Wednesday, October 08, 2008

Now it's £500 Billion!

What began earlier today as an announcement that UK Premier Gordon Brown's bailout of UK banks was to be £50 billion turned out, after the math was done, to amount to ten times that much, £500 billion or $970 billion at present exchange rates!

"The UK government has announced a £50bn investment plan," says the BBC "to inject cash into UK financial institutions, offered a further £250bn in loan guarantees, and increased another lending scheme to £200bn.

"It is an unprecedented move, and arguably the government's biggest intervention in the country's banking industry."

That Brown is prepared to play fast and loose with such huge amounts of public money shows a level of addiction to gambling that is unequalled anywhere. It also gives us a unique insight into the true magnitude of the Anglo stakes in the Anglo-American financial fraternity that rules over global capitalism.

Britain might be a small, overcrowded island with a rapidly-increasing poverty level in what is supposedly one of the richest economies in the world. A commitment by Britain's ruling elite to risk £500 billion of public funds to bolster British capitalism shows just how mercilessly it is prepared to screw the poor in order that the fatcats can continue to wallow in obscene levels of material wealth.

If ever a Revolution was called for it is surely now. Who's up for it?

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