HowardNorthern Rock n Roll
With the near collapse of Northern Rock, bank and mortgages, the United Kingdom is seeing the worst bank runs since the 1930s and Great Depression. Can it get worse? A lot worse. If the US or UK or ECB tries to bail out the bankrupt hedge fund, then the dollar in particular will become hyperinflated in a strange but horrible way. That means mass social unrest.
Perhaps some bloggers in the UK can give some personal recollections of the last few days of bank run in the UK of Northern Rock. We have gotten British press reports of mass lines and hysteria, forcing police to come and banks to close.
On Friday, Sept. 15, long lines of angry and frightened depositors line up outside of all 72 branches of the British bank, Northern Rock, aka Northern Wreck. Police were called in to chase depositors away in Glasgow, Scotland, and the branch was closed. It was a "classic bank run."
The online banking website crashed as well. Headlines such as "Customers Dash for Cash as U.K. Bank Gets Handout," and "Police Help To Disperse Northern Rock Queues," were the order of the day. In contrast, there was a deafening silence in the U.S. local papers, with small mention-- and no pictures. Already US$2 billion has been withdrawn by depositors.
Really Long Link
Perhaps some bloggers in the UK can give some personal recollections of the last few days of bank run in the UK of Northern Rock. We have gotten British press reports of mass lines and hysteria, forcing police to come and banks to close.
On Friday, Sept. 15, long lines of angry and frightened depositors line up outside of all 72 branches of the British bank, Northern Rock, aka Northern Wreck. Police were called in to chase depositors away in Glasgow, Scotland, and the branch was closed. It was a "classic bank run."
The online banking website crashed as well. Headlines such as "Customers Dash for Cash as U.K. Bank Gets Handout," and "Police Help To Disperse Northern Rock Queues," were the order of the day. In contrast, there was a deafening silence in the U.S. local papers, with small mention-- and no pictures. Already US$2 billion has been withdrawn by depositors.
Really Long Link
