A new study clearly indicates the government are talking complete nonsense about the economy http://www.leftfootforward.org/2010/12/who’d-have-thought-it-‘real’-welfare-is-working/
This just underlines what I keep saying, the government has no idea whatsoever what to do about the lack of money in the system as it’s all down to the banks and the government doesn’t want to come out and admit it a) has no real control over the economy and b) has no control at all over the banks. All this disabled-bashing is just to make it look like they’re doing something constructive and there’s no need for any of it at all. You might start wondering, when you realise, just what it is exactly that the government does have control over, and what it is exactly that we pay them for. Ah.
Chancellor George Osborne (who will eventually become an Irish Baronet, we should remember) today announced a bailout loan for the (basically insolvent) Irish banking system of around £7bn, this to come from the British taxpayer. He defends this as in our national interest because we export more to them than we do to several of the emerging economies combined. True enough no doubt, however, it’s difficult not to think his real concern is to preserve the British banks that are owed billions by the Irish banking system. They made loans presumably agreeing with the then Shadow Chancellor, one George Osborne, who in 2006 was so impressed by the Irish economy that he asked “What has caused this Irish miracle, and how can we in Britain emulate it?” http://www.timesonline.co.uk/tol/comment/columnists/guest_contributors/article733821.ece
The fact the British banks made loans to the Irish says little for their grasp of sound banking principles. If they made bad loans, they deserve to go out of business, not be preserved at the expense of the taxpayer. Preserving them only allows them to repeat their mistakes again and be bailed out again in a vicious circle that can only end with the destruction of the entire economy.
The Chancellor appears to have no more idea than do the banks he wants to preserve. We need to get shot of the lot of them.
Incidentally, today comes news that the Chancellor’s promised White Paper, due soon, in which he promised to detail his plans for growth will not now appear till sometime next year. It appears for all his bluster he hasn’t even got a plan A, let alone a plan B.
The International Monetary Fund, the IMF, has described the chancellor’s plans to make draconian cuts as, quoting from the Daily Mail here, “strong, credible and essential”. This is being trumpeted in some quarters as being a ringing endorsement of Osborne’s policies – but from whom does it come exactly? Many would suggest the IMF themselves have little idea of what’s what economically, their own credibility standing open to question since along with the majority of economists they were conspicuously NOT howling iceberg at the tops of their voices in 2007.
What good are they then, and what merit has their opinion?
The problem with the banks is not bonuses or their pricing, it’s that they and they alone are allowed to create money. This gives them a unique advantage over the rest of the population, seeing as we all need it and no-one else is allowed to create it (save, of course, our government, who choose not to supply the electorate with money where it’s needed, either at interest or for free, but instead pack people off to the banks where they’re encouraged to borrow it at interest).
This very much needs to change. Tax the banks, rail against the banks, and they simply won’t care. The only thing that will hurt them is to supply the population with an alternative and cheap supply of money. That’ll be the end of three hundred years of effective rule by the banking community. Are we hearing anything at all about any of this from our proposed leaders? Not a word. Irrelevant, all of them. Client politicians who will nicely provide the banks with client government in the same way when the Romans invaded the then Britons were provided with client kings. Punch and Judy politics? Not even that – just a puppet show.
It was asked on one of the forums today, “Why don’t I ever hear any good news, or tales of government intelligence coming from the UK?”
Because the idiots we elect (being idiots ourselves, for the most part) are busy churning out reams of ineffective legislation in an effort to disguise their overall impotence. They can’t control the money supply, they can only tinker with the economy, not fix it or make it work for us. Further, they can only tinker with it to a limited degree because their powers to do that are limited by Brussels. They are little more than figureheads in the same manner the Queen’s a figurehead. Just as the Queen has no authority but has a lifestyle many would envy, today’s would-be politicians aspire to a life of merely token authority but a wealth of privilege.
Want anything done, you’ve got to do it yourself. The government are just another tribe of predators these days.
Why are we bothered one way or the other that rating agency Moodys are suggesting Britain might lose its credit AAA rating?
Moodys has been thoroughly discredited in recent times as it repeatedly gave AAA ratings to what turned out to be sub-prime rubbish. I understand it only exists courtesy of the big banks, who fund it.
Why then would we (or anyone at all) take any notice of its assessments?
And, while we’re on the subject, where are all the court cases? Why aren’t we reading in the press of furious pension fund managers and the like suing the backside off the credit rating agencies (like Moodys) and the banks themselves for knowlingly recommending and selling them investments marked as gold-plated when they were anything but and the sellers were well aware of this? It has occurred to me that here is another reason for the banks to be sitting on the output of QE, as they may well be needing all the readies they can lay their hands on to pay the rather large fines that ought to be coming their way. Something rather odd is happening though, or rather not happening; I’m not hearing about banks and credit rating agencies being sued?
The rotting corpses of the banks are being preserved at the expense of the rest of society. More evidence here;
It speaks of the banks going bankrupt. Given they’re clearly already insolvent this seems inevitable. We should do a remake movie called Banking System In London, in which our banking systems, already dead, physically deteriorate every time we see them through the movie. Actually, it’s more like we’re already in this remake, and the fact that where before we had lively institutions we now have animated corpses is getting harder and harder for Darling to conceal. Oh it’s worse than we thought, he reluctantly concedes. That’s nonsense, the government knows how bad it is, it’s OVER is how bad it is, and they have no clue whatsoever how to handle the situation. They bluff, they bluster. Like frightened hamsters will seek the familiarity of running in their wheels even though it gets them nowhere they simply repeat the same useless and irrelevant actions over and over.
I bought a water purifier, gravity-driven. You should too.
Scratch that last, they weren’t supposed to be there. All this “End of the world” scenario is simply a distraction away from the economic problems that are in reality engulfing us. Brown’s hoping we won’t notice the theft from our wallets if we’re all scanning the skies watching for bad guys. It’s like living in a badly-written airport paperback.
How dumb are we supposed to be? Some politicians have got the excuse “I know they’re dumb because they voted for me” but Brown doesn’t even have that. Where do his PR people get the idea we’ll be impressed by anyof this?
This is Chancellor Darling quoted, I imagine from their own PR, at the Labour Party conference (speaking on economic stabilisation and improvement), “I welcome the chance of a mature debate on how we achieve this goal – even if it is hard to see the Shadow Chancellor taking much part,” he said. “There has, after all, been little that is grown up about his performance so far.”
This is what those who wish to run the country have to offer us by way of mature debate? In any genuinely mature debate I can’t see much chance of either Chancellor taking part on that showing. The silly idiot opens his mouth only to disqualify himself from further comment. I say this again and again; while I accept if we remain a nation we need someone to run this country but it can’t be the bankers and it can’t be the politicians either. Should we wish for a military coup now? That doesn’t seem feasible with our overstretched resources almost permanently abroad. Perhaps that’s why, in the face of mounting evidence that their mission there is futile, they’re there in the first place. As Britain descends ever faster into chaos perhaps this is a rare tangible example of genuine prudence from the PM, keeping the army so spread out they couldn’t manage a local coup even if they wanted to.