Sunday, Jan 18, 2009
Brown rages at foreign liabilities
This is money: New £200bn bailout for UK banks
See my previous posted article. "Gordon Brown vented his fury with the banks for lending vast sums to foreign investors who are now unable to pay the money back." So, the problems truly are, as GB originally said, not domestic, because he can fiddle about with our domestic currency. The real risk is, and always was, Iceland.
Posted by stillthinking @ 11:41 AM (473 views) Add Comment
3 Comments
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1. gardeniadotnet said...
Why was the ban on short-selling allowed to expire a few days ago?
As troy said earlier, 'curiouser and curiouser.'
2. stillthinking said...
gardeniadotnet, can you give your opinion on my lengthy previous post?
The bit about the 2.5 billion to the Russion oligarch being written off stinks to high heaven. RBS are effectively saying that there wasn't even a second hand office chair left at the end. Much more likely they had no viable options to recover funds. Looks like theft on a large scale.
Why then is Sterling holding its value so well? (relatively speaking). Unless its going to collapse on Monday. 200 billion in context is 1,000,000 homes bought at the 2007 peak of 200,000 each. I remember Mark Wadsworth ages ago, pointing out that losses in the UK mortgage market could not be all that dramatic, so looks like I have missed the point of the banking crisis by thinking it is domestic and based against mortgages, which now turn out to be only a part.
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