I well remember the fear tactics of the Better Together fearmongers in 2014 including the intervention of former UK Chancellor Alistair Darling who asked Scots to cast their minds back to the events of 2007 and the banking crash that almost ruined the Bank of Scotland.
He went on to say that an independent Scotland, should not expect English taxpayers to stand behind failing Scottish banking institutions.
He then claimed that it was the Bank of England that saved Scotland from the armageddon of a currency collapse through the provision of finance necessary to ensure the Banks of Scotland remained solvent and reinforced his assertions stating that the treasury of an independent Scotland would have been unable to rescue the currency.
But Darling added to the crisis when he dithered for weeks before bringing forward a financial rescue package that had all the hallmarks of a significant input of Labour leader, Gordon Brown.
He also withheld events of relevance, including the intervention of the US treasury which had acted immediately (3 weeks before Darling) with the provision of a significant financial rescue package to the Royal Bank of Scotland (RBS) fixing the losses in the US.
and was economical with the truth in his intervention when he failed to give any mention to the fact that 80% of the RBS losses in the World market, were attributed to RBS London based (carousel banking) business operations and as such it was always the responsibility of the UK treasury to resolve difficulties created by greedy speculators and bankers within its own Labour Party deregulated stock exchange.
And finally, perhaps with malice aforethough he omitted to give mention to the fact that in a worldwide crisis banks will call upon many Central Banks to as lenders of last resort. which is the over-riding responsibility of Central Banks in the jurisdictions that they have control over. e.g. 80% of losses attributed to London in 2007 would still be the responsibility of a UK government.
Scots who had still not recovered from the shock of events of 2007 and austerity measures enforced upon them by the Tory Government were inclined to believe Darling and there is no doubt that Darling’s lies achieved their purpose.
Next time don’t let them scare you into submission. Vote, “yes” to independence.
The 2007 banking crash RBS Losses
I well remember the fear tactics of the Better Together fearmongers in 2014 including the intervention of former UK Chancellor Alistair Darling who asked Scots to cast their minds back to the events of 2007 and the banking crash that almost ruined the Bank of Scotland.
He went on to say that an independent Scotland, should not expect English taxpayers to stand behind failing Scottish banking institutions.
He then claimed that it was the Bank of England that saved Scotland from the armageddon of a currency collapse through the provision of finance necessary to ensure the Banks of Scotland remained solvent and reinforced his assertions stating that the treasury of an independent Scotland would have been unable to rescue the currency.
But I well remember Alistair Darling added to the crisis when he dithered for weeks before bringing forward a financial rescue package that had all the hallmarks of a significant input of Labour leader, Gordon Brown.
But Darling withheld events of relevance, including the intervention of the US treasury which had acted immediately (3 weeks before Darling) with the provision of a significant financial rescue package to the Royal Bank of Scotland (RBS) fixing the losses in the US.
He was also eonomical with the truth in his intervention when he failed to give any mention to the fact that 80% of the RBS losses in the World market, were attributed to RBS London based (carousel banking) business operations and as such it was always the responsibilty of the UK treasury to resolve difficulties created by greedy speculators and bankerswithin its own Labour Party dereguated stock exchange.
And finally, perhaps with malice aforethough he omitted to give mention to the fact that in a worldwide crisis banks will call upon many Central Banks to as lenders of last resort. which is the over-riding responsibility of Central Banks in the jurisdictions that they have control over. e.g. 80% of losses attributed to London in 2007 would still be the responsibility of a UK government.
Scots who had still not recovered from the shock of events of 2007 and austerity measures enforced upon them by the Tory Government were inclined to believe Darling and there is no doubt that Darling’s lies achieved their purpose. Next time don’t let them scare you into submission. Vote, “yes” to independence.
The Royal Bank of Scotland (RBS) up to 2008
The administration headquarters of the bank was located in Scotland and supported a division which was, in effect a medium sized high street bank which had always been profitable. Another division, home to the “wide boys of banking” was located in London.
Only the Bank’s business licence plate was registered and posted in Edinburgh, nothing else of note. It followed therefore that any threat to transfer the headquarters of the bank to England as an exercise in bluster, transferring a 6″ metal plate from a door in Scotland to something similar in London. Staff employed in Edinburgh supported the operations of the profitable high street branch division would be unaffected by any change.
GROK concurs:
caltonjock 