Now we see just how safe and healthy our economy really is(n't) when a bank; Northern Rock runs out of money and has to go cap in hand to the Bank Of England for a loan. For fuck sake, a bank borrowing from a bank?! Customers are queeing outside branches to take their money out. Yes this may be a media induced panic, but....... Any way I heard a 'financial expert' telling people not to panic, because The Bank Of England could print "as much money as it needed." I shit you not. Isn't this what happened in pre-war Germany? but this time people will be using motorized wheel barrows from B&Q to carry their cash in.
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1 comment:
Aye - its gonna be interesting to see how this pans out. On Newsnight last night they had some economics bod saying that Northern Rock had been admired for its 'financial creativity' up to this point. Kind of like saying that Enron were admired for their 'accounting creativity' prior to them going tits-up.
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