Barclays chairman: death spiral of withdrawals & falling share price
Steve Wallis
Bernard Madoff's £50bn fraud, with many banks facing big losses, the
prospect of Barclays running out of money becomes even more likely!!!
Tuesday's Independent at
http://www.independent.co.uk/news/business/news/barclays-board-faces-down-shareholder-outrage-1033924.html
(and a lot of other news sources) reported a remark by Barclays
chairman Marcus Agius at the bank's shareholders' meeting of it having
faced a "death spiral" of falling share prices and depositor
withdrawals. The falling share price was nothing special; whereas it
has recently fallen by about 80% recently, some other banks have
fallen by 90%. However, the scramble by those with accounts at
Barclays has undoubtedly been dramatic - and this death spiral is
undoubtedly massively escalating, unstoppably and very quickly.
Bearing in mind that tens (if not hundreds) of thousands of people
read my messages (and I'm sending this far and wide as usual) and I
have already predicted Barclays will go bankrupt a few times (twice
causing 10% falls in its share price within 24 hours), people will
take this warning from me very seriously. Incidentally, a Google or
Yahoo search for "Barclays bankrupt" yields a message from me top (MSN
censors my websites), so I already have an international reputation
for such predictions!
The first £35,000 of deposits I think is guaranteed by the UK
government (check www.fscs.org.uk for details), but will they pay up
(insuring bonds has gone from £1,000 to £9,000 per £1 million since
May due to the £500 billion bank bailout and predictions of massive
government borrowing, so the British government may not be able to pay
out even if it wants to)?
Even if you get your money back, will it be before Christmas? No! Will
foreign depositors get their money back at all? No! Even if the
governemnt says it will and offers to, I'll make it my top priority to
organise mass demonstrations against wasting such massive amounts of
money! And I'm an internationalist not a nationalist; indeed I was
motivated in forecasting Barclays' downfall by their despicable role
in propping up the apartheid dictatorship in South Africa!
--
Steve Wallis (Manchester, England)
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