Tuesday, February 3, 2009

Britain on the brink of collapse?

Off-lately, the voices on the collapse of the British Sterling's future impending doom have gone through the roof.... Since, currency strenght represents the strenght of the economy, hence a doomed Sterling is representative of the doomed UK economy which produces few tangibles apart from limited crude production in the coming times of inflationary (Not now, but in coming times HYPER INFLATIONARY HOLOCAUST) is not far away....

Britain came very close to collapse recently as revealed by one of the government ministers ---- Have a look at the article below ----
A Rabbit In Every Hat
I’d like everyone to take note of this revelation published in the UK’s Daily Mail one week ago:
Revealed: Day the banks were just three hours from collapse
By Glen OwenLast updated at 11:21 PM on 24th January 2009
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.
If the moves had failed, Mr Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits.
But 60-year-old Lord Myners was accused last night of being 'completely irresponsible' for admitting the scale of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure.
The build-up to 'Black Friday' started on Monday, October 6, when the FTSE 100 dropped by nearly eight per cent as bad news on the economy started to multiply.
The following day, Chancellor Alistair Darling began all-night talks ahead of an announcement on the Wednesday that billions of pounds of taxpayers' money would be used to pour liquidity into the system.
Source: Rob Kirby
If this is the situation in Britain, then I would ask how is US placed right now?

Till then cheers

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