The FT reports that Alastair Darling now believes that the Northern Rock debacle could cost the taxpayer money because it may be unable to repay the debts it now owes to the Bank of England, despite security being available.
Was there ever a better reason for starting a review of the whole method by which debt is issued and securitised by banks?
Isn't it time to bring the whole SIV / SPV / CDO fraud out into the open?
And isn't now the time for the UK to lead the way in designing mechanisms that can allow securitisation of debt on balance sheet and with transparent accountability built into the process, and entirely onshore? I think that is possible. Now is the time to do it.
Surely this is not beyond our combined wit?
Thanks for reading this post.
You can share this post on social media of your choice by clicking these icons:
You can subscribe to this blog's daily email here.
And if you would like to support this blog you can, here:
Buy me a coffee!
Hello Richard –
To respond to your question:
“Surely this is not beyond our combined wit?”
It may well be beyond our combined wit. Not because we lack wit, but because the PTB (Powers That Be) will simply never allow you to conduct your transformative measures. For if you were to do so successfully, they would no longer be the PTB.
Many of the leading banking figures over the past 150 years, upon retirement, have had pangs of guilt about what they’ve been up to. They all lacked courage to take on “the system” whilst they were enjoying its rotten fruits, but possibly as a salve to their slipshod souls they spill the beans on their sordid little game of institutionalised theft. The best comment, in my view, comes from Josiah Stamp circa 1930. No doubt you’ve come across it before, but I place it here because repeating truth is no bad thing:
“Banking was conceived in iniquity and was born in sin. The Bankers own the earth. Take it away from them, but leave them the power to create deposits, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of Bankers and pay the cost of your own slavery, let them continue to create deposits.” — Sir Josiah Stamp. At the time the 2nd wealthiest man in England and an ex Director of the Bank of England.
His comments made no pragmatic difference then. Nothing changed. We still endure a money system that is hostile toward the building of civilisation. What passes for civilisation is little more than a controlled economic penal colony whereby the order of the day is to keep the populace continually diverted and alarmed by a series of hobgoblins, all of them imaginary (to paraphrase Mencken).
The monetary system is the prime lever of societal control. Take it away from the PTB and, as Stamp says “this would be a happier and better world to live in”. But the culture of those that rule the rotten roost makes it virtually impossible to take them on and have them change their ways. I say this because in my view, they live in a psychopathic/sociopathic culture and to take them on would mean becoming infected with the same disease.
I don’t know specifically what the effective response would look like, but feel it must include an environment where we stop using “their” money (as far as I understand I am the “bearer” of the debt instrument known as a £, not the owner) and start using our money (whatever “our” money would be). The two politicians in recent times who did stand up to the PTB, Lincoln and Kennedy, were both done away with and in such a manner as to send out a clear signal to any others what the penalty would be should they harbour taking similar steps.
I do not believe that salvation from the money morons will come through authorised channels such as govt or the judiciary or the media. All are under the covert influence of the PTB and will simply act as gatekeepers on any sincere effort to transform “the system”. The best steps that could occur now is to raise awareness of the leukaemic qualities of our money system with as many people as possible and then, Ghandi style, invite people to peacably withdraw from participating in their own enslavement.
It’s a big ask but it’s a big problem. The biggest I would suggest.
If we hold any desire for a just, honest, dignified and graceful state of affairs, we have to build the honest money system that would support that. Efforts in any other area are irrelevant.
— Paul