Comments on: The banks - lend them the money http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/ Member of Parliament for Wokingham Mon, 12 May 2008 04:31:41 +0000 http://wordpress.org/?v=2.5.1 By: OllyC http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18365 OllyC Fri, 21 Mar 2008 01:12:30 +0000 http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18365 The beginning of the end? A candidate for Kirklees Metropolitan Council Local elections has filed for an injunction to prevent the Local Authority from issuing Postal Votes in the May 1st 2008 Local elections. The Court has scheduled a "Directions on Application for Injunction" hearing to be held at Bradford Combined Court on March 28th at 10.00am. The injunction which is being brought under the Human Rights Act 1998: Right to Free and Fair Elections, was filed on the 18th March, later the same day the Election Commissioner Judge Richard Mawrey QC sitting in London upon finding a Conservative Councillor guilty of Postal Vote fraud said that postal voting on demand was “lethal to the democratic process”. The candidate Alan Girvan said "Whether you vote Labour, Lib-Dem, Conservative or BNP, or if you decide not to vote at all you should have the right to know your vote is your own private affair, I would rather have legitimate votes and lose than win by theft, fraud or deception. "When the spending limits for a local election is £600 plus 5p for every local government elector it hardly seems fair that you may have to find an additional £3000 just to challenge fraudulent behaviour, in effect paying to apply the law " he added. “We don’t enjoy the luxury of corporate or Union donors to bankroll this action, but when politicians make and break promises like they have with the EU Treaty and MP's just go on gorging at the public’s expense someone has to take a stand, and hopefully this may be the first small step in getting people to start standing up and saying enough. Councillor Auty and Councillor Exley have given me great support if it ends up being just us fighting this then so be it”. Source: www.news-365.com The beginning of the end?

A candidate for Kirklees Metropolitan Council Local elections has filed for an injunction to prevent the Local Authority from issuing Postal Votes in the May 1st 2008 Local elections.

The Court has scheduled a “Directions on Application for Injunction” hearing to be held at Bradford Combined Court on March 28th at 10.00am.

The injunction which is being brought under the Human Rights Act 1998: Right to Free and Fair Elections, was filed on the 18th March, later the same day the Election Commissioner Judge Richard Mawrey QC sitting in London upon finding a Conservative Councillor guilty of Postal Vote fraud said that postal voting on demand was “lethal to the democratic process”.

The candidate Alan Girvan said “Whether you vote Labour, Lib-Dem, Conservative or BNP, or if you decide not to vote at all you should have the right to know your vote is your own private affair, I would rather have legitimate votes and lose than win by theft, fraud or deception.

“When the spending limits for a local election is £600 plus 5p for every local government elector it hardly seems fair that you may have to find an additional £3000 just to challenge fraudulent behaviour, in effect paying to apply the law ” he added.

“We don’t enjoy the luxury of corporate or Union donors to bankroll this action, but when politicians make and break promises like they have with the EU Treaty and MP’s just go on gorging at the public’s expense someone has to take a stand, and hopefully this may be the first small step in getting people to start standing up and saying enough. Councillor Auty and Councillor Exley have given me great support if it ends up being just us fighting this then so be it”.

