UK just 48 hours from banking collapse

sb44

Just found this online at the People online but it looks like it was taken from http://banking.einnews.com/?offset=60 , by Nigel Lawson.

http://www.people.co.uk/news/tm_headline=uk-just-48-hours-from-banking-collapse%26method=full%26objectid=20999896%26siteid=93463-name_page.html

The scary bit is ' In an extreme scenario, people would not have been able to withdraw money from cashpoints.They could have been forced into an exchange system for goods'.

1echidna

Interesting how it was painted at the time by the authorities. Recapitisation in response to stress testing of the most extreme scenario which might occur. No mention of imminent collapse although some immediate trouble could be deduced from big falls in RBS share price which was said to be due to false information. Bit reminiscent of wartime.

mvengemvenge

The world's banking system is largely built on confidence. If that disappears completely, the whole edifice will crumble. They are terrified of letting the public know how bad it is and how bad it's going to get over the next couple of years.

PasturesNew

I always knew to have a pile of cash as I knew it was close to being unable to get cash out.

louiser123

amazing reallly, i remember the days wages were paid in a packet and you had the say where the money was kept, i appreciate the safety aspect of the wages run but flaming hell it was like that for years now you have no choice but to use a bank and once its in there it is a possibility although very slim but a possibility all the same we could all wake up one morning and be unable to get our money out at all!!

Gorgeous_George

Your cash would be of little use if bartering was the name of the game.

GG

xmaswoes

im in an overdraft....technically the $ aint mine anyway

mvengemvenge

PasturesNew wrote: »

I always knew to have a pile of cash as I knew it was close to being unable to get cash out.

Good idea, just a shame most of us haven't got a pile like that.

iltisman

Gorgeous_George wrote: »

Your cash would be of little use if bartering was the name of the game.

GG

Those notes with Betty Windsor on may be of little use but the USD will always be worth having. I panicked out of HBOS and went to Dollars at 1.75.

bo_drinker

So how long would it take Gordon to weigh out what he covers if they do go t1ts up. Just sold a house and we have it spread all over..

hethmar

I think the key words are "extreme scenario". Of course every possibility would have been discussed at any meetings. I think scare mongering is unwise at any time though.