IMPORTANT: Why the banks MUST be allowed to fail

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IMPORTANT: Why the banks MUST be allowed to fail

Post by BASEL » Wed Oct 08, 2008 12:45 pm

I am slightly nervous about writing this as it could spark a revolution, all be it bloodless. I do believe the concept is right both logically and morally, even if it rocks the status quo, it is in the best interest of the British people which is ultimately more important. This information must be gravely considered before taking action.

Given that banks lend 9 times more than they borrow (their borrowings are your deposits that you lend them) and the average UK person has approximately £40,000 of debt and the average savings a mere £7,500 when the Government says propping up the banks is protecting UK savings, what they really mean is they are protecting your debts!!!

If the banks were allowed to fail and their debts written off the average person would be around £32,500 better off. Given this point, why is the Government using tax payer funds and borrowing more, the interest for which will be charged to our children’s tax bill, when we would be better off if the banks fail?

If the banks failed and their debts written off, many would have their mortgages wiped. If you have paid all the demands made upon you by the bank the bank doesn't have the right to reposses your home. If your bank fails and stops making claims on you who are you going to pay?

If they ever sent you notice regarding repossession due to bankruptcy, all you need to do is gather legal advice (or do it yourself) and confirm that you have received their notice but are contesting it due to legal reasons - these can include:

1 - it was not your fault that the bank became bankrupt and feel it was down to bad management or irregularities within the bank, which you require thorough investigation of
2 - you have not missed payments on your mortgage and through no fault of your own, they are no longer willing to honour your contract
3 - you do not feel that it would be ethical for the bank to reposses your home and wish to take this to the EU or World court due to breach of human rights

Bear in mind to that with potential take over suitors knowing this is mortgage payers intent, how many will want to buy these morgage "assets"? The contract can either lapse, or you can buy your own mortgage back at whatever price you can negotiate. Liquidators have a legal obligation to try and sell these assets to recover creditors money so make an offer.

Those on variable rates who are worried the bank will jack prices, check what your variable rate is, 2% above BOE for example. They cannot exceed this. It should not be much of a cocern anyway as you will only have any imminent payments to cover, bank runs only take a few hours to collapse a bank.

With mortgages gone, disposable income would increase. With so much more disposable income you could afford to by a new car, go out for some expensive meals or build an extension. Pumping cash back into the faltering, manufacturing, service and construction sectors and driving unemployment down.

With parents mortgages gone, many could choose to give there children more help financing university education which benefits society.

If the banks fail, the housing market would be freed up. No longer would sellers have to keep the price above the mortgage secured on it and with no banks to lend crazy mortgages prices would fall to more realistic levels. First time buyers would have more access to the market and as demand returns the construction industry enjoys a boost.

The boost in spending will also increase Govt. tax revenue, (which will be useful later).

Potential losers
Low to mid level Bank Employees:
Those that had debts with the banks will have those removed reducing the urgency with which they need to earn. The boost in consumer demand will also increase demand for labour, creating jobs in other sectors.

Top level Bank Employees:
The shares they gifted themselves in the banks for free (they didn’t buy them on the open market) will be reduced to nothing. However those with diverse portfolios will benefit from the boost in consumer demand and profitability in other companies. Most will also have susbtantial cash and other assett reserves.

Also you would be surprised how little of an obstacle “Bought the country to its knees� on their CV will be for their friends finding them top jobs in other industries.

Pensioners:
Those which loose there pensions are the new recipients of all the cash the Government had lined up to give to the banks. Also the increase in tax revenue from the new spending will help finance increase state pensions. Many will have seen the value of their pensions savaged anyway over the last few weeks.

Savers with more savings then debt:
For the few who have more savings than debt and fail to get their money out before the crash, perhaps they were saving for a house? House prices will come down by a substantial amount. This group should be allowed to be the first to withdraw there savings.

