The Brits seemed keen on stopping National Socialism in Germany; that was the whole point of World War II, wasn’t it? But apparently, this was in order to foster and develop national socialism in Britain.
Banks nationalised in £37bn deal
The Government has begun nationalising HBOS and the Royal Bank of Scotland, pumping £37 billion of taxpayers’ money into the struggling firms.
…RBS has said that it will receive £20 billion of capital from the Government – meaning taxpayers will hold a 60 per cent stake in the company. Its chief executive, Sir Fred Goodwin, is to resign.
A further £17 billion is to be pumped into the merged HBOS-Lloyds TSB, meaning 40 per cent of the new "superbank" will be held by the Government on behalf of the public…
Banks will effectively be state-run, with Government-appointed board members put in place to ensure it once again begins lending to businesses and individual customers.
… Together with Northern Rock and Bradford & Bingley, the move will mean the Government effectively has four of the country’s biggest lenders under its control.
… However, Government sources were unabashed about nationalising more banks, after similar moves to save Northern Rock and Bradford & Bingley.
The Prime Minister said the financial crisis had fundamentally shifted the balance of power between companies and the state. Despite Mr Brown’s pledge to spend "up to £50 billion", sources said the final Government bill could be more.
Nothing to see here folks. Just government "saving the markets" through the use of massive and involuntary wealth transfers. The usual successful policy.
The chain of events that will follow from this are not surprising. The government will "save" the banks, only to lead to another crisis: "our banks need our support! If the national banks go down, it will be a catastrophe!" And so forth. And British taxpayers will be fleeced ad infinitum until there’s simply no more fleece, the nationalistic drugs have worn off, and the veil is really lifted so everyone can see the gigantic gun behind it all: "You’re not doing this because you’ve got some kind of British pride or because it’s your social organization of choice. You’re doing it because we’re making you."