Nationalisation of Northern Rock signals the End of Banking as we know it
February 19th, 2008It’s astonishing but not entirely unexpected. The British taxpayer is the proud owner of the Northern Rock and 100bln worth of loans. It’s a sad reflection on the state of the UK banking system that they can’t find a buyer for this.
But this simply hastens the decline of the banking system as we know it. In 10-20 years time we will look back on this and see how important this moment was. What the banking system or indeed money looks like remains to be seen but our trust in current arrangements must be questioned.
More importantly for football fans is the Northern Rock’s sponsorship of Newcastle. Surely the taxpayer won’t be happy about this. Supposedly the sponsorship is safe but they said that about Northern Rock.
Tags: bank of england, banking, credit crunch, financial crisis, money, northern rock, sub-prime
March 13th, 2008 at 9:45 pm
[...] of withdrawals from the fund. Now we’ve seen this already in the banking sector when Northern Rock closed its doors to depositors. Last month Scottish Equitable told 129,000 investors that they [...]