Investors:
When entering the market “The value of your investments can go down as well as up� do they deserve a government bailout any more than a gambler at a casino deserves one? Those with diverse portfolios will benefit from the economic upswing in there other share assets. Looking at your portfolio right now, what kind of condition is it in anyway?


Inflation:
Since no new money has been created, in fact a whole load of debt money removed from the economy there shouldn’t be inflationary pressures. People will still be receiving in general the same pay cheques.

Potential Negative Side effects:
Housing speculators who have large debts seem to gain lots of equity from all of this. However house prices will dive so speculators will not have massive gains. Home owners won’t be affected by the dive in house prices, as they will simply be swapping one house for another of similar value if they decide to sell

Those who have run up debts will get them wiped, those without debts will feel cheated. This is no different to begrudging a gambler who bets on something and wins, whilst you either bet and lose or refrain from placing a wager. This is the honest mechanism of Free Markets.

Now when you understand this, and you have contracted with a bank for an instant access savings account you are perfectly within your rights to withdraw your savings at any time. It is not your fault if banks became too greedy and have over leveraged there finances and will collapse if you choose to exercise your legal rights. Again this is no more your responsibility than a Las Vegas gambler who borrows and looses.

If the Government chooses to maintain your debts rather than let the banks fail and improving your economic situation, by nationalising banks rather than letting them fail. Have they really got your best interests at heart? If you think not, you can take action to achieve the results you want, direct self governance. There is no need for the likes of un elected "Peter, twice resigned under accusations of corruption, Mandleson" (or Blunkett for that matter) to hand down un fair, unjust and un consulted policies from on high without either your consent or your welfare at heart.

We would no longer have to revive the economy by being allowed to borrow more. We would actually have more! Who ever borrowed there way out of debt?

If you wish to act on this simply withdraw your savings from all banks, and send this info to everyone in your address book, CC media outlets and your MP and post it on every forum, blog and website you have access to.


Basel :smiley_bigthumbup:
Last edited by BASEL on Sun Jul 05, 2009 12:47 am, edited 1 time in total.
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Post by BASEL » Wed Oct 08, 2008 12:59 pm

The great debt deceit: how Gordon Brown cooked the nation’s books


http://www.spectator.co.uk/the-magazine ... ooks.thtml
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Draw from your past....... but don't let your past draw from you

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Post by Rossco » Wed Oct 08, 2008 2:10 pm

I agree 100%. Tired of saying it but all bankers, politicians and the likes are a bunch of lying.............................see there is a lot of swear words you could stick in there so please choose the best that you think fits!
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Post by BASEL » Thu Oct 09, 2008 10:48 am

This is Hyper Inflation, coming to a store near you


Annual inflation in Zimbabwe hit a record 231 million per cent in July, with basics, such as a loaf of bread now costing more than £22 (Z$7,000).

There is now pressure on the ruling party and opposition to break a deadlock in negotiations and form a cabinet that can rescue the ruined economy.

President Robert Mugabe's ruling Zanu-PF party and the opposition MDC again held more unsuccessful talks to end stalled power sharing negotiations on Wednesday, frustrating Zimbabweans who hoped new leadership would bring relief from hardship.

Many Zimbabweans have resorted to bartering goods and rely on help from relatives abroad, mostly in South Africa, for supplies of scant basic foodstuffs like maize, sugar and cooking oil.

A loaf of bread which cost Z$500 (£1.60) when the central bank redenominated the Zimbabwe dollar on August 1, now goes for at least Z$7,000.

An outline agreement signed on September 15 has stalled over key cabinet posts, angering Zimbabweans who have had to endure the world's fastest price rises, shortages of food, foreign currency and crumbling infrastructure. Both sides accuse each other of jeopardising the process.

Eldred Masunungure, a political science lecturer at University of Zimbabwe, said: "What is baffling is that the political players seem to take a cavalier attitude over the political crisis whose resolution is tied to the economic turnaround.

"The consequences of such a rate of inflation is absolute desperation, despair and poverty. The politicians don't seem to realise that what they do or don't do has an effect on the economy."

