Former Bank of England official Helen MacCaw urged the regulator to prepare in advance for a potential financial crisis that might emerge if the existence of extraterrestrials is officially confirmed. The Times reports this.
According to the publication, MacCaw sent a letter to Bank of England Governor Andrew Bailey, in which she recommended devising an action strategy in case U.S. authorities announce the existence of alien life.
The ex-banker noted that such a declaration is capable of sparking widespread panic in financial markets, leading to massive deposit withdrawals, and endangering the stability of the banking system. She expressed the view that in such a situation, the populace might lose faith in traditional assets and start seeking alternative means of preserving funds, including cryptocurrencies.
MacCaw stressed that even with a low probability of such an eventuality, ignoring it would be irresponsible, and a pre-prepared plan would help mitigate potential consequences for the economy.
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