Saturday, November 8, 2008

Around 30 lenders instantly withdrew their tracker mortgages after the 1.5% cut

BANK RATE CUT CAUSES CHAOS

Manipulation of interest rates is fixing of the price of money. On private markets, money is expensive because most institutions are bankrupt. So, government are artificially depressing the price of money to sustain low sterling prices. BUT, only the favored institutions can get enough money from the BOE to track base rates, so, this price fixing results in scarcity of money at base rate. And, don't think rates cannot go negative. Card issuers are beginning to charge for withdrawals, charge for accounts, charges plus 0% interest rates equal negative interest rates. Only banks with direct links to BOE liquidity can continue trading. Only those financiers allied to the British Establishment survive & then later purchase assets at pennies on the pound; scorched earth policy.

Posted by planning4acrash @ 11:07 AM (639 views)
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4 thoughts on “Around 30 lenders instantly withdrew their tracker mortgages after the 1.5% cut

  • Please specify: Which are the favoured banks in the UK? Which banks aren’t insolvent? Which banks are waiting to buy assets for pennies on the pound? Which assets would they be and when will they be purchased?

    People quote American bankers in the 19th C who planned to call in loans, foreclose and seize farmland for pennies on the pound. Or gold that ended up with Wall Street insiders during the Great Depression. Any more recent examples?

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  • planning4acrash says:

    Icarus, banks borrow from the BOE only when they can’t get money from private money markets. This only occurs when there are not enough excess reserves to provide enough liquidity to keep banks above reserve ration via inter-bank lending. So, whenever the BOE bails out banks, it means that the banking system is, systematically bankrupt. It is clear who is getting the bailouts, Goldman Sach’s is getting massive bailouts, they are clearly favoured, just follow the money and you find your answers. The big investment groups are doing fine. The big financial groups owned by the old British Establishment are doing very well and simply using money to consolidate monopolies.

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  • If banks start charging me to keep my money with them, I’ll put it under the mattress.

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  • planning4acrash says:

    For business accounts, they already do charge!

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