Wednesday, November 24, 2010

Austerity Revolts Begin

Isn't it great that banks got in trouble and passed that trouble on to us? Private debt was turned into public debt. Some well-indended activists do not support stopping bailouts and they now have to explain why! The bailouts have led to soveriegn debt and currency crises. People's wealth is being diluted including pensions and the banks are still bust.

As we are starting to realise Lloyds and RBS have huge exposure to the Irish banks. Bailing them out is printing money, giving it to the Irish who then give it back to the British banks. This makes sure the debts are hung around the Irish necks when what should happen is the Irish banks are allowed to go bankrupt and let the British banks fight over the scraps.

So much for Brits bailing out Ireland as the BBC would like to have us believe. Where is the intrepid journalism?

And while we're at it. In Scotland the people are now under blanket propaganda by the unionist mainstream media. Scots are being bombarded and being lied to systemically about the SNP government. It is full-throttle Orwell!

I'm sorry if some journalists get caught in the cross-fire but the journalists are supposed to be there for the people not the other way round. Getting the truth to a besieged population is far more important than the bruised ego of the odd journalist who should know what it means to get into that profession, in Scotland, before doing so.

As we know the City of London is extractive not productive. Nothing comes from there, everything is sucked into there including student grants, pensions, savings, public sector, family wealth etc etc.

If Ireland declares bankruptcy as world-renowned investor Jim Rogers advises what would be the hit on British banks?

Lloyds: £21.7 billion in loans, £11.7 billion in impaired loans.

RBS: "Significant" exposure, according to Morgan Stanley, including £51.9 billion in loans.

Austerity is kicking off. Here is what the students think:

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