Chancellor Alistair Darling | Anorak

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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?

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Posted: 9th, October 2008 | In: Reviews | Comments (4)