Home > Economy, Great Britain, Labour Party, MEDIA, POLITICS > Billions, Billions, Billions.

Billions, Billions, Billions.

Recent developments just leave our heads in a spin. Suddenly, the heavens have opened up and billions of US$ and UK pounds are falling in ever increasing amounts.

The Bank of England earlier this week released over £25 billions on to the market and yesterday a further £40 billions was made available courtesy of the US Federal Reserve Bank; agreed most of this is available to the big banks as loans; it makes the mind more than just boggle. The cynic might suggest why not give every adult citizen £200,000 to clear their debts instrad of allowing incompetent and speculative bankers get their grubby and greedy paws on such large sums of money. Nevertheless, one does wonder where these enormous sums of money are going and who is policing the banks to ensure money is not being diverted to private use.  

Not long ago the Rover car factory was sold to the Chinese. At the time we were told it would cost a million pounds a day just to keep the factory going in three years the company would have eaten £1000,000,000 but at least we would have seen actual cars as physical evidence of where the money was going and many would have kept their jobs. So if now the Bank of England can as if by magic give away, albeit as loans, untold billions, why didn’t government make money available for Rover instead of flogging the company off cheap to the Chinese. Since then of course we have given untold billions of pounds to Northern Rock.  

No wonder people, the voters in particular get cynical and angry.

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