Friday, Apr 18, 2008
Are central banks really to blame for the housing bubble?
MoneyWeek: Are central banks really to blame for the housing bubble?
News of Royal Bank of Scotland's rights issue raises hopes of the credit crunch ending. It’s a nice thought. But even if this marks the beginning of a clear-out, there’s a long way to go.
Posted by damien @ 12:10 PM (371 views) Add Comment
5 Comments
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1. indiablue19 said...
Don't see anything here to do with Royal Bank. Abolition of the FED might be a good start since it's owned by two or three acquisitive families who have nothing to do with a Federal Government role, nor the financial health of the USA. But what has that to do with the RBS and/or the collapse of the housing market in the UK? Or is this connection you are making a reflection of Darling's furtive attempts in his speech this past week to blame the outright failures of Gordon Brown on Greenspan and Bernanke? Darling is really trying it on now, trying to defend stupid lending by UK institutions and the failed "independence" of the BOE by coupling them with similar, but completely separate, loose lending practices in the USA. And the consequences of each will be different. In the USA it is possible to mail in one's keys to a house and disappear. It will kill your credit, but lenders will sell the house and move on. In the UK you will be pursued personally for debt for up to twenty years!
2. waitingfor hpc said...
YES!
3. indiablue19 said...
Pardon me if you've heard all this before ont his forum. However, vis-a-vis ownership of the Fed and why, although decisions were made on two different sides of the Atlantic, perhaps they ARE really being generated by all the same people? And THIS might really be what Darling and Co. are on about to do with American subprime, short of giving away the game on the BBC in full view of the public, so to speak.
Here's about as succinct an explanation as I can find of who really owns the Federal Reserve and why it's mishandling of the US economy directly impacts Britain. The article is longwinded and a bit fatuous, but please read to the end to find out why the Fed is actually owned by London interests and the BOE.
Today Americans are waking up to the fact that after fighting the American Revolutionary War and the War of 1812, beating off several incursions by Britain under the veil of war with Napoleon, and overcoming massive British investment in support of the Confederate Army and Slavery in the Civil War -- America didn't really achieve much. Britain owns the Fed and America is, in essence, a financial colony. [Interesting as well that British Parliament "abolished" slavery and appeared to wash its hands of the moral dilemma, but then fought to keep that institution going for itself on American soil. Duplicitousness without bounds.]
Of course Federal Reserve Bank ownership didn't affect you much as a British subject, unless your name was Rothschild or Shroeder. But now it might. Woodrow Wilson, as the man who railroaded through the legislation which established the Fed on a Congressional holiday period, and who also created the League of Nations must have fancied himself the pioneer of globalisation or some such.
http://news.goldseek.com/GoldSeek/1095269452.php
Depiction by chart of who owns the Fed by individual or as covered by more current guise of corporate interest:
http://www.save-a-patriot.org/files/view/whofed.html
So, guess who engineered the financial disaster that created the First Great Depression whilst monkeying with the value of the dollar? Guess we have them to thank, in one form or another, yet again. Wonder what pleasure they get from this?
4. planning4acrash said...
Indigo. I thought you could be pursued for 12yrs for debt. Is 20 the real figure? If so, this is shocking. Can children of deceased be pursued? This needs some investigation i think.
5. indiablue19 said...
Planning......twenty years if you bought in Scotland. Twelve years on principle in England, and six years on interest.