Monday, 19 January 2009

Bailout II

The UK's relentless drive to become the next Iceland has taken another step:

Darling warns of economic collapse without latest banking bail-out

Alistair Darling today insisted he was right to use hundreds of billions of taxpayers' money in a fresh bail-out of the banking sector, saying the recession would be much worse if he did not act.

But shares in the banking sector plunged despite the new support package. Royal Bank of Scotland lost more than 70% after it said it will make a loss of up to £28bn for 2008 - the biggest loss in UK corporate history.

"It may seem a very wet, miserable January morning, things out there look very grim, but we will get through this," Darling added.

How long will it take before "we will get through this"..... and come back asking for more money?

The readers comments at the end of the article... give a clearer perspective:

You've sussed it.

And why are we up the creak whichever way we turn? Because they have created a fiat and paper money system.

So let's just scrap it! Yes, we can do that. But it still leaves us with the gargantuan, and I mean gargantuan, problem, that those naughty old powers-that-be haven't stupidly carried out an advanced take-over-the-world money system. Oh no. They've gone and incorporated it into the way the entire system of commerce and business works. If we were back in the stone age we wouldn't have lost too much. Two pairs of sandals, a three-legged chair and the boy for the cow and chickens? But in todays world, where 99% of us do not have real skills, cannot make, mend or produce anything of use, most importantly food, and where we rely on external power sources for everything (electricity, petrol, gas), it is going to be a steep learning curve.

....Have you started learning yet?

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