Electronz 861. Slaves to the Bank.

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John W

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Oct 14, 2008, 4:13:54 AM10/14/08
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13 October 2008

FINANCIAL DICTATOR CALLED U-K N.E.C.

America's disease of delegating the control of real governing to corporate
interests has been contracted by the United Kingdom, completely bypassing
democratic processes and controls. Using the financial meltdown as an excuse
for lack of any public or Parliamentary debate, the Cabinet has installed a
super powerful commission - the National Economic Commission - to bail out
(like in America) the very banking network responsible through excessive,
greedy credit and debt creation, for the meltdown, as the very Directors of
this financial dictatorship.

The frank way that PM Brown announced this abrogation of sovereignty to a
group loaded with bankers and financial speculators is so ominous as to be
breathtaking. Some extracts from a published report on the composition and
installation of the N.E.C. leave no doubt of how the smart financial
manipulators are using taxpayer funds to cover their losses, and give them
virtual dictatorial control of the U.K. Government henceforth..... Is this
what World War 2 was fought for?

(We Quote) "It is precisely because the measures are so antithetical to any
notion of democratic accountability and societal interests that there was no
public consultation on the government's plan, which was drawn up behind
closed doors and then unveiled at 7 a.m. last Wednesday morning-without any
discussion in Parliament-in time for the opening of the stock market. Brown
has made clear that such methods are to be the norm. Just as the "war on
terror" was used to abrogate basic democratic rights, so the
financial crisis is being used to consolidate the de facto dictatorship of
the banks and the City of London over all aspects of economic life.

Brown told a press conference, "Quite simply, the new era that we have
entered requires new ways of governing. We don't just need to change
policies to deal with the new financial difficulties but the way we take
decisions, the way we govern, has got to change as well.... This is a new
way of governing that is based on the uniqueness of the circumstances."

The selection of the personnel involved in the NEC substantiates this point.

Shriti Vadera, described as a key Brown ally, was formerly employed at the
investment bank UBS, where she reportedly worked in the banking, project
finance, sovereign advisory and privatisation teams. She has advised the
Labour government on its public-private partnership schemes through which
public services have been hived off to private industry. Vadera's
participation in the late night talks with Darling underscores the central
role played by Switzerland's largest bank in the recapitalisation scheme and
in the Labour Government more generally.

According to the Deal Journal, UBS high-flyers Robin Budenberg and David
Soanes were part of the team headed by David Mayhew, chief executive of
JPMorgan Cazenove (formed from JPMorgan Chase of the US and the UK
investment bank Cazenove Group), which advised on the plan. Budenberg has
reportedly "managed UBS' relationship with the UK Treasury for several
years," while Soanes is head of global capital markets for Europe.


Earlier this year, UBS announced some 5,000 job cuts and in August it posted
a $42 billion write-down due to the sub-prime crisis, at that point the
largest of any European bank.

In August, the International Herald Tribune reported that UBS's financial
position was not helped by the fact that it "is facing a major US government
investigation into allegations that it helped wealthy clients evade US
taxes. And last week the bank agreed with the attorney general's office of
New York to buy back $18.6 billion of auction-rate securities from
individuals and pay a $150 million fine to settle accusations that it had
misrepresented the securities as being as safe as cash when selling them to
investors."

On Tuesday, New York Attorney General Andrew Cuomo announced that a $6.5
million settlement had been reached with UBS top executive David Aufhauser
regarding insider trading of auction rate securities. JPMorgan Cazenove is
one of the UK's leading providers of debt for its capital markets and acts
as corporate broker to 35 FTSE 100 listed companies and 81 of the FTSE 250
index of midrange firms.

Brown told a press conference, "Quite simply, the new era that we have
entered requires new ways of governing. We don't just need to change
policies to deal with the new financial difficulties but the way we take
decisions, the way we govern, has got to change as well.... This is a new
way of governing that is based on the uniqueness of the circumstances." The
selection of the personnel involved in the NEC substantiates this point.

