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Realistbear

" Fears Grow For British Economy As Panic Over N R Spreads"

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http://money.guardian.co.uk/news_/story/0,,2169950,00.html

Fears grow for British economy as panic over Northern Rock spreads

Experts warn that a decade-long borrowing binge has left Britain dangerously exposed to the fallout from the global liquidity crisis

Heather Stewart and Heather Connon a.k.a. "The Two Heathers"
Sunday September 16, 2007
The Observer
US Treasury Secretary Hank Paulson flies in to London tomorrow to discuss the worsening global credit crisis with Chancellor Alistair Darling, as fears intensify that the lending squeeze could be the last straw for Britain's buy-now-pay-later economy...../
City economists warned that a decade-long borrowing binge had left the UK economy dangerously exposed to the fallout from the credit crunch. 'I think the UK is extremely vulnerable to this,' said Danny Gabay, director of consultants Fathom. 'The UK has a double vulnerability. We are vulnerable because of our hugely over extended consumer sector, and because of our large financial services sector.

So its come to this. It amazes me that it has taken this long for the papers to summarize the Miracle Economy. Haven't most of the bear been saying this very thing and hasn't the Observer said HPC.co is a doom ongering website full of extremists?

I have to admit I think I may have underestimated the severity of GC2 as I did not picture a run on a major bank or Brown having to deal with Paulson this early in the crash.

Get ready--a sterling crisis could come as early as this week.

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Get ready--a sterling crisis could come as early as this week.

The Sterling Crisis started last week, crashing against Gold, and at yearly lows against the Euro.

The pound will be punished.

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