Nov 27

It’s a sad irony that after being encouraged to join the Euro by the likes of Goldman Sachs [Greece by those actual spivs] the South European nations Italy, Spain and Greece are now the property of ex Goldman Sachs bureaucrats and spivs free to lock up journalists and ship their assets to their mates in Goldman Sachs and similar disreputable companies.

Until yesterday no major Northern European nation had been forced to do this but with all its internal candidates broken the Bank of England will have  a 13 year Goldman veteran head it. Now we should not label people just by association but a career banker of any shade is to be avoided.

With all 3 major parties supporting this appointment we can now safely say that on the big issues you’ll find nothing but agreement between the 3 main parties. Not one call for an economist or anti banker just another insider who was happy to be paid a lot in the noughties while our Chidren’s future was consumed – I have no children but you know what I mean!

Seems I underrated their control take away Spain add Ireland, France, Belgium add Germany.

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Dec 30

Geoffrey Howe is getting some belated stick for suggesting that Liverpool be allowed a managed decline in 1981. As though his opinion was heart-less and done for malicious reasons. I am sure he was not malevolent unlike the clown economic policies he unleashed which throw 10,000s on the Dole and in the end after a year they admitted it was all wrong and changed course – the pound went between 1.06 to 2.40+ against the US Dollar*  to show how mad it was. Continue reading »

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Jan 21

The real price of money is high at present. Credit for you or I without tracker mortgages is not much cheaper than before the Bank of England reduced interest rates to a ludicrous 0.5% even after quantitative easing. Not just for individuals it seems as the Skipton Building Society raised rates for it’s mortgage holders today well above the base rate. Why because they cannot get the cheap money that the bigger mostly Govt owned rivals can. From the Telegraph:-

Skipton Building Society has decided to trigger its “exceptional circumstances” clause and raise the rate the society charges its mortgage holders from 3.5pc to 4.95pc

Has all this easing and cheap credit worked? Hard to tell the end of the world-ists would say they staved off a longer and deeper recession. Some might say it’s like spending cuts tomorrow turning a short term crisis into a long term one. What it seems to have done is cemented the structural problems of the UK economy by seeking to tilt the economy to keep those parts afloat that brought it down. There has been no reform of the financial sector just billions so they can enjoy millions in bonuses.

It has effectively killed savers. People earning a market rate 5 or 6 percent well above inflation are now lucky to get 3% which is inflation. Whereas the banks and bankers have had no trouble making massive money and bonuses because they can abuse their savers or buy cheap money from the authorities and sell it at a much higher rate – spongers just handed money.

Quite whether base rates on which most saver’s rates are based have to be quite so low is beyond me, 3% maybe but 0.5% is ridiculous for an economy already consuming far more than it produces – why we have inflation and a shrinking economy with over priced assets – genius in a bad way. To me it seems like a cynical way of boosting the banking sector at the expense of everyone else in the economy which has not worked very well so far this decade.

The policies of the UK Govt appear to have been to keep the same economy, rules and asset bubble partially inflated until an election? I would not mind but we have had zero reform of the banking sector albeit now the US Govt has led maybe the lick-spittle Brown Govt will follow.

My question is more fundamental to the Bank of England Monetary Policy Committee (MPC group) and the Govt of the UK. Does anyone really believe in the market any more? If so why aren’t interest rates much much higher? Why are we handing money to people who have cost the country so much money? Taking money from savers to over consumers?

I see no conspiracy just reactive politicians conned because they had no agenda or thought and got sucked into fire-fighting. The new Bankers favourite phrases are

If you owe a Billion you’re in trouble If you owe a hundred Billion then your Govt is in trouble and you’re just fine.

Best way to a small forture lose a large one for your bank and then let the Govt hand you free money.

The next time some bigot complains about the cost of immigrants tell them Bankers have and will cost more and don’t clean hospitals either.

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