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  #21  
Old 16-11-2017, 01:23 PM
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Originally Posted by cdm61 View Post
Bank of England under instruction of government gave banks and other financial institutions £475bn of free money via quantitative easing. While at the same time starving people of money and public services through austerity. It's an utter disgrace and demonstrates that the system is run not for us but the elite.
For balance that was the Labour government at the time, and the BoE should be independent of government.

Last edited by GreatGonzo; 16-11-2017 at 01:34 PM.
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  #22  
Old 16-11-2017, 01:32 PM
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Originally Posted by cdm61 View Post
Bank of England under instruction of government gave banks and other financial institutions £475bn of free money via quantitative easing. While at the same time starving people of money and public services through austerity. It's an utter disgrace and demonstrates that the system is run not for us but the elite.
100% agree... And why are we still allowing the Greeks to be ****ed for the benefit of German bankers?
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  #23  
Old 16-11-2017, 01:38 PM
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Originally Posted by GreatGonzo View Post
For balance that was the Labour government at the time, and the BoE should be independent of government.
No the vast majority of the money creation has been done since 2010 - and the Bank of England is seperate from government - but it is the government's bank ie it is not in private hands - was nationalised in 1946
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  #24  
Old 16-11-2017, 01:40 PM
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100% agree... And why are we still allowing the Greeks to be ****ed for the benefit of German bankers?
Indeed - but not just German banks - any bank that held Greek debt
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  #25  
Old 16-11-2017, 01:40 PM
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Originally Posted by Heb 7:4 View Post
This isn't true
Oh dear, I'm afraid it is/was.


This is misleading, the worldwide economic crisis did not have its roots in the UK, but in the US
I didn't say it began in the UK, and irrespective of its origins, we were in a financial mess.



What about it? I'm willing to bet you have no idea why it was sold, or what was done with the money.
You are a tad arrogant here. Brown sold off over half the gold reserves because he believed Gold was too volatile and would invest the proceeds in Foreign currencies. However, history will tell you that Gold was usually quite safe, especially in a volatile market.




We undoubtedly did not. It was an ideological choice, and even on its own terms a total failure
It was a very necessary choice, because we were up to it in debt.


We should have borrowed more, when it was cheap to do so, and grown the economy. Osborne eventually realised this. You can't cut your way out of an economic downturn.
A head in the sand attitude, that your grandchildren wont thank you for.
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  #26  
Old 16-11-2017, 01:43 PM
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don't know how I managed to edit your post.....oops.
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  #27  
Old 16-11-2017, 01:46 PM
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Originally Posted by Sharkba1t View Post
don't know how I managed to edit your post.....oops.
Maybe you had your head in the sand.
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  #28  
Old 16-11-2017, 01:48 PM
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Originally Posted by in-exile View Post
100% agree... And why are we still allowing the Greeks to be ****ed for the benefit of German bankers?
Errrrr......you think we’ll be able to help them when we’ve left?

We might have had a chance if we weren’t hell bent on running away.
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  #29  
Old 16-11-2017, 01:48 PM
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Originally Posted by cdm61 View Post
No the vast majority of the money creation has been done since 2010 - and the Bank of England is seperate from government - but it is the government's bank ie it is not in private hands - was nationalised in 1946
£175bn by October 2009
£200bn was agreed in November meeting 2009

October 2011 - Additional £75bn
February 2012- Additional £50bn
July 2012 - Additional £50bn

Total in July 2012 was £375bn (53% under the Labour government and 47% under Tories)

In August 2016 following the referendum they announced and additional £70bn. So the split move 55:45 under the Tories.

To label quantitative easing as a Tory issue i think is incorrect.
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  #30  
Old 16-11-2017, 01:52 PM
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Originally Posted by Wolfnipplechips View Post
Errrrr......you think we’ll be able to help them when we’ve left?

We might have had a chance if we weren’t hell bent on running away.
You think we would have had much chance on that issue staying? That was a huge Eurozone issue.
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  #31  
Old 16-11-2017, 01:55 PM
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Originally Posted by GreatGonzo View Post
You think we would have had much chance on that issue staying? That was a huge Eurozone issue.
Maybe. But it's also massive whataboutery.
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  #32  
Old 16-11-2017, 01:59 PM
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Originally Posted by GreatGonzo View Post
£175bn by October 2009
£200bn was agreed in November meeting 2009

October 2011 - Additional £75bn
February 2012- Additional £50bn
July 2012 - Additional £50bn

Total in July 2012 was £375bn (53% under the Labour government and 47% under Tories)

In August 2016 following the referendum they announced and additional £70bn. So the split move 55:45 under the Tories.

