UK was 3 hours away from complete collapse (Oct)

[siamesedreamer]

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.

http://www.dailymail.co.uk/news/article-1127278/Revealed-Day-banks-just-hours-collapse.html


Markets should be interesting tomorrow. Keep an eye on the pound's continued freefall:

http://moneycentral.msn.com/investor/charts/chartdl.aspx?symbol=%2FGBPUS

[Bocsius]

You'd think the markets wouldn't go nuts over something that almost happened three and a half months ago. But markets seem to swing wildly and then pull something out of the air as the reason to explain it, as you would also think investors shouldn't be that emo, and yet they are.

[drozmight]

October 10, 2008... the day that almost lived in infamy... unless you live in Iceland (in that case it does).  They should rebuild their viking fleet.

[Bacchus7]

London's suddenly looking affordable.

[Cormacaroni]

I bet all those major investors are very pleased with the British govt. for making them keep their funds in pounds over the past 3.5 months.

[brawndolicious]

I was watching BBC or some euro news channel when it was 1.01 Pounds:Euro and they had this British market analyst joking that they don't want to change currencies because they like the way notes look.  That's actually probably the only real reason.  Which is kind of sad.

[Brehvolution]

Fractional lending

Why is that banks can create money but become scared as shit when people want to take theirs out?

[Eric P]

(Image removed from quote.)

i watched the first episode and just didn't get it.

[elektrikluv]

Going away this summer is going to be so much more expensive than it would otherwise have been  :'(

[ToxicAdam]

I'm still waiting for us to see the bottom of this thing ...

[Tauntaun]

I thought this was something about a unknown virus turning brittons into zombies.

Zombie AIDS!   

[Reb]

Shaun of the Dead was on Dutch TV yesterday.

[Tauntaun]

I thought this was something about a unknown virus turning brittons into zombies.

Zombie AIDS!   

Wel I was in Brittain for the job interview a week before this disaster...

You are the zombie aids king! 

Kosma