Feb 01

Apparently the latest Bank fraud practised by RBS and Lloyds the Govt run banks owned in our name to get hold of assets inflated by QE and ZIRP is the Enterprise Funding Guarantee scheme. You can read the specifics in The Times but essentially more subsidy to banks to impoverish and kill SMEs (small medium enterprises).

Now people will say that Govt’s hand in these banks is not policy but my only point would be if it is not policy to destroy small businessmen could they come up with policies to better ensure it? To cement large corporations and banks control over assets and people’s lives? If they tried could they do any better this side of a police state?

I do wonder if even the banks know how an economy can work with inflated land prices, zombie businesses, zero investment and no production? What is a cash mountain worth when no one can earn to pay for goods? At that point work houses and concentrated work camps for immigrants the only way to go?

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Dec 03

The British Govt having over paid for worthless bank shares last year and now  has control issues over a bank RBS it will soon have 84% of. You could imagine that had Darling and co waited a week they could have nationalised the banks for nothing a week after they bailed them out.

Apparently the creeps on the board of RBS threatened to resign on the grounds that they would not be representing shareholders by giving in to the 84% owners! This is comedic irony on irony from the classmates of the gutless crud who agreed the ruinous policies of Fred the Shred and now want to shaft the taxpayer on the grounds of looking after shareholders when 84% of them is the taxpayer. Would trials for Treason seem appropriate?

In the end this is the problem of taking over banks without any idea what you want to do with the banking system. Maybe they should have spun off the Investment Banking arms to anyone who wants to play casino games. After all 99.9% of us do not rely on that nonsense. Sure there are  trickle down effects but the rest of us will have the debt for years as their profits proved lies.

Indeed the hollowness of the British Economy slavishly devoted to Financial Capital leaves us with an under class and unable to produce enough to feed ourselves or trade for our energy needs as the continuing deficits show. It turns out we sacrificed manufacturing industry for debt!

It’s a shame that Darling was so accommodating. Britain needs the Govt to think long term and we can have little confidence that George “The Vacuum” Osborne will be standing up to his leeching mates in the City should the Tories and their culture get in at the next election.

Bankers remind me of Spoilt Bastard in Viz. Never happy. Never responsible. No care for anyone else.

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Nov 07

Gordon Brown wants to put a tax on bank transactions as though such a tax comes from anyone other than us punters in the end. His comments on a tax on financial transactions is grand standing from a man who presided over the banks for 10 years and watched an obvious bubble develop and wants to blame everyone else for his failings.

For instance why were Barclays and RBS, the two most illiquid big banks in the world, allowed to bid 50 Billion for ABN AMRO last year? What measure of buffoons did not know they were weak? In the newspapers even us plebs knew about the low level of capitalisation of those two banks in particular and the possibility of their credit status being downgraded before that moronic bid.

This is grand standing of the worst order to grab the headlines as it’s grossly impractical and with no international support a pathetic fantasy of a weak populist. A man who talked of an end to boom and bust and yet let instead of running a surplus in the good times massively increased the deficit in the public finances.

It’s all very easy to have a go at the banks now like they did anything different to Brown as chancellor in spending money and taking stuff off balance sheets. The architect of PFI/PPP surely cannot lecture anyone on wasting money and reckless behaviour? Indeed the people of the UK have yet to see the full ruinous costs of these follies that have handed 30% profits annually to the money men.

Are New Labour really going to ask people to vote for this weak man at a general election?

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