2008-02-19

Northern Rock is ... nationalizated :)

Northern Rock takeover marks risky bet for U.K.
http://www.moneyweb.co.za/mw/view/mw/en/page94?oid=193996&sn=Detail

Comment from someone:

Translation: The bank is insolvent.

The Central Bank will print as much money as necessary to make the depositors believe the bank is not. The depositors will say, 'Everything's OK', for now, but it is not... way not, as we know.

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