I went to the bank today, Halifax (HBOS), only to find it virtually empty with new paper money being the only bank notes available in these very hard times of a credit crunch. So now I have crispy uncirculated £10 and £20 notes to add to my collection. But at what price?
Didn't we see this coming? Bad debts have piled up for years, and bad credits for decades so we now stand at a point where uncertainty in the financial market is about to take over our econmic lives as we once knew it.
Is your bank going to go under? My simple advice is this, diversify now! Don't keep all your money in one account. Find out the maximum amount that the government will cover each banks account for and keep only that amount in each account.
I like the new notes keep the ones you need to and lets pray that the powers that be will take whatever steps to nip this thing from spreading any further. This is wishful thinking, as action really should have been taken a long while before.
The town of Lewes with their newly launched Lewes Pound has taken their financial destiny in their hands and it might be working! For the rest of us we can only hope that the credit crunch wont drowm our banknotes any further!