Tuesday, October 29, 2013

Goldman Wins UK in Carney Raffle

Carney places a bet on big finance

As of August 2013, loans outstanding to UK residents from banks were £2.4tn (160 per cent of GDP). Of this, 34 per cent went to financial institutions, 42.7 per cent went to households, secured on dwellings, and another 10.1 per cent went to real estate and construction. Manufacturing received 1.4 per cent of the total. UK banking is a highly interconnected machine whose principal activity is leveraging up existing property assets.

Posted by tick tock @ 06:37 PM (3351 views)
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2 thoughts on “Goldman Wins UK in Carney Raffle

  • Just disgusting to see how little is lent to Manufacturers. But trust the market. Loans are so freaking low to them because taxes and regulations are too freaking high, and we have a government hell bent on getting rid of our cheap coal plants, replacing them with astronomical nuclear at £100/kwh. We have upon us a plague of suicide politicians, gnashing their teeth to destroy Britain and themselves, selling their souls to the cartels for pennies on the pound.

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  • On the flip-side, what this shows, is that when interest rates rise, manufacturers will be the growth industry. Or, put it the other way, if we leave the EU and allow coal to continue, slash VAT, incorporate PAYE into income tax and end carbon taxes, etc. If we do that, manufacturing will boom and rates will go up to satisfy the need for credit, popping the government and housing bubbles. Newslfash folks, that is why politicians do not want a manufacturing revival, since those manufacturers will squeeze the government, taking a larger slice of finite resources, because unlike productive industry, big government cannot sustain high rates.

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