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Police in Sheffield were actually turning people away and preventing them access to there money.
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Police in Sheffield were actually turning people away and preventing them access to there money. -
That is not what the BBC reported on BBC World. They showed the police in Sheffield controlling a long queue with one officer with a megaphone requesting people to disperse and come back on Monday as the bank had closed after being open for exceptionally long hours.Originally posted by The PIT View Post
I'm surprised that someone hasn't come up with 'Northern Rocky'
I must admit that I have never understood this kind of panic withdrawal. It would seem symptomatic of bad money management. One does not put all one's gold coins in a single sock.
Brian (the devil incarnate)
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Well it doesn't look the message "The Bank is safe" is getting through. It maybe the first bank to go under since the 1930's if people keep withdrawing.
In reality it's a victim of the poor lending strategy now it practised in this country and abroad.Comment
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No, it is a victim of violation the golden rule of banking; fund long assets with long liabilities. That is what most of the crisis is about.Join MURCs Distributed Computing effort for Rosetta@Home and help fight Alzheimers, Cancer, Mad Cow disease and rising oil prices.
[...]the pervading principle and abiding test of good breeding is the requirement of a substantial and patent waste of time. - VeblenComment
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Are the banks in England not federally insured? Over here, we don't have runs on the banks because your money is guaranteed to be there by the US Government. (Not that they aren't ALSO running a huge deficit, but that's another story entirely!)The Internet - where men are men, women are men, and teenage girls are FBI agents!
I'm the least you could do
If only life were as easy as you
I'm the least you could do, oh yeah
If only life were as easy as you
I would still get screwedComment
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When you have exclusive control over the mints, you don't worry about having enough money. You just worry about the money being worth less.
KevinComment
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Doesn't look like it. I think the bank will become an ex bank pretty shortly unless the BOE and the Government do something.Comment
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Yes Gurm, they are. However, like everywhere, there is a cap to the insurance policy (per capita) and it takes time to work out. Then there are those who do not believe it are do not find enough comfort in the insurance.
I don;t think NR will become an ex-bank, i.e., go bust, but it may be subect to a take over soon.Join MURCs Distributed Computing effort for Rosetta@Home and help fight Alzheimers, Cancer, Mad Cow disease and rising oil prices.
[...]the pervading principle and abiding test of good breeding is the requirement of a substantial and patent waste of time. - VeblenComment
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Well People are lining up again this morning despite being assured they're Money is safe. Of course removing all the money makes it worse. Northern Sinking Rock did try to sell before the loan however there position and the present world wide problem in lending Money for such take overs prevented this from happening.
Aside from the queuing, today the bank should find out how much has been withdrawn via the internet. This maybe up to 10 billion compared to just under 2 billion withdraw from the street.Comment
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