits up to $100,000. If you have more than that, just put it in different accounts at different banks. And if you have more than that, you've got no money worries, anyway. :-) |
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ascoile
 |
You mean just like Xmas Day?
. |
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someone's wifey for lifey
 |
people would have to keep their money under their beds
which would be party time for thieves |
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sailor
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We would have to keep our money under the mattress |
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***Mom of 2 boys***
 |
The country would go bankrupt, and people would be hiding money in the dressers. |
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Libby
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After a while we would probably use the old fashioned barter system where we would trade goods and labor instead of computerized "fiat" money or green paper. |
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src50
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Silly question. |
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j_emmans
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we would start using gold again, banks started by trusted people maybe one day this could happen? |
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catlovesme
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probably be ok for wee short time. Permanently itd be a nightmare. |
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Lεονιdαςâ–♪♫
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nothing serious, just people would put their money under the mattress. or in the refrigerator. |
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RM
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Fairly unlikely scenario. Lots of smaller, local banks are extremely strong. Just ask for their balance sheets... it's once everyone starts to use the huge banks that the US will be in trouble. |
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Mia W
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rich people would become richer because they'll become private bankers and lend money to people with higher interest rates ,,, |
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Henry Hedgehog
 |
The only conditions under which this would happen are ones where you'd be more worried about staying alive than about things like mere money!
Global thermonuclear war anyone?
HH |
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Sam Gains
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What would happen if all the banks closed down? Well, where do we start.
Government would be broke due to insurance payouts
cash people - sherrifs!
there would be a new currency made.
no shops could open because they cant pay there staff who subsequently dont come to work. no direct debits. so no paying of mortgages. (yipieeee i can hear you saying)
small businesses. they would strive as they have more hard cash - actually paper not a number on a screen.
. . . The global money supply is about $60 trillion. (Economists call this figure the M3 value; it includes much more than currency.) Say that we take it all—which means that you and Bill Gates would have nothing in the bank—and then distribute it equally among every individual in the world, about 6.8 billion people. Each man, woman, and child would receive about $9000. So, if your household now has less than $9000 per person, you would gain. If you have more, you would lose but none of this money could be accessed as all the banks would be closed. so the only money out there would be the cash that people had on them when the banks closed. We would go back to the cave times.
I mean, Jellyfish, there 97% water. I mean, give them another 3% of water. I mean, there water. Fair point, I know.
Thieves.
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