Tuesday, August 31, 2010

Bankers Go To London: Good Riddance!

Another day another Scotland's not viable and needs London Scotsman story.

Capital yet to feel full force of banks' collapse

It's all terrible you see. Bankers are going South and so are using English lawyers and accountants. And the bankers are responsible for buying most of the multi-million pound houses in Edinburgh.

Thanks to fraud the entire financial sector is insolvent but government has changed the rules of accounting. Why? So that the bankers can pay themselves commission by pretending to be in profit. To try and keep the financial sector on life-support Westminster is throwing freshly printed money at them for nothing. The profits they're supposed to be making is made by using the free money they're being given to buy and sell financial products to each other. Then they charge massive commissions and collect bonuses.

Why should the public be paying for bankers to have multi-million pound houses in Edinburgh or anywhere?

The financial sector will have to scale down. When public subsidies stop going to The City there'll be an exodus of bankers from there too. Bankers in Edinburgh are heading South because that's where all the free money is getting pumped in. This is nothing to do with increased sales - it's fraud. Blatant and in your face fraud. So brazen you can't believe what's right in front of your nose. The people are being robbed blind by bankers in collusion with government.

And why is it a disaster for expensive houses to drop in price? Escalating house prices help only banks. Rising house prices means exodus of manufacturing which is what the economy needs if it is ever to be healthy again. Your house price goes up, you have to take a cr@p job, house prices go down and all you have is debt and a cr@p job. The bankers love it though. They make a fortune on house-price speculation. Then when prices drop you need the credit card to survive. They get money for free and often charge 50% APR on the credit card. The free money they get is yours!

Sorry but the financial sector needs to decline. It was pumped up by fraud and subsidy and needs to correct. Let the bankers go to London - they'll be off to Beijing shortly after that as London collapses under the weight of fraud. We don't need house-price rises - our houses are our homes not investment vehicles thank you very much.

Scotland needs a root and branch overhaul of its credit system in an independent Scotland. The centralisation of credit is dangerous as El Crisis shows.

Let Scotland invest in manufacturing and indigenous business. Finance it by ending the welfare state for bankers.

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