I started this blog in June 2007 asking these questions: Are we in a massive asset bubble that will blow up in our faces ??? - ANSWERED YES ! Is western and particularly British society on the verge of social collapse??? What are the best common sense long term investment strategies to keep you rich? When will consumption/debt bubble economics end and a real savings/production economy begin ???

Wednesday, 8 October 2008

UKs Top Banks Part-Nationalised

Chancellor Alistair Darling today launched a drastic rescue of Britain's high street banks in move designed to head off a cataclysmic failure of confidence by announcing a part-nationalisation plan with £50 billion of taxpayers' money.

He said there will also be extra help from the Bank of England to ensure that the banks have enough cash to run their day-to-day activities to help reassure savers and kickstart the paralysed credit markets.

The Bank of England will make available at least £200 billion to banks under the Special Liquidity Scheme.

Seven banks and Britain's biggest building society have signed up for as much as £50 billion of additional finance from the government in exchange for the taxpayer taking preference shares, ordinary shares or permanent interest bearing shares (PIBS)

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