Bank run

What would appear to be the first of many to come across the insolvent West:

A slow steady bleed has turned into a mad dash for cash at Allied Irish Banks. Allied Irish Banks has had to rely on Central Bank funding as customers withdraw $18 billion, a stunning 17 percent of its deposit base. Without Central Bank funding, there would indeed be outright panic.

Of course, this can’t happen in the USA where bank deposits are insured by the FDIC… which happens to be in the red.

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