Osborne unveils £140bn scheme to kick-start stagnant economy

George Osborne unveiled a £140 billion emergency scheme to try to avoid a second credit crunch caused by the ongoing chaos in the eurozone.

 

The Bank of England is to offer money to high-street banks to kick-start mortgage and small business lending to prevent loans being rationed for many families and entrepreneurs, the Chancellor announced.

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How many more bailouts, "stimulus packages" and disguised money printing (QE) will be required before the futility finally sinks in?

"Doing precisely what we've done eighteen times before is exactly the last thing they'll expect us to do this time!"

General Sir Anthony Cecil Hogmanay Melchett

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein

More borrowing, more debt.

Wasn't that the problem in the first place? Too much loose lending, too many people, banks (and now countries) massively in debt?

Is the Bankrupt of England trying some kind of financial homoeopathy?

I can't afford to grow a potato.

But me Dole is up thrice inflation.

And in certain goods I notice deflation!

Is this the same gentleman who , only last week , was cynically urging savers immediately post - jubilee to show a "Dunkirk spirit" by investing savings into a govt-backed road infrastrucure scheme ?(PFI anyone ?)

The phoney Spanish 'line of credit' 100,000,000,000 Euros was an attempt at assuring the predatory markets that Spain's banking sector was secured.

The markets run on fear and greed, the 'line of credit' is tantamount to an animal exposing its soft belly and neck to a predator.

The attempt to make Spain's banking sector appear secure has merely underlined and reinforced the markets view that it is fundamentally insecure.

Osbourne & King are essentially committing the same error.

If the BOE is merely going to print money it will end up being inflationary.

The banks were meant to be lending as a condition of the bailouts, they merely added the funds to their balance sheets to make their gambling debts disappear.

In effect we rescued the banks allowing them to loan us our own money at interest, instead we rescue them without evening getting the opportunity to pay to borrow our own money.

Crime really does pay, whack a fellow citizen with a lead pipe to pinch a fiver to feed an illiterate family and you'll surely get a lagging, Defraud global populations of billions or trillions with software models to share with your fellow Oxbridge educated banksters,financiers and venal politicians and you'll get dividends, profit sharing schemes and bonuses. You even get the victims of your crimes to pay you compensation.

Despair, this really is going to the wire isn't it.

The banking system is broken and they just don't get it, I suppose that's the next round of bonuses for the greedy feckless bankers sorted out for damaging the worlds economy beyond repair.

What next for the rest of us?

I can think of at least one guy who must be getting a good laugh out of all this.

King Canute.

Despair, this really is going to the wire isn't it.

 

The banking system is broken and they just don't get it, I suppose that's the next round of bonuses for the greedy feckless bankers sorted out for damaging the worlds economy beyond repair.

 

What next for the rest of us?

Like I said back in 2008, the banks are just waiting for all this to blow over before returning to the practices that got us into the mess in the first place.

The best way to kick start the economy and get people spending is to use this money to triple everyone’s savings with the condition they spend it on British made goods.

The best way to kick start the economy and get people spending is to use this money to triple everyone’s savings with the condition they spend it on British made goods.

Is that British made goods but owned by foreign companies which take most of the wealth out of the UK?

Is that British made goods but owned by foreign companies which take most of the wealth out of the UK?

I there was me thinking companies that made things in British employed the people that paid the tax and spend their wage in Britain.