Banker With Desperate Plea To Gordon Not To Raise I R

[Realistbear]

http://www.mirror.co.uk/news/tm_objectid=1...-name_page.html

27 July 2006

RATES PLEA TO BANK

By Steve Hawkes

A LEADING banker has urged the Bank of England not to raise interest rates, as customers are struggling to repay debt.

Northern Rock has been forced to set aside £44.5million to cover unpaid loans, against £25.5m a year ago.

Boss Adam Applegarth, below, said: "Unemployment is already drifting up and we think the economy is going to slow. The Bank should leave rates alone."

The HPI-MEW culture seems to have dug its own grave without Gordon having to do anything to IR. One hike and the pleas will get louder and the bankruptcy courts more crowded. This is not a good reflection on the Miracle Economy.

But with inflation nicely contained in the magic basket of non-inflating goods will Gordon risk it when he must know that real inflation is tearing away at the economy?

[OnlyMe]

A LEADING banker has urged the Bank of England not to raise interest rates, as customers are struggling to repay debt.

If the banks hadn't ramrodded debt down the throats of the particiapnts in the economy intertst rates at this level would have been no problem at all.

The bankers have made a speculative pit out of living, working, owning and growing up in this country.

Now begging for no rate rises so that they can continue feeding the pig (and the own stock options).

[Keith.G]

But with inflation nicely contained in the magic basket of non-inflating goods will Gordon risk it when he must know that real inflation is tearing away at the economy?

Er.. I thought it was the MPC not Gordon who decided - I guess Gordon could over-ride them or give them strong advice?

[FedupTeddiBear]

How typical.

Perfectly in line with the predictions made on this thread.

Give it a week after the BOE has once more given in to the pressure and the same banker will be gleefully reporting “record mortgage lending” or “house prices expected to rise another 600% this year, etc…

[Realistbear]

Er.. I thought it was the MPC not Gordon who decided - I guess Gordon could over-ride them or give them strong advice?

Its a long story.............. There has been a long debate on this topic and finally a poll was taken as to whether people think the BoE is independent or whether Gordon calls the shots. Close to 80% believed Gordon calls the shots and that the BoE are just mupppets.

As of this moment, Parliament have an investigation ongoing to look into the issue as it seems there is widespread belief that the BoE is just an agency of the Treasury-Chancellor.

[OzzMosiz]

Er.. I thought it was the MPC not Gordon who decided - I guess Gordon could over-ride them or give them strong advice?

Picture this: Gordon has a remote control car. The controller is in his hands. The car is the MPC!!!!

Make sense?

[Realistbear]

Er.. I thought it was the MPC not Gordon who decided - I guess Gordon could over-ride them or give them strong advice?

Its a long story.............. There has been a long debate on this topic and finally a poll was taken as to whether people think the BoE is independent or whether Gordon calls the shots. Close to 80% believed Gordon calls the shots and that the BoE are just mupppets.

As of this moment, Parliament have an investigation ongoing to look into the issue as it seems there is widespread belief that the BoE is just an agency of the Treasury-Chancellor.

[pobby]

Well I guess,the longer they leave rates where they are,the more bitter the medicine later on.Now old Thatch and Major,there was a pair that didn`t mind raising the rates and boy,did that smart at the time!

[make my day]

Gordon Brown has thrown the wildest party for the nation lasting 7 years. Cheap credit has been flowing like booze in an orgy of spending frenzy. Working class Britain has never felt so wealthy, new plasma screens to watch the footy, hols on the Costa, new furniture, new cars, BTL investments, boy! what a rave! .....all on credit......thanks Gordy.........you got my vote!!! ........you miricale worker genius!!!!!!!

Forget about MPC independance, it is a Nu Lab spin myth - you can bet your last penny that Gordy is in the shadows manipulating influence to keep the voters happy..........

