What's Brown's Reputation Worth? 21 Billion!
Despite the best efforts of Blackadder Brown and Captain Darling, the punters keep lining up to get their savings, indeed there is something of a ripple effect as the Alliance and Leicester shares drop by over 30% and the Bradford and Bingley by over 15%in one day. The end result, apart from blocking the nations High Streets, has been the sudden decline in Brown's reputation.
Naturally, something had to be done about this so his financial fall guy, Darling, stepped squinting into the limelight and announced that the government would guarantee their savings - at a potential cost of 21 Billion quid. now that could knacker Browns reputation for prudence, Dear Prudence indeed.
But not only that as some Treasury officials later made their usual discrete whispers in appropriate lugholes to announce that this guarantee would also stretch to any other institutions that could be in a spot of bother after spending a decade loaning cash to people with no money or assets.
Now these weakened institutions are going to be bought out and taken over. Guess who's helping the banks consume their lesser brethren? The taxpayer.
Kerching!
"Deselected Wareing to quit
"Deselected Wareing to quit Labour"
"Mr Wareing was deselected by local members in Liverpool West Derby on Sunday after 24 years as its MP, in favour of ex-minister Stephen Twigg."
"He said he would stand as an independent at the next election."
"He added: "Anti-Labour policies, such as privatisation, tuition and top-up fees for students and the stock transfer of council houses (with the threat that no repairs would be carried out if they remained under council control) forced tenants to concede to New Labour's wishes."
"He said the Labour Party was very different to the one he had been proud to be a member of for 60 years."
http://tinyurl.com/2j6ybn
http://news.bbc.co.uk/1/hi/england/merseyside/6999733.stm
As Brown said when John McDonnell couldn`t get enough votes to challenge him... "This demonstrates there is no room in the Labour party for the EXTREME left wing"... What he meant was there is no room in New Labour for the moderate left wing.
You can keep an eye on it
You can keep an eye on it all here...
http://tinyurl.com/2al3m4
There are at least 100,000
There are at least 100,000 people homeless in the UK the true figure is much higher then that. The NHS is falling apart, public sector workers can`t get a living wage out of this government . The list goes on and on.
Yet this government can find untold amounts to bailout the already very rich and make sure they don`t suffer. The very rich will become even richer whatever happens.
I think Brown is more like
I think Brown is more like General Sir Anthony Hogmanay Melchett than Edmund Blackadder, as both are incompetent fools, living in a fantasy world, where everything is rosy, even though the evidence is to the contrary. The exciting bit is who is going to jump in to the role of Lt. George.
The general public are treated exactly as Baldrick, abused and made to feel a lower form of life.
It is either that or Nero Brown, as he appears to fiddle while everything goes up in flames, metaphorically at least.
His strategy as Chancellor looks like it is coming back to haunt him big style, at least if he and Capt. Darling bail the banks out, they will be guaranteed good jobs, when they fall on their swords as politicians.
U.S. Banks Brace for Storm
U.S. Banks Brace for Storm Surge as Dollar and Credit System Reel...
http://counterpunch.org/
What percentage of UK GDP is
What percentage of UK GDP is from the financial sector and the super-inflated housing market? Such high levels of debt throughout our economy was always going to come back to haunt Brown.
"Darling initially promised
"Darling initially promised that people could get their money back “whatever happens.” But his pledge could only be made in the hope that restored confidence would mean it never had to be honoured. To do so in face of a collapse would cost around £20 billion. That is why he later told the BBC that savers could get their money back “at the moment.”
http://tinyurl.com/3ckhqg
"at the moment"... well lets face it it is par for the course for New Labour.
The Fractional reserve
The Fractional reserve scam
Under the UK's rules for fractional reserve banking Northern Rock loans money it does not have as interest bearing debt. Banks used to be limited to loans at 9 or 10 times their 'deposits.' But now there are no such 'restrictive' rules. They can more or less create as much new money as they can shift. Of course, they will point to their existing 'deposits' as proof of their fiscal rectitude. But every banks deposits are just old credit, created by other banks in precisely the same way - out of thin air. It's a complex house of cards that could hit the deck at anytime.
Brown's injection of 'liquidity' into the system may well be the kiss of death. The speculators and hedge funds are more than happy to gamble against the treasury, and Brown's move has sent just the wrong message to the markets: ' do what you like, expand credit, we'll bail you out.' .
The obvious question is: with what...? Banks already create over 95% of the money supply. So what's Brown going to do? Switch on the printing press?
The only solution is to remove the ability of banks to create fiat money. But can you imagine the neocon ideologues of neo-labour even contemplating that move..?
Cassandra Watch this it
http://video.google.com/videoplay?docid=-9050474362583451279
http://tinyurl.com/27jppm
"The only solution is to
"The only solution is to remove the ability of banks to create fiat money. But can you imagine the neocon ideologues of neo-labour even contemplating that move..?"...No
Switch on the printing press?...Yes
Taken from the John
Taken from the John McDonnell MP site...
"Windfall Tax the Speculators Profiteering from Northern Rock"
"Today I called upon the Prime Minister to impose an immediate windfall tax on speculators profiteering from the Northern Rock crisis and to launch a public inquiry as it is revealed that speculators made huge gains in profiteering from the crisis and that Northern Rock had set up “Granite Companiesâ€Ã‚ to put the protection of City financiers before the protection of its customers."
"The whole Northern Rock saga stinks to high heaven. It is estimated city traders have made £1billion in profits from “bear raidsâ€Ã‚ on Northern Rock. Added to this the renowned tax expert, Richard Murphy from Tax Research, has revealed that Northern Rock had established what it sarcastically called “Graniteâ€Ã‚ Companies in which funds were placed to ensure that in the event of any financial turbulence the City would be protected ahead of Northern Rock’s own customers. Plus we have today’s exposure that the Rock’s board has paid itself £30 million over the last five years. This all adds up to the need for an immediate windfall tax on the speculators profiteering from this crisis and for a full and independent inquiry into the role of the Government, Bank of England and FSA in turning a blind eye to city excesses for so long."
"Worst-case - savers
"Worst-case - savers withdraw all their deposits - Northern relies on the Bank of England for expensive emergency funding on a long-term basis, the shares would be worth just 6p"
"Jon Moulton, founder and managing partner of the private-equity firm Alchemy, has never shied from speaking his mind. \"We\'re looking at an overheated market right now,\" he says, \"and we\'ll see some spectacular falls in the next year or two. It\'s just a matter of time."
http://tinyurl.com/2mombd
"A BBC investigation has
"Industry insiders have described how people have been advised to lie about their incomes to take out loans far bigger than they can afford."
"Half of all sub-prime mortgages in the UK are self-certification mortgages, where borrowers state their income and lenders do not necessarily check."
"No-one from the Financial Services Authority was available for comment."
This has been going on for years it was known about and nothing was done by the Financial Services Authority. It all added to house price inflation and the mess we are in today. The Financial Services Authority is not fit for purpose.
http://news.bbc.co.uk/1/hi/progr...n_4/ 7010415.stm
"General Motors strikers in
"General Motors strikers in Michigan speak to WSWS"...
http://tinyurl.com/24kjpo
http://www.youtube.com/watch?v=LsA10xwqjSw
"August lending figures
"August lending figures lowest for seven years"...
http://business.guardian.co.uk/houseprices/story/0,,2178080,00.html
When you trace the history
When you trace the history of all that is happening to the world economy today it goes back to Thatcher and her influence over Reagan. She is the seed of this EVIL.
"Milton Friedman, free-market economist who inspired Reagan and Thatcher, dies aged 94"
http://tinyurl.com/srzs3