Friday, June 15, 2012 – by Staff Report, Daily Bell
Bank of England Osborne unveils £140bn scheme to kick-start stagnant economy ... George Osborne unveiled a £140 billion emergency scheme to try to avoid a second credit crunch caused by the ongoing chaos in the eurozone. The Bank of England is to offer money to high-street banks to kick-start mortgage and small business lending to prevent loans being rationed for many families and entrepreneurs, the Chancellor announced. It comes after sharp rises in the costs of mortgages and other loans in recent months as banks struggle to raise money in the midst of the single currency crisis. Sir Mervyn King, the Bank of England Governor, said that the "industrialised world have thrown everything bar the kitchen sink" at the global economic meltdown but that even "bolder action" was now required. – UK Telegraph
Dominant Social Theme: Britain is taking bold action by providing banks with electronic credits they don't deserve and have not earned.
Free-Market Analysis: The Internet has surely helped focus the mind on the insanity of central banking. Now, when we read articles like this, we can translate them immediately.
Mervyn King claims that banks need the aid of the British central bank that he runs and he is prepared to provide banks with additional resources for the good of England, the stability of the system and the solvency of the individual British working family.
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