Posted on 09/17/2007 3:05:17 AM PDT by Flavius
STAY calm, don’t panic. The Northern Rock bank is not bust even though it has had to be propped up by the Bank of England -so say the government and City bigwigs, writes Richard Woods.
But as millions of people digested these messages late last week, a deadly logic took hold. If everything was fine, then what was wrong with nipping down to the nearest Northern Rock branch and removing deposits to some other, perhaps safer, bank?
Queues swiftly formed outside branches, and yesterday they were even longer than the day before. In Leeds more than 300 people queued at one branch. In Golders Green, north London, 250 people were waiting by mid-morning; when the branch closed at 2pm, scores still queuing hurled abuse at bank staff. Police had to placate the angry crowd, some of whom said they would return tomorrow morning.
(Excerpt) Read more at business.timesonline.co.uk ...
4B pounds so far...
somehow people dont trust the men in suits
It’s the beginning of the end of unbacked paper money. Buy Gold now!!
I’d buy some gold if I had money! But alas I’m broke...
What a coincidence!..
Still, if you have a bank where only a minority of customers are depositors this is what happens.
The general public probably won’t awake to gold until it exceeds $1000 an ounce.
Or property.
Property is harder to steal and take away in your backpack.
do you know what it is in now?
Even when most people buy gold, they’re buying paper that says they own gold.
Still common stocks but I don’t believe the average investor has seen gains in their portfolios for a number of years.
The gold stock market is small and when it begins to rocket you’ll know the public’s attention has been caught.
If England uses the expediency (i.e. economic crime) of “fractional reserves” like we do in the U.S., they don’t have enough money to pay everybody.
And if any of their “assets” are in crap mortgage bonds, then they REALLY don’t have enough money to pay everybody.
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