Britain is perched on the edge of an economic precipice that few people are prepared to acknowledge.
By David Hetherington.
The relentless government lying machine would have it that Britain is slowly turning the corner from the financial crisis of 2008. The BBC, of course, and the rest of the mainstream media peddle the same line. A small but hardy group of economists not in the pay of the government or the banking industry are however painting a very different picture of the country’s situation.
Not given much air time recently, for example, is the true state of the Royal Bank of Scotland, owner of National Westminster Bank and the crisis torn Ulster Bank.
A new and little talked about study of the bank that brought the UK to the brink of financial ruin reveals that RBS still has a £100 billion “black hole” in its finances due to “five broad areas of alleged criminality and wrongdoing”.
Financial journalist Ian Fraser in a devastating new book says: “It now seems impossible that British taxpayers will ever see a return on their £45.5 billion investment in the bank”. And he avows that RBS is probably in a worse state than ever it was under Fred ‘The Shred’ Goodwin known for his extravagant expenditure – he squandered literally billions of taxpayer cash on over-priced acquisitions, Mercedes cars and luxurious office décor. Of course he was handsomely paid off when he had to go.
And the landmine that is likely to go off somewhere down the road ahead is that ‘Bail-ins’ are likely to happen at banks that are close to failure in countries (including the UK) that have adopted the Bank of International Settlements bail-in conventions and do not have financial resources to bail-out their banks. This change in the rules means effectively that any money you have saved in a bank belongs to the bank.
Thus, depositors in these failing banks may be subjected to having their money used to save criminally run banks such as RBS and Ulster Bank. Don’t forget, the powers that be have already tested this new form of theft by helping themselves to depositors’ cash in a Cyprus bank and getting away with it scot free. If the banks pull that one off in the UK the top directors will no doubt pay themselves huge million pound bonuses and further super-size their pensions.
Meanwhile Britain’s total indebtedness continues to surge upwards since 2007. Our debt mountain topped £1.387 trillion in 2011, and that is the equivalent of 90 per cent of the entire economy. We can be pretty sure it is still increasing today. And where does the interest on this unimaginable sum go? To the banks and the multi- billionaire families who own them.
We can be sure that in most cases this David Cameron-led government will make all the wrong decisions whether the issue is the economy, about exiting from the disintegrating European Union, energy – ie the fracking issue, immigration policy, food policy (its craven submission to Monsanto and GM foods or in foreign policy – for the fact is that 80 per cent of all Tory government MP’s are members of the “Conservative Friends of Israel Group”. There is no equivalent official group espousing friendship with even one other country in the whole wide world that these people are apparently “Friends” with! Perhaps they just need to sign up with Twitter.
Ordinary people who still possess a functioning mind understandably feel they are going slowly and irrevocably insane. Many feel they can only watch impotently as the madness and corruption in Westminster goes on and on regardless of the real issues that need addressing. Our financial institutions, with government connivance, manipulates markets of all kinds for its own benefit so that more illegally-gained wealth and more power can be stolen from the real, working economy. And for most British people that translates into less wealth, less freedom and a barren future for their children and grandchildren. The road ahead is simply paved with debt servitude for them.