The UK and its banks
1. We give them cheap money and lots of it.
2. We bail them out if inspite of this they become insolvent ignoring that they caused the insolvency.
3. Now the banks raise mortgage rates to ensure a profit
4. We add to it by guaranteeing loans so that they can make low risk profits.
This is one of the most one-sided deals in history is it not?
The UK’s economic weakness is now worse than in the 1930-34 Great Depression as we see stagflation continue
Shaun Richards
12th March, 2012
I wish today to examine the UK economy as recent data and information have as a minimum challenged the consensus that had built up about it as 2012 has opened. The consensus in the media has been that we have found some solid economic growth and that inflation will soon be in line with the Bank of England’s target of 2% for Consumer Price Inflation. Many articles have treated the latter as a certainty.
In These New Times 