Credit Crunch part 1

14 October 2009.

One year on from the part-nationalizations of Lloyds-HBOS and RBS, John Redwood MP pins the blame for the financial crisis squarely on bad monetary policy from the Bank of England and misguided regulation and inadequate crisis management by the UK government . Redwood attacks the notion that the UK economy was well run in the period leading up to the crisis, and that its problems were imported from the US, making clear that while Britain's crisis may have had much in common with America's, it was in fact very much home grown. In addition to analyzing the financial crisis and its causes, Redwood also makes a series of recommendations for the future of the banking sector, as well the broader economic policies of the next government.

Category:

News & Politics

Tags:

• John
• Redwood
• Credit
• Crunch
• recession
• UK
• economy
• crisis
• banking
• economic
• policies

[locatebob]

Before there were a set number of strategically important assets owned by one large group of people.

Now those same strategically important assets are owned by a much smaller and more distinct group of people.

The pieces of paper, called "money," that used to exchange for 2 loaves of bread, a week's rent, etc., are now relatively worthless (1 loaf of bread, etc.).

Amazingly, people like YOU have more debt and less opportunity.

Pieces of paper, "credit," ..?

Who is it? Think!