The Bank of England has finally admitted the banks have a solvency crisis. RBS is up to its neck in Greek tomfoolery. Maybe 83% of core capital may really be junk. This is not news as the markets have known since the 2008 crash that there is mass fraudulent accounting across the system. I have been unable to read balance sheets for big companies for years. I can, of course, make out what they display – there is just nothing left to trust. Even claims on sales often make little sense.
If you look about Britain these days it’s hard to find the “industry” and “commerce” that was around me as a boy. Workers no longer flood the streets after the hooter blows. The rock hard men and women from mines and factories are now retired. I haven’t met an agricultural worker for a couple of decades. No ships ply the canal and no one runs away to sea. I doubt anything in the house was made in Britain,other than the paint and the effort we made to put it on the walls. Rather than write more, I’d say this profile of Greece fits the UK as well – http://www.lrb.co.uk/v33/n23/james-meek/diary
I don’t know what the truth is, but I’d bet on us having been conned by rich interests as surely as an ancient Peruvian society by a tribe claiming they had special relations with water gods.. What gets to me is that we have no idea on how to put things right,
I favour UDI for Greater Lancashire. We’ll exploit our shale gas and water reserves, bartering them to the Germans and any other reliable manufacturing nation.