TELEGRAPH 4.11.09
1. 0 Every family in the country is now facing a tax liability of 0 to
prop up Britain0 the biggest bail-out in history.
By Robert Winnett, Edmund Conway and Harry Wallop
The Chancellor confirmed that the Government would pump an extra
0 the only way to keep the business alive.
Taxpayers have poured a total of 0 the 0 that was set aside as insurance
against further trouble in the future.
In total, the Government has put 0 the banks, including RBS, Lloyds and
HBOS, since the start of the
financial crisis last year.
Note: Utterly mad. The taxpayer takes on heroically dangerous
obligations without exercising meaningful control over the banks, both
those they have a stake in and the rest who are hiding behind the
assurances of the British state. The only clean way of dealing with the
situation is to nationalise the lot, not just temporarily, but as a
matter of policy so that the state regains control of the money supply.
The nationalised banks would have to be placed under strict legally
enforceable restrictions on what they could do to prevent politicians
corrupting their behaviour for electoral advantage and to ensure the
extension of loans to business and individuals where it was objectively
reasonable to do so, for example, a mortgage based on 3 times earnings
with a 15% deposit.
Nationalising the banks would not mean that companies could not raise
money privately. They could do this through such vehicles as rights
issues and bonds. There would also be a place for private capital
lenders who took deposits and loaned out only the money deposited with
them. RH
--
Robert Henderson
Personal website:
http://www.anywhere.demon.co.uk
