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The Big Bank that Couldn't (Warning to UK Lightworkers)
As most of you well know, I'm very interested in local and global politics, and can spend an inordinate amount of time analyzing the date from stock markets as they come in. As such, I consider myself to be well informed.
That is why this (http://news.bbc.co.uk/1/hi/business/7902350.stm) caught me entirely by surprise.
Today, the new Banking Act comes into force, which allows the Bank of England to operate behind the scenes to enact emergency measures for struggling banks and divert funds to prop them up. They can do all this without approval from anyone, and with the promise of utmost secrecy because the information regarding these measures will be exempt from the Freedom of Information act.
How many among you knew that this was going to be put in force today? How many among you even knew this act had been passed?
Our basic rights as taxpayers and citizens are being trampled on with the implementation of this draconian measure, and all of this is being done on the quiet (let's be honest, who even reads the business news on a Saturday morning?).
And yet the measure is doomed from the start. Adding more funds to a bank in trouble, in the form of loans and securities, only adds to the trouble.
The global 'bail out' and 'stimulus' counter stands at a little over 4 trillion dollars. For that money we could have tilled the Sahel and Sahara, creating millions of acres of farmland in the poorest regions of earth, which would have enabled them to prosper and add sustained and humane value to the global economy which would have gotten us out of the current financial crisis within one generation.
Instead we're paying for a free lunch for inept banking CEO's.
That is why this (http://news.bbc.co.uk/1/hi/business/7902350.stm) caught me entirely by surprise.
Today, the new Banking Act comes into force, which allows the Bank of England to operate behind the scenes to enact emergency measures for struggling banks and divert funds to prop them up. They can do all this without approval from anyone, and with the promise of utmost secrecy because the information regarding these measures will be exempt from the Freedom of Information act.
How many among you knew that this was going to be put in force today? How many among you even knew this act had been passed?
Our basic rights as taxpayers and citizens are being trampled on with the implementation of this draconian measure, and all of this is being done on the quiet (let's be honest, who even reads the business news on a Saturday morning?).
And yet the measure is doomed from the start. Adding more funds to a bank in trouble, in the form of loans and securities, only adds to the trouble.
The global 'bail out' and 'stimulus' counter stands at a little over 4 trillion dollars. For that money we could have tilled the Sahel and Sahara, creating millions of acres of farmland in the poorest regions of earth, which would have enabled them to prosper and add sustained and humane value to the global economy which would have gotten us out of the current financial crisis within one generation.
Instead we're paying for a free lunch for inept banking CEO's.
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