Thursday, February 19, 2009

ONS move confirms the Government has in effect nationalised RBS

ONS classifies Lloyds and RBS as public sector bodies

The Office of National Statistics has classified both RBS and Lloyds TSB as public sector entities. The ONS says it has decided to classify the banks as public entities from October 13, meaning their liabilities are included in public finances.It could not confirm how much the banks will add to national debt, but the ONS estimates it is likely to add £1 trillion to £1.5 trillion to public-sector net debt. The ONS says: "As a percentage of the gross domestic product, this range is roughly equivalent to between 70 per cent and 100 per cent of GDP.”

Posted by jack c @ 07:29 PM (961 views)
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13 thoughts on “ONS move confirms the Government has in effect nationalised RBS

  • Okay I just want to make sure that everyone knows how to picture how much a trillion is.

    How long is a thousand seconds?
    How long is a million seconds?
    How long is a billion seconds?
    How long is a trillion seconds?

    ANSWERS:
    16 minutes, 40 seconds.
    11 days, 13 hours.
    32 years.
    32,000 years.

    If a million is 11 days 13 hours, then a trillion is 32 years, in seconds. For each of those seconds, add £1.

    This is really really serious.

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  • Sorry, correction.

    If a million is 11 days, 13 hours then a trillion is 32,000 years.

    Wow. Just wow.

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  • I’m saying nothing til jack gets nemo’s sub working. Oh well alright then.

    Acute wealth extraction on top of chronic wealth extraction. In neither case do they create the interest.

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  • @ paul – great set of figures to put things into perspective – sadly what an ENORMOUS mess.

    @troy aka malcts cousin (LOL) “I’m saying nothing til jack gets nemo’s sub working” – we need more than a bloody submarine to escape this debacle

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  • Paul,

    Fantastic figures!

    Imagine if they got mainstream?

    Then again, what difference would they really make?

    “It’s complicated, leave it to the guberment.”

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  • Jack. maybe lay off the LOL’s.

    Troy is Malc and Troy was his good friend that passed away. He is just trying to play within the rules; which must feel frustrating for him. There is a mass of knowledge there that many can learn from.

    Tralc, I hope that you don’t mind me saying so.

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  • gardeniadotnet says:

    then a trillion is 32,000 years…

    So by your reckoning, a quadrillion (in BIS derivatives) is 32 million years.

    But don’t worry everyone, as 51ck and the other financial whizz-kids tell me, it’s a zero-sum game and will all cancel out. lol

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  • gardeniadotnet says:

    If my research in the field of plant propagation has taught me anything, it’s the true power of the exponential function – move over Bartlett.

    Note to self: watch that ego.

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  • @flintster1994 – thanks for the info – I’m sure malct wont be offended – the LOL was a reference to a bit of banter and a chuckle between titanic, malct and myself on a thread from last week – I’m sure he’ll pick it up that way (Geordie boys all think alike)

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  • Nae bother Jack,

    You Geordies are a law unto yersels!

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  • @titaniccaptain – raise the question of Britain going to the IMF for money (as Healey did in the 70’s) – they are decidedly uncomfortable on this as witnessed on last nights QT. It is just a matter of time and we know it.

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  • no offence taken flintster, I appreciate your comments.

    cousin malc has long time commented on how complacent and apathetic we all are towards politics, which after all is the process by which we control and manage our lives (or it should be). However, his observations in recent years suggest that this has developed to an almost unbelievable and dangerous extent whereby we seem totally paralysed as a nation when it comes to saying ‘no. we ‘re not going to accept xyz’ when it comes to the most outrageous lies, deceipt, corruption and downright legalised theft in the public domain.

    It is as if we have found ourselves with no mechanism for fighting back. We have been psychologically, economically, moraly and socially divided and conquered.

    re going to the IMF, I think there is a que building up.

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  • Hey gardeniadotnet – I never said that – a poker game (the game not the entry ;p) is a zero-sum game, but that does not means it all cancels out!

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