DARLING IS UNDER IMMEDIATE ATTACK

A quick scan of the newspapers today shows that Alistair Darling is already under a lot of pressure for the decision to nationalise Northern Rock.

Merchants of Death in the City of London are crying that the decision to nationalise has discredited the City.

And their fear that a government-controlled credit issuing body could prove troublesome to their monopoly on the God-like power to create money out of nothing is shown in The Guardian. From
http://www.guardian.co.uk/business/2008/feb/18/northernrock.banking

The banking industry expressed concern about a possible destabilising impact on the market, saying Northern Rock could have an unfair advantage in the battle for savings and mortgages.

...Banking industry insiders said government guarantees that back the Newcastle bank could make it easier to attract deposits at a time when the industry is having to work hard to attract savers' money to lend to mortgage customers. Northern Rock may also come under pressure from the government to pass on cuts in the official base interest rate to their customers in full - putting pressure on other mortgage lenders to do the same. One industry source said: "There will be a real concern if we end up with two state bodies competing for retail deposits: that of Northern Rock and National Savings. It is one thing to run Northern Rock down in an orderly way. It is another if Northern Rock will be going in and competing with the industry with a state guarantee.

Isn't it funny how the banks say they don't have to be fair to us when they are taken to court over unfair bank charges, and then cry when we have an advantage over them by owning our own bank!!

It is imperative that the nationalisation of Northern Rock succeed, and succeed quickly. Calls will then follow into who should be granted the power to issue credit; warmongering megalomaniac individuals, or our own government who we can replace at election time if they are found to be corrupt, incompetent, or both.

And before you shout that the government is a bunch of warmongering megalomaniacs, the government is run by people who have come under the influence of families of bankers who have had the power to create money out nothing for centuries, and used that power to engineer world wars and bloody revolutions for their benefit. Taking that power away from them is the human race's number one job. The successful nationalisation of Northern Rock will go some way in destroying the myth those warmongering bankers have perpetuated that only they know the secret of money.

One way in which Northern Rock could be sabotaged is indicated by HSBC, from the same article in the Guardian;

"We are all mindful of shareholders and the public interest, not least taxpayers, and the government has made it very clear that this is an interim arrangement. In the interests of Northern Rock customers, the banking industry will work with the company for payment and other purposes".

Northern Rock will have an advantage; it is backed by us, the public. If it works we should be able to start a new national bank and put the warmongering bankers out of business.