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October 15, 2008

Saving the world or a cunning take-over?

It is difficult to see what else the government of this and several other countries could have done in the face of a collapsing financial sector, but it must also set alarm bells sounding in every free citizens ears. Two of the UK's (and Europe's) largest Banks have now effectively been nationalised by our Chancellor. Hoorah! Scream all the Socialist Closet Communistas - at last! They now have control of the money supply and therefore the distribution of wealth. Frankly, that in itself, is enough to make all right thinking people want to emigrate immediately! What is their next move? Nationalisation of industry is out - they've destroyed what we had, so probably all commercial activity will now be targeted. After all, the Left wing of the Labour Party is still wedded to the idea that the State should control all industrial and commercial activity - only a very short step away from their having control over who gets employment and who doesn't.

The financial crisis needed to be dealt with, but is giving control of the banks to political placemen (I notice that even our ex-Communist Party associate Chancellor has not placed Civil Servant Incompetents on the Boards of the Nationalised Banks, probably the only sensible thing in this debacle) the right way to do this. I agree entirely that the "rewards" for irresponsibility needed to be curtailed and the reckless gambling with what is, after all, their customers money (And most Tax Payers - Mr Darling's favourite sound bite - are also customers of these institutions) so to give the Treasury any sort of say in commercial activity is far from ideal for either customer or taxpayer. How can I say that?

Easily, these are the same incompetents who have visited upon us the Bureaucratic waste of time "Prince 2" contract management which has never delivered anything on time or on budget. And worse, the entire Civil Service is unable to deliver anything on budget, much less specify anything so that it can be. Why? Because they are none of them practitioners of the things they purport to "manage" on behalf of the tax payer. They are "generalist" managers who specialise in nothing and leap from one "empire" of their own creation to another just ahead of whatever they have ruined in the last post being uncovered.

I am automatically nervous of any politcian or Civil Servant being given control over any instrument of the wealth of the nation. Both are anathema to me, because both are biased and both will misuse the power it gives them for their own narrow and self-serving ends.

And now I will make a prediction: Watch the Financial Centre that has been at the heart of this nations wealth and economic growth for the last thirty years vanish abroad. Where will it go? Why, to the "Free Trade" zones being set up all round the Gulf, unregulated and untaxed, they will move there and escape the strictures and restrictions of Socialist Europe and the politcians vain belief that they can generate wealth and distribute it more fairly than any other system. Mark my words, in the not to distant future our wealth will have vanished and we will be in thrall to the new world economic muscle that is being built up carefully in the Middle East. They know exactly how to attract the money men just as our lot of scheming politicians can't see the danger of telling shareholders (the Owners of the banks) that they won't get a dividend "because we won't allow this use of public money" or the even greater danger of allowing all the ownership of our commercial and industrial assets to be in foreign hands.

Prime example? British Airports Authority. It should be called Spanish, just as P&O Ferries is now owned by a Dubai based company and the QE2 has been sold to someone else in the Gulf ..... Don't even ask who owns the major shares in the banks - and it isn't the UK government!

Posted by The Gray Monk at October 15, 2008 01:24 PM

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And of course, you forgot to point out that those Market Traders and Financiers that do take the trip to the Gulf will soon find that they are subject to Sharia Law and converting to Islam. The Arabs aren't stupid.

Posted by: The Postulant at October 20, 2008 01:29 PM