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Thursday, 14 April 2011

We are their tax-slaves.

The banking crash was devised. How could it not be - these people who lend massive sums to major banks, who have the money to break and then bail-out nations, are not fools.

Unlimited short term funds were made unrestrictedly available to banks in the UK, Europe, the US and elsewhere .

Rather than banks pass the opportunity to make profit from this abundance, any lending opportunity was taken; especially of-cause via packages of sub-prime debt from the US. A feeding frenzy ensued.

When, after several years and clear warnings aplenty, the international financiers pulled the plug on this trade, refusing to provide further 'rolling' short-term loans on the banks long-term liabilities. The outcome was that we see today. Stitched-up.

Our governments could have said these short term loans would not be paid, but mixed in with this debt was money from depositors of all sorts. Too many innocents would be ruined if the unravelling was not possible and immediate. Our banking and finance industry would be ruined forever. The UK economy, as we know it, would be dead.

And the government guarantee of banks is binding - the tax payers must foot the bill. That is the deal - hindsight about mixed banking does not wash. The only opportunity of escape from atonement to the liability would be default or to prove the international lenders deliberately caused the situation to occur or were wilfully negligent.

So it is the same international lenders who provide the 'bailout' funds now, just today underwritten by the tax payers, as provided the excessive and irresponsible liquidity that caused and fuelled the situation from the outset.

We are their tax-slaves. The fools we think can run our nation states, at best, have been played like a fiddle or, more probably, are complicit in the crime.

But of-cause every cloud does have a silver-lining. Normally this onerous level of national debt has been brought-about by vast and destructive war. History provides evidence that the self-same forces of international finance are the ones who previously caused these wars, provoked to produce the same outcome - interest on national debt.

Maybe dear Tony and Gordon are to be heralded as national heroes; saving us all the unpleasantness of war and just saddling us with the resulting national debt instead. Great.

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