One United States dollar fetches Z$180 at the bank, Z$7,000 at the black market when using cash and Z$1.5 million when transacting with a cheque.

The main MDC faction, led by Morgan Tsvangirai, has called for urgent African intervention.
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Draw from your past....... but don't let your past draw from you

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Post by MasterSamWise » Mon Oct 13, 2008 8:41 am

Brit Bankers Jet to Italy for £500,000 Banquet as Economy Crumbles

By Daily Mail Reporter
Last updated at 2:33 PM on 09th October 2008

While the rest of the country struggles to come to terms with the financial crisis, a group of Barclays bankers have jetted off for a lavish banquet costing more than £500,000.

As British taxpayers faced up to a grim financial future, coupled with the fear of tax hikes following the government's bailout £500billion bailout package, a group of fatcat bosses from Barclays Wealth flew out to the luxurious Villa Erba, beside Lake Como in Italy yesterday for the all-expenses paid jaunt.

Invites alone for the bash are believed to have cost up to £3,000.

Over 300 guests will be wined, dined and entertained with an evening of opera before spending the night in the luxury surroundings of the exclusive Villa D'Este hotel.
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Post by MasterSamWise » Mon Oct 13, 2008 8:55 am

Every Question on the Credit Crunch Answered


If it's deemed worthy maybe make is a sticky and if anyone asks a question link them here.
Alternative title if you think its better "The credit crunch explained in full"

This is how banking works (against you.)
-The bank has £0, you have £100 paper notes
-You deposit £100 in paper cash, you now have a bank statement of £100
-Someone asks for a loan of £100 and gets a £100 credit to their account
-They withdraw your £100 of cash-your bank statement remains at £100
-You can electronically transfer that £100 to anyone else if you want to buy something on debit card for example.
-So you have £100 on your debit card which you can spend, and the other person has £100 in cash to spend...the money is doubled!!! If the money available to spend is doubled but your £100 stays the same (plus a little interest) your buying power halves.
-If you choose not to spend on your debit card but try to withdraw cash, this is a run on the bank and the bank will ask for a tax payer bail out.

Since very few people do ask for cash, banks are permitted by law to do this nine times. The banks of course know form experience that only 1/9th of demands will be in the form of hard cash so they always make up and lend a digital 9 times the original paper or coin. Every time you deposit £1 in the bank and the bank creates 9 more, if those nine are withdrawn and deposited in a new bank they can create a new £9 each, your buying power is reduced by substantially more than the interest it would earn. This is why real inflation, including house prices, shares commercial vehicles or any asset with a Net Present Value is much more than savings interest. This fact is obscured from view because houses, shares etc or NPV assets are not in the Retail Price Index shopping basket which is the governments’ inaccurate measure of inflation. Inflation is the ratio of money in existence to goods and services available.

Keeping your money in a bank makes you poorer; the only person that gains is the banker.

Deep down you already know this, but have never thought about it before.

(This stems back to a time when, gold bars were real money and gold certificates were the digital money. Goldsmiths would forge 9 extra gold certificates for every bar of gold they had in the vaults. As long as people were happy with the gold certificates and didn’t want the gold things would be fine.)


Now the real problem! If there was £100 to start with and £900 was lent at interest of 0.2% even if the borrowers took all the money of that of that depositors £100 that originally existed and added it to their loans they will still be short of the total repayments: £900 at 0.2% interest is £1080. Where can that £80 come from? No where, someone has to give up something they owned before they borrowed. (The process can take place slower if the interest rate charged is lower than 0.2% but compound interest on debts that will always end the same way.) As you can see around you now in the credit crunch, the £80 is missing, people are selling their houses and shares, real assets with value, to try and make the repayment.

