As we predicted the UK government has been forced to use several hundred billions more of tax payers’ money to prop up the UK banking system. The banks exposure to the recession, the house and commercial property markets and derivative financial assets has driven them worldwide to the edge of bankruptcy. The £37 billion given [...]
The about turn by central banks and governments show the depth and breadth of the crisis facing global finance and capitalism. They went briskly from taking toxic assets off the banks’ books – so that trust could be restored between financial institutions and lending would free up not just between them but to individuals, corporations [...]
The lame attempts by Brown and Darling to prop up the financial system were treated by contempt by the financial markets with the FT-SE 100 index of leading shares down by over 5% on the day after they announced their latest bailout plan. The equity markets are pricing in a global slump that would match [...]
