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Reply #41: I agree with you. [View All]

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cliss Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Nov-04-07 04:06 PM
Response to Reply #34
41. I agree with you.
I think London is the Achilles' Heel of the banking system.

Recall, about 2 months ago the Northern Rock bank had a run on its bank. Depositors were cued up around the building in a long line.

There was absolute PANIC behind the scenes. Northern Rock was in fact insolvent at that time, because of its subprime mortgages.

The Bank of England stepped in, and bailed out the bank. So the Bank of England is now the proud owner of a largely worthless portfolio of subprime mortgages. England is vulnerable right now.

So yeah I think you're right it could very well start in London.
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