Something of an absolute sensation is breaking in the United States! It would appear that, at the behest of some independent politicians, the Federal Reserve Bank was placed under audit for the first time in over 100 years. The results indicate that in a period between December 2007 and June 2010 the American bankers 'loaned' out 16 trillion dollars (that is 16,000,000,000,000.00) to banks all over the world at 0% interest.
Now I know that it has nothing to with us this side of the pond but actually in this case it does have something to do with us. You see Barclays got $868,000,000,000, The Royal Bank of Scotland got $541,000,000,000 and the Bank of Scotland $181.000.000.000. These are the banks who of course cannot lend to small businesses because the climate is too tough.
I will not pretend to understand banking or international finance but where is this money coming from? Are they printing it, because if they are printing dollars and we are printing pounds what will eventually happen to the world's economy and what are the recipient banks actually doing with it?
I look forward to Ed Miliband in the first PM's Question Time asking 'Dave' on behalf of the public for an explanation of why there has been this major cover up on the economy? The irresponsibility of the banks and the collusion from the Bank of England indicates that our politicians have got to act quickly. Clearly bankers cannot be trusted but do you know what...it won't happen, the politicians will ignore it so that one day we will all wake up with nothing!