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HANDED TO THEM ON A PLATE-A MARXIST'S DREAM OF CONTROL-THE BLOODY TAXPAYER WILL HAVE TO PAY THE BILL.

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N0 alternative perhaps, but it'll be us who foot the bill for this bonanza of socialist indulgence.

by

Peter Oborne

Daily Mail-October 13, 2008]

[Well! we now all know that the bastards who have robbed us have got clean away and have left a weapon by which politicians now have the means to feather their  own nests and party ambitions. It couldn't have happen to a more deserving people who have trusted the politicians and the two-party system for too long!]

WHEN young Alistair Darling first flirted with politics in the Seventies he was the classic bearded Leftie of popular legend. One old comrade recalls Darling as 'pressing Trotskyite tracts on bewildered railwaymen at Waverley Station in Edinburgh.

The future Chancellor was extremely close to an organisation called the International Marxist group, heavily penetrated by British Intelligence, one of those primary objectives was the nationalisation of the British banking system.

The IMG weren't stupid. They had been to university and read up on the classic Marxist texts. They were well aware that STATE OWNERSHIP of the BANKS was one of the vital steps to the establishment of COMMUNISM.

This was because control of the banks meant STATE CONTROL of CAPITAL. Investment decisions would be made by heavily politicised government bureaucrats -

 WHO WOULD POSSESS IMMENSE POWER.

Of course, it would be totally unfair to claim Alistair Darling nationalised the banks yesterday because he wanted to destroy capitalism. On the contrary, I am certain the Chancellor acted as he did because he was trying to prevent the collapse of the British economy.

I even believe that Darling is sincere when he promises NOT TO INTERVENE in the BANKS while they are in PUBLIC HANDS.

BUT I do not believe for one moment that he will be able to KEEP THIS PROMISE.

The consequences of yesterday's actions ARE VERY GRAVE. The will change the nature of the commercial world we live in.

Alistair Darling's old chums in the International Marxist Group will celebrate but the rest of us HAVE EVERY REASON TO FEEL VERY, VERY WORRIED.

[THE GREEDY BASTARDS COLLECTING THEIR 17 BILLION BONUSES MUST HAVE KNOWN THEY WERE UNTOUCHABLE AND COULD NEVER LOSE OUT- ONLY THE STUPID TAXPAYER WOULD BE THE LOSER, AND WE WILL SOON ALL SEE THE RESULT. ]

Consider this: it is now virtually certain that well over half of Britain's banks will fall under STATE CONTROL in the course of the next few weeks. the government porfolio includes the majority of our most famous names :

the HALIFAX, the BANK of SCOTLAND-NAT WEST and LLOYDS -alongside NORTHERN ROCK and BRADFORD &  BINGLEY,  already taken into the public domain.

ALL THESE BANKS ARE NOW ACCOUNTABLE  NOT TO SHAREHOLDERS BUT TO POLITICIANS.

This will make their decisions not on commercial good sense but on the basis of WHAT IS POLITICALLY ACCEPTABLE.

We have already seen a small flavour of this with the publication opf the merger document two weeks ago between LLOYDS and HBOS. LLOYDS (whose chairman if Gordon 's crony Sir Victor Blank) was obliged to make a promise to retain jobs in Scotland to suit the political priorities of the LABOUR PARTY.

 

 

[We believe that under the present financial crisis there should be a NATIONAL GOVERNMENT in order that the GOVERNMENT of the day does not use the means at its disposal to its own benefit instead of the benefit of the TAXPAYER

A National GOVERNMENT would also allow the best brains and expertise from all spectrums of the political and academic fields to pull together for the good of the country and not as now give the present incumbent of No10 the weapon to ensure a further term in office at a time of his choosing.]

Ransacked

Many more such decisions will follow. Politicians will view the banks as a vast pot of public money to be ransacked at will. Ministers will be able to bully bank management into placing depositors' money into giant vanity projects like the OLYMPICS.

Many will feel - with great justice - that it is impossible to run a bank any worse than men like Fred Goodwin of the ROYAL BANK OF SCOTLAND who brought his great financial institution to its knees.

THEY SHOULD THINK AGAIN

AND WAIT UNTIL THE POLITICIANS TAKE CONTROL

The wretched Goodwin may have wasted billions of shareholders money at RBS. BUT the LABOUR GOVERNMENT has SQUANDERED hundreds of billions in the NHS over the past 11 years, not to mention all those lame-duck nationalised industries in the Sixties and Seventies, such as BRITISH STEEL.

Those with long memories will also remember what a disaster public ownership of the MOTOR INDUSTRY was with BRITISH LEYLAND.

