Wednesday, 15 February 2012

NO COMFORT TO BE HAD FROM THE BANK OF BRITAIN, ER NO, I MEAN ENGLAND

The message today from Mervyn King, governor of the Bank of Britain England is that he can do nothing to help savers, who are receiving interest at far less than the rate of inflation, and effectively losing money at around 3 or 4% per year. 
Nor can he help people who have saved all their lives for a pension and now find that their savings buy a derisory annuity; just enough to put them beyond the levels at which the state will help them. In short just above the level at which the state believes that you would starve or freeze to death without help.


He says that he understands the plight of people approaching retirement age who will get their pittance after a life of saving, but you have to ask yourself in what way Mr King can begin to understand or feel the pain. After all he won't have to buy himself an annuity. His salary is over £300,000 per annum and, although I cannot find any details of his pension, I have discovered that the deputy governors have funds between £2 and 3 million. 



“All groups in society are suffering from the financial crisis,” Mervyn said, insisting that there can be no special help for particular groups. “Difficult though it is, we have to make a difficult judgement about the right course of action for the economy as a whole”, says Mr King.


Well, I don't see Mr King suffering much from the financial crisis, for which the banks are largely responsible, and I can't imagine how he can put himself in the place of a 65 year old with a pension pot of £70,000 and a future of financial insecurity. 
So his difficult decisions won't be hurting him. And chucking another £50 billion at the banks won't make a great deal of difference to the economy as a whole, anyway. It will probably remain in their vaults, helping to pay for bonuses and salaries way beyond anything that is reasonable.


If the Bank of Britain England can create that much money, why not pump it in to the REAL economy, and create jobs putting in place an infrastructure that will be there for the happy day when the economy turns the corner?

13 comments:

  1. tris (separation)

    Mr king is a fecking knob heid of
    (separation)
    gargantuan proportions he can lie
    (separation)
    like Alex Salmond(thats how bad he is)(separation)

    He said king that is

    (separation)
    "The underlying need for repair of balance sheets means that the path of recovery is likely to be slow and uncertain. For much of this year, there is likely to be a zigzag pattern of alternating positive and negative quarterly growth rates."
    (separation)

    I mean what the feck dose that mean which 0ne is beneficial a zig up or a zag down and how can you make predictions when your 'uncertain'

    (separation)

    He even blames the the Queen's Diamond Jubilee and it aint even happened yet.A case of get your pre prepared alibi in first
    Or perhaps we should lock up the royal family for a few years to protect the UK Economy

    (separation)
    wanger him (you wonder who gave him his job in the first place some kind of twat for sure)and Osborne, who claims being taken off negative watch is a good thing and now say being put back on Negative watch is a good thing...

    (separation)

    Feck me have they been going to snp
    spin training classes or wot????
    (separation)

    PS

    you may notice the use of the unsayable word (separation)oOOPs sorry!
    but this a new Unionist tactic of continually using the word banned by the snp linguists censor under pain of death(or listening to random speeches by Alex salmond Id choose death meself)

    to unhinge the Nationalists minds and frighten any wavers back into the safe Unionist fold..the dear little lambs


    Oh and the other word or words to use to annoy the Nationalists are


    Jim Sillars Grr! Grr! much gnashing of Nationalist teeth
    Although Dear Jim has been downgraded by the snp to the status of
    ........'Columnist'.....That showed him snigger

    ReplyDelete
  2. Silly onionist Niko a 'Z' means that the economy is heading downward but King has a big a grasp of figures as the BBC.

    Novembe unemployment went up 5,000 to 215,000
    Decemb unemployment went up 25,000 to 229,000 extra 11,000
    January unemployment went up 19,000 to 231,000 extra 17,000
    Febuary unemployment went up 16,000 to 231,000 extra 16,000

    So over 3 months unemployment went up 16,000 yet the BBC added another 44,000

    ReplyDelete
  3. Niko:

    Dependent.

    He was with the bank of ENGLAND since 1990. So perhaps it was Mrs Thatcher, or John Major who put him on the upward path.

    Dependent

    This says a lot about him as a central banker

    "The regulators around the world have said, and they still maintain this today, and I think they're right, that for the major banks in the world, they have the ability to cope with this crisis—not without losing money, not without losing bonuses and in the case of some individuals not without losing their jobs—but nevertheless, it isn't a threat to the banking system as a whole."

    —Mervyn King, interview in 2007; eighteen months later the
    banking system as a whole demonstrated its inability to cope.

    Dependence.

    And mind your language Niko, or Munguin will come round and bite you on the bum. This is a family friendly blog.

    Dependence on the Bank of ENGLAND

    Niko for total DEPENDENCE

    :)

    ReplyDelete
  4. Hum... The BBC wouldn't want to be say nasty things about their new friends the Tories' stewardship of the economy CH.

    I see from Craig Murray's post of a couple of days ago that the BBC has been told to go easy on Bahrain.

    Maybe this is because they are buying weapons from Mr Cameron, which they will use to put down freedom fighters in their own country... Oooops, what am I saying, sorry, nasty unpleasant rebels and terrorists. They are only freedom fighters when the regime against which they are fighting is buying its weaponry from Russia.

    BBC=Bloody Biased Clots.

    ReplyDelete
  5. http://www.newstatesman.com/blogs/the-staggers/2012/02/cameron-scotland-12288

    Thoughts?

    ReplyDelete
  6. Reasonable summation.

    I didn't hear it all (I can only take so much of him), but I heard what "PM" on Radio 4 chose to play.

    One thing came over. Last night the FM made a speech, which was alluded to briefly. Then they got stuck in to Cameron's speech and play great chunks of it.

    It was weak stuff. I don't think the mass of the population are going to be impressed by the facts he recited about the statues in Edinburgh's streets, nor the one that he found in Dundee (although there are many more), Aberdeen's proud educational heritage, (why not mention St Andrews?).

    It was he said an "emotional thing too" and our hearts went out to the poor little rich boy who would be sad to lose Scotland.

    He seemed to have mentioned (although I don't know if it was in his speech), the importance of being on the Security Council. Which shows how little he understands the average Scot, unionist or not.

    They wish the pot holes would be filled in and that their granny would be able to afford the heating.

    He talked about the common heritage including the health service...which he is steadily dismantling (with the help of Labour), in England.

    Just some rambling thoughts, Dean.

    What did you make of it.

    I'll just add that I the that the NS may be right. Eck may already have sent a set of invitations to Downing Street, with a wee note for number 11 begging him to come along too. :)

    ReplyDelete
  7. DC speech was vacuous and sounded like something one would hear before climbing up the steps to the gallows.

    William Hill odds on Independence from 3/1 to 5/2 and still 2 years to go.

    ReplyDelete
  8. The guy was right. He hadn't really put much into it. It was supposed to sound like it was a passion, but in effect it was.... lukewarm.

    Come back soon Dave.

    What did you think of it, as a unionist, Dean?

    ReplyDelete
  9. A fair summation from what I heard of Cammies speech...

    ReplyDelete
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