"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "


Chinese premier Wen Jiabao 12th March 2009


""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."


Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Monday, September 17, 2007

Chancellor of the Exchequer is a fucking liar

17 September 2007 approx 6.00pm BST
Statement by the Chancellor of the Exchequer on financial markets
http://www.hm-treasury.gov.uk/newsroom_and_speeches/press/2007/press_95_07.cfm

This is part of the Statement that relates to Northern Rock

Careful examination shows that it is not what it seems - note "should it be necessary"- "would put in place arrangements " - "would guarantee "

In relation to Britain and Northern Rock, the Financial Services Authority has repeated again over the weekend and today that Northern Rock is solvent and with a sound long term loan book, but has had short term liquidity difficulties. The support I authorised the Bank of England to offer Northern Rock last week is designed to overcome these short-term difficulties, and to enable it to do its business in the normal way.

As I have said on many occasions over the past few days, people are able to get their money out if that is what they want to do.

I want to put the matter beyond doubt. (Ho.Ho.Ho.) In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets.


Weasel words .... anybody who leaves their money in NR must be brain dead.

Again we get the empty and pointless and deliberately misleading claim ..."the Financial Services Authority has repeated again over the weekend and today that Northern Rock is solvent ". It is not the role in life, nor their job to determine solvency, of course anyone may take a view but it is worthless. Only the Directors can take a view - if they trade whilst insolvent they risk heavy penalties and can be disqualified.

If the CEO said they were sovent he can be prosecuted - if the Chancellor , the Pope, etc., says that it has no meaning or worth to anyone.

Lying fucking politicians.

3 comments:

Anonymous said...

As someone who is yet to get on the property ladder due to artificially inflated house prices, I am a bit miffed that the government is using my money to further prolong the bubble.
Talk about a slap in the face.

Shutter said...

House prices are not artificially inflated. The price is a function of supply and demand.

Demand exceeds supply due to the humber of people who want houses inceasing - immogrants , single occupancy, stupid planning laws, insane green belt Policy and reluctance of builders like Persimmon and Baratt to eat into lad banks whose values rise daily without the fag of having to build houses.

None theless you have every right to be pissed off but Mr darling has not guranteed anything - go to Treasury website this is what the site reports of his statement -

I want to put the matter beyond doubt. (Ho.Ho.Ho.) In the current market circumstances, and because of the importance I place on maintaining a stable banking system and public confidence in it, I can announce today that following discussions with the Governor and the Chairman of the FSA, should it be necessary, we, with the Bank of England, would put in place arrangements that would guarantee all the existing deposits in Northern Rock during the current instability in the financial markets.

"should it be necessary" WTF does that mean ? How will this be done ? Statutory, Order in Council, writing a large blank cheque ? Trifle more complicated than "Guaranteeing" ...

He is praying that someone will buy up and hide this load of ordure - probably by a company whose CEO will soon see the glitter of a Baronetcy and acomfortable seat in the HOC for saving his face, and that of Gordy, Mervyn King, Sir John Geive (Director of BOE for Stability Ho.Ho.Ho.) and the FSA chairman etc.,

Advice ? Emigrate

Stef said...

again, comments made in the context of the oil price respectfully apply

there's no doubt that there are supply issues associated with oil and, in some places, housing that have contributed to higher prices but surely supply and demand also applies to money itself? Flooding the market with crap credit must have a major impact on the price paid for houses even if it doesn't, in itself, create the actual demand

(C) Very Seriously Disorganised Criminals 2002/3/4/5/6/7/8/9 - copy anything you wish