The Government (back in 1694) wanted to spend more than it had raised in tax revenue, instead of minting new money as it had no gold to mint into coins it borrowed from the newly formed Bank of England (a private bank owned by Robert Patterson for him to make a profit) with the intention of repaying the loan + the interest on the loan from increased tax the next year. Since the then Private Bank of England also wrangled a legal monopoly on gold certificate production the debt could only be repaid in BOE gold certificates or gold. As we know there would not be enough BOE gold certificates to cover the interest, so the government would have to use gold. However the government was afraid to raise taxes and take the peoples gold as they would loose popularity! So when the loan repayment fell due it didn't have the money, so the loan rolled over with compound interest. This has continued since that time.

(Patterson and the original investors pooled there gold and of course issued 9, or more, it was never audited, times as many gold certificates as they had in gold. Remember: As long as people were happy with the gold certificates and didn’t want the gold things would be fine!)

Gold today is no longer legal tender so cannot be used to repay a debt if the lender refuses. The only legal tender is “Money” be it digital or paper, which should represent the wealth of the nation.

National Debt (the amount the government has borrowed with the intention of repaying it through taxes) exceeded Gross Domestic Profit (the amount of wealth the country creates on which tax can be levied) even before the bailout. The gap between what the government has borrowed and what the country can produce has dramatically widened since the recent torrent of government borrowing.

According to the institute of policy research the countries national debt has exceeded its Gross Domestic Product. This was before the latest huge round of borrowing.

There is no way we can pay off the debt in the style of Andrew Jackson (US president that paid of the national debt, closed the central bank and refused to allow the government to borrow).

The value created in this country through the work of the people is now considerably less than the principal of its borrowing even before the new interest is added.

Nothing in this country has actually been paid for as the original money was borrowed so it has outstanding debt attached accruing compound interest at rates which the government will not disclose. So although we think of ourselves as a developed nation, we are no more “rich” than someone living the highlife on a credit card, when the bill comes and can’t be paid the repo men will come for the Porsche, the Rolex and the penthouse.

So for every years work we do, all of the profits of production PLUS a portion of the means of production needs repaid to the banks to meet the repayment demands. As the means of production is decreased with each repayment how can we produce the next repayment? If we fall short of the repayments, the compound interest widens the gap. We are in the equivalent position of a landlord who’s rents don’t cover their mortgage, to meet the repayment he has to sell a room, with 1 room less to rent next month how will the next repayment be met?

You can see the effects of this in action as house prices and share prices fall. Remember the price of these assets is a reflection of their Net Present Value, the sum of the future discounted cash flows. Houses will no longer be able to be rented for as much and rents will fall, companies will shrink and profits will fall there fore the NPV, or amount people are prepared to pay for them today is falling. In the future companies and people will have to give up more of their wealth in tax to try and meet the governments borrowing repayments so there are less profits for everyone.

We now owe the banks the government borrowed from for everything in this country, plus everything that it will ever be able to create.

These loans have been taken out without your consent and the government will have to try and repay them through increased taxation.

Notice there was no income tax in the US or UK until the government borrowed (as recently as 1913 in the USA!). Income tax was meant to be temporary (it is still renewed yearly) to repay the loans. If you think about it where does income Tax go...it existed long BEFORE the NHS, or state schools. Council Tax, Road Tax etc. are designed to pay for the services they provide. Income tax is not apportioned to anything.

If we don’t take action expect the following consequences:

Britain, Iceland and possibly more of the "developed" EU countries are bust, they have now borrowed more than they can ever repay. The poor countries in the EU, eastern Europe etc, whilst they have a lower quality of life, it is (more) paid for, we are living the highlife on the credit card and the bill is coming in.

Ever wondered why developed countries want more and more "poor" countries in the EU? The EU is not about sharing wealth it’s about sharing debt!!!!!!! Poland has a constitutional debt limit, (left over from the communist era) once it is on the Euro any other Euro based country (look ahead to UK and Iceland) can run up debts which Poland will get end up sharing!

So UK and Iceland will move onto the Euro so that the poor companies can use there profits to support us for now. Things will get a bit rough but I think we will come through it, we will be poorer despite working harder but it won't be the cataclysm.

