UK was only three hours away from complete financial collapse

We only learn about this months later. And now they are almost back in the same position.

Britain was just three hours away from going bust last year after a secret run on the banks, one of Gordon Brown's Ministers has revealed.

City Minister Paul Myners disclosed that on Friday, October 10, the country was 'very close' to a complete banking collapse after 'major depositors' attempted to withdraw their money en masse.

The Mail on Sunday has been told that the Treasury was preparing for the banks to shut their doors to all customers, terminate electronic transfers and even block hole-in-the-wall cash withdrawals.

Only frantic behind-the-scenes efforts averted financial meltdown.

If the moves had failed, Mr Brown would have been forced to announce that the Government was nationalising the entire financial system and guaranteeing all deposits.

But 60-year-old Lord Myners was accused last night of being 'completely irresponsible' for admitting the scale of the crisis while the recession was still deepening and major institutions such as Barclays remain under intense pressure.

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So, what was it that Paulson and Bernanke said to Congress?

What exactly did Paulson & Bernanke say to Bush and Congress to get the TARP? was that also going on inside the U.S.?

Great now that billions, billions, billions has been dumped into the banking system, financial sector the U.K. is right back to where it started from. Awesome way to deal with financial reality here.