Tuesday's Independent at (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!