The text below is the full text of the governments latest rescue scheme. This has been presented via the media and and right across the political spectrum as some kind of nationalisation or partial nationalisation of the banks. Here are the references to the governments role in this arrangement and the conditions attached:
“the Government is establishing a facility, which will make available Tier 1 capital in appropriate form (expected to be preference shares or PIBS) to ‘eligible institutions'”
“If the Government is to provide the capital, the issue will carry terms and conditions that appropriately reflect the financial commitment being made by the taxpayer. In reaching agreement on capital investment the Government will need to take into account dividend policies and executive compensation practices and will require a full commitment to support lending to small businesses and home buyers.”
“The current expectation is that the guarantee would be issued out of a specifically designated Government-backed English incorporated company.”
“In order to facilitate this process the Government is making available £25bn to be drawn on by these institutions if desired to assist in this process as preference share capital or PIBS and is also willing to assist in the raising of ordinary equity if requested to do so.”
“It is being made available immediately to the eight institutions named above in recognition of their commitment to strengthen their aggregate capital position.”
In summary, there are “expectations” that the government will take shares in the banks “if desired”. Apart from that £200 bullion plus is to be made available subject to vague commitments. The banker’s word is his bond: the government bond is the banker’s This statement makes absolutely clear the subordination of His Majesty’s Government to the banking cartel. Britain is now a fully-fledged kleptocracy which claims entitlement to all available wealth in the country. The process of the fleecing of the population through inflation, taxation and assorted acts of fraud has now been set in motion, in earnest.
Cailean Bochanan
8th October, 2008
Guardian After consultation with the Bank of England and the Financial Services Authority, the Government announces that it is bringing forward specific and comprehensive measures to ensure the stability of the financial system and to protect ordinary savers, depositors, businesses and borrowers. Read the rest of this entry »
