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Banks Responsible For Over A Third Of Uk Economic Slump

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8729589/Banks-responsible-for-over-a-third-of-UK-economic-slump.html

The UK economy is currently 4pc smaller than its peak in March 2008 and 2.8pc smaller than in September 2008, when Lehman Brothers collapsed and Britain's banking industry began its long decline.

Of the 2.8pc fall, the contraction in banking activity has accounted for one percentage point, analysis of Office for National Statistics (ONS) figures shows.

The impact banks have had on the economy is completely disproportionate to the industry's size. Banks account for just 5.1pc of national output, but are to blame for around 35pc of the national decline even excluding the knock-on effect of tighter credit on businesses and households.

Still at least everyone got there bonus.

Luckily UK spending plans are all built around GDP going up...

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8729589/Banks-responsible-for-over-a-third-of-UK-economic-slump.html

Still at least everyone got there bonus.

Luckily UK spending plans are all built around GDP going up...

hmmm, might have something to do with the banks main product and GDPs main component otherwise known as debt

Edited by Tamara De Lempicka

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8729589/Banks-responsible-for-over-a-third-of-UK-economic-slump.html

Still at least everyone got there bonus.

Luckily UK spending plans are all built around GDP going up...

I notice that LVT has got more of an airing over recent days. It's almost as if Vince knows that GDP growth is only going one way, and deficit reduction plans will be kyboshed without palatable tax increases.

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Banks account for just 5.1pc of national output, but are to blame for around 35pc of the national decline even excluding the knock-on effect of tighter credit on businesses and households.

So that leaves 65% for the politicians and other such bailouters such as the BoE.

The 35% seems a huge underestimate of how much they're responsible for the crash with all the fraud, thievery and lax lending etc.

Edited by billybong

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So that leaves 65% for the politicians and other such bailouters such as the BoE.

The 35% seems a huge underestimate of how much they're responsible for the crash with all the fraud, thievery and lax lending etc.

It makes no sense for Banks to have the right to create virtually all money as debt and at charge interest via the fraudulent fractional reserve system. We are all insane for allowing such a farce and it should be abolished. The government should issue our money free from debt to spend into the economy. As for the Banks they should hold a 100% reserve and only lend what they have. They would then have to provide a much better service to earn their money in the manner as the rest of industry. This should end their perpetual free lunch. They would no longer be able to govern and fleece us as they do now. Cameron, grow a pair and give these Banksters their marching orders before the door slams.

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It makes no sense for Banks to have the right to create virtually all money as debt and at charge interest via the fraudulent fractional reserve system. We are all insane for allowing such a farce and it should be abolished. The government should issue our money free from debt to spend into the economy. As for the Banks they should hold a 100% reserve and only lend what they have. They would then have to provide a much better service to earn their money in the manner as the rest of industry. This should end their perpetual free lunch. They would no longer be able to govern and fleece us as they do now. Cameron, grow a pair and give these Banksters their marching orders before the door slams.

I highly recomend Bill Still's film about the wizard of oz on the gold and precious metals forum. From 1hr 30 and in particular the final 10 mins it is worth a look. The whole film was thought provoking - very good.

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  • 284 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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