Britain will be hit harder by the global financial meltdown than any other country in the world, experts warned last night. Prime Minster Gordon Browne blames global economic factors for the economic collapse. But economists warn Brits will be crippled by the credit crunch because they have been failed by the authorities in the past. They say families are drowning in debt and have little (if any) savings; Government borrowing has hit record levels and the coffers are empty; Banks lent money recklessly; Regulators failed to curb their risky behavior. This collective lack of management behavior has made Britain the most vulnerable country in Europe to the global financial crisis.

The relative importance of the financial sector to the UK economy, the high consumer debt most of which was incurred prior to the credit crunch by ‘To hell with the future’ minded consumers using their inflated value homes as ATM’s. ... (more)

The £400 Billion rescue package is a total rip-off that will mostly benefit shareholders at a huge expense for the US taxpayer. The pockets of reckless bankers and investors will be made fatter under the fake argument that bailing out Wall Street was necessary to rescue Main Street from a severe recession. This level of lie is akin to the Weapons of Mass Destruction bullshit we were all given to justify invading Iraq. The Treasury Plan is a disgrace and does nothing to resolve the major stress in money markets that are now close to meltdown.

It is pathetic that Congress did not consult any of the economists who have presented alternative plans that were more fair and efficient and less costly ways to resolve the crisis. This is a bailout for the rich, the well connected and Wall Street: A Treasury scam that does little to resolve the debt burden of millions of home owners. It is now clear that the US Financial system, and that of the world financial system, is in cardiac arrest and we are at risk ... (more)

So Bush has bailed out the banks, which is akin to granting amnesty to Bin Ladin – too bad it won’t work – it will simply prolong the inevitable and provide an opportunity for the speculators to make more money. It won’t work because the banks won’t pass on the same ‘Forgiveness Strategy’ to their customers – the ones they’ve been robbing for as long as they’ve been in existence. I have been saying for years that the way to deal with the global financial problems is a universal forgiveness of debt – it started some years ago when the Big 7 began waiving debt owed by third world countries. It was done with the knowledge that leaving the debt in place would be counter productive to those countries ever having a chance of restoring pride in their existence and any chance of financial stability. When faced with hopelessness countries and their people tend to begin killing each other.

Now the powers that be have realized that the banking system have become architects of their own demise. ... (more)

The credit crunch tells us perhaps not. The Holy Grail of medieval science was to find the formula to turn lead into gold. Today, globalisation is driving down profit margins in making everything, from steel to software. If you make a profit, soon someone in China will make it be gone. But deal-making, putting companies together and taking them apart, financing it all, offers great rewards. Then there are the risks. Making risks evaporate in the morning sun, or the shadows of Wall Street, seems to be where the wealth lies.

Enter our financial engineers. They don't deal in metals or mega bytes they deal in companies that make them. Combining them and financing them, taking them apart putting them together again. That's the stuff of modern fortunes. But what of those risks? The engineers that assemble these deals say all the risks can be laid off on other engineers and their clients. And by investing in each other, everyone's money will be safe. Profits without risk. They even thought they ... (more)

Having originally been born and raised on the tough streets of West Yorkshire and having the foresight to escape back in the early 70's I know all too well the mind set of the 'Uneducated great unwashed'. There have always been gangs and bullies and known bad guy's who infect every working class neighbourhood but never, never like it is today.

I have somewhat of a unique insight into this problem as I have recently returned to the UK after spending most of my adult life in North America. What I have observed since my return has been a shock to the system as I have witnessed first hand these low life council estate thugs terrorizing our neighbourhoods. It's time for the authorities to wake up and stop pussy footing around with these animals - it is too late to use the timid laws of the past to deal with this chronic social plague of today. See my solutions at the end of this sermon!

I believe the problems really started back in the 60's when we suffered a 'Lost' generation ... (more)