Monday, September 17, 2007

Northern Rock watch

Well Northern Rock is still headline news despite nothing more happening. Yawn this story is getting old. The media even the venerable BBC have started interviewing pensioners in the bank queue's who are worried about their pension. Yet, the bank has not collapsed and will not collapse. It is backed by the Bank of England, the government has now gone as far as saying it will guarantee all deposits at Northern Rock.

So why are people still withdrawing money, because the media say so and because everyone else is. Seriously where is the story now. The only story now is 'media seek to undermine the UK banking system'.

The stock market is also looking for the next vulnerable target try to make a profit if another bank hits financial difficulties. The one flaw is that the whole financial system is based on trust. In society we find it difficult to trust any more which can only lead to further instability in the future.

The media and those that do what the media tell them to do or think are part of the problem.

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