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01-23-2009, 09:00 PM #1
UK Gambles National Solvency To Bail Out Banks
UK Gambles National Solvency to Bail Out Banks
January 22, 2009 | From theTrumpet.com
For the first time since the Middle Ages, Britain itself could default on its debt. Is the UK government now in the same boat as its banks? By Robert Morley
The UK financial sector is in collapse. Rather than let the banks fail, the government is risking it all in one giant high-stakes gamble to prop up the system. It is really a no-win situation, however: Even if the bet pays off, the best the economy can expect is a slow grind-down. If the bet doesn’t pay off, the UK faces national bankruptcy. The fate of Britain’s whole economy may hang on this gamble.
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