Thursday, Nov 20, 2008
Stony Broke Fresh Rumblings From Northern Rock
FT Alphaville: Stony Broke Fresh Rumblings From Northern Rock
A serious trauma for the UK mortgage market
Posted by crocked @ 08:56 AM (499 views) Add Comment
4 Comments
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1. jack c said...
Excellent informative post crocked !
2. Letsgetreadytotumble said...
Would somebody be kind enough to translate this into English please.
What are the consequences of this and do I have to wear my tin hat sooner or later?
3. planning4acrash said...
Basically, and this is the problem with COMEX gold, all these securities, etc are fractional, so, too many people demanding delivery of cash or physical goods = default. If Granite defauls, as it will, its bankrupt, so, N'Crock & govt gets nothing, ever.
4. mark wadsworth said...
Good find!
@ P4AC, this is not the end of the world as we know it. So, NR can't repay its creditors in full and they lose 10p or 20p in the £1. So what? Instead they get 80p or 90p in the £1 and move on with their lives. Unless our gummint is guaranteeing all this as well (who knows?).