Tuesday, 13 September 2011

Hands off our banks!


With the publication of the report into the structure of banking in the UK just published, it is apparent that what is needed is a radical separation of the investments and retail banking sectors. In other words, we need to stop the banks using our money to gamble on the markets...

Needless to say, the banks don't want to do this. Hardly surprising as it will cost them a great deal of money to implement and reduce access to depositors' funds to be used for their own nefarious purposes. But Osbourne says he is adamant that this must happen and that he will legislate 'in the lifetime of this parliament'.

But of course there is a big difference between legislating and making something happen...

In reality nothing will actually happen until the end of this decade by which time if the TUC gets it's way there may well be a change of government - God help us - and that leaves ample time for the legislation to be overturned.

The argument is, of course, that this move will adversely effect the banks' grossly overinflated profits and that this will be passed on to consumers in some form of price hike. Or that if we make the banks uncompetitive in this way, then they will take their business overseas and this will cripple our already ailing economy. We can legislate for the first and frankly I simply don't believe the second.

There is no doubt that this change needs to happen, but it needs to happen now. It is simply not good enough to put through some new law before the next election. What we need is for the banks to be split apart BEFORE the end of this parliament.

Get your finger out, George, and let's see if this government walks the walk as well as talking the talk!

12 comments:

  1. You are falling into the trap in believing that "the government" can solve problems.

    Governments only make problems and spend our money.

    It is individuals that make a difference by not using banks as far as is humanly possible. If people avoided using the institutions and companies that rule our lives detrimentally then they would wither on the vine.

    Don't vote. Don't encourage the bastards.

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  2. Well said Georgesilver.
    No matter how many chains the banks invent to shackle the money earners and benefit scoungers to their products it isn't that hard to break them one by one. Although I do confess it is awkward at first and not a little scary once the realisation dawns that you are responsible for you, not the government.

    The only flaw is such actions require ingenuity, confidence and the acceptance of personal responsibilty. The three things that will turn just about anything round and sadly the same three thinsg that all government/msm/banks denegrate at every opportunity.

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  3. I don't understand this 'gambling with our money' term.
    How many people actually have any money in banks? How many of the masses have any money at all left over at the end of the month or have savings accounts with more than a few quid in them?

    I would imagine most people owe money to the banks rather than invest money in them.

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  4. There are a lot of older people who have paid off their mortgages and are living off their savings having downsized their house on retirement - like me!

    I was watching a program the other day on the BBC where they showed two halves of the same family. The parents were struggling to make ends meet because they were living on savings and getting bugger all interest.

    Their son had just taken advantages of the nice low interest on his mortgage to buy a bigger house.

    What gets me is that retired peole are being squeezed but they never get a mention. It's always the poor youngsters who worry how they will make ends meet if interest rates rise - ignoring the fact that they got a bloody great big income boost when their mortgages went down in the first pace! Fucking infuriates me! - but then the media always concentrates on the young because no-one else matters!

    Oh - and if you don't vote then in my opinion you have no right to protest about what you get. And if you think they're all cunts, then stand yourself.

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  5. Bucko, I just got a letter this morning from one of my 'investment providers' telling me they had just basically sold the fund to another bank.

    No consultation, no notice - just flogged my money to somebody I've never heard of. That's worse than gambling with my money, that's taking the piss.

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  6. Dear Dioclese,

    Not voting doesn't mean I can't protest. Where does it say in the rule book that only the people who vote the idiots into parliament can protest?

    It's my country and life as much as it is yours, the Queen or the bleedin' politicians. So don't tell me I can't protest OR do what I like as long as it doesn't harm another.

    That's got that off of my chest.

    So now for a bit of advice from one retired old fart to another.

    ALL financial plans are about to go down the "Swanee River". Do NOT believe a thing you read in the financial press about banks, shares, bonds. etc etc.

    The only things that are going to survive the collapse of FIAT currencies and the onset of hyper-inflation are precious metals.

    The greatest change in people's wealth is about to take place. If you do not have real physical Silver or Gold you will miss out ...big-time.

    Since 2000 Silver has risen by 740% as is still dirt cheap because of the banks manipulating the price but this they will not be able to do for much longer.

    Since 2000 the FTSE has lost 10% and the Pound has lost 30%

    You have been warned.

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  7. "that's taking the piss."
    Indeed it is

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  8. Voting idiots into Parliament or council and then protesting about them not doing what they said they would when they got your vote is a bizarre way to govern a people, in my opinion naturally.

    It's even more bizarre when the penny drops that the majority don't vote these idiots into Parliament or council. (They either vote for other idiots or don't vote at all.)

    Meanwhile some idiots are trying to fend off the inevtiable
    http://hat4uk.wordpress.com/2011/09/13/crash-2-italy-has-asked-out-of-next-greek-bailout-tranche-sources/#comments

    ReplyDelete
  9. I kinda favour the Ozzie system where you have to vote but are allowed to say there's no suitable candidate if that's how you feel.

    Re protest, I say if you voted and they don't do what they said then let's have a protest. If you voted against them and you don't like what they're doing then let's have a protest. If you didn't bother to go to the ballot box at all then I just think it kinda weakens your case?

    But you're right - it is a bizarre way to run a country. Who was it who said "democracy doesn't work but it's the best non-working system we've got"?

    Re the Greeks, Bill, they're a cannie bunch of buggers. They know perfectly well that the EU will keep giving them concessions as long as they keep playing brinksmanship. I have several Greek friends who confirm this!

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  10. Dear Dioclese (any relation to Jonclese?)

    Anyway voting for our 2 party system is like being asked to choose between two alternatives to get rid of all over 60 year olds.
    You can vote for either hanging or shooting.

    The sensible person would vote for neither.

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  11. I agree Georgesilver - which is why I advocate compulsory voting and the positive abstention - or 'no suitable candidate' option.

    At the moment, people who don't turn out are just treated as apathetic. If people actually voted and said "nobody suitable - you're all twats" then just maybe (I'm not holding my breath!) the politicians might think "Hang on, thr majority hate us"

    I live in hope!

    I recommend a book called 'Life as Sutch' by an old pal of mine David 'Screaming Lord' Sutch on which he rightly points out that in every election the 'Did not vote' party got an overall majority...

    (Oh, and no - no relation to Joncleese. He's not a dead Greek dude)

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  12. I've just read your reply and am prepared to go with a voting paper with "Non of the above Wankers".

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