Is it me, or are the Banks laughing at us?

Mark Carney’s statement last week on how the banks, having taken all our tax money, are now going after our savings, (see previous blog ) has been followed up this week by the IMF, whose Managing Director Christine Lagarde, stated that a diet of high debt, low growth and unemployment may yet become “the new normal in Europe”.

Are you telling us that the banks future plans for life on Planet Earth (because you bet it won’t be restricted to Europe), would take the shape of the population being held in penury indefinitely, in order to pay your organisations for the money we use (the interest) and which you print out of thin air? Come on lovely Christine . . . you’re having a laugh!!

Mr Carney’s message can only mean that processes are now being put into place to use this money again to bail out collapsed banks, because you think, or know, it’s going to happen again. Sadly, I and many others are sure you are right, given the current financial climate.

Let’s just take one example that is close to home, The Royal Bank of Scotland. After we bailed it out from its doggy mortgage dealings the British taxpayer became its biggest creditor by far, owning 80% of it. Since we did this huge favour (Yeah Right!) we find out we became invested in an institution that was carrying on even more financial malpractice with its involvement in the Libor scandal (This dwarfs by orders of magnitude any financial scam in the history of markets Andrew Lo, MIT Professor of Finance – Wikipedia). And if that wasn’t enough, only a week ago vast fines were again levied on RBS and others with the forex rate fixing scandal, also paid for with our help.

It seems to me Taxpayers were sold a pup of monumental proportions with RBS and which time is now showing is simply not fit for purpose. Added to which Mr Carney now tells us that when (not if!) the next disaster happens he is changing the game. The taxpayer money we have already lent will now become the means by which to pay off creditors in a pre-ordained order of priority.

Mates like Hedgefunds and other corporate clients will come at the top of the list for a pay out and anything left over will come back to us. In essence money we supplied, without our approval, will be passed out into the corporate world and lost to the taxpayer forever. Is it any wonder debt will become ‘the new normal’, caused by continuing corrupt banking practice we have to pay for!

I don’t know about you but when I first heard the phrase “Too Big to Fail” it conjured up in my mind a vast entity with responsibilities designed to look after our own good. Integrity, of course, would be an integral part of managing responsibilities of such elephantine proportions. Given the manner in which matters have progressed since 2007/8, including this latest turn of events, would it be more apposite to rebrand them as “To Big to Nail!”

And the point of all of this?

It’s election year in 2015 and the most critical election, I believe, we have to face in our history as a democracy. The issues of ‘Right’ and ‘Left’ are no longer relevant, compared with the huge erosion in the democratic process we have experienced in recent years and affecting all political parties equally.

The challenge for all of us, both elected and electors, is the gradual removal of our rights and freedoms that have occurred over this time, crippling us from managing our lives the way we want to live them. Debt is a more invasive force for taking over a country than any military machinery. It has aided and abetted big money to now come between the people and their elected representatives . . . and we, the voters, are the only force that can remove it.

How? I would suggest a website that shows how we can vote equally for EVERY party standing and bring about a void election. Perhaps nominating areas of the country that vote for a single party – South East for Tories Midlands for Labour, South West for Lib Dems, North West for Greens and so on in numerically equal voting blocks.

By not giving power to any one party we create a political deadlock, brought about by our power as voters. It is then that we break the power of big money because they cannot influence anything that we have not voted into power – THAT’S WHAT DEMOCRACY IS ALL ABOUT!!!

Having demonstrated unequivocally that we are no longer passive punters, we then demand that any party seeking to run in the new election will only get our vote if it includes in its manifesto undertakings: people driven referendums . . . public banks for the people . . . and holding themselves and the EU openly accountable for the management of our tax money.

People driven referendums already take place in Switzerland and will open up for us in the UK the opportunity to bring into being Health, Education and other public services that will become the envy of the world, as Switzerland’s are.

OR you can carry on having the banks laughing at us . . . the choice is yours.

Until the next time

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Thinking from his book: Global Magna Carta. Returning Power to the 99% . . . If They Want It!                By J T Coombes