Tuesday, 16 December 2008

2009: Brown's Bank nationalisations


Some intriguing snippets of news are leaking out that make for grim reading for shareholders of UK bank stocks. last week the dreadful HBOS announced it losses on corporate loans were in the extreme zone. As such, an analyst has pointed out that the joint HBOS/Lloyds bank will be heavily loss making and is likely to be nationalised next year.


The government too has been making plans, Robert Peston has blogged on some of the key long-term changes being made, in addition I see that the IMF are also suggesting that Government's get more radical in their approach to the credit crisis.


If the Government wants banks to lend more, it will have to give them more money as they are not going into risky business in this environment. More money means either printing it or borrowing from future tax payments. Either way it will mean the Banks too have to give more of their capital to the Government and the taxpayers 'suffer.'


2009; Nationalised Banking, I hope Labour are honest enough to put it in their election manifesto...

17 comments:

Letters From A Tory said...

I notice that in the last few weeks the government sneakily removed their legal duty to declare how much money they are printing.

This duty has stood for decades and just goes to show how reckless socialists are when it comes to running an economy. When the bank starts printing more and more money, its time to emigrate.

CityUnslicker said...

LFAT - Yes, they have. There are many senaky things they are doing. Some announced, some hidden.

They are clearly trying to bamboozle the public and hide what they are up to. hence my last comment.

Peter S. said...

Next stop: seizure of assets held in offshore accounts by Britons living abroad? I wouldn't put it past them so I will be closing my Lloyds World Wide Service account this week and investing in my business in South America. At least if I lose it all I'll have nobody to blame but myself.

Peter S.

Sebastian Weetabix said...

Their legal duty to reveal how much money they are printing dated back to 1844. They are going to have to print money like hell... I think it will stave off deflation, but on the other hand I wouldn't want to be a saver or a pensioner.

Fiat money stinks. Back to the gold standard, that's what I say.

Dungeekin said...

Nationalising the banks?

That would make sense, given that their aim is to introduce Stalinism into the UK.

Nationalise the banks, thus giving them a hold on ownership of property.

Then take away the vote using the CCA, and we have the long reign of President-for-Life Brown.

Nice thought, eh?

D

CityUnslicker said...

Sebastian - I don't think that is the answer as there is not enough gold!

Fiat currencies are going to have big problems though if the US and UK play so fast and loose with quantitative easing.

roym said...

LFAT, Who are these socialists?

Sebastian Weetabix said...

CU, I guess irony doesn't come across in print!

I once had dealings with a very funny New Yorker who said to me "Most Americans think irony is where Ironians come from"

Anonymous said...

What's ironical about currency backed by gold?

Not enough gold?

Revalue it.

Was done before in US.

OOPS, UK reserves damn low by international standards.

Blue Eyes said...

I'm afraid I am beginning to consider wholesale nationalisation and money printing as the least-worst option. It is depressing that it might come to it, but it might be the alternative to a total industrial collapse. I hope the taxpayer gets a good price for the assets it will spend decades paying for.

Sebastian Weetabix said...

Anonymous, of course it needn't be gold. We could use palladium or indium or a rare earth or some other finite supply of a shiny commodity.

CityUnslicker said...

BS, perhaps Sebastian? Seems like that is what we have for now....

Sebastian Weetabix said...

We could have a London BS exchange. Imagine the contract specification... delivered in 5 tonne lots with a specific consistency, ugh!

Anonymous said...

Going back to the gold standard would be a disaster. Since the currency would exchange with gold at a fixed rate, and since other countries would have a fixed rate too, and since gold is an internationally traded commodity, what would happen is that all exchange rates would be fixed. But since wages are "sticky upward", some nations would become uncompetitive with others over time which wold force them to devalue abruptly w.r.t. gold. This would then cause ructions in international markets.

This is what happened after the 1930 crash - UK came off gold standard in 1931 and by 1937 all nations had been forced to come off the standard. Made the great depresion far worse and brought international trade almost to a standstill.

Better to have floating exchange rates IMHO, and this means not fixed to gold, or the number of Morecombe and Wise Christmas Classics episode or some other arbitrary commodity in limited supply.

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