In These New Times

A new paradigm for a post-imperial world

Posts Tagged ‘bankrupt Britain’

UK banks ‘still vulnerable to global shocks’

Posted by seumasach on June 13, 2014

The idea of bailing out the banks in perpetuity is totally devoid of realism. Neither the pound sterling nor the British people would survive such a policy. The only answer is to allow the banks to fail, to put them through bankruptcy.

HITC

Britain’s financial sector remains vulnerable to further global shocks and the Bank of England must be ready to rescue banks that run short of funds, Threadneedle Street warned on Thursday.

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China’s poorest beat our best pupils

Posted by seumasach on February 18, 2014

The terrible truth about educational levels  is another aspect of contemporary Britain which we refuse to confront along with the real state of our banks, our infrastructure, our industrial base, our public health and so on.

Telegraph

17th february, 2014

British schoolchildren are lagging so far behind their peers in the Far East that even pupils from wealthy backgrounds are now performing worse in exams than the poorest students in China, an international study shows.

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US banks no longer ‘too big to fail’

Posted by seumasach on October 13, 2013

America’s biggest banks are now in a position to go bust without state intervention, the Bank of England’s deputy governor declares

Telegraph

12th October, 2013

The deputy governor of the Bank of England has declared an end to the era of taxpayer bail-outs for the world’s giant lenders.

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Our global banks – still too mighty to control

Posted by seumasach on September 15, 2013

Liam Halligan

Telegraph

14th September, 2013

Lehman Brothers filed for bankruptcy on September 15 2008. The resulting financial meltdown led to the first global recession in living memory, so causing countless job losses and widespread human misery.

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The very ugly truth about RBS

Posted by seumasach on June 23, 2013

James Ferguson

Money Week

19th June, 2013

I wanted to talk to you today about a topic that is on everyone’s lips at the moment: the re-privatisation of RBS. Because I think there is a disturbing story here that is not being widely reported in the mainstream press. And it goes right to the heart of the economic problems that Britain will face over the next few years. It certainly affects your investments.

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Falling exports confirm demise of UK economy

Posted by seumasach on April 9, 2013

“The volume of total UK exports fell again in February 2013 from January, so that export volumes have fallen by 7.5pc since the start of the year,” the ONS said.

It started badly and has now fallen away. Since the wealth supposedly generated by the financial sector will turn out to be a mirage only the real economy really matters. But falling exports despite a low pound confirms its near non-existence. Meanwhile imports hold up since we are completely dependant on them for our everyday survival.

Manufacturing rebound calms triple dip fears

Telegraph

9th April, 2013

Manufacturing output rose by 0.8pc, double economists’ forecasts, following January’s disastrous, weather-affected 1.5pc collapse.

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What did Thatcher achieve?

Posted by seumasach on April 9, 2013

Cailean Bochanan

9th April, 2013

The amazing thing about all the discussions about Margaret Thatcher’s legacy is the insistence of so many that Thatcher revived Britain. Yet we are living through the Thatcher legacy now and it looks very much like a nation falling apart: to the spectacle of de-industrialization, which she pioneered, we now have the dismal and depressing sight of the collapse of the high street and the return of begging as a livelihood. What can explain this contradiction?

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UK: a balance of payments crisis looms

Posted by seumasach on March 28, 2013

Britain resembles Cyprus in many ways. It is also dependent on its financial sector and its financial sector is also bankrupt and as what’s left of the real economy implodes the accumulation of bad debt accelerates. The solution is also similar: write down most of the debt and renegotiate Britain’s international status with a view to rebuilding the real economy through incoming investment.

Fasten your seat belts – a balance of payments crisis looms

Jeremy Warner

Telegraph

27th March, 2013

Whatever happened to the holy grail of a more balanced UK economy? Britain has been living substantially beyond its means for more than thirty years now. Spending more than we earn long pre-dated the Labour years. And it’s getting worse, not better.

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Euroland breaks definitively with QE

Posted by seumasach on March 26, 2013

It’s either the banks or the real economy and Europe has just outlined a new approach completely divergent from that of the Anglosphere. In US/UK the survival of the banks is a categorical imperative and the means to achieve this is bailout without end via QE or money-printing. This statement from Europe signals that the banks are to allowed to go under or rather, implicitly,  a new banking system, Euroland regulated and subordinate to general economic development is to created. This is a welcome development and any Anglo-Saxon schadenfreude regarding the inevitable pain accompanying it will prove to be misplaced. The QE approach is painless only to the banks: it has already seriously depleted deposits and can only lead to falls in both the pound and the dollar with devastating consequences for economies based on importing essential goods.

Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Telegraph

25th March, 2013

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

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Posted in Battle for Europe, Financial crisis, UK economy | Tagged: , , , | Leave a Comment »

RBS plans cuts to investment bank in push to stem losses

Posted by seumasach on February 24, 2013

The bankrupt banks continue to be a drain on the UK economy- bailout time is approaching. Any further bailout, overt or covert, must be resisted and the only other alternative, bankruptcy proceedings effected

Telegraph

24th February, 2013

The Royal Bank of Scotland is to reduce the size of its investment bank by as much as £30bn and cut hundreds more jobs as the taxpayer-backed lender attempts to head off growing government pressure to close down the controversial division.

The lender will announce that it will reduce the size of the investment bank’s balance sheet, as well as scaling back the amount of capital allocated to the business and continuing its redundancy programme.

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Chancellor warned on inflation as rating cut sparks new sterling fears

Posted by seumasach on February 24, 2013

“For the market, the rating downgrade will underline that their earlier belief in the plan has proven wide of the mark. Part of the repricing of GBP that this reappraisal implies is already under way. There is more to come.”

The British people are already suffering the consequences of devastating inflation and not only rising prices but declining quality, witness the horsemeat scandal. There is no room for further inflation undermining spending power and increasing business costs and there is no up-side in a boost to exports given the destruction of Britain’s industrial base. The policies of the last 30 years will only be seen in retrospect as the wanton destruction of a nation. In fact, they were conceived within the context of Anglo-American hegemony, a dream of empire which is no more. What remains is a complete mess. The solution lies in national reconstruction within the context of complete abandonment of imperial pretension, demilitarisation and definancialization, and the acceptance of the new multipolar reality

Telegraph

24th February, 2013

Andrew Sentance, who served on the Bank’s rate-setting committee until May 2011, cautioned that the cut to the UK’s credit rating would add to the existing “downward pressures on sterling”.

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