Thursday, September 4, 2008

Why the banks are on borrowed time

Why the banks are on borrowed time

Britain's banks are broke. The Bank of England's rescue package will soon end, and the banks must repay up to £200bn. They will have to find that money elsewhere – but not all of them can. And that's very bad news for Britain, says David Stevenson.

Posted by damien @ 12:27 PM (942 views)
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7 thoughts on “Why the banks are on borrowed time

  • They are broke because they simply don’t have it! Money they ‘lend’ exists only on a computer screen, while they charge us interest on this money which has not, does not and will never exist.

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  • So the taxpayer has lent money to people who can’t pay it back. Bet they won’t be allowed to go under. The Government is fast becoming (or has become) the corporate and personal debtors’ best friend at the expense of the rest of us.

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  • A simple solution and one that will no doubt be recommended by the impartial advisor to the Government one: James Crosby (ex boss of HBOS). “Lend us a load more money”.

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  • At a time when everybody is generally expected to pay more tax (businesses in particular), the conclusion to be drawn from all this is that the government have well and truly screwed the whole thing up big time.

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  • Friend_of_the _stars says:

    We should ask the ‘fat cats’ / execs who took billions out of the banks in bonuses to repay the lot. They were surely aware of what a sh1t job they were doing and didn’t actually deserve a basic salary, let alone a massive bonus. Scumbags. Now little old me and the like, earnings next-to-nothing by comparison, are going to be taxed to bail the sh1ts out! Sorry, for the language, i’m getting ever-so-slightly worked up. Who’s for a run on Barclays??

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  • [email protected]…..sort of hope this run of your doesn’t happen as I have my savings in Barclays. Although I do agree that the fat cats who worshipped at the trough of greed need to be forced to repay their bonuses (still can’t believe this years bonuses beat last years by a significant margin), even if that means repossessing every investment property, asset, they own, and I guarantee they will own many, and selling every one, especially those in Monaco, the carribean and ‘prime’ central London, but a run on a bank does no-one any good at all, as can be seen by the Northern Crock fiasco.

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  • when the create the debt out of thin air, they don’t create the interest.

    eventually it will make sense.

    where does the interest come from?

    where does it go?

    How much did UK citizens pay in interest on the national debt in 2007?

    How long have ‘we’ owed this money?

    http://www.youtube.com/watch?v=-D9S48A81os&feature=related

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