The headlines read:
Shares in one of the UK's largest mortgage lenders, Northern Rock, were down by 31% after the Bank of England decided to offer it emergency funding.
But experts say it does not mean Northern Rock, which has £113bn in assets, is in danger of going bust.
We Also got pictures of hundreds of people qued up outside branch offices...
Do you think peoples panic will tip us over the edge?
2007-09-16 03:46:04 · 5 answers · asked by BigBadWolf 6 in Social Science ➔ Economics
in case you didn't know On Friday Thousands lined up to withdraw their money from Northern Rock in fear of the bank going into default.
http://news.bbc.co.uk/1/hi/business/6994328.stm
2007-09-16 03:50:16 · update #1
In our lifetimes we've seen the collapse of the USSR, wars fought over oil reserves, banks being swallowed up by even bigger banks, and we still just get up in the morning and go on about our business.
Do people fear global economic collapse? Nope. They don't even fear global warming! We are a huge society of ostriches that simply see our own little sphere of life. Like ostriches, people will panic, and they will run amok and eventually they'll all sit down and start over. Then again, sometimes the worst case scenario is just so outside the human realm of understanding that we don't panic. We just follow along and hope for the best.
That's what I think will happen. Economically, most of us are powerless to make any effective change so we'll just deal with it and hope for the best.
2007-09-16 04:00:13 · answer #1 · answered by tupi 3 · 2⤊ 0⤋
Our economic system is unsustainable and it will eventually collapse whether or not we fear it.
The big question IMHO is whether the economy will collapse first or we will kill the planet first. If the economy collapses first we still have a chance of saving the planet.
I say a chance because as we know, history repeats itself. We don't seem to ever learn and whoever survives an economic collapse will probably rush to restart the same system.
2007-09-16 11:02:52 · answer #2 · answered by walyank 6 · 1⤊ 0⤋
Do you think peoples fear of a global economic collapse, triggers a global economic collapse ?
Well
If THAT be the case
HERE IT COMES !!!!!
2007-09-16 10:52:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes....Prepare for the end...lol
2007-09-16 10:51:46 · answer #4 · answered by FREE4ALL8 3 · 0⤊ 0⤋
no
2007-09-16 11:06:00 · answer #5 · answered by Rana 7 · 0⤊ 0⤋