The banking crisis uncovered in 2008/09 that cost the
UK about $1.5 trillion and the undisclosed trillions to stem runs on their banks, is now undermining European banks. Greek depositors are starting a run on their banks – and Spanish savers are hot on their heels. Those governments will also have to guarantee all deposits at the banks they license. Other western nations such as USA Italy and have already had the runs, of Olympic proportions, over the past twenty years – and it may seem futile to slam the stable door after the horses have all bolted. Ireland
The cash exodus from major nations was led by tax-evaders who siphoned funds to tax-havens – including to
London and . The “mountains of debt” left behind in OECD countries are far less than the “rivers of illicit cash” sloshing around off-shore. Should the two now be balanced and eliminated? The problem for off-shore banking centres such as London, while they celebrate their treasure chests filling with Greek deposits – is that those incoming funds are owed back to the depositors – they are massive debts in the UK banking system; another debt-mountain, waiting to explode volcanically. Delaware
What will become of us all?
The inevitable answer is nationalisation of all financial institutions. The banks are incapable of providing a secure service without 100% government guarantees and massive public funds. The off-shore rivers-of-cash running through the so called “the free-markets” will be repatriated from the pink-gin sunlit islands to be put to work in the real-economy. Why major nations ever trusted the creation of cash, vital investment and accurate bookkeeping to a bunch of insatiably greedy privateers will be a matter for future historians.
This is the end of the sad, mean, flawed, dispiriting, unintelligent, base, crooked and criminal “Monetarist Experiment”. Farewell to the low, muddled, selfish thoughts of Milton Freidman, Thatcher, Reagan and Bush. Hello to a bright new future; free from loads-of-money, greedy, irresponsible freeloaders, spivs and gamblers. Just return all our cash to the tax-authorities via back-duty settlements and then bugger-off to
or Rockall to play roulette for buttons, until the end of your chaotic, parasitical, deluded days. Andorra
17 May 2012