bullionmarketplace.com — Northern Rock announced it was seeking financial assistance from central bank. As soon as it was announced customers rushed to lines to withdraw over 1 billion pounds so far. The US Credit crunch has spread across the ocean to rock thousands of customers of the UK's 5th largest mortgage lender. Customers have refused to leave without their money!
Sep 15, 2007 View in Crawl 4
kylegoetzSep 15, 2007
1 million pounds is a f**kload of money to have kept in a single account.
popothebrightSep 15, 2007
Remember folks: You are living in their spin-zone. You don't have "money in the bank". And you have *never* had "money in the bank". Instead, the bank owes you money. Because the reality is that you *lend* your money to the bank. And you do it at the cheapest rates in the industry. Why? Because you believe that they are a good debtor. And they are. That is, until we all believe otherwise at the same moment in time. At which point the game is up.
sjbdallasSep 16, 2007
The scary thing is that it's almost like something out of the great depression to see people lining up to get their money out before it's too late. I agree that it makes things worse for people to rush in to get thier money but if they could get someone on the phone, or the website wasn't dead maybe they wouldn't be so worried. Even worse, they show up and find the bank closed early.
molleradeSep 16, 2007
I wish i had the patience to reply to all of your aggressive responses, but you've clearly not read much on the subject, and it pains me so to descend to your childish behaviors Please remember it doesn't hurt to be polite. I welcome your rebuttal, but refrain from the insults next time.I will only say that of the 2 major sources only one mentions the £1 Billion cash withdrawn and it writes the following "The Daily Telegraph understands from sources close to Northern Rock that the panic generated by news of the emergency funding led to customers withdrawing about £1 billion from their accounts". Sources close to Northern Rock? Who, the cleaner? This is Chinese whispers until someone puts an official statement out.
jeezSep 18, 2007
better yet buy some corn its prices have been going up too I am heading to grocery store to load up on corn pops :p
commondreamerSep 18, 2007
Privately owned Central banks create money out of thin air, then lend it to governments for profit, other banks then take this newly created money and lend out more money created out of thin air at 10 to 1. The 65 trillion dollars in the world economies now are nothing more than a ponzi scheme. If only a small number of people cashed out their accounts in a short time, it will be very clear that this is so. The Fed injected over 300BL $ for "liquidity" that is to say they had to create more money out of thin air so that a very few could take out dollars from their money market accounts. Every Fiat currency in world history has failed, that is a fact. When the derivitives start to unwind, that will be the beginning of the end and a systematic destruction of the middle class
matthew35Mar 21, 2008
Use the internet to do your banking<a class="user" href="http://www.simplyfinance.co.uk/articles/articles/Banking/Types_of_Internet_Accounts.html">http://www.simplyfinance.co.uk/articles/articles/B ...</a>