A Conspiracy of Greed

I have been following the bank bailouts over the last few weeks in the US, and it strikes me that many have either forgotten or do not know where this first started.

I am also writing this because there has been a certain amount of anti US posting going on about this.

Lest we forget, the first of the big bailouts occurred here in the UK when Northern Rock started to flounder, suffering also from a lack of consumer confidence.
Northern Rock
As can be seen from the piece, the bailout was supposed to be a temporary emergency measure - something which didn't happen, as the bank was nationalised - again, a supposedly temporary measure.

After NR was bailed out, but BEFORE it was nationalised, the ex Prime Minister Tony Blair joined the board of JP Morgan who then went on to buy £2.2 billion of NR mortgages.
Thread here

NR was the early victim of the sub-prime lending and the derivatives con - as the credit crunch took hold, with greedy speculators tearing their hair out at the thought of the self made bubble collapsing, they couldn't find money to cover deposits and so the panic began, with the government eventually stepping in.

And then there was Bradford & Bingley.
As the global panic gathered pace, amidst the collapse of US banks and mortgage markets a very British institutionn (before the merger of 1964, both banks dated back to 1851) came under increasing scrutiny as it became more troubled - another victim of de-regulation perhaps, as it floated on the SE in 2000 as B&B plc

But of course, it started to go wrong as over ambitious (greedy) directors over extended borrowing (again) in a risky climate based on nothing more than a self created and self feeding boom - something which was to happen time and again around the globe, but particularly in the UK and US.

This time though the buyout was to be made in record time, with no input from the electorate, and with the nationalisation of parts of the bank, and others being sold to Santander - an increasingly big player in the financial market.
Santander

The EU signed off the rescue with unprecedented speed, to an emerging giant - second only to HSBC

Over the last week, Irelands government pledged that no depositors would lose money, with Germany now following suit, and others expected to follow, possibly paving the way for more nationalisation of banks, both in Europe and the US.

The global panic is spreading now with reports from INdia and other countries about people withdrawing large amounts of cash - so the future does not bode well.

Of course, there remains the other side of the coin.
High ranking bank officials and CEO's are still being paid their massive bonusses and in many cases are being kept on in order to "smooth the transition" and provide "expert help as part of a rescue package"

In other words, the same clowns responsible for the meltdown are carrying on pretty much as normal while the rest of us foot the bill.

These bankers are the friends of Blair, Brown, Bush, Paulson and Cheney (amongst others) and other "players" in the political and money making fields.

They have, and will continue to, look after each other whilst the rest of us teeter on the brink of ruin and starvation.

What we are currently seeing is the consolidation of the banking system, through a conspiracy of greed into what will become, over the next few years, a series of national banks - these will be known by different names, and will even look like different banks, but the control will be retained by a very few, including politicians, bankers and major corporations as we move towards one world government - a world government the Bilderberg Group will be instrumental in implementing.

This is merely the first step.

It will get worse - the golden rule is, RULE BY FEAR.

Originally posted by budski

I am also writing this because there has been a certain amount of anti US posting going on about this.

Good post and I agree with most of it. What I'm not so sure about is the "anti US posting", I think, if anything, there's a lot of US-centric posting and when the US is placed in the centre it's inevitable that fingers will point at that centre.

Also, I genuinely think that some of the US-based posters - and I say this as an observation - aren't really aware what's happening elsewhere. I myself have posted in a couple of threads where it was fairly obvious that there was little understanding how things were economically outside of America.

Also, there's numerous topics on here how America isn't guilty in any of this because there's no America, they're all subject to a king who died a few hundred years ago and the Beastly British are at fault, or the European Jews or Europeans pretending to be Jews. Or something.

There's a lot of finger pointing and it's not all at Americans.

There's times when I'm happy to admit I have no love for some aspects of America at all, but when it comes to this present situation, we - the little people in all the countries - are all in it together, whilst so many of the banking elite - again, in many different countries - are similarly in it together. The 'Us and Them' here doesn't include America or any other country, just us and some bastards in suits who earn more money in the time I took to write this than I could ever earn in a lifetime.

reply to post by Merriman Weir


I agree to an extent - what I am referring to are the people who shout "it could never happen here" when it already has, as well as the posts which seem gleefull at the US meltdown.

One of the things I wanted to point out, was that the brits (and I am one) did it first, with no public consultation.
Indeed, the B&B bailout was slipped under the radar very nicely by Brown - I've asked around, and I'm amazed by the number of people who knew nothing about it.

Originally posted by budski
reply to post by Merriman Weir

 

I agree to an extent - what I am referring to are the people who shout "it could never happen here" when it already has, as well as the posts which seem gleefull at the US meltdown.

Well, any British forum member who is claiming it couldn't happen here is an idiot as it's been a feature of even the mainstream media for over a year. Not much thinking going on their part if they're missing information like this.

As for being gleeful, in a sense I can understand it, even if seems a bit auto-destructive. For whatever reason, and whether right or wrong, America has been culturally dominant for several decades now and that 'influence' hasn't always been wanted or appreciated. I'm sure that whilst Rome burned, there were as many slaves cheering as there were screaming despite the fact they shared the same, inevitable fiery fate.