I have been following the bank bailouts over the last few weeks in the US, and it strikes me that many have either forgotten or do not know where this
I am also writing this because there has been a certain amount of anti US posting going on about this.
Lest we forget, the first of the big bailouts occurred here in the UK when Northern Rock started to flounder, suffering also from a lack of consumer
As can be seen from the piece, the bailout was supposed to be a temporary emergency measure - something which didn't happen, as the bank was
- again, a supposedly temporary measure.
After NR was bailed out, but BEFORE it was nationalised, the ex Prime Minister Tony Blair joined the board of JP Morgan who then went on to buy £2.2
billion of NR mortgages.
NR was the early victim of the sub-prime lending and the derivatives con - as the credit crunch took hold, with greedy speculators tearing their hair
out at the thought of the self made bubble collapsing, they couldn't find money to cover deposits and so the panic began, with the government
eventually stepping in.
And then there was Bradford & Bingley.
As the global panic gathered pace, amidst the collapse of US banks and mortgage markets a very British institutionn (before the merger of 1964, both
banks dated back to 1851) came under increasing scrutiny as it became more troubled - another victim of de-regulation perhaps, as it floated on the SE
in 2000 as B&B plc
But of course, it started to go wrong as over ambitious (greedy) directors over extended borrowing (again) in a risky climate based on nothing more
than a self created and self feeding boom - something which was to happen time and again around the globe, but particularly in the UK and US.
This time though the buyout was to be made in record time, with no input from the electorate, and with the nationalisation of parts of the bank, and
others being sold to Santander - an increasingly big player in the financial market.
The EU signed off the rescue with unprecedented speed, to an emerging giant - second only to HSBC
Over the last week, Irelands government pledged that no depositors would lose money, with Germany now following suit, and others expected to follow,
possibly paving the way for more nationalisation of banks, both in Europe and the US.
The global panic is spreading now with reports from INdia and other countries about people withdrawing large amounts of cash - so the future does not
Of course, there remains the other side of the coin.
High ranking bank officials and CEO's are still being paid their massive bonusses and in many cases are being kept on in order to "smooth the
transition" and provide "expert help as part of a rescue package"
In other words, the same clowns responsible for the meltdown are carrying on pretty much as normal while the rest of us foot the bill.
These bankers are the friends of Blair, Brown, Bush, Paulson and Cheney (amongst others) and other "players" in the political and money making
They have, and will continue to, look after each other whilst the rest of us teeter on the brink of ruin and starvation.
What we are currently seeing is the consolidation of the banking system, through a conspiracy of greed into what will become, over the next few years,
a series of national banks - these will be known by different names, and will even look like different banks, but the control will be retained by a
very few, including politicians, bankers and major corporations as we move towards one world government - a world government the Bilderberg Group will
be instrumental in implementing.
This is merely the first step.
It will get worse - the golden rule is, RULE BY FEAR.