Mervyn King criticised high street banks for routinely exploiting their customers and urged them to take a longer-term approach to their business rather than simply trying to "maximise profits next week".
"We allowed a [banking] system to build up which contained the seeds of its own destruction," King has told the Daily Telegraph.
"We've not yet solved the 'too big to fail' or, as I prefer to call it, the 'too important to fail' problem. The concept of being too important to fail should have no place in a market economy.

"The problem is still there. The search for yield goes on. Imbalances are beginning to grow again."

King criticised the culture of short-term profits and bonuses in the banking system, suggesting that traditional manufacturing industries had a more "moral" way of operating.
"They care deeply about their workforce, about their customers and, above all, are proud of their products," he said.
"[With the banks] there isn't that sense of longer-term relationships. There's a different attitude towards customers. Small and medium firms really notice this: they miss the people they know.
"If it's possible [for financial services firms] to make money out of gullible or unsuspecting customers, particularly institutional customers, that is perfectly acceptable [to the banks]."
The governor argued that good businesses "keep a clear vision of who their customers are and are run by people who don't think they should simply maximise profits next week".

http://www.telegraph.co.uk/finance/economics/8362959/Mervyn-King-interview-We-prevented-a-Great-Depression…-but-people-have-the-right-to-be-angry.html
http://www.guardian.co.uk/business/2011/mar/05/mervyn-king-banks-exploiting-customers

I'm a lay person in such issues but the truth to me in all this mess is blindingly obvious – it's just so hard to make it simple when those in power seek to keep us in the dark. So here's my take – I hope others will correct me if I am mistaken:

1.) There was a bet between the banks (selling crap loans) and the hedge funds (betting against these loans)- in other words taking out 'insurance' against these loans going bad.

2.) The banks packaged these loans up into Investment Funds rated as Triple AAA by the rating agencies because the banks didn't need to disclose what types of loans were in the funds and so rigged the market for as long as they could – until the defaults on home loans started..

3.) Then the Banks couldn't afford to pay out on the bet they lost with the Hedge Funds. They were bankrupt.

4.) So our governments paid their debts for them by refloating them with our tax-payer money – followed switfly by Public Service cuts etc etc

Have I got this wrong people – because this is how I explained it to the cleaners at work after I told them the company wasn't giving them a cost of living rise and one of them was being made redundant.

Please correct me if I am mistaken

A list of assets

Here's a great article on Common Law vs Statutes. Imagine if we all withdrew our consent. That would be a very Britsh revolution wouldn't it.

The other thing that would be great would be a world walk out. A monday at a time in the year that is agreeable for the whole world.

A Global Bank Holiday.

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murdoshtupation.com – rolls of the tongue quite well
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murdoloveation.com – Maybe not this one

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Good Luck!

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Wasn't me!

Another great post Golem.

I was reading Treasure Island to my son last night –

"Money!" cried the squire. "Have you heard the story? What were these villains after but money? What do they care for but money? For what would they risk their rascal carcasses but money?"

Just about sums it up really.

There used to be a time when the elites cared about us because it would help them make money. They required a healthy, educated public to work for them – and they were prepared to pay for it through taxes and or philanthropism. The fact is that in this globalised economy, they don't care about any of that. Public health isn't a problem – they are not likely to die of TB or some other easily preventable poor disease. Education isn't something they need to pay for anymore – there will always be somewhere in the world they can get a cheap educated workforce from. They don't ever need to see a slum – unless their helicopters have to fly over one. They just need us to buy stuff and they can lend us money to do that. The elites used to be geographically tied to a country – this is no longer the case (ok – when the elites are also the government this is not the case – Mubarak or Gaddaffi spring to mind – they should have taken better care). Elites just don't need to care about us anymore and can spend their money on getting the MSM to brainwash the masses into thinking the same as them – the "I got rich because of hard work and talent argument" – nothing to do with society, so I don't owe society anything. Elites just don't need us anymore.

Why oh why can't more people see where this is heading – Why don't they care enough! Sorry to rant, but this really winds me up. How in fucks name can it be OK for one guy to control 50% of the media in a country.

Does anyone remember the concluding lines of 'Empire of the Sun' – I can't remember them exactly but it was something to the effect that 'China will have her revenge' and I remember it scared the hell out of me when I was ten or eleven.