swannymere
Active Member
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WDB124066 said:Good people loose money when banks go bust.
Banks should be owned by the state. Now there's a thought...!!
You have to admire their brass neck or is it horned helmet ?
Banks should be owned by the state. Now there's a thought...!!
They get away with it because (a) they are small and not worth pursuing and (b) they don't expect to do the same sort of business in the future so it doesn't matter that people will avoid them.
So in real terms in such a difficult situation they had nothing to lose.
Not much different from an individual in dire circumstances entering an IVA.
The extreme right of capital (banks etc) is exactly the same as the extreme left (communism etc) in that they both can only survive using other people's money, they create nothing for themselves.
Biggest laugh I've had all year is a bank 'business' manager trying to tell me how to run my business... I told him that if he was that knowledgeable, why isn't he doing it?
Silence....
So I guess you are saying what Iceland President Olafur Ragnar Grimsson is saying is fairly irrelevant to the UK situation then ? Me -- I just don't like people who as the Americans put it "Welch on a bet"
The joke about investment banking that I most enjoyed as an ex one is that investment banking is truly the only communist industry - all the earnings of capital devolve to labour..(and some animals are more equal than others).
Anyhow, the "let the banks go bust" idea is fine for Iceland who effectively defaulted but bear in mind to avoid a full scale bank run the UK Government had to bail out 230,000 UK savers in Icesave to the full extent of their savings - £3.5bn.
Basically yes.
I wonder how the Irish feel about things compared with Iceland. Their government rashly stepped in and guaranteed their banks .... oops.
OTOH in 25 years time maybe that will pay off in terms of respectability.
I suspect it can't and won't pay off for them- and the reason for that is the Euro.
If a country such as the UK stands by its commitments and has its own currency then people do remember long term that it doesn't welch. That does have downstream value in terms of costs of government debt, institutional debt, and perceived investment risk.
State owned Banks? Yes we could have our honest, moral high ground politicians running the show. The very same that will squander your money on their own self interest.
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