[johnstrath]

a poll was taken as to whether people think the BoE is independent or whether Gordon calls the shots. Close to 80% believed Gordon calls the shots and that the BoE are just mupppets.

Well if some people on the internet are saying it's true, then I suppose that must be the case.

[charmer]

Crazy thought; maybe interest rates don't need to rise to cause a crash, inflation will reduce the income available for servicing so much that people will begin to default anyway given the minimal growth in incomes. Interest rates or Inflation...choose your poison.

[make my day]

Well if some people on the internet are saying it's true, then I suppose that must be the case.

Most peoples' views are influenced by the fact that Gordy appoints MPC members........draw your own conclusions

[Goat]

News just in, leading turkeys have urged chuch leaders to abandon christmas. A spokesman said "annual festivities such as christmas are outdated, bad for the economy and leave thousands of poorer families struggling with debt......"

[Realistbear]

Well if some people on the internet are saying it's true, then I suppose that must be the case.

As of this moment, Parliament have an investigation ongoing to look into the issue as it seems there is widespread belief that the BoE is just an agency of the Treasury-Chancellor. Gordo is a slippery Scot for sure.

[Biriani]

As of this moment, Parliament have an investigation ongoing to look into the issue as it seems there is widespread belief that the BoE is just an agency of the Treasury-Chancellor. Gordo is a slippery Scot for sure.

Not sure that's quite what's happening.

The treasury committee is looking into the appointments process because it doesn't seem very transparent, often seems rushed, and has been criticised by Mervyn King for those reasons. When it comes down to it though, the MPC always have to be appointed by the government of the day, otherwise there's no democratic accountability.

Understandable that people here draw the conclusion that that means Gordon directly controls the MPC, but I'm pretty sure it's not the implication of the parliamentary enquiry.

[Killer Bunny]

Close to 80% believed Gordon calls the shots and that the BoE are just mupppets.

Actually, close to 80% believed Gordon 'controls the MPC'.

[Pooh Bear]

Well if some people on the internet are saying it's true, then I suppose that must be the case.

The BoE is a private company (Company No. RC000042 at Companies House). Ownership of the whole of the existing capital stock of the Bank was transferred to the Treasury Solicitor's Department in this 1946 Act, which starts: "An Act to bring the capital stock of the Bank of England into public ownership and bring the Bank under public control" The Treasury Solicitor's Department still owns 100% of the BoE's capital stock, and thus controls it. Neither control nor ownership appears to have been removed in any later legislation.

Edited July 27, 2006 by Pooh Bear

[Killer Bunny]

The BoE is a private company (Company No. RC000042 at Companies House). Ownership of the whole of the existing capital stock of the Bank was transferred to the Treasury Solicitor's Department in this 1946 Act, which starts: "An Act to bring the capital stock of the Bank of England into public ownership and bring the Bank under public control" The Treasury Solicitor's Department still owns 100% of the BoE's capital stock, and thus controls it. Neither control nor ownership appears to have been removed in any later legislation.

Mr Bear

No-one doubts who owns the Bank and its gold but is that seriously the same as who controls directly the MPC - the 9 (normally) wise men and women?

[delboypass]

I fail to grasp how house prices can keep on rising but we cannot raise interest rates...

surely if we are all so badly off that we have so much debt around our necks then how come people are still willing to pay so much for houses?? surely the 2 statements dont make sense??

If we were in so much debt then house prices couldnt rise as no-one would be able to afford the higher morgage repayments.

What i believe we are seeing is all the sub-prime lending companies being forced to increase their bad debt provisions as they have lent 40k to people on 10k a year salaries...funy how they cant manage to repay....!!

There is one solution to this problem - increase interest rates - clear out all the old debt - improve credit lending facilities so that sub-prime is sub-prime

[Realistbear]

Not sure that's quite what's happening.

The treasury committee is looking into the appointments process because it doesn't seem very transparent, often seems rushed, and has been criticised by Mervyn King for those reasons. When it comes down to it though, the MPC always have to be appointed by the government of the day, otherwise there's no democratic accountability.

