SPECIAL FLASH FROM THE UK: THERE HAVE BEEN LINES OUTSIDE NORTHERN ROCK BANKS ALL OVER THE COUNTRY, RUN ON BANKS IS AMAZING TO SEE IN PERSON

Never in my life did I think I'd witness a real run on the banks. But that's exactly what's happening here in England today and is still going on tonight. PANIC is in the air, the BBC is running non-stop coverage, the papers are ablaze, and it's like a virus has just gotten loose.

There are still people queuing outside of Northern Rock locations all around the country right now. The media is reporting that branches will stay open as long as queues are still forming. Panic is everywhere, all the papers leading headlines were about the panic, creating more panic, and a classic bank run is underway.

In England, savers are only protected for 100% of the first £2000 and 90% of the next £33000 - and that's it, after that, if an English bank fails, the saver loses EVERYTHING. Thus the queues and panic. And calls by people on TV right now to "remain calm" and "don't be irrational".

A Special HousingPANIC message to Northern Rock savers: Get your money out of there tonight if you still can. And for UK homedebtors - your housing Ponzi Scheme is over. The UK housing and credit bubble have burst. Get out now, get out fast, and thank us later.

Northern Rock customers queue for cash as crisis hits high street

The credit crisis spilled onto Britain's high streets today as worried Northern Rock customers queued up to withdraw their savings.

Their fears were prompted by the revelation this morning that Britain's fifth-biggest mortgage lender had to ask the Bank of England for emergency financial assistance.