PJC Journal – Original » 2009 » January

Jan

19

RBS nosedives 70% – losses of £28bn

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Sky News is reporting Shares in Royal Bank of Scotland have nose-dived more than 70% on news the bank could record the biggest corporate loss in British history.

If the banking system collapses, every single one of us would see the obvious problems. The economy would come down with it.

Chancellor Alistair Darling

Such a sudden and catastrophic failure was predicted and outlined in a much derided posting on the Libertarian Party UK blog (12/1/09). When will people start to pull their heads out of their arses and realise this is not a 'downturn', this is a recession of gigantic proportions.

Only when people begin to accept the enormity of the problems that we are going to face, then we can begin to build solutions that match those problems.

Note to Mr Brown: The British taxpayers don't have any money left to give you.

Bankrupt Nortel Networks UK Pension fund has £1bn deficit

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The UK pension fund of Nortel Networks is
bust, threatening the pensions of 43,000 current and former employees
of the Canadian company.

Nortel was forced into chapter 11 bankruptcy last week, and The Times reports that the UK pension scheme of the firm has a deficit of £1bn.

The Nortel scheme may now have to go cap in hand to the UK Pension Protection Fund (PPF) as a result.

Nortel UK was placed into administration last week after its Canadian
parent, a main sponsor of the 2012 London Olympic Games, filed for
bankruptcy protection.

As a result UK taxpayers are going to have to fork out for propping up a bust pension scheme, and to fill the black hole of funds for the Olympics that Nortel had promised in sponsorship.

Taxation without Representation

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If
the government acting as the executive raises taxes without the consent
of the elected representatives of the people, are we in the realms of
taxation without representation?

That was one of the causes of the American Colonies deciding to go for Independence.

The sad apology that passes for a government have created the opportunity for a whole new stealth tax to be imposed on us by local authorities without
the need for any Parliamentary scrutiny or approval. Hailed by the
opposition as a 21st century revival of the old Ship Money which led
fairly directly to the war between the parliamentarians and the king.

So,
bring on a 21st century Oliver Cromwell, and cut the Gorgon's head off
as soon as possible. Those who refuse to learn from history…

The Penguin