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jplevene

Proof The Boe Don't Care About Us

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In my last post http://www.housepricecrash.co.uk/forum/index.php?showtopic=148707), in the thrid paragraph I said that the low rates are only helping the investment banks.

Today the Bank of England Deputy Governor Charles Bean confirmed that all measures taken have not been to help businesses and the people, nut to only help the financial markets, the people who caused this mess in the first place (http://uk.reuters.com/article/idUKTRE67R0Z520100828, see paragraph 2, "Bean said policymakers had succeeded in preventing a financial market collapse").

We have paid for 2 bailouts with our taxes (don't forget Greece was a bank bailout to, re-dressed to look better on us), we have had spending belts tightened to afford such spending and seen savings erode away due to high inflation, as well as high inflation itself. We have been warned of hyper inflation in the future and super high rates again to try to correct inflation damage done so far, just so the rich investment banks will be OK.

It has been 18 months since the collapse with no regulation still put in place. Easy solution, separate High Street banks from Investment banks and insist banks hold at least a 3% reserve, then do monetary policy to help the people and not those who are a liability.

The Bank of England Quangos need to go as they are not answerable to an electorate and their decisions effect the electorate deeply.

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In my last post http://www.housepricecrash.co.uk/forum/index.php?showtopic=148707), in the thrid paragraph I said that the low rates are only helping the investment banks.

Today the Bank of England Deputy Governor Charles Bean confirmed that all measures taken have not been to help businesses and the people, nut to only help the financial markets, the people who caused this mess in the first place (http://uk.reuters.com/article/idUKTRE67R0Z520100828, see paragraph 2, "Bean said policymakers had succeeded in preventing a financial market collapse").

We have paid for 2 bailouts with our taxes (don't forget Greece was a bank bailout to, re-dressed to look better on us), we have had spending belts tightened to afford such spending and seen savings erode away due to high inflation, as well as high inflation itself. We have been warned of hyper inflation in the future and super high rates again to try to correct inflation damage done so far, just so the rich investment banks will be OK.

It has been 18 months since the collapse with no regulation still put in place. Easy solution, separate High Street banks from Investment banks and insist banks hold at least a 3% reserve, then do monetary policy to help the people and not those who are a liability.

The Bank of England Quangos need to go as they are not answerable to an electorate and their decisions effect the electorate deeply.

Oh yes, BoE chaps are bankers after all. It is pretty hard to separate nowdays though and I think make bank directors suffer from severe personal consequences should be a sufficient measure - e.g. if the bank go bust, so do the directors.

Chaps like RBS Fred, HBoS Andy, NR Appleby got away pretty lightly this time round. And BOE Mr King is till there...

Not sure what do you mean by 3% reserve. If you mean the reserve requirement of banks, this is far too low. Asian banks are on 8% to 15% (Chinese banks) loan:reserve ratios.

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Oh yes, BoE chaps are bankers after all. It is pretty hard to separate nowdays though and I think make bank directors suffer from severe personal consequences should be a sufficient measure - e.g. if the bank go bust, so do the directors.

Chaps like RBS Fred, HBoS Andy, NR Appleby got away pretty lightly this time round. And BOE Mr King is till there...

Not sure what do you mean by 3% reserve. If you mean the reserve requirement of banks, this is far too low. Asian banks are on 8% to 15% (Chinese banks) loan:reserve ratios.

Bank reserve on loans, before Blair and Brown abolished it, if banks had 100 on deposit could only lend less 3 % being £97 and then less 3% of that, which stops banks lending the same £ infinite amount of times.

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Today the Bank of England Deputy Governor Charles Bean confirmed that all measures taken have not been to help businesses and the people, nut to only help the financial markets, the people who caused this mess in the first place

Sorry?! You're saying investment bankers caused the credit boom? How did they do that?

Edited by no accountant

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And BOE Mr King is till there...

He should be forced to step down in disgrace IMO.

Alought he was really only executing Gordon Brown's instructions to maintain retail consumer price inflation.

Edited by no accountant

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Money means nothing any more, prices mean nothing any more if they can be supported at the flick of a switch. Your money earns nothing any more as it is eroded by inflation and we are all forced to speculate to conserve its value. I hate it. I hate what has been done to us. I hate them.

+1

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Funnily enough I was just down the pub with one of my mates complaining about the 'asymmetric objectives' of the Bank of England (yes, I might be that person you don't want to go to the pub with :)).

That if your objective is 'financial stability' at all costs then this leads to not only moral hazard but any action possible to maintain the status quo - even if it means speculators are never put out of business, the stupid go on to breed that house prices and pensions become too expensive for your children and their children...and to cap it all, the bankers then say thankyou very much and pay themselves all the bank capital out in the form of bonuses and cause a massive recession by tightening credit terms and widening margins.

I'm really sick of it.

Money means nothing any more, prices mean nothing any more if they can be supported at the flick of a switch. Your money earns nothing any more as it is eroded by inflation and we are all forced to speculate to conserve its value. I hate it. I hate what has been done to us. I hate them.

(rant over)

It's a rationing system - and you have your place in the queue.

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Sorry?! You're saying investment bankers caused the credit boom? How did they do that?

The bankers main claim to social utility is their alleged ability to allocate capital in an optimal way- so smart lending would appear to be their core skillset.

So how did these smart lenders blow themselves up? By irresponsible lending that resulted in a credit boom.

The central banks might have provided the petrol- but those dumb f*cks lit the match and immolated themselves.

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Sorry?! You're saying investment bankers caused the credit boom? How did they do that?

You've been a member of this site since 2004, were you not paying attention or something or did you just join, go away and come back last week?

Do the phrases 'New Financial Instrument' , 'Collateralised Debt Obligation' , 'Mortgage Backed Security' not trigger any memories??? :rolleyes:

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The bankers main claim to social utility is their alleged ability to allocate capital in an optimal way- so smart lending would appear to be their core skillset.

So how did these smart lenders blow themselves up? By irresponsible lending that resulted in a credit boom.

The central banks might have provided the petrol- but those dumb f*cks lit the match and immolated themselves.

you assume all bankers are equal. Bankers didn't blow themselves up, a select few (thousand) blew up the banks they worked for and walked off with the already-pocketed bonuses (plus pensions etc). Sounds pretty smart to me.......

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Sorry?! You're saying investment bankers caused the credit boom? How did they do that?

easy.

by truning UNPAID debt into Current account Assets for banks. CDO.

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They are all members of the same "Gentlemen's" Clubs and no doubt have a knee slapping time when they talk about the easy money via Bankster-Bonuses and how no one really cares anymore anyway.

I am afraid the situation is hopless. Endemic corruption is everywhere and we are soon to become just another Banana Republic and a haven for cutpurses and blaggards.

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Sorry?! You're saying investment bankers caused the credit boom? How did they do that?

From the selling of risky mortgage bonds, bad investments, etc. If they didn't why did Lehmann collapse and the rest need bailing out due to bad balance sheets due to bad swaps and trades. Bit of a no brainer why really

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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