Wednesday, October 8

Banking Crises Update

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Gordon Brown has promised that the Government will "do what it takes" to help families deal with the effects of the global economic crisis such as rising food and energy costs.e effects of the global economic crisis such as rising food and energy. Sounds fine but the UK government is not in charge! costs.
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The Daily Telegraph running out of hyperbole proclaims that the sky is falling in the banking industry and the situation is getting even worse. Christopher Booker in The Daily Mail reckons that this crisis could not only sink the euro, but the whole of the EU as well.
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The British media haven't begun to understand what is going on Ruth Lea for example who is writing about the British government having been "dithering" - ignoring the fact that it is ''Europe '' (EU) that is in charge. With increasing clarity, it is emerging that Messers Brown and Darling were waiting for the go-ahead before acting. That is why they took no action on Monday – they could not until they had had their marching orders from their political masters in the EU. Thus, overnight on Tuesday and into the early hours of this morning was the first time they could have acted, having been given the green light at Luxembourg to break the EU rules.
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Thus is how we are now governed.
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