Understandable that people here draw the conclusion that that means Gordon directly controls the MPC, but I'm pretty sure it's not the implication of the parliamentary enquiry.

It is a political issue at the moment:

http://www.telegraph.co.uk/opinion/main.jh.../ixopinion.html

Chancellor is pulling the Bank's strings

By George Trefgarne

(Filed: 23/06/2006)

You could tell there are differences between Gordon Brown and Mervyn King, the Governor of the Bank of England, just by looking at them at the Mansion House on Wednesday night...../

Mr Brown likes to trumpet "the independence" of the Bank, but in reality he still tries to control it through his power of patronage.

Four of the nine members of the MPC are appointed directly by him. And another three - the Governor and the two deputy governors - are technically appointed by the Queen, on the advice of the Prime Minister (which, one assumes, means Mr Brown). And now Mr Walton is gone, there are not just one, but two, vacancies. For some reason, Mr Brown has dithered when it comes to finding the replacement for Richard Lambert, the Labour-supporting ex-editor of the Financial Times, who left the MPC three months ago.

The danger is that the Chancellor will choose a couple of cronies, who will shy away from criticising his public spending boom and his tax rises, parrot his fiction that inflation is the lowest since Nelson's time, and vote to keep interest rates artificially low. Such candidates might usher in a Brown premiership, but would presage dangerous risks with house prices and the highly indebted economy.

.........That is certainly the view of some MPs on the Treasury select committee, who have recently decided to hold an inquiry into how he appoints MPC members.

Gordon is suspected of manipulating the BoE by appointing cronies and making sure they do his bidding through the power of political patronage.

[Pooh Bear]

No-one doubts who owns the Bank and its gold but is that seriously the same as who controls directly the MPC - the 9 (normally) wise men and women?

If you own a private company, don't you control it and have the ability to influence every single subsection of that private company? How can you own 100% of a private company, yet not control it? The 1946 act is very specific about both ownership and control being transferred to the government.

[Dr Doom]

I still say the BOE/MPC is actually controlled by 18-foot-tall-lizard-monsters, i.e. The House of Rothschild.

Using their front-company, "The Crown".

Else can someone please explain to me what "The Crown" is and why it deserves such

a privileged status in our "democracy".

[Guest Bart of Darkness]

I still say the BOE/MPC is actually controlled by 18-foot-tall-lizard-monsters, i.e. The House of Rothschild.

Finally a bit of sense on this thread.

[Pooh Bear]

I still say the BOE/MPC is actually controlled by 18-foot-tall-lizard-monsters, i.e. The House of Rothschild.

It's certainly possible - the BoE was after all a Rothschild start up; and the Rothschilds (and other private banks) still own the Federal Reserve. How do the Rothshilds own/control the BoE? It appears from the 1946 legislation that ownership was transferred to the UK government:

the whole of the existing capital stock of the Bank (hereinafter referred to as "Bank stock") shall, by virtue of this section, be transferred, free of all trusts, liabilities and incumbrances, to such person as the Treasury may by order nominate, to be held by that person on behalf of the Treasury

Apparently, the person nominated by the Treasury to own the capital stock of the BoE is the Treasury Solicitor's department. Maybe this isn't true? Maybe the 'capital stock' somehow isn't the shares or actual ownership of the BoE? Is all the legislation merely a foil? How do the mechanics of Rothschild control actually work? Suppose the whole point of the 'illuminati' is that everyone else gets to stay in the dark!

Where's the quote in your signature from, Dr Doom?

[Guest Charlie The Tramp]

can someone please explain to me what "The Crown" is and why it deserves such

a privileged status in our "democracy".

The Crown is the person who legally owns the land on which all property is built on. When a freehold cannot be inherited as there is no will or beneficiaries, The Crown ( GB ) takes back the land and all that is built on it.