But how did the nation get to this state. “Easy answer”, said the Chancellor, “Alistair Darling” sitting in one of his 3 taxpayer funded homes watching television as the, “City of London” burned. Blame the bankers not me or my friends. But surely our highly paid politicians, of all persuasions should have been aware of the impending financial disaster, since the, “Sub-Prime Mortgage Scandal” had surfaced in the USA 6 weeks before impacting on the UK.
A recent survey of Westminster politicians, of all persuasions revealed one of the key reasons contributing to the disgraceful lack of action which should have ensured the UK would be protected from the excesses of a financial market that, (with the full support of UK politicians) was operating against the interests of the UK taxpayer. The survey, commissioned by the reform campaign group, “Positive Money”, found that of the total number of politicians;
1. 80% lack basic understanding of where the UK’s money comes from.
2. 71% believe that only the government has the power to create money.
3. 9% said they didn’t know who creates the nations money.
4. 12% only, correctly responded, “Yes” in response to the statement, “New money is created when banks make loans, and existing money is destroyed when members of the public repay loans”.
Positive Money, reported,
1. “the troubling findings show that the UK government is still ill-prepared to see the warning signs of another financial crisis.”
2. “MPs have no chance of understanding the house price bubble unless they know these basic facts about money.”
3. “The financial crisis was caused by banks that created too much money and lent it recklessly. We’re now in danger of repeating the same mistakes.”
4. “Prevention of a second financial crisis can be achieved but the risk of a, “housing bubble” needs to be constantly monitored and addressed.
5. “The government should introduce measures stripping banks of their power to make new money.”
But Scotland need not remain in, “the madhouse” that is Westminster. We have an opportunity in the, September referendum to break free and regain our rightful place in the world as an independent nation. Vote, “Yes” to independence.
Poll: three quarters of MPs don’t understand how money is made