The US is in the same position within the Americas, expect to see a similar scenario there.

Asia, may or may not be bust, but will probably unionize to defend the trading power of the EU and America blocks.

Russia an there sphere of influence probably similar to Asia pacific.

Africa is already in plenty of debt it will probably unionise too for the same reasons as Asia and Russia.

Now we will have 5 big unions all with governments that borrow money and have fractional reserve banking. All the debts of the countries going in will also be centralized in each of there unions.

OF course the only conclusion to government borrowing and fractional reserve is the mess we are in now, except that it will be on the large scale of 5 unions rather than individual countries.

Then we will move to the one world currency as the solution and the NWO will begin.

There will be a few men who own the world bank to which every man woman and child in existence will be bourn into debt to and will never own anything more than a days food despite working every waking hour.

Chances are the World bank will just allow the debts to grow, or allow the people to default on the debts so that the people have just enough to think they are free. If they go to work that day they earn a days food. Anything less than this and the people will have to revolt.

Of course the whole thing is creeping in slowly.
50 years ago 1 parent earned normally on a 9-5 job, most people owned their own house outright. Today it takes 2 good salaries, with people working crazy hours, just to get a mortgage that will allow you to own your own house 25 years later....yet no one is outraged!


Possible solution 1:
The bank of England was nationalized in 1946 and the shares are held by the treasury.

Today, operating as it does as the bankers' bank, it is to the commercial banks (ie the High Street banks) what the commercial banks are to the public.

Just as we may deposit money with commercial banks, so commercial banks in turn keep deposits with the Bank of England. The amount of cash that a commercial bank can buy up from the Bank of England to meet its customers' cash withdrawals is limited to the amount of deposits it has in its account at the Bank of England and/or what it can borrow from the Bank of England or from other banks.

Commercial banks borrow from the Bank of England in exactly the same way that individuals and businesses borrow from commercial banks. In theory the BOE could then use commercial bank deposit and fractional reserve 9 times this amount, and lend it out to the other commercial banks. It could do that today and solve the liquidity crisis. It could also then collect interest on those loans and make a profit which could then pay off the national debt and be spent by the government on public sector operations. Ask yourself why it isn't doing this.

Since nationalization the BOE is no longer a major player in the lending/money creation market. Its annual accounts reveal that its loans and profits are only a fraction of those of a major commercial bank such as Barclays, and it only holds a very small amount of government stocks, so it is no longer really lending to government either -- that function has largely passed to the merchant banks. Again ask yourself why this is the case.

The answer:
Although owned by the state, the bank is largely controlled and run by those from the world of commercial banking and conventional economics. The members of the Court of Directors, who set policy and oversee its functions, are drawn almost entirely from the world of banks, insurance, economists and big business.


There is however a downside to a nationalized bank.


What you have here is a very close to communism. The state bank will be the biggest and most secure bank in town. It could very quickly and easily squeeze out the commercial banks, especially if it was open to business and personal savings.

With one government controlled bank into which all money comes and goes, ultimately every freedom you have will be at the will of the government. Your pay packet will go into your government bank account, if you wish to withdraw that money it will be at the banks discretion. If the government is fair and just every one wins. But as we know from history, power corrupts and absolute power corrupts absolutely. Look across the world throughout history and look at the many examples of tyrants who gain power. If one such person should do this with a nationalized bank monopoly it consequences could be as bad as any political travesty ever before it not worse.

Solution 2:
At the moment the government is borrowing more money to put into the banks to ease liquidity. If a boat was filling with water would you cut a new hole in the boat to make another bucket?

We the people of this country are no more responsible the debts taken out without our permission than a tenant whose landlord can’t pay his mortgage. In the same way the bank can’t claim of the tenant for the landlords liabilities the bankers can’t claim off us.

These loans must be defaulted and the country can never be allowed to borrow again.