Budenberg has reportedly "managed UBS' relationship with the UK Treasury for
several years," while Soanes is head of global capital markets for Europe.
Earlier this year, UBS announced some 5,000 job cuts and in August it posted
a $42 billion write-down due to the sub-prime crisis, at that point the
largest of any European bank.

On Tuesday, New York Attorney General Andrew Cuomo announced that a $6.5
million settlement had been reached with UBS top executive David Aufhauser
regarding insider trading of auction rate securities. JPMorgan Cazenove is
one of the UK's leading providers of debt for its capital markets and acts
as corporate broker to 35 FTSE 100 listed companies and 81 of the FTSE 250
index of midrange firms.

OUR COMMENTS: If we told you that this was happening, you would have
difficulty in believing us, but here we pass on to you from official
reports, including ver batim statements from a Labour Prime Minister, the
essence of what is happening before the very eyes of the world. And whether
it is so incredible as to be unbelievable, or John Citizen is too frightened
to stand up and protest we do not know, but so far we have not heard a
whimper of protest from any where. May be tomorrow ???

POST SCRIPT: Apparently some of our reports have upset some of the powers
that be, to the point that they want to restrict our circulation to only our
actual subscribers, and probably give us a warning that we should be more
careful in future about who we "expose". Until now, people worldwide who for
various reasons did not want to be on our Subscribers' Database , just
Googled on to www.electronz.net every week, and read our contributions....
Today a long-time supporter phoned us and reported that our patch is now
clogged up with several almost similarly spelt words, and lots of rubbishy
material that under no circumstances would we wish to be associated with,
which conveys the message between the lines.... "Big Brother is watching
you, so watch your step !"

Je|<ݬ¬ & µÝÐe

unread,
Oct 14, 2008, 5:05:53 AM10/14/08
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"John W" <jfwi...@xnet.co.nz> wrote in message
news:48f454c1$1...@news01.wxnz.net...

>
> 13 October 2008
>
> FINANCIAL DICTATOR CALLED U-K N.E.C.
>
> America's disease of delegating the control of real governing to corporate
> interests has been contracted by the United Kingdom, completely bypassing
> democratic processes and controls. Using the financial meltdown as an
> excuse
> for lack of any public or Parliamentary debate, the Cabinet has installed
> a
> super powerful commission - the National Economic Commission - to bail out
> (like in America) the very banking network responsible through excessive,
> greedy credit and debt creation, for the meltdown, as the very Directors
> of
> this financial dictatorship.

Sentiments shared by myself. Why should the NZ taxpayer underwrite the
obligations of foreign owned banks who got themselves into a situation? They
have been milking us for billions in profits every year and we are offering
them a bailout should they fail.

Given that a global recession is now widely accepted as inevitable (even
present now) then why is big money being paid out globally to rescue these
mismanagers? To a large extent the bailout is only going to enable the
"money go round" to continue as recession grips. The toxic debts are not
being disposed of in any way, they're simply changing hands. Why not let
those who will just fail, write off the debt permanently, and use the
bailout money to compensate their creditors (but only where they are not
also failing mismanaged financial institutions). This will cull all the
mismanagers and "funny money" cowboys from the finance sector. Has anyone
actually done the math, is this a demonstrably worse outcome than the
bailout? And if so by how much, would the benefit of purging the sector
outweigh the costs over a short term anyway?

The logic behind the bailout was to prevent recession (well I'm not actually
sure why there's a bailout, there is wide variety of theories and I don't
know which to believe), but that's widely accepted as present already, and
deepening. Was the real reason just to save those who fund and lobby US
politicians, and they swayed the Europeans too? Was it to prevent free
market capitalism from looking like a failure and losing credibility and
respect? How can the USA reconcile their free market capitalist ethos when
the whole thing breaks down and they implement a socialist response? Simply
blaming regulations is a ridiculous copout when you consider that regulation
is the only thing that could have prevented this, and intervention is the
only thing that may stop it.

It's just ridiculous that the taxpayer is to sponsor the survival of the
system and institutions that led them into a recession, to possibly come
back and do it again in the future. Good money after bad.

J&H.


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