UK 'On Cusp Of Second Banking Failure'

[irishspirit]

High street banks are on the verge of another credit crunch and taxpayers may be forced to plug a £25bn-a-month funding gap, an economic think-tank has claimed.

Faced with a huge financial black hole, the New Economics Foundation (NEF) has said the banks could turn again to the Government for support.

According to its report - Where Did Our Money Go? - an estimated £1.2trillion of state cash has already been pumped into the banking system.

However, NEF has described a "shocking" lack of information about how that money has been used and demanded "urgent reform".

The report warns that the industry is on a collision course for a severe funding crisis when current financial lifelines are withdrawn.

In particular, there are fears over the Bank of England's Special Liquidity Scheme - a vital source of money since the credit crunch - which ends in 2012.

http://news.sky.com/skynews/Home/Business/Banks-Facing-Second-Credit-Crunch-New-Economics-Foundation-Report-Says-Banking-System-Set-To-Fail/Article/201010115750551?lpos=Business_First_UK_News_Article_Teaser_Region_0&lid=ARTICLE_15750551_Banks_Facing_Second_Credit_Crunch%3A_New_Economics_Foundation_Report_Says_Banki ng_System_Set_To_Fail

[Fredkc]

Faced with a huge financial black hole, the New Economics Foundation (NEF) has said the banks could turn again to the Government for support.
You would think people would begin to start thinking about getting a clue.

The last couple years have seen the biggest world-wide financial swindle in human history!
It worked so well, they are all set to do it again!

"Broke" (on paper) yet vacuuming up every shekel they can get their greasy hands on, "or else!".
We so need to call this bluff.
Fred

[norman]

We so need to call this bluff.
Fred


Absolutely!.... The bailout cash has been spirited away for something. I'm undecided if it's for what Ben Fulford is on about or if it's a strategic manauver to come back "in" buying up everything for cheap.