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A good day to slip in europe burns as mordoch plays the fiddle
With so much at stake in the British and indeed the Global economy the last thing we needed was some diversionary tactic guaranteed to take our minds off the REAL issue.Another round of "quantitative easing" (AKA..taxpayer largesse)seems to be in the offing,it is "best" to protect the system and the elites who control it by throwing more money at the problem than it is to suffer the harsh realities of admitting that the faith in neo-liberal economics and concomitant arrogance of its cheerleaders has, like good old "communism/socialism", hoist itself on its own petard. The "hacking" scandal is just that..a scandal.Red faces and humblest apologies from those in charge and Government and press fulminating,but what outcome,it will blow over like the expenses scandal and others.Should i dispense with my cynicism and hope that something concrete comes of this sordid affair,??.After reading this ,i think not,i quote, "witness testimony to Select Committee and their Written Reports are protected by Parliamentary Privilege under the Bill of Rights 1688 and cannot be used as evidence in a court of law" unquote. Thanks to SPYBLOG. So what happens after testimony has been given,and if prosecutions ensue then should not those people who were questioned in the previous enquiry not be charged also.!?
""quantitative easing" (AKA..taxpayer largesse)"
I'm a bit confused here.
How is QE taxpayers' largesse?
I thought it was entirely a Bank of England device, printing more money that you actually have the wherewithal to back up?
The BoE surely does not have the independent right to commit taxpayers' money?
QE will only work if the capital pumped into the economy is "loaned" by the banks,if on the other hand they choose to stockpile then it is only a matter of time before "Joe Public" is forced into another bailout.I make the connection that if it fails we will pay again and the banks sitting on the previous bailout and QE will continue as normal.Without a steady supply of money in the form of loans to small businesses or individuals then the economy will remain static or could result in a collapse. As you say.."printing more money than you actually have the wherewithal to back up",reminds me of Weimar Germany. The BOE does not i believe,but the GOV does have the right to commit i believe and Labour took gratification in doing so. I am no economist and my pessimism grows daily.
Reading the article, seems to suggest that it only the banks getting the high bonus incentives. According to an article I was reading yesterday, the insurance industry isn't all that far behind. Then we have some of the major commercial retail business's following on from that.
Why worry, when governments state that lessons will be learned, and at the same time, the members of these governments have future interests on the companies exceeding their expectations?.
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