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Pay Back the Bailout Money

Comment 4th August 2010

Major cuts are being proposed to keep the markets happy and reduce the interest payments we have to make. If we don't pay a substantial amount of the debt back quickly (hence the cuts) the banks will increase our interest rates and we risk further rate raises based on our credit rating with the banks.

Ok. If I'm not mistaken the banks and market system effectively went bankrupt themselves last year (hence the global bailout). Market forces where allowed to run themselves and pure capitalism virtutally consumed itself. Private greed turned into public debt.

Why now make further cuts into our public spending to support the bankrupt banks over charging us and using poor credit rating to force cuts. Our credit rating seemed ok to borrow £1trillion + last year from UK alone!!

So its time to turn the tables and request full repayment of the that bailout money so the debts and public deficit can be repaid in full. No public spending cuts required. If the money is not immediately repaid then interest payments should be significantly increased in line with credit rating defaults.

I also note when the banks bankrupt a company or person they seize assets to pay down as much of the debt as they can. Given the banks are promoting a human face and fair play then why can't we asset strip banks and bankers. Sending in bailiffs to sieze assets like banks accunts, investments, property and pocessions. We should raise a fortune. Whats good for the goose.

Why does this matter?

The UK faces enormous debts. This will effect generations not yet born and all current residents. This debt is a debt born out of a private risk, in the sense profits would have been kept personally but when failed the debts become a public liabliity.

The spending cuts can be completely avoided by requesting the bailout money back instead of taking even more money from the UK people and the infrasturcture they invest in. Society has suffered enough for the bankers greed and its time they repaid the money or send in the bailiffs.

Either way we shouldn't pay the banks any more money, certainly not in interest. We can't allow a dismantling of public services and investment for this purpose. We are a soveriegn nation who needs to stand up to the banks and fake financial system we are being cricified for to prop up.

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