BBC News – World War One’s financial crisis – parallels with 2008

Queues in the City, banks raising cash in a hurry from the authorities and a rush to obtain gold – sounds like September and October 2008?

No, this was late July and early August 1914. Even before a shot had been fired by a British soldier, markets were gripped by fears of the consequences of war.

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It is a story which in the 100 years since the outbreak of World War One has not been widely chronicled.

Former Bank of England Governor Mervyn, now Lord, King said at the height of the 2008 banking crisis that it was the worst since August 1914.

BBC News – World War One’s financial crisis – parallels with 2008