So ‘The King’ has printed another 50 billion pounds (sterling) and given it to his banker buddies so that they can pay themselves yet bigger salaries and bonuses from it as they are in effect the gate-keepers.
If Mervyn King really wants to help businesses, why doesn’t he given the money directly to sound businesses that need it? Like manufacturing which is growing and needs to invest in equipment to get the edge to break into new markets, here and abroad.
What we don’t need is these unsound bankers investing the money in their cronies hedge fund schemes and other ‘casino-style’ investment schemes. And what certainly do not need is us, the public, being encouraged to live beyond our means on credit again as ‘The King’ seems to be implying that we should to ‘stimulate grow’. In addition printing of this money pushes down interests rates which further reduces returns for savers and pensioners reliant on dividend payments.
And no, I don’t think it was right that Fred Goodwin was stripped of his Knighthood. A Knight of the realm should be a knight for life in my books once knighted. There have always been plenty of knights in medieval times who didn’t quite live up to what was expected of them and still remained knights. Because a recent fall from grace should not and did not erase recognition for earlier valour.
And why only is it Fred Goodwin who seems to have been singled out for public humiliation? What about Gordon Brown who was key in overseeing this entire financial debacle as both Chancellor and then Prime Minister. Where was this much vaunted ‘Prudence’ of his when it came to guiding our economy?