A blank cheque - in invisible ink!

Discussion in 'Current Affairs, News and Analysis' started by smartascarrots, Jan 30, 2008.

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  1. BBC Linky

    So the government will underwrite the UK banking system with taxpayers' money without telling anyone they're doing it?

    But rest assured:

    Well, that's all right, then. Heaven forfend that banks which have fallen foul of their own greed and cupidity should have to pay the price themselves. That would shake the foundations of our banking system.

    Well, call me Mr Picky, but if a bank gets itself into this sort of pickle in the first place perhaps a bit of shaking is what's deperately needed.
  2. Biped

    Biped LE Book Reviewer

    Am I surprised? The gobment wants to do secret hand-outs from the so-called independent bank of England to avoid a scandal.

    Why didn't they think of that before the 'Union's favourite bank' went a bit t!ts up?

    Imelda Marcos would have been very proud indeed if she'd been the boss in our UK 'democracy'.
  3. The whole Northern Rock fiasco is down to Brown bringing in new rules on transparency and completely ignoring the long held good sense that the Bof E could act in secret in order to prevent panic. If Brown had not meddled in the first place the Rock could have taken out loans from B of E to cover its liquidity without causing the major run on its cash reserves that then required much more lending. The financial authorities could then have acted against Northern Rock directors without the farcical scenes that we all witnessed.

    The idea under the old rules (which the ECB still maintain) was not to hide scandal but to prevent panic. The idea that Brown is now proposing is to prevent panic and hide his and the treasuries incompetence.
  4. See, that's the bit I have the problem with. We know, if we think about it, that banking is essentially founded on the issue of trust. Nowadays, that amounts to we can get our money out of the banking system as and when we feel like (subject to terms and conditions, the value of your investment may go down as well as up, any resemblance to any actual person living or dead is purely coincidental.)

    But, when it turns out that the people responsible for managing the system don't really know where their customers' money is or how much it's at risk, the good ole BoE steps into the breach to cover up for their inadequate management. Using taxpayers' money, taxpayers who are generally the self-same people whose money the banks lost track of in the first place.

    So we don't know that we are being fleeced to guarantee our own savings, because some decent chaps have agreed with other decent chaps that we shouldn't be told - purely for our own benefit, of course.
  5. Barclays borrowed money from the Bank of England and nobody bothered then Northern Rock did and the pizza hit the fan!

    THe beast thing would be for the BOE to the open with their lending but this may lead to take overs of "British" brands!

    Noo Liarbour have spent 10 years destroying "Britishness" so why stop now!
  6. it is interesting to see how 'Free Trade' the capitalist system really is. 8O

    I'm not particularly anti-system, but that 55 Billion could really have made a difference to the forces, the education system, the NHS, to the infrastructure of the UK. How many new train lines could we have built with that money? How many solar panels could have been installed? how much decent equipment for the forces?
  7. The people who bang the Free Market drum hardest are generally first in the queue with their hands out when the rules stop working in their favour.
  8. According to the telegraph, that money could have paid for our part in the Iraq deployment 8 times over.