CITY OF LONDON REGULATOR REMOVES RINGFENCING

It wasn't even a ringfence to begin with, more a rotting piece of string.

The City on Thursday won the second clear signal in 24 hours of a political shift in its favour when financial regulators granted a key concession on the ringfencing rule for the UK’s largest banks.

In rules set out by the Bank of England, “ringfenced” banks will be allowed to transfer capital from their retail arms to other parts of their businesses in the form of dividends.

The concession is a boon to the UK’s largest lenders, which have complained that ringfencing, due to be in place by 2019, puts them at a competitive disadvantage to their overseas rivals. The problem is particularly acute for those with large investment banking divisions.

[source : Banks win fresh concession on ringfencing rules, FT, http://www.ft.com/cms/s/0/f977bb5e-7351-11e5-bdb1-e6e4767162cc.html#axzz3oi30JUha, 15th October 2015]

This idea of a ringfence was supposed to stop the gambling banks from using our heard-earned deposits as theirs to gamble with, by stopping them from transferring our deposits to their gambling accounts. But the City of London regulator has decided that this is bad for the banks.

All this is to accelerate towards the next big financial crash, after which the banks will be bailed out not by national governments, as occured a few years ago which has led to all this Oiksterity, but by you and your own private accounts: your current account; your savings accounts; little Johnny's kiddie account.

The banks will dip their greedy, filthy hands and take the lot.

Didn't you know that your hard-earned money isn't your money? That, like everything else on planet Earth, it belongs to the banks?

Recall this quotation attributed to Josiah Stamp:

Banking was conceived in iniquity and was born in sin. The Bankers own the Earth. Take it away from them, but leave them the power to create deposits, and with the flick of a pen they will create enough deposits to buy it back again. However, take it away from them, and all the fortunes like mine will disappear, and they ought to disappear, for this world would be a happier and better world to live in. But if you wish to remain slaves of the Bankers and pay for the cost of your own slavery, let them continue to create deposits.