Thursday, September 16, 2010

Mervyn Selling You Austerity! Duh, Bankers Always Sell Debt!

Vladimir: Suppose we repented.
Estragon: Repented what?
Vladimir: Oh . . . (He reflects.) We wouldn't have to go into the details.
(Waiting for Godot)

Mervyn King of the Bank of England is quoted in The Herald today as confessing:

Bank of England governor tells TUC: ‘We got it wrong’

Naturally The Herald doesn't probe Gordon Brown's role regarding quantative easing, stimulus, bailouts and regulatory legislation.

According to King:

Mr King, in a conciliatory message to the Trades Union Congress (TUC), acknowledged that while the meltdown was caused by the financial sector, the fallout was universal.

What Mervyn doesn't tell us that it was the financial sector in London and New York that sold fraudulant financial products to the rest of the world what caused the crisis. And he is certainly not telling us that they are back in the same business all over again.

The purpose of his trip to the TUC conference and his 'confession' is to sell 'austerity' to the British public:

In it, he warned that the UK Government risked plunging the country back into crisis if it did not make cuts to slash Britain’s deficit.

Now, let's make this clear, the financial sector grew fat through fraud, then when it blew up it stayed fat through bailouts and free money from Mervyn King (and still is) and now they are going to force the general public through cuts and unemployment to borrow money from banks at immoral rates of interest in order to keep bankers in a manner to which they have become accustomed.

Mervyn doesn't confess that the illusion of London City success in the past was all down to fraud. Oh no:

Before the crisis, steady growth with low inflation and high employment was in our grasp.

No it wasn't. It was all fraud and pumping more debt into the system that gave an illusion of wealth. Mervyn, you see, wants you to think that we can get it back by continuing to feed the banks public money. Well Mervyn, you don't fool me. We can't go back to false and fraudulant economy. And we are not going to continue to pay debts accrued by fraudulant bankers as we have been.

You see, Mervyn gives the banks money and charges them 1% for it. The 'insolvent' banks, having destroyed jobs and forced everyone into borrowing, then lend that money to you at sometimes anything up to 50% per annum interest. That, my friends is immoral and is destroying the real economy. However for Mervyn, the banks are the real economy. You see, most of the money in the system is created and lent out by banks at interest. So, the money which should be owned by the government and issued freely is infact created as a debt. That means the interest multiplies, the bankers get super rich and the economy nose-dives.

Here's another strategy Mervyn. Why don't the people try the bankers for fraud, dissolve the banks and walk away from the debts which were fraudulantly induced? How about that Mervyn?

Oh no. Mervyn prefers the citizens to suffer than let his banking buddies take the wrap.

My advice. Take your money out of big banks and put it into smaller independent banks. Don't feed the beast.


cynicalHighlander said...

A Similar take on things.

The trouble is that 80-90% of people think that economists and bankers are the 'experts' and can't relate that most home occupiers have as much knowledge, otherwise how do they survive from month to month.

Alex Porter said...

Hi CH,
thanks for that link - smart blog!