No more bailouts: BoE chief says banks won’t be save by taxpayers

Written on November 11th, 2014 in politics Comments Off

Published on Russia Today RT, Nov 10, 2014;

New rules are being proposed that will force creditors, not taxpayers, to carry the losses of banks deemed “too big to fail.” The plans come after Western taxpayers were asked to pay trillions of dollars to bail out banks in the 2008 financial crisis. The new global rules will force creditors to bear banks’ losses, ensuring that taxpayers’ money should never be used again to bail out banks.  The proposal was unveiled by Mark Carney, chairman of the Switzerland-based Financial Stability Board (FSB) and governor of the Bank of England. The new rules would require big banks to hold much more money against losses, which Carney called a “watershed” moment, adding that the bailout by the taxpayers in 2008 and 2009 was “totally unfair” … //

… It was revealed in 2011 by the Guardian that since 2007 the UK government had spent £1.162 trillion at various points on bailing out the banks. One of the banks bailed out by the taxpayer was RBS, which despite also being hit by a number of other scandals, rewarded its top bankers £500 million in bonuses last year.

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Links:

Putin, Obama in ‘brief meeting’ at APEC summit, on Russia Today RT, Nov 10, 2014;

Earn less than £30,000 and a robot is much more likely to take over your job, on Mirror.co.uk, by Olivia Solon, Nov 10, 2014;

Aldi Pledges To Create 35,000 UK Jobs, on Sky News, Nov 10, 2014;

Mr. Europe? The Ghosts of Juncker’s Past Come Back to Haunt Him, on Spiegel Online International, by Nikolaus Blome, Christoph Pauly, Gregor Peter Schmitz and Christoph Schult, Nov 10, 2014: He only recently took office as European Commission president, but now, Jean-Claude Juncker is under pressure due to potentially illegal tax deals forged in Luxembourg during his stint as the country’s prime minister. Some believe he may have to resign …;

Governments agree on new protections for polar bears, on The Guardian, by Adam Vaughan, Nov 10, 2014;

Migratory birds, fish and mammals get new UN protection, on The Economic Times, Nov 10, 2014;

Punishing Protest: The Australian Move on Democracy, on Dissident Voice, by Binoy Kampmark, November 8, 2014;

The Vicious Politico-Religious Sunni-Shi’ite Civil War Ignited by the US in Iraq and Syria, on Dissident Voice, by Rodrigue Tremblay, November 7, 2014;

… and this:

… und noch dies:

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