The UK Uncut initiative is a wonderful expression of the Signs of Our Times:
- it began with a Twitter hashtag #ukuncut
- what manifested as a sit-in of 70 people in a Vodafone store in London
- and spread across the country in no uncertain way.
Spread the word, join in actions, or at least smile!
One Good Cut instead!!!
With thanks to Inquiring Minds.
Posted in Borrowing, Campaigning, Central Banks, Credit Crisis, Credit Crunch, Debt, Economic measures, Government budgets, Money supply, National debt, Spending cuts
Tagged Bailout money, Barclays, credit crunch, debts, spending cuts, Tax avoidance and tax evasion, Twitter, UK Uncut, Uncut
This article in the Independent is entitled “Bailout money is flowing abroad”. It illustrates how journalists don’t analyse deeply enough and how language has always been used by the bankers and central bankers to make it sound acceptable what they are doing.
For the money that the Bank of England has been “printing” by “quantitative easing” has not been created in the same way as the “bailout money” that the Treasury provided.
By buying government bonds, the Bank of England has bought yet more control over the state. As H M Government, it feels powerless to create money, because its individuals have been ‘bought’, each in their own way, by ‘higher powers’, so that, gradually, the wrong institutions perform and follow the wrong procedures, e.g. the Debt Management Office and the FSA.
Their Majesties’ subjects were meant not to be oppressed by the Corporation, as the Bank of England Act 1694 says.
But Her Majesty’s Senior Correspondence Officer passes my letters to No. 10 where Mr. S. Caine passes them to the Treasury from where I don’t get an answer…
For those who can recognize it, the trend towards more and more concentration of controlling by money, is becoming more and more apparent. But let us trust that the connectivity of the web and between people with good intentions will help us!
Just in case you might think I’m wrong with my analysis, here is an American voice that explains it in market terms.
And The Independent formulates the Big UK question: Could the government bailout of the banks bankrupt the country?
In both countries it is clear that and how governments have given up their loyalty to their citizens in favour of their banks.
According to this article Bailouts expected to add £1.5 trillion to national debt as tax take tumbles in Times Online on February 20, 2009, “official accountancy rules”, few of the nationalised banks’ assets can be counted in the Government’s books.
The big number game continues to be played, to camouflage what is really going on.
This article in the FT on Jan 22 points out the cornerstones that define the essence of corporate power: equity and money as control. The question is who is in control: of issuing money, toxic assets, good and bad banks.
The former US Treasury secretary Hank Paulson’s proposal was supposedly similar to the current one, which boils down to the Fed ‘guaranteeing’ those toxic assets via a ‘toxic aggregator bank’.
Instead, George Soros is proposing
- an equity injection scheme
- a cut in minimum capital requirements for banks.
It doesn’t remove the Fed’s power, but it seems, as if at least wouldn’t widen it.
Another article by George Soros on his site is The Crisis & What do to Do About it doesn’t go to the heart of central banks, but at least questions the current paradimg of ‘markets tending toward equilibrium’.