Source: http://www.news-365.com

]]> By: haddock http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18363 haddock Thu, 20 Mar 2008 23:58:43 +0000 http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18363 I don't understand modern economics, for the last 10 years at least people have been borrowing money that they have not earned and spending it on imported goods. Saving is now an old fashioned idea and low interest rates and high inflation do not encourage the salting of money away for a rainy day. Now that the stuff has hit the fan ..... the answer is to make borrowing easier ? and cheaper ? Has the Bank of England got any money to lend ? or is that bank just borrowing money to lend out again ? It sounds like madness to me but then I remember the days when we were encouraged to save not spend, and the balance of trade figures were thought to be important. This country used to earn money by making things and selling them. Just how are we to pay back all of this borrowed money, I reckon Prudence has sold most of the family silver already. Reply: TOO MUCH BORROWING IS BAD AND TOO LITTLE BORROWING IS BAD. WE ARE LURCHING FROM THE FORMER TO THE LATTER, WHICH IS WHY THE BANK OF ENGLAND NEEDS TO HELP THE CREDIT CREATING BANKS SO THE SYSTEM DOES NOT SEIZE UP COMPLETELY. BUSINESSES NEED TO BORROW, NEW HOMEBUYERS NEED TO BORROW - IN MODERATION THAT IS GOOD NOT EVIL. I don’t understand modern economics, for the last 10 years at least people have been borrowing money that they have not earned and spending it on imported goods. Saving is now an old fashioned idea and low interest rates and high inflation do not encourage the salting of money away for a rainy day. Now that the stuff has hit the fan ….. the answer is to make borrowing easier ? and cheaper ?
Has the Bank of England got any money to lend ? or is that bank just borrowing money to lend out again ?
It sounds like madness to me but then I remember the days when we were encouraged to save not spend, and the balance of trade figures were thought to be important. This country used to earn money by making things and selling them. Just how are we to pay back all of this borrowed money, I reckon Prudence has sold most of the family silver already.

Reply: TOO MUCH BORROWING IS BAD AND TOO LITTLE BORROWING IS BAD. WE ARE LURCHING FROM THE FORMER TO THE LATTER, WHICH IS WHY THE BANK OF ENGLAND NEEDS TO HELP THE CREDIT CREATING BANKS SO THE SYSTEM DOES NOT SEIZE UP COMPLETELY. BUSINESSES NEED TO BORROW, NEW HOMEBUYERS NEED TO BORROW - IN MODERATION THAT IS GOOD NOT EVIL.

]]> By: mikestallard http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18359 mikestallard Thu, 20 Mar 2008 18:49:33 +0000 http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18359 I have been truly heartened by the magnificent way that the bank of England behaved in facing down the "rogue traders" yesterday and by the way that everyone was called into the Head's Study today for a loan and a frank talking to. The dear old FSE tried - and failed - to get into the act like an old ponderous elephant, hours behind the first reaction from the sharp Bank of England.. I am so pleased to see sanity coming back again even if it is for a moment. And where was the Treasury? In the right place - nowhere. I have been truly heartened by the magnificent way that the bank of England behaved in facing down the “rogue traders” yesterday and by the way that everyone was called into the Head’s Study today for a loan and a frank talking to.
The dear old FSE tried - and failed - to get into the act like an old ponderous elephant, hours behind the first reaction from the sharp Bank of England..
I am so pleased to see sanity coming back again even if it is for a moment.
And where was the Treasury? In the right place - nowhere.

]]> By: Rose http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18356 Rose Thu, 20 Mar 2008 16:57:50 +0000 http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18356 Perhaps this alarming week may convert the Conservative Party throughout to a wish to manage our own affairs, independently of the EU. I agree with your point about the supplies of money and goods, but I am still worried that human nature being what it is, and the temptations for Government being always there, we should be fearing the return of inflation more than we are. Perhaps this alarming week may convert the Conservative Party throughout to a wish to manage our own affairs, independently of the EU.

I agree with your point about the supplies of money and goods, but I am still worried that human nature being what it is, and the temptations for Government being always there, we should be fearing the return of inflation more than we are.

]]> By: Mike http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18354 Mike Thu, 20 Mar 2008 15:36:34 +0000 http://www.johnredwoodsdiary.com/2008/03/20/the-banks-lend-them-the-money/#comment-18354 If you care to look at the detail of what is happening in the US, you'll note that the FED has re-interpreted the banking act. Traditionally they could only provide emergency finance to commercial banks hence JP Morgan acting as an intermediary between the FED and Bear Stearns. They have changed this as the FED can now provide funding to Investment Banks to ensure that stability of the financial system. Will the BoE follow suit? If you care to look at the detail of what is happening in the US, you’ll note that the FED has re-interpreted the banking act. Traditionally they could only provide emergency finance to commercial banks hence JP Morgan acting as an intermediary between the FED and Bear Stearns. They have changed this as the FED can now provide funding to Investment Banks to ensure that stability of the financial system. Will the BoE follow suit?

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