Wednesday, September 19, 2007

Fool me once...

Thanks to LWTC247 for pointing me towards the latest incarnation of Northern Rock’s Homepage which is now given over entirely to a personal statement from Northern Rock’s CEO Adam J. Appletise.

As well as doing a very passable impression of the Evil Hood from Thunderbirds in the accompanying portrait, Adam also includes this outstandingly generous offer to people who have withdrawn money from Northern Rock over the last few days…

Northern Rock CEO - Adam J. Appletise

“I am also pleased to announce that any customer who has paid a penalty for withdrawing their investment, will have the penalty refunded if they re-invest the same amount in the same type of account by 5th October 2007.”

…but presumably only if the customers bend over, grab their ankles and ask nicely first

Carlo Ponzi would be well-impressed

Chancellor of the Exchequer - Alastair Darling


Another site worth a quick browse in these difficult times is the
Have Your Say page on the BBC site devoted to the question…

…which is in the process of being cut off from the rest of the BBC site and completely overrun by Conspiraloons
posting about the evils of the Federal Reserve, credit based money systems and being rogered senseless by bankers generally

As I type, the most recent post includes a personal favourite quote from a former director of the Bank of England Josiah Stamp

Former BoE director Josiah Stamp - a man with no known Thunderbirds look-alikes

"Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again. However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money ."

Marvellous, marvellous stuff



paul said...

One of my favourites as well, came across it in rowbotham's 'grip of death', my first intro to monetary critiques, and still a good one

lwtc247 said...

Excellent photo of the N.R. Appletise bloke. Stef you should be put on the NHS as a magical treatment for depression. Then again, maybe not; Its not like the NHS to actually wanna cure people now is it.

One more thing... Eggy said "Remember that the share price does not have any direct impact on your savings." - Woah... Keep this statement away from my Bollockometer! I dunt want it exploding!

Save the pdf quick, before the egg version of Chorlton and the Wheelies edit it.


Stef said...

That Thomas Jefferson quote is also a blinder...

I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.

Anonymous said...

'The Coming Battle' written in 1899 is readable online:
The Coming Battle

It basically goes into detail about how Bankers (or the 'International Gold Trust') took over the economy of the US during the 1800s.
Some very interesting quotes & research in there, which makes it kind of a dense read.

Particularly the part about the demonetization of silver (and the marginalization of the Greenback party) in the US which could be the largest single wealth confiscation in the history of the world.

Shutter said...

There is also a more recent quote ..

"The last duty of a central banker is to tell the public the truth."

-- Alan Blinder, Vice Chairman of the Federal Reserve, on PBS’s Nightly Business Report in 1994.

In no way wishing to appear modest this little apercu and example of rare honesty from a Banker (esp one from the Fed) This quote can also be found here

With some consideration at the turning of the year on the causes of the present sea of difficulties.

I would also point questors for the Truth here

This note by Robert Peston on his BBC Blog has appeared - timed at early 2000hrs BST

"IMPORTANT UPDATE: 19:59 The Bank of England has now told me that individual banks can only apply for £1.5bn each under the £10bn facility. It says that Northern Rock would have needed far greater funds - and that if this finance had been provided three weeks ago or so, the liquidity would not have eliminated the Rock's funding difficulties.

It is slightly odd that the Bank should divulge this to me now, because it failed to provide this detail (or any answer at all) when I asked this afternoon whether what it announced today could have provided succour to Northern Rock. So although the Bank of England has changed course in respect of the way it is prepared to tackle the crisis in the money markets, it is sticking to the position that it has no regrets about the way that it provided its initial support to Northern Rock."

If the above statement is correct (and there is no reason to doubt it) It is evident that the situation is a great deal worse than was at first understood. It is also evident that the Bank / FSA / Treasury are not providing information which can affect the share price in the appropriate and legal way.

It is further evidence that the company was insolvent prior to the first public announcements made last week about BOE funding for the company.

The shares must be immediately suspended.The Directors must make a statement on insolvency and Administrators brought in to run the company.

Anonymous said...

Members of the Conspiraloon alliance, and independent supporting conspiraloons such as myself will have realised, that it what the BoE is doing, is exactly the same debt/credit extension based finacial structure that has used for many years already.

We know the debt based monetry policy isn't sustainable. All that's been done is a new bubble has been created - a new thick layer of snow has been piled upon the unstable avalanche plains if you will.

The bubble pop will be all the more louder. - lw

paul said...

since when has 'more of the same' gone out of fashion?!!? Get with the end of reality grandad/granny

Anonymous said...

Is Gord going to call a snap election so he can get back in for another 5 years before the economic meltdown really kicks off?

Stef said...

Is Gord going to call a snap election so he can get back in for another 5 years before the economic meltdown really kicks off?

and will the result of that election make any difference either way?

I think most people will be able to answer question b. with a great deal more certainty than a.