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Saturday, January 24, 2009

UK: Banks Were Just Three Hours From Collapse


Since then Royal Bank of Scotland (RBS) and Barclays (BCS) have started the toilet bowl death spiral…

Helmet time?

Revealed: Day the banks were just three hours from collapse: “Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed.

City Minister Paul Myners disclosed that on Friday, October 10, the country was 'very close' to a complete banking collapse after 'major depositors' attempted to withdraw their money en masse.

The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals.

Only frantic behind-the-scenes efforts averted financial meltdown.

If the moves had failed, Mr Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits.”

Like I said, UK and Iceland: Not So Different and the UK is Similar to Iceland: Has Ambrose Evans Prichard Seriously Concerned.


VV111y said...

that's bad.

That's really, really bad.

Anonymous said...

I wonder how many 'major depositors" were involved. Two? Twenty thousand? Two million?

Anonymous said...

"Close" only counts with horseshoes and bombs.

Ben Bittrolff said...

I would say close also counts a bit in financial meltdowns... hehe...

If this report is credible at all, you can take a wild guess as to what will happen to the pound first and UK equities second right off the open Monday.

Anonymous said...

As if they don't pay enough taxes over there.....

Anonymous said...

I'm just a lowly trader/bystander/stay-at-home-mom, and I practically worship at the altar of the Financial Ninja, so far be it for me to doubt your prediction Ben, but it seems to me that this news really shouldn't be a surprise. The pound's been trading like its toast for a couple of weeks. Tons of speculation that Great Britain will need help from the IMF. Plus, the whole world was at the brink of the financial abyss on October 10th/11th. Not saying that we won't be there again, but I don't think that this particular revelation should be the force that drives us there.

don said...

For an interesting view from England:

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The taking of the U.S. has been relatively easy. Divide and conquer, keep the people believing that one of two parties represents their interests, issue them bumper stickers, idiotic cheerleaders in the media, model it after a football game and steal the cash receipts while everyone is preoccupied in the fourth quarter with "the game". We've been duped and it will only get worse until there is no more bread to feed the masses. Hunger is the real spark of revolt, but then again, the real rulers know that don't they? We'll be kept as serfs, just above starvation and the masses will still think it was the other party's fault. Stay smart, follow the money and keep your head low.

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"We've been duped and it will only get worse until there is no more bread to feed the masses. Hunger is the real spark of revolt, but then again, the real rulers know that don't they? We'll be kept as serfs, just above starvation and the masses will still think it was the other party's fault. Stay smart, follow the money and keep your head low."

I tend to agree, once the food becomes scarce, then revolts ensue.
But then we must all be peasants, unless you were born with a silver spoon in mouth like the elites were. The aristocracy wants to keep us a peasants, if they can control the amount of money a corporate exec can make when the economy is tanking, then the aristocracy can control all earnings of all peasants thus keeping the elites in power.

think about it, earnings are taxed, and savings are capped via 401k. penalties for early withdrawl on 401k, or IRA etc. we are hit with a tax no matter which direction we turn.

Unless your in the elite aristocracy. Tax evasion? don't worry, the masses will never know. Heck, we'll even make you in charge, provided you pay those back taxes, with no penalties.

Hunger will be the spark! I smell Bastille day!

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