Mervyn King was savagely over-ruled by the Westminster prime minister and First Lord of the Treasury Brown in the current systemic crisis whose iceberg -tip is Northern Rock.
As the Governor of the Bank tried to stand against moral hazard, inflationary spread of the results of unnecessarily acquired risk, and market-warping interference from political agendas, the Labour regime required the Bank of England to underwrite 10 years of Brown's personal mismanagement of the British economy.
We will all contribute to paying the depositors of Northern Rock their savings. We will pay a higher and longer-running debt in the impoverishment of all our lives by the uncomprehending refusal of these peripheral socialists and their hangers- on to accept that their utopia was a realised nightmare overthrown by its own long -sedated victims, not an ideological dream's subversion by the economic efficiencies imposed by the capitalist world.
The Bank of England is not independent and the best service its wholly proper and estimable Governor can offer now is to underline its subservience to the Brown regime and resign.
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6 comments:
HG - Interesting article in the Spectator - http://tinyurl.com/29w3ks - on the new "political class" (our dear friends of ZaNuLab. My ex has worked for the DWP and predecessors for 15 year; she says THEY all knew Brown was an incompetent arsehole from way back (tax credits for starters). Hoping to get some recent propaganda (you may have seen some old stuff on Lilith's blog) from her (they get loads - glossy expensive brochures about how wonderful it is to work for the DWP. Look like they cost a fortune. Meanwhile, they get another under-inflation pay settlement whilst the fat cats sit back and purr.
It makes me mad.
LBF (or Elby as EK suggests!)
Hello Elby, I read the post at Lilith's, and Sackerson noted it too. Just as the constitution is irreversibly wrecked so too is any sense of public service or an ethic of even-handedness towards all when operating state-derived powers.
Reading the Northern Rock Foundation self satisfied self-description with its plethora of outreach, goals, fundamental aims, tackling inequality (self-defined), its making-people feel- better -about -themselves, when feeling ashamed of themselves for reducing working people to poverty via unforgiveably high tax and redistribution rates would be a better focus, is an unpleasant reminder of just how far hauntingly horrible fascist authoritarianism posing as social concern has become
the mindset of the welfare and welfare -wages population.
And now we have not just the home-grown lot and their wimmin, but the sucking in of hundreds of thousands of welfare seekers whose source has been cut off in their own countries.
A friend who was hurriedly removing their savings from what had been assumed to be a bank, not a Labour front organisation for extending welfare status to the world and his wife in north-east England, was told by city friends not to bother because never and then never would such a heartland Labour institution be allowed to face the consequences of its behaviour.
Lei non sa chi sono io is back in all its disgustingness.
The BoE has now completely thrown in the towel and told all comers they can come and get some cash as long as they have some mortgage collateral to flash in their faces. Which is something Mervyn King has said the BoE would never do unless we were so deeply in the shit that things couldn't actually get any worse.
Methinks Merv has been clunking fisted...
What a bunch of hoods.
Elby, there are many people who are untouched by hoods like `Brown and his repellent regime and hangers on and supporters. Lives are certainly affected insofar as they do not take the course they might have done - but they are completely impervious to the kind of thought and actions followed by these kinds of people; behaving properly isn't something 'Labour' begins to understand; it's a very old dilemma, as you know, for authoritarians, how to sell themselves as decent when they are obviously disgusting and decent people keep showing them up.
And my aren't the Equitable Life pension holders overflowing with glee about the NR bailout.
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