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Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc will receive 31.3 billion pounds ($51 billion) in a second bailout from the U.K. taxpayer as the two banks agreed to cap bonuses.
The Treasury will inject 25.5 billion pounds of capital into RBS, for a total of 45.5 billion pounds, making it the costliest bailout of any bank worldwide.
“There is now a very fine line between RBS being nationalized,” said Danny Gabay, director of Fathom Consulting in London and a former Bank of England economist. “This contrasts with Lloyds willing to fight harder for its independence.”
Today’s bailout for RBS and Lloyds follows the 37 billion pounds the two lenders received last year and will bring the government’s stake in RBS to more than 84 percent from 70 percent today.
Originally posted by marg6043
So is true, the global economy without on going bailouts will not be able to survive.
I wonder how long the bailouts will be leached from tax payer in the countries still affected by the recession.
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Best-selling author Daniel Estulin states that the key issue to be discussed this week at the G20 Finance Ministers and Central Bank Governors Meeting, being held in St. Andrews, Scotland, is how to bring down the present world financial system through dumping the US dollar.
As discussed during the Bilderberg Group’s super-secret conclave back in May, this breakdown would then be used as an excuse to launch a new world monetary system. G20 leaders are aware that those who run the monetary markets, the monetary system, control the world. That is why today, the world is run through a dominant one-currency monetary system and not by national credit systems.
A severe breakdown crisis would affect every corner of the world and be a prelude to instability, wars and general hostility along financial, geographical and geopolitical lines, affecting not only particular countries but also societies, cultures and whole continents. Such a breakdown could result in a consolidation of the world’s monetary system.
Originally posted by marg6043
reply to post by DaddyBare
So that means keep increasing national debts to keep the markets working?, that means tax payer money and borrowing with not restrictions, I forgot that is a norm.
Originally posted by DaddyBare
Just something to keep in mind.....
If the market closes below 9,722 today that would wipe out three months of gains .... right now its at 9,716... to early to call. it's a roller-coaster today
Originally posted by Hx3_1963
FYI: Gold a new high...$1086.15...
Why prey tell is Gold, Oil & the USD all rising at the same time...
The GBP looks like The Magnum XL-2000 running full steam at Cedar Point in July...
Edit: 6th Edit now?
[edit on 11/3/2009 by Hx3_1963]
THE International Monetary Fund has sold 200 tonnes of gold to the Reserve Bank of India, nearly half the total approved by the IMF executive board in September. Proceeds from the off-market sale amounted to .7 billion ($7.4bn), or 4.2 billion of special drawing rights, or SDR, a combination of currencies, the IMF said. Payment is expected to be in major currencies that make up the SDR. IMF managing director Dominique Strauss-Kahn welcomed the transaction as an important step toward achieving the objectives of the gold sales program, namely “to help put the fund’s finances on a sound long-term footing and enable us to step up much-needed concessional lending to the poorest countries”.
“The government is going to have to get serious about reducing our debt levels.”
Obama said if “entrepreneurship” and “dynamism” are encouraged by the government “there’s no reason why we’re not going to be able to not only create jobs, but the kind of sustainable economic growth that everybody is looking for.”
Still, he said, government spending can’t replace business investment and the recovery from the worst recession since the 1930s “has to be led by the private sector.”
For the budget year that ended on Sept. 30, the federal deficit hit an all-time high in dollar terms of $1.42 trillion. As a percent of the total economy, it stood at its highest level since the end of World War II.