THE COLOSSAL FRAUD

During his time as Prime Minister, David Cameron announced that tens of billions of pounds were to be given to the banks to lend to customers, apparently so as to “boost the economy through business and mortgage borrowing”.

 

The British banking system is totally corrupt

 

It’s worth stopping for a moment and seeing what happened here. The money that Cameron and crew had access to was the Treasury, that is, the tax money paid by the people of Britain into the collective public purse. The point of collecting together that money is to spend it on the nation in ways that individuals can’t do themselves. But the money is the people’s money.

The idea of not using the people’s money on managing the country for everyone’s good, but instead taking the people’s money and giving it to the banks to lend back to the people at a profit is breathtaking. It’s their money already – you can’t lend people their own money at interest!

But this is only one piece of deliberate abuse of the entire nation by the colluding governments and banks. In fact, this was the third time the people’s money had been given to the banks. All of the so-called ‘austerity measures’ are a direct result of this. Without the people being defrauded like this, the country would be well-off.

Over the years of Thatcherism and Blairism, regulations were deliberately removed from banking and finance, while the City of London was built up into a world capital of unfettered profiteering. Financiers created ever more outrageous ways of making money out of money, until the banks and financial institutions were claiming to be worth far more money than existed in this land, and paying huge bonuses from this imaginary wealth.

When the bubble burst, it was realised that there was no real money in the banks at all. Where people had put, for example, 35 billion pounds of personal and business accounts and mortgage payments into a bank, the bank had spent the money while declaring itself worth ten times that amount, and paying bonuses accordingly. When the truth came out, and it was found that the 35 billion didn’t exist anymore, the immediate danger was that everyone’s accounts and mortgages would be wiped out.

The response from the government of the day (Gordon Brown and Alistair Darling) was to ensure that the people’s money was there in the bank – by taking it from the Treasury and transferring it to the bank in a so-called ‘bailout’.

To steady the wobbling international money markets, the government announced a £500 billion insurance package. This meant that money would be set aside by the government to insure the banks against such crises happening again. This has meant that Treasury money has been earmarked to be kept in reserve so as to be available for another bailout should this be necessary, the point being that investors, knowing that the British finance system has been guarantored by the British government, can invest and continue to play the game without worry – after all, if a crash should happen again, the bailout to save the day has been guaranteed.

What this means is that the people of Britain have put their hard-earned money, after tax, into their banks, and the banks have nicked it and spent it. On discovering this, the government has taken the people’s tax money and given it to the banks to replace the stolen cash with, thus not having it to spend on the nation. To ensure that the system that led to the people’s money being nicked can continue to thrive, a chunk of the people’s future tax money for a generation has been set aside as insurance.

There is therefore no money left. Britain’s GDP is around 1.3 trillion pounds, of which about 40% – 500 billion – is taken in taxation every year, including income tax, VAT, duty on alcohol and cigarettes, stamp duty, and so on. That’s a lot of money. And yet in order to prop up the failed, thieving finance system, the people are given ‘austerity measures’, cuts to basic services, no investment in jobs or anything else in society, with some areas experiencing 50% unemployment, and UNICEF warning about the dangers of child poverty.

This is the context in which Cameron took a further vast sum from the Treasury, amounting to tens of billions, and gave it to the banks, to lend to the people at interest so that they can make a further profit from the situation, any idea of ‘boosting the economy’ being left to the people who are paying interest on their own money that they’ve borrowed.

This is all a colossal fraud.

Until recently, prosperous Britain had lots of money, and could have seen huge investment in British infrastructure, culture, education, services, and so much else. The money has been taken, and continues to be taken, while the nation slides needlessly into poverty. The people who are organising this are those whose job it is to manage the people’s money for the sake of the nation, and they are misusing their power in order to enrich their own group. Theresa May intends to continue with further 'austerity' for the poor, combined with more tax cuts and profits for her rich friends.

In the Fraud Act 2006 a clarification was written into British legislation, as follows:

4: Fraud by abuse of position

(1) A person is in breach of this section if he—

(a) occupies a position in which he is expected to safeguard, or not to act against, the financial interests of another person,

(b) dishonestly abuses that position, and

(c) intends, by means of the abuse of that position—

(i) to make a gain for himself or another, or

(ii) to cause loss to another or to expose another to a risk of loss.

The legal position is very clear. Let’s take this to the courts.

 

Photo of RBS branch by ell brown