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hellsbells

Are Building Societies Any Safer?

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OK - just watching the breaking news about NR. Most of my cash in in a building society - now I don't really know how it works but I believe the rules for borrowing money are different for banks and building societies - is this correct? Does this mean that bldg socs have less exposure to CDOs etc? Is my money safer in a building society at present? Can someone who knows about these things advise???Please?

Thanks,

Hellsbells a'ringing

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Nobody can tell which bank or building society is safe now. Not even the wizards at the BoE.

What you are seeing are the very early effects of a credit derivative meltdown. It is a chain reaction which will leave few banks standing unless Central Banks start hyperinflating massively. Not that the latter is any better as it will destroy the value of all currencies.

I think the BoE will let some medium size bank collapse in order to try and convince everyone that they are not bailing out the bankers and that they'll not hyperinflate, but in the end they'll be forced to when it spreads to a large bank - probably Barclays or HBOS.

Please don't forget the signature. 100% correct, guaranteed.

If this does happen, am I correct in thinking it would be better to have a physical asset, even if it is property rather than worthless paper or virtual digits?

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