Bank Of England Panic! Scottish Independence Bank Run Already Underway!

Market Oracle Nadeem_Walayat Whilst most of the people of the UK are focused on the increasing frenzy of the too and fro politicking going on in Scotland in the build up to September 18th referendum, unbeknown to most including the mainstream media is that there is already a bank run underway not only in terms of flight of capital from Scottish banks but that is hitting the whole of the UK hard in terms of capital outflows. Understand this - It does not matter what the Bank of England states following a YES vote on September 18th - There will be a run on Scottish Banks by panicking depositors just as there was on Northern Rock. UK Accelerating Capital Out Flow Whilst the epicentre of the bank run is Scotland as Scottish banks haemorrhage bank deposits, however the risks of Scottish independence is resulting in a flight of capital out from the whole of the UK which so far this year has seen more than £100 billion leave the UK which is set against an inflow of approx £50 billion for 2013. And the amount of capital outflow is accelerating as evidenced by the mainstream press recently partially waking up to what is taking place by reporting on the £17 billion of outflow for the month of August alone.



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