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Showing posts with the label Bank of England

Earnings Outpace Inflation? Government statistics through the looking glass

http://news.sky.com/story/1243530/official-average-earnings-outpace-inflation Official: Average Earnings Outpace Inflation Wages higher than inflation "Jobless numbers continue to fall as total pay exceeds inflation" There are probably some people who actually believe this nonsense. Unemployment is "down" thanks to zero hours contracts, temporary "placements" where the government pay the employer to take on an unemployed person for a fixed period of time and the use of "work for benefits" type labour. Earnings are "outpacing" inflation due solely to a fall in energy prices on the RPI (food prices continue to roar ahead) and the inclusion of "bonus payments" in the wages and salaries figure. How many ordinary people actually receive bonus payments? You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.

Osborne says the plan is working.

http://www.huffingtonpost.co.uk/2013/05/15/george-osborne-insists-economic-plan_n_3281312.html?utm_hp_ref=uk Osborne has asked business leaders to hold their nerve and continue backing the government's austerity measures.   George Osborne urges business leaders to hold their nerve over austerity George Osborne said at the CBI Dinner last night (15th May 2013), that  "Our (economic) plan  is working. Now is not the time to lose our nerve. Let's not listen to those who would take us back to square one.Let's carry on doing what is right for Britain, let's see this through."    May we assume that this piece of baloney was spouted after dinner was finished, (and which, per head, probably cost more than many families have to spend on their food bills every week) and after the usual round of 40 year old cognacs and 50 year old Port had been quaffed. A hall full of rich business people, some of whom were undoubtedly millionaires, listeni...

More of the same old policies but in different wrappers

http://liberalconspiracy.org/2013/04/29/ed-miliband-these-are-the-six-bills-labour-would-push-right-now/#comment-444521 Ed Miliband: these are six economic Bills Labour would push right now Ed Miliband will today set out six of the key economic Bills that would appear in a Labour Queen’s Speech next week.   Sorry Ed. Just more of the same old tinkering with the problem.There is nothing here to inspire me to rejoin or vote for the Labour Party. Try these instead. Housing: Local Councils in conjunction with Housing associations, to commence building of social housing for rent. Banking: Retain existing publicly owned Banks within public and  re nationalise Bank of England. New State controlled bank(s) to provide low cost (interest) loans to small business employing less than 500 employees. Energy: To take back into public ownership the providers of Gas and electricity and water. Transport: To return to public ownership the former elements of British ...

The most inept Chancellor in 100 years.

http://www.huffingtonpost.co.uk/2013/03/18/former-mpc-economists-ada_n_2900881.html?1363643742&utm_hp_ref=uk   Austerity Policies Attacked By Former Bank Of England Economists.  David Blanchflower: The chancellor’s austerity measures have “completely failed”, says the professor of economics at Dartmouth College in the United States. Osborne, he adds, is the “most inept chancellor in 100 years. We have the worst economic recovery since the late 19th century.” Chancellor George Osborne   ‘MOST INEPT CHANCELLOR IN 100 YEARS’. When you consider how many "inept" people have had that job since 1913, that's quite an achievement for Osborne. The worrying point is that being Chancellor of the Exchequer, is considered as a stepping stone to becoming Prime Minister ! Now there is a thought. Osborne could eventually hold both titles. Most inept Chancellor and most inept Prime Minister in 100 years.

Musical Chairs is part of the charade.

http://www.independent.co.uk/voices/comment/can-these-men-restore-trust-in-our-public-institutions-8433201.html Hopes are high for lasting change as the Bank of England, the BBC and the Church of England welcome new heads in 2013 Mark Carney, Tony Hall and Justin Welby  We should all, by now, have realised that this game of "musical chairs" amongst the upper strata of political/economic/religious personnel in this country is designed and implemented purely as a means to fool the rest of us into believing the old chestnut that "new brooms sweep clean".  In fact, when the music stops and all the available chairs have been grabbed, it very soon becomes abundantly clear that nothing has changed, the status quo remains and it becomes necessary for the music master to play the old record and start the whole process again. Unfortunately, there are far too many people in this land who actually believe that this charade is for the benefit of the country rather ...

