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Whirlpool Economics Won’t Wash
Hundreds of millions of pounds invested by British local authorities in Iceland’s failed banks look likely to disappear down the Atlantic sinkhole.
In London Gordon Brown put £500bn of public money at risk in a gamble to restore the UK banking system. It works out to £20,000 per taxpayer and bigger than the US $700bn bailout. Don’t lose sight of the approximate £100bn already at risk after the Northern Rock collapse.
Politicians of all shades were backing the paper shuffle as a sensible and sage move…what else could they do?
Meanwhile, down on the farm: Kent County Council - has £50 million deposited in the country which gleefully stuffed us over the Cod Wars and will happily take British money slap the arrogant UK twits with a wet haddock and simply slip away. Other Councils around 20 more, have lost millions.
Transport for London says it has a £40m deposit with a failed Iceland bank. Let’s not forget sensible mums shop at Iceland they don’t throw money at it.
A TfL spokeswoman said: “We are urgently seeking further information on the situation.”
I bet they are. The difference is the money they have invested is lost. The Government has none of the right pieces of paper to shuffle and paste over the cracks. The financial whirlpool has swallowed ratepayers’ money. Another example of greedy local authorities looking for high interest short term returns. Town Hall oinks being shafted by the professionals.
The UK Government did act yesterday to halt Icelandic coffers being spirited away out of British holdings…it was not under any bi-partisan agreement… Brown Bovver Boys used the Anti-Terrorism Act. True.
The Local Government Association is asking Government to cover any losses, after Chancellor Alistair Darling announced he will protect the savings of private individuals in Icelandic banks. Why not? He has bailed out the worst of the British Banking sector but it is noticeable there is a massive split.
HSBC, Standard Chartered, and Abbey National have no intention of raising capital from the State, which confirmed to the jittery City Financiers the £50bn offer is solely for Royal Bank of Scotland, Lloyds TSB, HBOS and Barclays.
- AGW
Posted: 9th, October 2008 | In: Money, Twitterings | Comment | Follow the Comments on our RSS feed:RSS 2.0
Comments
October 9th, 2008 at 10:35 am
All together now:
Go Russia! Go Russia! Go Russia!
The Bear has got the money, and if we all ask pretty please it may lend the money to Iceland, and Iceland will then pay back the money it owes to British depositors, and we will all be happy bunnies.
Go Russia! Go Russia! Go Russia!
October 9th, 2008 at 10:49 am
You reckon?
October 9th, 2008 at 11:02 am
Well, it’s better than:
Go Four Horsemen of the Apocalypse!
Go Four Horsemen of the Apocalypse!
Go Four Horsemen of the Apocalypse!
though possibly not by much
October 9th, 2008 at 7:01 pm
And, as a follow up, the nationals and the heavy duty tv news programmes are asking how the hell Iceland could have been allowed to buy up large chunks of british businesses with borrowed money, without any oversight.
Which is a huge joke since the same nationals and heavy duty news programmes have been lauding the ‘wealth creators’ of the financial sector for years, and applauding the deregulation and globalisation of the financial markets with equal vigour.
So, people in Iceland were able to borrow vast sums of money which massively outweigh the total economy of their country by a factor of 20 or 30, and use it to play with in our economy. People here deposited large amounts of money in their banks because they paid high interest rates, apparently oblivious to the fact that the high interest rates reflect high risk.
It is a little late for the media to start asking questions…