Friday, September 17, 2010

So It's Official - According To Mervyn King Of the Bank of England the Banking Crisis Was NOT Gordon Brown's or Labour's Fault

So perhaps David Cameron, George Osborne and Nick Clegg can stop lying through their back teeth now.

This is serious, because if the above have called this wrong, then they have put in place the incorrect measures to deal with the deficit. This is not just me saying this, it is one of the world's leading economists, Josef Stiglitz, (the man who predicted the credit crunch) saying it, we in this country are all at terrible risk, our homes, our jobs, our businesses, and our children's futures, as well as our education system and our NHS. (Look a little further down this blog and you will find a link to Josef Stiglitz, please read this and join with us in condemning this certifiably insane government and bringing them down BEFORE it's too late. It is not too late now, if we unite and act together we can still save our children's futures.

Mervyn King Too Late for Prayers!
"King, the second Bank governor to address a TUC conference, placed the blame squarely on the financial sector for the economic crisis of 2008, claiming that the structure of financial sector bonuses had encouraged excessive risk-taking.
And he admitted that the Bank of England, along with the financial sector and other policy-makers, had let go of the steady growth, low inflation and low unemployment that "was in our grasp".
"We let it slip," he told delegates. "We that is, in the financial sector, and as policy-makers – not your members, nor the businesses and organisations around the country which employ them."
What a pity this man did not speak up when he just sat back and allowed Gordon Brown the then labour prime minister shoulder the blame for the "global financial recession" and the banking crisis, a banking crisis that not only played out in this country, actually started in America because of US policy and the the sub-prime mortgage selling fiasco and toxic debt.
Mervyn King above most people would have known just what Gordon Brown did and what he had to do to keep this country from entering financial meltdown. Brown was faced with a matter of dire emergency he had to act and act quickly when he was told the news, if he had not, then the  next morning banks and ATM's across this country would not have dispensed money. Gordon Brown halted that emergency, he safeguarded the homes, businesses, jobs, savings and pensions of the people of this country with his knowledge, his tenacity and ability to keep calm, because of Brown when the banks opened the next morning it was business as usual. It is worth remembering here that George Osborne and David Cameron were actually *AGAINST* bailing the banks out, if they were in power when this GLOBAL crisis, which started with the Lehman Brothers hit this country, they would have done *NOTHING*. Whether this is through ignorance or complete stupidity and inability to grasp the seriousness of a situation, is not clear, I suspect it is a bit each. Which does not bode well should there be another such crisis because I fear 1) this incompetent duo will fail to recognise it 2) they will do nothing and if that happens then it will effect every single one of us. Factor in that prior to the banking crisis Gordon Brown requested in the EU that we regulate the banks and the money markets, something that was ignored by all the other countries and David Cameron, did as David Cameron does, jumped on the bandwagon and said that we needed LESS banking regulation not more  and then when the banking crisis hit, again Cameron jumps n the bandwagon, this time saying that we need more not less banking regulation. How can you take anything this political opportunist and neo fascist Tory toff says seriously?
So why did Mervyn King make a highly politically motivated speech during the election campaign appearing to criticize Gordon Brown? King was totally and fundamentally wrong then too, so who put him up to making those remarks? Had Mervyn King already held meetings with David Cameron and George Osborne?
Under Brown and labour, we had a chance of being so much more in this country and the banks ruined it all, the banks greed and money lust, ruined it all.
The right wing press in the UK lead by Rupert Murdoch's International News companies, Sky news, Fox News, The Sun, the news of the World, The Times and the Sunday Times, all lead the charge against Gordon Brown and they did this purely for political reasons, they knew this was not his fault, yet they maligned Brown and they openly lied and deliberately mislead people. David Cameron, George Osborne, Rupert Murdoch, James Murdoch, Andy Coulson, Rebekah Wade, actively mislead people, they spread what amounts to a concerted attack of disinformation against Brown and the then labour government. Look at those names and then compare those names to the names involved in the phone hacking scandal that has engulfed Cameron and the Tories, are we to add the name of Mervyn King to this list of people? Or is Mervyn King Governor of the Bank of England just a weak "yes man"? King knew the right wing press were out to get Brown and he thought he would ingratiate himself with his new political masters? This is another scandal waiting to erupt.