To label quantitative easing as a Tory issue i think is incorrect.
Agreed - thank you for that correction - austerity was the Coalition and this current mob though.
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  #33  
Old 16-11-2017, 02:02 PM
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Originally Posted by Sharkba1t View Post
Cuts had to be made because of the awful mess the previous Govt left behind.

What about that financial genius Gordon Brown, selling off our gold reserves at its low point?

I'm not saying the Tories cuts were ALL necessary and all directed in the right places, but we undoubtedly had to make big cuts.

And the previous comment about QE are plain wrong - it was never free money! - all that cash doesn't just stay in the banks earning interest - Banks who benefited from that cheap funding were obliged to lend it on in the form of mortgages and loans to small businesses.

The bottom line is though the govts of Blair and Brown encouraged rampant borrowing without thinking ahead and now we have to pay the price in the form of cuts.
You've been brainwashed - Labour borrowing was to prop up UK Banks...and QE is free money - if you want to borrow money you have to pay interest - QE was money created by the BoE and used to by back government bonds.

Labour have borrowed less and repaid more than the Conservatives since 1979
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Last edited by cdm61; 16-11-2017 at 02:07 PM.
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  #34  
Old 16-11-2017, 02:03 PM
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Originally Posted by Wolfnipplechips View Post
Errrrr......you think we’ll be able to help them when we’ve left?

We might have had a chance if we weren’t hell bent on running away.
Agree if the vote had gone the other way then a big push from us would have been needed to counter German finance lack of empathy with the Greeks situation... Was it 20 or 25 years of austerity they're facing.. shocking.
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  #35  
Old 16-11-2017, 02:21 PM
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Originally Posted by Sharkba1t View Post
Cuts had to be made because of the awful mess the previous Govt left behind.

What about that financial genius Gordon Brown, selling off our gold reserves at its low point?
What mess? Spending as a proportion of GDP was possibly slightly above average but not what you would call extravagant.

The carnage that criminal bankers on Wall Street or other Foreign governments spending caused the financial crash and I don't see how people can blame the Labour government of the time unless you believe that we are the most powerful country in the world.

Governments are always selling off and buying assets, there was probably a report drawn up by civil servants that recommended the Chancellor sell the gold off.

Also George Osbourne's austerity led to such a drop in GDP that has cost the country many billions (To view the link you have to Register or Login) more than the £5 billion it cost to sell the gold in 2002 instead of 2009 so why does he seem to escape such criticism?
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  #36  
Old 16-11-2017, 02:43 PM
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Everyone seems to be taking Sharkba1t's bait.
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  #37  
Old 16-11-2017, 02:46 PM
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Quote:
Originally Posted by Sharkba1t View Post
Cuts had to be made because of the awful mess the previous Govt left behind.

What about that financial genius Gordon Brown, selling off our gold reserves at its low point?

I'm not saying the Tories cuts were ALL necessary and all directed in the right places, but we undoubtedly had to make big cuts.

And the previous comment about QE are plain wrong - it was never free money! - all that cash doesn't just stay in the banks earning interest - Banks who benefited from that cheap funding were obliged to lend it on in the form of mortgages and loans to small businesses.

The bottom line is though the govts of Blair and Brown encouraged rampant borrowing without thinking ahead and now we have to pay the price in the form of cuts.
Thatcher sold off plenty of our gold as well
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  #38  
Old 16-11-2017, 02:56 PM
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A head in the sand attitude, that your grandchildren wont thank you for.
what a ridiculous comment, unless you have a crystal ball you have no idea what kind of lives our grandchildren will be enjoying, I think the grandchildren who were alive after WWI and II had it pretty tough dont you think?
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  #39  
Old 16-11-2017, 04:39 PM
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what a ridiculous comment, unless you have a crystal ball you have no idea what kind of lives our grandchildren will be enjoying, I think the grandchildren who were alive after WWI and II had it pretty tough dont you think?
And you think my comment is ridiculous?
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  #40  
Old 16-11-2017, 04:41 PM
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