Has Foundation X finally persuaded George Osborne to listen? Osborne is offering to save the Irish banks, as stated
That I would imagine will require a sizeable amount of money, which is not likely to be easily available to the British government right at this moment unless they get help. Lord James said on Sky that ‘FX’ had selected Britain as the ideal place to work to save the world’s banking system, presumably preferring to do that to working via the corrupt and bureaucratic EU, or the totalitarian and greed-crazed USA. British sangfroid and reasonableness might still be the bottom line of successful banking relationships, if the opinions of Foundation X are correct.
Here is the first evidence that the traditionally secretive British-based central bankers, which might include the Rothschilds and senior members of the Royal Family, have finally got together with the British government, and an arrangement has been made whereby some of the trillions lost to the banks through derivative frauds, orchestrated through the likes of Goldman Sachs, can be chanelled back into the regular economy, and bail out the banks.
The terms on which this money is being made available are unknown. These could be interest-free loans to the British Government, which will not necessitate the selling of any gilts. I imagine that British banks are being handed the funds they need at the same time to bring a core stability to the banking systems of Britain and Ireland.
The significance of this news could hardly be greater, yet we cannot know what is really going on, as we are only getting small details which have spilled out through Lord James and others. Does this signify a decision to work separately from the EU by the British government, saying in effect that we will handle the banking crises in Britain and Ireland, making it easy for the EU to assist the Irish government and keep the Euro from collapsing in Dublin, or even that Ireland could protect her sovereignty and continue without an EU/IMF bailout?
I’ll be looking out for more details through the day. I’ll report back if I see anything.
LATER – The FT makes scant mention of what Osborne is planning, saying obscurely –
George Osborne, UK chancellor, was considering billions of pounds in loans to help the bail-out, a move likely to be more palatable to his Conservative party’s Eurosceptic members than joining in an EU package.
Strangely no mention is made as to where these funds might come from.
The WSJ also obscure says –
The Irish government is believed to be negotiating a deal aimed at helping the country’s ailing banks rather than a package to help service sovereign debt. This would help the government escape accusations that it was caving in to euro zone fiscal demands that compromised Ireland’s sovereignty.
The NYT adds –
George Osborne, the British Chancellor of the Exchequer, noted that British banks are the most heavily exposed to the Irish financial sector, and that it was in “Britain’s national interest that the Irish economy is successful and we have a stable banking system.”
I was on the lookout for signs that Osborne had decided to meet Foundation X, and suddenly appear flush with cash, and able to spend. It’s out of the blue, and here he is.