Would You Trust New Labour With Your Savings?
In a moment of serendipity, Saatchi now have the New Labour account, just as Gordon pronounced his revised opinion of Margaret Thatcher as he invited her round to tea. Perhaps it's not going to be long before New Labour rebrand themselves as New Conservatives. This would deal Cameron the knockout blow and probably wouldn't get to much flak from the ever decreasing supine and spineless party members.
The images of long queues outside the Northern Rock offices up and down the country are reminiscent of the old slogan "Labour Isn't Working" from '79. watching people being interviewed, it is clear that they are not panicking but simply do not believe the reassurances Blackadder Brown and Captain Darling are giving.
In this way, we are shown the terminal results of years of spin and presentation. The Great British Public have always had a healthy contempt for politicians and their promises and those members of the GBP who have their savings in Northern Rock are watching the political reassurances and asking themselves if they trust New Labour with their savings.
The results are splashed all over the news. People are actually voting with their feet. And it seems that there is worse to come. Looks like the October election's off.
The media are not making
The media are not making more of the fact that many banks are having to
be bailed out by their respective governments all over the world at a
cost of many hundreds off billions of pounds in the last few months,
there comes a point where the money will run out and bailouts stop, and
then? everything will come down like a pack of cards?.
20 August 2007...
On Friday it was announced that SachsenLB, a bank owned by the German
state of Saxony, had to be bailed out to the tune of 17.3 billion euros
($23.3 billion).
http://www.wsws.org/articles/2007/aug2007/bank-a20.shtml
"Problems over Northern Rock
"Problems over Northern Rock sale"
"A number of banks have eyed up a takeover for Northern Rock - but no
deal looks likely in the short term, the BBC has learned."
"The mortgage lender saw almost a third wiped off its value after it
asked the Bank of England for emergency funding."
"But BBC business editor Robert Peston says that no other bank wants
the responsibility of financing its assets."
http://news.bbc.co.uk/1/hi/business/6997264.stm
http://tinyurl.com/2vtwam
The Great
The Great Depression...
http://www.isop.ucla.edu/profmex/volume1/4fall96/Art3/Great.html
"The World in Depression, 1929-39"
http://www.mtholyoke.edu/acad/intrel/depress.htm
THE RECESSION IS HERE
by Richard Benson
Benson's Economic & Market Trends
September 14, 2007...
http://www.financialsense.com/editorials/benson/2007/0914.html
The cause of it all...Thatcher...
http://www.indymedia.org.uk/en/2007/09/381020.html
"It emerged this weekend
"It emerged this weekend that several financial institutions have run the slide rule over Northern Rock in recent weeks, as its advisers Hoare Govett and Merrill Lynch battled to avert a Bank of England bailout by finding a buyer."...
http://money.guardian.co.uk/news_/story/0,,2169950,00.html
I thought bailing out
I thought bailing out business was tabu in a totalitarian capitalist world. Remember the fuss when the Italian government tried to bail out Alitalia. Surely, retrieving ill gotten bonuses in the City would at least help to plug the gap for a while at least.
Was that October election or revolution, the former looks no go, but the latter could be triggered by a collapse in the banking sector. You can bet the mega-rich are well protected.
"The danger, which many
"The danger, which many commentators are pointing to, is that the Fed will ignite a hyperinflation, which may be what is happening and may actually be intentional because it devalues debt. It’s what happens when debt is used to pay off debt and is in fact an invisible tax. Such inflation is difficult to discern, again because of the government’s rigged statistics. The most important indicator to watch is the price of oil, which doesn’t show up in “core inflation.”...
http://globalresearch.ca/index.php?context=va&aid=6575
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Paul Grignon's 47-minute
Paul Grignon's 47-minute animated presentation of "Money as Debt" tells in very simple and effective graphic terms what money is and how it ... is being created. It is an entertaining way to get the message out.
Related Fears grow for
Related
Fears grow for British economy as panic over Northern Rock spreads
"Experts warn that a decade-long borrowing binge has left Britain dangerously exposed to the fallout from the global liquidity crisis "
---
"even if the most liberal interpretation of the mark to market rules are applied, it’s going to get bloody with all the inevitable consequences for stock markets. Analysts calculate there could be as much as $230bn of losses lurking, waiting to be disclosed, which is more than three times the $70bn a year that experts reckon the banking industry can absorb with any degree of comfort."