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Computer Glitch Makes Barclays Accounts Inaccessible Saturday, Thousands Unable To Withdraw Funds
At a time when the UK banking system is massively underwater, and exists only due to billions in ongoing daily government support, the last thing the country (or any other) needs is a forced locked out from one's bank account. Which is precisely what happened over the weekend in the UK, when Barclays clients were unable to access their accounts, or withdraw cash with no advance notice. Reuters reports that "thousands of Barclays customers in Britain were unable to access their bank accounts or withdraw money from cash machines on Saturday after a system crash caused chaos nationwide." Hopefully no cyberterrorists get whiff of this most easy way to create a nationwide financial panic like no other: with everyone's nerves continuously frayed courtesy of broken capital markets, and investors and savers pulling their money out of stocks and putting it into bonds and mattresses, the last tipping point would be an unexpected "crash" that locked out all ATM machines in America.
More from Reuters:
The problems, which began at around 1230 GMT, hit telephone and online banking services and caused frustration at retail outlets as embarrassed shoppers were forced to abandon purchases at the till.
Barclays' telephone banking centers were inundated with calls from customers, many of whom were angry at the lack of information. A Barclays spokeswoman was unable to elaborate on the cause of the problems.
"We became aware of a problem earlier in the day," she said. "We apologize to customers for any inconvenience."
At 1915 GMT, access to online accounts was still being denied and calls to the helpline suggested the problems were ongoing.
Hopefully the UK banking system did not decide to take advantage of this temporary reprieve to fix its repo market, by shifting all deposit accounts into, say money markets for the duration of the outage, claiming all is well. In light of recent revalations that Spain has been using its Social Security Funds to purchase its own sovereign bonds (an expansion of our own Ponzi scheme to previously unimagined levels), nothing would surprise us any more.
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"All your dollarz belong to us"
*cough* ahem.
I think you mean "all your dollarz are belong to us."
You are correct on that. Good looking out.
So the question I have about this situation is how much did sales actually drop due to this outage?
explains why Barclays stock is up today ?
Charles had a good game saturday?
Please refresh my tired old brain for me. Where did the "are belong to us" mis-phrase originate?
Zero Wing was an early ('89) video game with some brilliantly translated dialog among the characters in the intro-splash.
"All your base are belong to us."
"Someone set us up the bomb!"
"You have no chance make your time."
Then you flew a little spaceship and shot up everything...
Thank you.
It appears the (mis) phrase had significantly more staying power than the actual game it sprang from. Isn't that how so many fun and informative social quirks and tics grow and flourish?
teh
+++ CogDis!
Then somebody made a nifty little video:
http://video.google.com/videoplay?docid=-4826944407865830684#
That and "I Kiss You More" were some of the first really big viral videos.
Now now my darling sweet Michelle, you're giving your age away.
Or am I giving away mine? Maybe this is my verbal Depends moment? :>)
The I Kiss You guy (Mahir):
http://www.youtube.com/watch?v=RdLFRyflCzM
Sounds like an Russian inventor made out..............LOL
What happen? Somebody set up us the bomb!
We get signal: Gentlemen, all your base are belong to us
you are on the way to destruction what you say!
Give cones change the machine! You have no chance to survive make your time
take off every sig! Link a fast ether lord fucking net ascending
for great justice.
to lock out atm machines in America, you would need to lock out everyone's home line of credit. Oh wait, it's already been locked out.
Precious dollar bugs take note.
If dollars become THAT precious, they gonna just take them from you.
Note, Bitchez!
GGS: Gold, Guns and Spam.
Caviar, as always a great comment.
I would add having a BUNCH (6 months worth if you can) of FRNs just for situations just like this (banks going down). $100s and $20s. Put them right there next to your gold.
Maybe Someone hit the "cobra" software lock down key by accident/test .
Remember this..
"Financial Services Authority demanded 60-minute updates on cash flooding out of the bank's branches and hole-in-the-wall machines in the days before Britain's historic bank bailout"
http://www.guardian.co.uk/business/2009/oct/11/banking-crisis-one-year-on
Capital (outflow) controls. Bitchez.
What a coincidence. Just today I wired a lot of money to one of our suppliers. Our company in Peru now owes me a lot of money. <--- That equals, in a way, an important way, that we have substantial assets outside the USA, all legal but those assets would be very hard to be forced back here.
You know, just in case someone wanted money belonging to us...
...
A_MacLaren raises a great point. Those who can ought to consider getting some money out of the USA while you can. Do it legally.