However  well-intentioned Alistair Darling may be, PUBLIC OWNERSHIP of BANKING will be EVERY BIT AS BAD.

Investment decisions will no longer be made for sensible commercial reasons, instead, politicians will try to suck up to the VOTERS with LITTLE or NO ATTEMPT to MAKE A PROFIT FOR THE TAXPAYER.

BANKS WILL BECOME PART OF OUR SOCIAL SECURITY NETWORK.

Already pressure is building up for nationalised banks not to foreclose on home owners who can't pay their mortgage. That all sounds very nice and cheerful but it raises the question:

WHY SHOULD THE AVERAGE CAREFUL TAXPAYER WHO KEEPS HIMSELF OUT OF DEBT BE REQUIRED TO PAY THE MORGAGE OF A PROFLIGATE HOME OWNER WHO CAN'T BE BOTHERED TO PAY HIS BILLS?

 

 

There is an urgent need for massive redundancies to make our bankrupt banking system profitable yet again.

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Wasted

 

But no politician is going to press the button on job losses as we approach a general Election, which is why Labour threw the terminally sick Rover a huge cash lifeline just before the last election. Taxpayers' money which was utterly wasted when the FIRM LATER CRASHED.

 

[We believe that under the present financial crisis there should be a NATIONAL GOVERNMENT in order that the GOVERNMENT of the day does not use the means at its disposal to its own benefit instead of the benefit of the TAXPAYER

A National GOVERNMENT would also allow the best brains and expertise from all spectrums of the political and academic fields to pull together for the good of the country and not as now give the present incumbent of No10 the weapon to ensure a further term in office at a time of his choosing.]

There is a second problem about nationalising the BRITISH BANKING SYSTEM:

IT SMASHES THROUGH ALL KNOWN RULES OF COMPETITION.

Sensibly run banks such as Barclays and HSBC have not needed to throw themselves at the mercy of the taxpayer. they tell us they intend to remain in the PRIVATE SECTOR.  But can they compete with a STATE-OWNED INSTITUTIONS offering competitive financial products with a STATE GUARANTEE?

Barclays is greatly to be admired for its pluck -but state-controlled banks have a grossly unfair advantage if they are allowed to compete openly in the market place.

(By the way, there is no excuse at all for continuing with the planned merger of

LLOYDS

-a well-run bank which, like Barclays has a balance sheet strength to remain

INDEPENDENT

-and HBOS following  yesterday's bail-out announcement.  This will create a monstrosity which smashes competition rules, with 30 per cent control of the HIGH STREET.

For these reasons - while accepting that action needed to be taken - I believe that yesterday's developments

WILL PROVE A DISASTER FOR THE BRITISH TAXPAYER.

Treasury ministers promised us 12 monyh's ago that we

WOULD NOT LOSE A PENNY ON NORTHERN ROCK

and that promise

PROVED FALSE.

Alistair Darling's claim that THE TAXPAYER wont lose out this time is equally meaningless, it is entirely possible he will be FORCED TO INJECT yet more BILLIONS of PUBLIC MONEY into the BANKING SYSTEM . . . .

 

THAT sum is four times the official figure of approcximately

500 BILLION

in Alistair Darling's

BUDGET STATEMENT

last year and is reached by taking into account the HUGE COST of yesterday's BANKS TAKE OVER and other MAJOR DEBTS such as PUBLIC SECTOR PENSION COMMITMENTS and the [ greatest con-trick on the taxpayer of the 20th century and costly burden for the future. ]

PRIVATE FINANCE INITIATIVE.

 

Debt

Soon the Treasury will be forced to borrow heavily on the international debt market to pay the cost of yesterday's spending spree. International lenders

WILL EXACT A HEAVY PRICE.

Thanks to the terrible events  of the past few weeks, the British NATIONAL BALANCE SHEET is shot through even worse than it was in the Seventies, when Dennis Healey was forced to go to the INTERNATIONAL MONETARY FUND to plead for EXTRA CASH.

IN THE END, it will NOT be the POLITICIANS or the BANKERS who foot THE BILL for yesterday's extravagance -IT WILL BE THE POOR BLOODY BRITISH TAXPAYER.

VOTERS MAY HAVE THOUGHT THAT TAXES COULDN'T GET ANY HIGHER AFTER 11 YEARS of GORDON BROWN. THEY NEED TO THINK AGAIN. TAXES WILL RISE TO LEVELS NOT SEEN SINCE THE SEVENTIES TO PAY FOR YESTERDAY'S BONANZA OF SOCIALIST INDULGENCE

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OCTOBER-2008

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