HowardNorthern Rock- God Save the Queen
February 18th 2008 22:48
Real Crash- Looking at Capitalism and its Laws:
Sex Pistols- God Save the Queen
God Save the Queen;
She ain't no human being;
the UK future, is just no future
(spoof: Sex Pistols)
The logic of endless bailouts of bankrupt Mortgages and mortgage backed security has reached its logical conclusion in the UK. LaRouche is right again. The British Government has nationalized Northern Rock. The move, which occurred Feb. 17, was announced by Chancellor of the Exchequer Alistair Darling. The bank has over 100 billion British Pounds (nearly $200 billion) in questionable assets including undisclosed billions in worthless subprime mortgage securities. Over the past six months, the Bank of England has extended 25 billion pounds in emergency loans to the bank.
Northern Rock, which was Britain's fifth largest mortgage bank, ran into trouble last August, hit by long lines of depositors waiting to withdraw their funds, withdrawing according to some reports at least 20 billion pounds of its 24 billion pounds of deposits. Now that the bank is nationalized, the government is responsible for all of its liabilities, costs which could increase the government's budget deficit from the current 44 billion lb. to as much as Lb. 144 billion.
Naturally, a whole bunch of hedge funds and other investors will lose big. But, with this acquistion of debt by Her Majesty's Government, the national debt has been increased enormously. LaRouche is right, unless you put the system through a bankruptcy reorganization, every government in the world will be bankrupted. Then the PPP swindle (Public private partnership) will be used to sell off all infrastructure, and huge tolls and user fees will be put up all over the place.
click the pix
http://www .blubet. com/ bet/W hat_band_glamourized_the_brea king_of_instruments_onstage
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