Friday, 9 December 2011

Christmas Come Early for The Bankers!

John Thurso

The crisis in the euro zone deepens and Davey Cameron has gone to Brussels to see what he can do to help. The truth is that the euro was doomed at its inception because Gordon Brown kept Britain out, it wasn’t a vote winner, and the people of Britain would never surrender the Pound.

All the Europeans had to do at the time was to call the euro “The Pound” and they would have succeeded in their attempt to introduce a Europe wide system which would thwart the currency speculators.

But have the people of Britain been the winners in all this? It would seem not!

Gordon Brown didn’t keep Britain out of the euro to curry favour with the British voting public, he did it to please the British banking industry, and Davey Cameron is on that same mission today.

He is in Brussels not to help the besieged economies of Europe, but to ensure a banking transaction charge, the so called Tobin Tax, is not enforced on Britain’s financial sector.

During Prime Ministers Questions this week no less than thirteen questions were asked relating to the euro debt crisis, and among his answers Mr. Cameron pointed out that 70% of Europe’s banking transactions were conducted through companies operating out of the City of London.

In other addresses, Messer’s Cameron and Osborne have told us that the City Financiers account for 20% of the Corporation Tax paid to the Treasury, and as such are crucial to the success of Britain. But how crucial is 20%?

Government Spending is in the region of £890 billion per year. By far the greatest drain on the public purse is the Benefits Agency with an annual spend in the region of £132 billion.

Income to the treasury in all forms be it Income Tax, National Insurance, VAT, Business Rates, Corporation Tax, or Duty on Booze, Fags and Fuel, comes to around £740 billion, which leaves the government needing to borrow around £150 billion to cover the deficit each year with no real prospect of ever paying it back.

But the figure we need to look most closely at is Corporation Tax, which currently nets the treasury around £53 billion, meaning the city only contributes about £10 billion to the British economy. Hardly the cash cow the Tories would have us believe. Indeed every penny that the banks pay in tax is given back to them five fold, as interest that the government is forced to pay to borrow our own money.   

The one scary question that was asked of Mr. Cameron on Wednesday which seems to have slipped under the radar, was put to the Prime Minister by one of his own MPs, who asked if it was time to break up the now publicly owned banks in order to provide the British Tax Paying public with greater competition in the Banking Sector. Mr Cameron of course agreed.

Whose side are they on? To break up the bailed-out banks now, would be nothing less than a crime against the people of this country and John Thurso Lib Dem MP, should, in a week when the roll of lobbyists has been called into question, be ashamed of himself for being duped into reading out such a blatant piece of banking propaganda.

The perceived wisdom among those in power, and think they know about these things, is that the private banking system we have today, and its control over the creation of our money supply, is the correct and only viable system available to us.

That isn’t true!

The Government could take over control of the creation of our money supply tomorrow, and the ownership of the Nationalised Banks would provide the perfect vehicle to do so.

It doesn’t have to be like this! But until the people of this country rise up and throw of the shackles of our slavery to the banks, and deny them their unfettered right to create our money supply as interest bearing debt. Then we have no one to blame but ourselves.

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