Money / assets outside the USA is yet another form of diversification. Diversification is a topic that I am very interested in.
Diversify, bitchez!
God forbid, they've been trying to get the (all-in) consumer to consume, to go all-in again. Then just when the poor soul reaches the point of sale, he's rejected? Talk about burning you're fingers on the hot stove. Oh the humanity.
Wasn't too long ago that such an event would have been met with a collective sigh, people saying something along the lines of, "Damn, needed some cash - but oh well, something must be down somewhere, it'll be back up soon."
Now, the likely as not reaction is something like "SH*T - THIS IS FREAKING IT!!!ELEVENTY!!!"
Especially in the UK - seems like people I know there have been waiting for the other shoe to drop for about 18-months.
Moral to the story? Damned if I know - but it does seem interesting (to me, at least) we're seeing once again that panics never happen in a vacuum.
I'm investing in glitches. It's the future.
Don't laugh. It's all too kewl to be investing in Black Swan events.
I'll take two tweak freaks and wtf bomb.
Glitches bitchzes.
Someone had to say it.
Glitches bitchzes.
Someone had to say it.
Hey, do we know for sure our honorable leadership hasn't ALREADY used SS funds for stealth purchase of US bonds? I suppose with Chopper Ben's crew manning the controls they wouldn't really have to, since the debt can be monetized with a phone call or two and a few keystrokes.
Let's just say if it turns out our SS funds were also being used to prop up the bond market.....I'd be so shocked I would probably yawn or something.
Nothing this gang of shyster criminals does surprises me anymore.
I thought all of the SS "trust fund" monies were already invested in US Treasury notes. The politicians have raided the "lockbox" over the years to pay for various weapons systems and foreign wars, among other purchases...
Your biggest mistake is thinking that the GV'T has one dollar that's in the Black, to use on anything.
SS revenues have been going into the general fund since the Johnsom years: guns and butter.
> ATM STOP
401.1 = The new bank holiday.
404 error. Bank not found.
Next time they should let it last for longer than 24hrs. Just long enough to get the point across that without a global currency, the Powers will stop at nothing short of total monetary collapse. This was a very clear "We own you" statement.
Xib,
I would bet money that Barclay's Cking accts, and Savings Accts, are short a lot of cash, and Brit's will be stashing EXTRA from here out.
Bank it!.
In a british accent...
"This is London!.testing, testing..one...two...three".
later...
Official:"Sir, Bank run failsafe successfully tested".
man with monacle, stroking white cat:"Exceeeeleeeent!"
i have to type this again :
"Remain calm , all is well -"---"Animal Farm"
No, that would be "Animal House".
Actually the signature line from Animal House is "You f**cked up. You trusted us." (Otter to Flounder after wrecking his car)
"Some animals are more equal than others" is the signature line from Animal Farm.
I doubt there's any cause for concern. It was probably just caused by a problem with the version of McAfee antivirus on those Diebold ATMs.
Why would they need to withdraw money, when the markets always go up in the long-term.
/snark
I guess the crooked bankers are begging to be shot.
The long-awaited economic "recovery" will be driven by a boom in pitchfork and guillotine production.
Constable (in "Young Frankenstein"): "A riot is an ugly thing -- I think it's high time we had one!"
Updated S&P500 chart:
http://stockmarket618.wordpress.com
I read an article a few months ago about how they are raiding safe deposit boxes in England looking for cash and guns. Mattresses bitchez.
Something was going on behind the scenes and it wasn't no computer glitch. I agree with you Tyler, Money Markets in the UK might have needed alot of money for 24 hours and they hid that they had the money via taking the money from the deposits and making it look as if they where solvent. After reading about Spain using 90% of their pensions to invest in Spanish bonds, tells me that we aren't to far from another world shattering economic fiasco and this time we will see countries and states default.
It's true. I've been in the Barclays computer room. They have a large red lever labelled REVERSE. They throw that, all the money in the ATMs gets sucked backwards into the banks.
If I hear Barclays correctly, Barclays is sound, last weekend's system wide demand dishonor was just a "computer glitch" and there's nothing to see here folks. Maybe, but wouldn't it be prudent to withdraw all your cash immediately? You know, like, just in case? If the Barclays pyramid is as robust as they say, then it won't make any difference. Heck, a user-administered stress test could actually build confidence. Or is that what we just had?
Thanks for such a great post and the review, I am totally impressed! Keep stuff like this coming!...
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