Reforms to make it easier for banks to offer basic accounts to undischarged bankrupts are set be introduced.
Only Barclays still offers accounts, after the Co-op stopped supplying them to bankrupts in September.
But a legal change will reassure banks that they are unlikely to be sued, if a bankrupt uses an account to spend money on which creditors might have a claim…
« Read the Rest @ BBC News »
A follow up article to: « The Banks In Crisis – A World Bank is in Order »
Last week I said: “Some believe that the double-dip resession was the calculation of the banking fraternity to ‘shear-off’ money from the public. That the planned sudden shortage of money was designed to effect money markets across the word; that it was engineered to put people into debt. Thereby, obliging countless millions (who have nothing) to those who have the supply of money – banks and money funds. Surfdom by the backdoor, as it were.”
I do believe there would be revolution if the people of this great nation understood our banking and monetary system. Some individuals even believe there is a secret cabal of Banks working against the best interests of people of the world.
In Britain at the moment there is a triple-dip scenario (this is the third recession of the credit crisis here). When, on 14/11/12 the Bank of England warned growth might not get back to pre-crisis levels until mid 2015. GDP (economic output) might only rise by 1% next year. Even so, there are still no prospects for the jobless millions.
Back in June, Robert Zoellick, the outgoing head of the World Bank Group, warned the G20 summit that Europe ran the risk of sparking a ‘Lehman-style’ global crisis – especially for developing nations – for whom consequences might be quite dire.
(The bankruptcy of Lehman Brothers in September 2008 proved to be the trigger for the deepest slump in the global economy since the 1930s. One we seem incapable of shaking free of.
“prepare for the uncertainty coming out of the eurozone and the wider financial markets” Zoellick told G20 back in June. “Uncertainty in markets is now starting to increase costs for developing countries. The ripple effects are making everybody’s life harder.”
During 2012 high-income country growth is expected to increase by 1.4%; while, growth in developing country is expected to slow to a measly 5.3%. (According to an update in the Bank’s June 2012 Global Economic Prospects, the global economy is expected to increase by 2.5% by the end of 2012 and up to 3% during 2013.)
Zoellick said he was concerned that the prolonged crisis was starting to lead to pressures for protectionism and economic nationalism. (Since the financial crisis began, in 2008, the World Bank Group has committed more than $280 billion to its members.)
I feel he was right and that things can only get worse before thet get better.
“Bankers own the earth; take it away from them but leave them with the power to create credit; and, with a flick of a pen, they will create enough money to buy it back again…”
– Sir Josiah Stamp, Director, Bank of England, 1940.
If there is a world conspiracy of Banks to keep poor-people poor and themselves rich, it would seem to be working.
BRITAIN FACES THE THREAT OF A TRIPLE DIP RECESSION — DESPITE ANOTHER 49,000 FALL IN UNEMPLOYMENT
The Bank of England yesterday warned growth may not get back to pre-crisis levels until mid 2015.
Economic output, or GDP, may rise by just ‘ONE PER CENT” next year.
Governor Sir Mervyn King forecast growth could fall between October and December. If output fell between January and March Britain would be in the “THIRD” recession of the credit crisis.
Re Posted from instant thorths.
I’m getting old. I must be. All I see around me is heartache and pain. Idiots and morons.
Does no one care anymore?
When I was a lad we cared. We cared about music and girls… we cared about politics and fashion… we cared about life and death… we cared about freedom and justice… we simply cared.
Today… No one cares. Continue Reading