A lot of people are talking about the world being on the brink of a precipice, with financial meltdown coming, and so on.

In the USA George Bush and his cronies are still (Friday Oct 3rd) trying to get their $700 billion bill through the House of Representatives and so save the system. The Republicans, jittery about being re-elected in a few weeks’ time, balked at it, seeing that it was provoking outright anger among ordinary Americans. Why should they have to pay higher taxes to save the greedy parasites of Wall Street?

And why $700 billion? Have Bush and the rest really sat down and done their sums like they’d have us believe? The truth is that nobody knows how much would be needed to prevent the tottering structure from crashing for the last time. We’re witnessing a chain reaction and nobody can say for sure just how far it has yet to go.

But they’ve convinced themselves, if no-one else, that this is the figure that will work the miracle they need. After the Bill was thrown out the first time, they’ve done a little tinkering and are trying again to get it passed by saying, in effect, “We don’t need the money all at once, we’ll just have $300 billion now, another $300 billion a little later, and then the final $100 billion after that and only if we really need it.”

Yeah, right.

Here in the UK, Prime Minister Brown is considering another bailout for the banks here, matching the Irish Government’s plan to guarantee all bank deposits with taxpayers’ cash. He’s shown us over the last 11 years he’s very good at spending money. Not so good at earning it though, except for himself.

In desperation he’s called in bankers from UBS and N M Rothschild to advise on his bailout plan. Can UBS be the same bank as that of the same name that has taken writedowns and losses of $44.2 billion (£24.8 billion) since the credit crisis began last year? And that is now slashing 8,900 jobs?

And as for N M Rothschild advising on the crisis, isn’t that like taking advice from the fox on how to secure the chicken run?

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This entry was posted on Friday, October 3rd, 2008 at 8:26 am and is filed under News and Comment on The Banking System Worldwide. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.