US And UK Encouraged To Spend Even More!

Courtesy of Elaine Meinel Supkis’s Culture of Life News

US And UK Encouraged To Spend Even More!

Lots of economic news about national sovereign debts.  The sovereign debt bubble is similar if not identical in size to the international trade balloon and both fed the credit bubble which was the largest in history, even bigger than the WWI-Roaring 20’s credit bubble.  What is interesting is the way the US, UK and Japan are treated compared to say, Greece, Turkey or Spain: the first three are supposed to continue spending way beyond their budgets while the latter are supposed to impose cruel spending cuts on social services.

First, we visit England which has seen its entire peasant population (the Queen and her ilk don’t pay taxes) harnessed to the international offshore pirate bankers and forced to bankroll all losses while the international dealers get bonuses EVEN while running losses in whole!

RBS posts a loss of £3.6bn but defends £1.3bn bonus payout | Business | guardian.co.uk

Stephen Hester, the chief executive who has waived his £1.6m bonus, warned that “2010 will be a year of hard slog” as he battles to restore the bank, which is supported by up to £54bn of taxpayers’ money, to profitability.

The losses, an improvement on the record £24bn lost in 2008, were caused by impairment charges on loans which have turned sour to the tune of £13.8bn, although Hester said it now appeared that these may have peaked.

The underlying core business posted operating profits of £8.3bn, up 89% on 2008, but £5.7bn of these came from the investment banking arm, known as global banking and markets.

And how did they make these damn profits?  HAHAHA…ask Greece!  They didn’t make profits from servicing businesses or running capitalist systems, they played the derivatives markets.

…”We have just got to look at the whole banking sector and try to bring this pay down. It has got to ridiculous levels,” he told BBC Breakfast. Osborne, though, gave no clues how a Conservative government would have tackled the problem….

Simple solution: tax them and outlaw their profits from playing derivatives games that are crooked since the losses are all subsidized by US/UK taxpayers via the AIG rescue.  And arrest all the bankers and dealers who created the credit bubble.

…”We need to bring down pay across the sector – not just in one bank, across the sector – and things like a bank tax, internationally agreed, might help do that.”

The entire banking…

Read the original story at Phil’s Stock World