Those bankers who lent money will loose, but the money they lent they charged interest on. The interest was supposedly charged as the reward for the risk of lending the money, they have collected a lot so far, but now their greed has become too much, the risks were too great and their luck has run out. No one forced them to make the loans.

This is no more your responsibility than if you were a gambler winning a high stakes bet and bankrupting the casino.

Domestically Rather than borrowing for this bailout, why doesn’t the mint print more money and spend it on public services into the economy BUT at the same time raise the fractional reserve requirements of banks in proportion to the new printing to soak up any inflation. As the banks reduce there ratios to 1 2 1 with the new money the system stabilizes and we won't be able to reach this position again.

Private banking continues but governments are not allowed to borrow money in any way shape or form.

Charging interest within the private sector is legal but:

If you deposit money in a bank when it its lent your balance goes down. A bit like when you deposit a cheque and your balance goes up, but your "balance available" doesn't go up until the cheque has cleared.

So you have your "available balance" and your "on loan" amount, the “on loan” money isn’t available to you until the loan is actually repaid. This is the same as you lending a £5 note to a friend, you can’t use that £5er until it is repaid, but you trust that it will be returned to you later plus interest.

There is no fractional reserve.

As a depositor you can choose how much is lent and how much is kept as your available balance.

Interest is charged to borrowers more than it paid to savers, banks take the difference to cover their costs and make there profits.

The government can print money and use it to pay for public sector work. This is the only way new money can be produced. To prevent the public sector giving itself annual pay rises which it can spend first thus beating its inflatory effects public sector pay & expenses is pegged at the previous year’s national average for the equivalent role in the private sector. To balance the fact that pay is a year behind inflation, they are given a week longer paid holiday per year than the equivalent in the public sector.

Public accounts are audited and published yearly and by randomly selected qualified accountants from the public sector, the accountant equivalent of Jury Duty. The pay statistics are submitted by a statistically sound sample of appointed persons within the required companies too comprehensive to corrupt completely and published publically.

Down sides of this are that economic growth will grind to a halt by today’s method of measure. The countries growth will be limited to what it can resource and produce, as natural resources become scarce methods of recycling will be the only way to create new products.

It should produce a sustainable economy.



This should really be taken into consideration
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Post by BASEL » Wed Oct 15, 2008 12:49 am

Inflation has soared to a new record after gas and electricity price hikes sparked a surge in the cost of living. Skip related content

Inflation Soars To 16-Year High
Inflation highest since 1992
FTSE ends up on oils and banks


Official figures show the Consumer Prices Index (CPI) reached 5.2 per cent last month - the highest reading since 1997 and a 16-year historical inflation peak.

But the Government also faces paying out billions more in benefits and pensions after the headline Retail Prices Index (RPI) reached 5 per cent.

September's RPI - which was last higher in July 1991 - is commonly used by the Government to calculate pension increases for the coming year. Pensions usually increase by 2.5 per cent or headline RPI, whichever is higher.

The headline RPI, less costs such as rent, council tax and mortgage interest payments, is also used to calculate increases in benefits such as Jobseeker's Allowance and income support under the Rossi Index.

The CPI figures are likely to mark an inflation peak as policymakers on the Bank of England's Monetary Policy Committee (MPC) - who cut rates by 0.5 per cent last week - turn their attention towards avoiding a severe recession following the current financial turmoil.

But the data will also serve as warning of a residual inflation threat for MPC, which did not have access to the figures before cutting rates last Wednesday.

Following the price hikes for gas and electricity - and an earlier round of increases in January - electricity prices are up 30.3 per cent year on year, with gas costs up almost 50 per cent.

The annual rate of inflation for energy and other household bills reached 15 per cent - the highest since 1989, while price rises for clothing, footwear, toys and games added to the pressure
To resist the influence of others, knowledge of one's self is most important.

Draw from your past....... but don't let your past draw from you

Yama, The world is changed. I feel it in the water. I feel it in the earth. I smell it in the air. Much that once was..... is lost. For none now live who remember it.

For all your Computer needs www.btlogic.co.uk

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