Man in a Shed: The demands for rescuing HBOS with English money are growing

Wednesday, October 15, 2008

The demands for rescuing HBOS with English money are growing

Just listening to the radio questions are being asked by Lloyds share holders about how good the HBOS deal really is for them, given the poison pill of Gordon Browns use of billions of English tax payers money ( lets be clear it is mostly English ).

At the same time the usual special pleading from Scotland has started to keep HBOS out of the merger to save 'Scottish jobs', of course by using English tax payers money.

There is a clear conflict of interest for Gordon Brown and Alistair Darling here, and that's without the Glenrothes by-election.

Who would bet against them finding an excuse to put their self interest first and the English tax payers last, given the chance ?

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The pound in your pocket

"We used to think that you could spend your way out of a recession and increase employment by cutting taxes and boosting government spending. I tell you in all candour that that option no longer exists." James Callaghan

“The trouble with theoretical economists is that they don't understand that when you have a deficit, you can only finance it by borrowing, and you've got to persuade people that it's worth lending money to you and that they'll get their money back... there's no way of escaping it.” Dennis Healey during the 1976 Stirling Crisis.

"Lenin is said to have declared that the best way to destroy the Capitalist System was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens ... Lenin was certainly right. There is no subtler, no surer means of over-turning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose." John Maynard Keynes, 1920.

"To preserve [the people's] independence, we must not let our rulers load us with perpetual debt. We must make our selection between economy and liberty, or profusion and servitude." Thomas Jefferson, President of the United States of America,1801-1809.

Inflation is taxation without legislation .. Milton Friedman