The Science of Statistical manipulation

 This government and The Office for National Statistics are at it again.   The Office of National Statistics report shows 2.7 per cent rise in annual inflation during October On the 16th October last, I wrote a piece on this Blog following the announcement that, according to the Office for National Statistics, inflation had fallen to a three year low. Essentially, I was a little sceptical of the figure and the way in which the euphoria of the press and media immediately leaped onto the band wagon of announcing that the worst of the economic crisis had passed and the “green shoots” of recovery were plain to see. The reasons for my scepticism were that the announcement of the new lower figure came just days after the energy companies had started their usual round of winter price hikes, and the fact that the lower rate announced in October but using the September figure, is the one against which State Pension increases and State Benefit levels are calculated...

3% fall? Lying bastards

http://news.sky.com/story/998246/economy-inflation-nears-three-year-low  The headline rate of inflation has eased to a near three year low of 2.2%     How convenient that the rate goes down. How convenient that the rate falls by 3% points in one month. How convenient that the rate falls days after the Energy companies announce their latest theft from peoples pockets with their monopolisti c cartel price rises. How convenient that the rate falls in the very month that the rate is used to calculate next April's increases in the state pension and benefits. 3% down. Who do these lying bastards think actually believe their crooked fixed figures?

Another parasite in the high street?

  http://www.guardian.co.uk/politics/2012/sep/24/vince-cable-small-business-bank1  £1bn to establish a British business bank The existing banking sector has had £ billions of taxpayers money poured into their vaults by government and by the Bank of England's policy of "Quantitative Easing" in order to persuade them to lend to small businesses,  "manufacturers, exporters and high-growth companies that power our economy" and "kick start" the economy. They have failed miserably in this objective. This new "Business bank", will essentially be no different from the existing high street parasites, creaming off the government funds and Bank of England cash injections, in order to improve balance sheets, show huge profits and pay obscene dividends to their share holders. Once again, the British people pay for the excesses of the banks and speculators.

Clegg: Froth and no substance.

http://news.sky.com/story/978184/nick-clegg-wants-super-rich-to-pay-more-tax  Nick Clegg has called on Britain's wealthiest to make an "extra contribution" to the "national effort" of economic recovery. Another meaningless soundbite from super hypocrite and traitor Clegg, full as usual of  froth and no substance. Who are "Britain's wealthiest"? Does he mean the large corporations, making £billions of  profits? Does he mean the Utility companies making £billions from ripping off their customers with ever increasing prices? Does he mean the banks who's greed and corruption places them in the position of demonstrating that crime does pay and very handsomely too? Or does he mean Mr and Mrs average who have the audacity to have an annual income of more than £50K?  This waste of space Clegg should really do everyone a favour and give up his day job, retire to the country and grow roses.

Christine Lagarde with her latest contribution.

http://wideshut.co.uk/imf-chief-christine-lagarde-calls-for-further-loss-of-national-sovereignty/  International Monetary Fund Managing Director, Christine Lagarde, has called for Eurozone countries to hand over more of their sovereignty to the European Union Superstate and the international banking system. Lagarde has been quiet for a while. Now she crawls out from the woodwork with the latest  scheme to prop up inept politicians in the EU, and the duplicitous  banks who collectively caused this economic crisis in the first place. As usual, there is no consideration for the people of those countries who are being subjected to the evils of "austerity" in order to pay for the negligence and greed of others. Christine Lagarde, the self appointed "World Protector", and leader of the unelected "IMF Supreme Council" again bidding  for the dominant role on the world stage.

Blair defends the bankers and praises Thatcher.

http://www.telegraph.co.uk/news/politics/tony-blair/9422096/Tony-Blair-hanging-bankers-wont-help.html The approach promoted by Baroness Thatcher’s government is not to blame for the recent financial and economic crisis. “Don’t take 30 years of liberalisation, beginning under Mrs Thatcher, and say this is what caused the financial crisis.” Tony Blair: hanging bankers won't help  Letting them have their huge £1miilion + bonuses won't help either. The War criminal Blair comes to the defence of the thieving parasites. A classic case of defending the indefensible. He praises Thatcher’s work to reduce government involvement in free markets, and seeks to re join the Labour Party. Perhaps it's Blair that should be hanging from the lamp post at the end of the street along side 20 bankers.