Mervyn King is a very poor Governor and he should resign, he has called every major decision wrong, he told us there would not be a recession and look what happened, not only did the UK experience a recession, there was a global recession, but we had the sub-prime US led mortgage fiasco and the credit crunch. He has got growth wrong repeatedly as well as inflation, he is now telling us there will not be a double dip recession? Why should we believe him when he has spectacularly got everything else wrong? of course there will and what is more, if there is a double dip recession, this will be ENTIRELY the fault of George Osborne and David Cameron, Danny Alexander and Vince Cable as well as Mervyn King, because NONE of these blithering idiots know what they are doing. If it ever emerges that Mervyn King knew all of this, knew the chancellor George Osborne is totally incompetent and yet he said nothing to stop this country really going down the pan, then he should be prosecuted for it. Why is King so scared of George Osborne?

The sad truth of the matter is, because of Rupert Murdoch, his son James, Andy Coulson, David Cameron and George Osborne, this country was robbed of the two people that were the steadying influence on it, that do not panic and knew what to do in a crisis. Gordon Brown and Alistair Darling played an absolute blinder during the 2 years this country was gripped by the GLOBAL economic downturn, because of Brown's plan, he helped stop countries from falling off the edge of a financial cliff, despite the most horrendous circumstances, Brown and Darling were able to stop unemployment from reaching 3 million and they returned this country to stronger than expected growth, falling unemployment and kept interest rates low, which saved many businesses from going bankrupt and saved many people from losing their homes.

Now we have this Tory government who did NOT win the election, just assume he could take control of this country with the help of the useless Liberal Democrats. They are taking all the wrong decisions and they are treating the country's finances as they would a domestic household expenses and this just cannot work, the two are completely different. Suddenly we have everyone running around saying the deficit must be tackled and tackled now, no it doesn't, it is just not true. Since the Tories came into office, they have brainwashed people telling us that we are all doomed, the country is bankrupt etc etc etc no it is NOT, the country is still one of the richest SOLVENT countries in the world and the Tories scaremongering has ruined consumer confidence.

Osborne and Cameron have NO experience in economics, they have never even had a proper job before, why the hell were they handed this country's finances at such a crucial time? It is utter madness.

If they carry on with these planned cuts then millions are going to be out of work claiming benefits and the figures the other day prove this, last August alone, saw those unemployed and claiming benefits actually rose by 2.300. This is just the start of it, soon the government who are demonising public sector workers will be making at least 60.000 unemployed, teachers, doctors, nurses, police etc and those claiming benefits will rise, the private sector will not be able to take up the slack and we will have soaring unemployment, falling house prices, consumer confidence zero, banks still not lending, we will be back in recession and will have an increasing deficit not a decreasing one and all because of this certifiably insane government!

There is nothing wrong with people being employed to look after people and when all those people who have been joining in the demonisation of public sector workers can't get a  doctor's or hospital appointment, cannot get their operations or treatment fast enough and there are not enough teachers to go around again, they may like to think about that.

Make no mistake, these cuts are not being carried out to reduce the deficit, the  deficit is being used as an excuse to hack into the state and reduce the size of it and that means all of us will suffer in one way or another and more to the point, so will our children and our children's children.

Us Losing Our Homes, Jobs and Businesses
 is Funny Apparently.
 This government namely the moronic, nasty and arrogant  George Osborne, are taking an "unwinnable" gamble without livelihoods and our children's futures, Mervyn King KNOWS this yet he is too weak to say or do anything. He should resign and he should state unequivocally why he is resigning.
We should also ask the question of the Conservatives, just how much money was donated to them by people hedge fund betting? That is betting on banks failing and cashing in on our misery, the Tories have received very large donations from people making money out of us losing our homes, jobs and businesses etc.
Why should the poor, the sick, the young, the elderly, the disabled, the unemployed and the vulnerable be forced to pay for this sins of the city and Cameron and Osborn's mates?

We should have stuck with Brown and Darling, if we had we would all be looking forward to a better future today.

Further Reading

The Guardian:  Mervyn King: Banks should never be allowed to threaten recovery again

No comments: