Explosive cocktail of fraud, lies and theft in the UK

Following my previous post about the Explosive cocktail of fraud, lies and theft in the US, it wouldn't be fair to also talk a bit about the UK, which is in my opinion in a far worst shape than the US.

Feb. 18 (Bloomberg) -- Bank of England policy makers unanimously agreed to ask the government for authority to create money in an effort to kick start the economy, saying further interest rate cuts may hurt the profitability of banks.

The Monetary Policy Committee, led by Governor Mervyn King, voted 8-1 to cut the main rate to 1 percent, the lowest since the central bank was founded in 1694, minutes of the Feb. 5 decision published in London today show. David Blanchflower, argued for a deeper reduction so rates go as low as possible “without delay.”

I would like to know what kind of outcome they are expecting and the why and how it would help the economy to sink the pound even further?

The minutes suggest rates cuts are becoming less potent, pushing the central bank to use unprecedented means to revive the economy from its worst slump since 1980. King and Chancellor of the Exchequer Alistair Darling will exchange letters about the next steps within a few days, a spokesman for the Treasury said.

I can't wait to see this parody of democracy and their ridiculous letters again... Sad but real... I had a post about that a while ago.

“To the extent that further cuts in bank rate could not inject sufficient stimulus, the committee would need to use alternative policy measures,” the minutes said. “Therefore the committee unanimously agree that the governor should write on its behalf to the chancellor to seek authority to conduct purchases of government and other securities, financed by the creation of central bank money.”

Stimulus = printing money & free money for banks

[...] “The central bank is doing everything it can to boost liquidity,” Bob McKee, chief economist at Independent Strategy in London, said in a Bloomberg Television interview. “It takes some time for lower interest rates to work through.”

Liquidity = printing money & free money for banks

Gordon Brown hails £500 billion bank rescue plan
Gordon Brown has said a £500 billion bail-out of British banks will restore "confidence and trust" in the financial system.

bail-out = printing money & free money for banks
£500 billion bail-out = printing £500 billion & and giving it to banks

Admitting that Government borrowing will have to be drastically increased to fund the package, Mr Brown insisted that "for every family in the country, the stability of the banking system matters."

Government borrowing = printing money & free money for banks

Why does it matter for every family? Why don't you just let the bad banks collapse in order to make the system stable? Why don't you cancel the fractional reserve banking and reckless speculation by banks instead of handing them £500 billion more?

He said taxpayers would "earn a proper return", saying: "This support is on commercial terms. We expect to be rewarded for the support we provide."

Yet another big fat lie... How much is the return so far on RBS, HBoS, Lloyd, Northern Rock, B&B ? About -99%.