"“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, October 13, 2008

Hank's unresolved dilemma and the power of prayer

Apologies for the break in transmission since Friday . It has been rather busy round here this weekend since Hank called up having read - Hanks Dilemma - How to get a Goodeal for both Uncle Sam and the cousins on Wall Street .

Still he has US$700 very, very, very, big ones to splurge with, and want's to get on the inside track about what Gordon and Alastair are up to. We have to tell him that Gordon is on the other line hanging on for some goodideas(sic).

Anyway the bottom line this side of the turbid fishpond is that the UK Government now own ..

Northern Rock ... at least £27 Billion in the hole so far
Bradford and Bingley .... Ditto £4 Bn for those nice Spanish gents and £45 Bn (and counting) for te "assets"
Royal Bank of Scotland .... Ditto £20 Bn for a 60 % chunk - the result- shares drop even further in the market. Down 7%
HBOS / Lloyds ...Ditto £17 Bn for 41% odd chunk - the result- shares drop even further in the market. HBOS down 27% Lloyds down 18%

Plus all interbank loans guaranteed

Like rats in a corner, the tax payers money has been pissed away supporting banks who for years have been producing under the noses of the triumvirate of regulators fraudulent balance sheets, declaring non-existent profits and leaking capital away in unsupported dividend payments.

The whole principle of unregulated markets is to let them fail.

Now we have endless needs for even greater taxation, more unemployment, dearer food costs, dearer energy costs.

Remarkably the Government have just ensured the latter by handing their 33% of British Energy to EDF (AKA Mr Sarkozy's French Government).

So we explained the follow of Gordon's plan to Hank and he said..."Well Lord Patel what do we do now ?"

Lord Patel asked Hank if he was a religious man.

Hank said he was, maybe he choked a bit on that.

Well said Lord Patel ..."the best thing to do now is to pray"

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