Lies, Damn lies and Government Statistics

http://news.sky.com/story/961678/olympics-give-uk-jobs-market-a-boost    The manipulation of statistics on behalf of governments is nothing new. The way in which inflation figure are calculated and announced always depends upon which set of measurements is most flattering to government policies at that time. RPI or CPI ? It depends on whether there is an r in the month. The art of manipulating figures was not in fact, invented by Thatcher, but it was certainly developed during the 1980's into a very persuasive method of convincing the public into accepting the lies of government in respect of many aspects of British society. If the figures used last month for example, do not show improvement, then change the method of calculation by adding something here or omitting something there until you reach the position that you had decided that  you wanted in the first place, then call it something else, and hey presto, all is well. Previous, and subsequent governments t...

Grave crisis facing the international banking sector..

http://news.sky.com/story/960858/exclusive-banks-face-27bn-libor-hit The banks under investigation in the Libor rate-fixing scandal face combined losses of up to $42bn (£27bn).16 banks face a financial hit. These parasite criminals would probably have the audacity to come to the government for another hand out of tax payers money to bail them out of the self inflicted mess. The government should tell them to go to hell or face full nationalisation and permanent public ownership.

Why we should not trust politicians to carry out an inquiry.

http://www.guardian.co.uk/politics/2012/jul/05/balls-osborne Balls and Osborne clash. Why does the Guardian again fail to provide readers with the opportunity to comment on specific issues? This time its the article "Balls and Osborne slug it out in dispatch box "thrilla". Ironically, this item vividly demonstrates why an inquiry into the banking scandal cannot be carried out by politicians with their point scoring politically motivated private agenda's. Collectively, the banks appear to have been involved in criminal activities at the expense of their customers and British tax payers generally. It may well be that politicians were actively involved in these alleged crimes and therefore should not be part of any investigation. The only solution that would have an iota of credibility would be an independent public inquiry.

Were the Bank of England and Whitehall in on it?

http://www.independent.co.uk/news/uk/politics/the-libor-conspiracy-were-the-bank-of-england-and-whitehall-in-on-it-7906916.html The Greta British Banking Scandal.   Why all this hysteria now. Many people have been saying for years that the banks were out of control, ripping off customers and it many cases worse, and that they were run by a cartel  of overpaid individuals who's activities verged on criminal fraud. The banks have been caught with their sticky fingers in the till, and now are being exposed for what they really are. It remains to be seen to what extent the Bank of England and politicians are  involved in this scandalous conspiracy against the public.

Something is rotten in the State of Banking.

http://www.guardian.co.uk/business/2012/jun/29/mervyn-king  Governor's scathing attack on industry's culture of excess as new scandal erupts The scandalous activities of the banks have been with us for decades. Only now does the Governor of the Bank of England propose that action be taken to control the renegade industry.  "It is time to do something about the banking system," King said."It goes to the culture and the structure of banks: the excessive compensation, the shoddy treatment of customers, the deceitful manipulation of a key interest rate, and today, news of yet another mis-selling scandal." The banks have been caught with their fingers in the till, and they should face the full economic and if established the full legal consequences. The question is will they? From previous experience, there will be a few days or weeks furore in the media, questions in the House and heated debate on BBC Question Time, then after the imposition of ...

Same old cliches'

http://www.ft.com/cms/ Banks to get cheap money to lift UK lending The government and the Bank of England have been trotting out this sort of garbage for over 2 years. The words "Get the banks lending" or "Encourage the banks to lend to businesses and individuals" and the like have become cliches' in  the media and in parliament. This initiative will go the same way as all the previous initiatives.

Another boost to loans for busineses?

  http://www.guardian.co.uk/business/2012/jun/14/debt-crisis-emergency-measures-mervyn-king In a joint proposal between the Bank of England and the Treasury, banks will receive cut-price funds provided they pass on the benefits to their business customers.This new "funding for lending" scheme could provide an £80bn boost to loans to the private sector within weeks and alleviate growing fears of a second slump since the start of the financial crisis in 2007. These people have been trotting out  "new measures", or numerous variations of them for more than 2 years. Always, the objectives are to boost business and "get the banks lending". The results are invariably the same.The additional funding goes into the banks' balances and reserves, businesses bleat about being unable to invest, more small businesses cease trading due to lack of funding, and then the banks announce increased profits and their executives are awarded nice fat bonuses. ...