The shocking reality of how close Britain came to financial meltdown - BBC

[@matthewdavies5678]

Darling: "Sign this deal for us to nationalise £50bn worth of your banks" Banks: "No" Darling: "I'll buy you curry" Banks "Oh go on then"

[@Xighor]

£500bn actually.. £500bn too much..

[@Toodyslexicforyou]

@@Xighoryou wanted the whole money generation system in the UK to go bust, no business loans, no mortgages. No economy

[@faramir]

@@Xighor No, the nationalisations were of the order of £50 bn then, though it became clear by Jan 2009 that more was needed. The much larger figure you quote embraced all sorts of other support - loans, asset protection insurance, guarantees of bank liabilities - which, although they involved a scary level of risk for the taxpayer in worst cases, in the end turned out to be profitable for the taxpayer because the loans were repaid, the guarantees charged for and not required, and so on. Only the nationalisations and the payouts to depositors of failed institutions under the Deposit Protection Fund were lossmaking.

[@Zen_Power]

We should follow Iceland’s example of jail sentences for bankers.

[@bradleycoopie503]

The whole government would be hind bars 🤣 This country is the moat corrupt in the WORLD !!!!!

[@xavier9480]

did you know only one person went to prison for 2007 and it was a suspended sentence so he didn't even go

[@yofinance1777]

Sheeple society too distracted by Boris Parties and sports to put the pressure on.

[@wertedap]

@@yofinance1777 and what are you doing exactly?

[@Alex-si5te]

@@bradleycoopie503 You think this is the most corrupt in the world? I’m guessing you’ve never left the country then.. Ever been to, let’s say, africa, asia, america?

[@DDDGETA]

If they are too big to fail, then they are too big to be privately run.

[@tacosmexicanstyle7846]

DDDGETA I agree, in Australia our banks (in terms of loans, anyway) are strictly regulated and government-backed so they can't fail like Lehman. I think it works well

[@Dear_Mr._Isaiah_Deringer]

@Mario common misconception. Government run doesn't make something inefficient. Lack of competition however can. For example a telegraph company named Bell Telephone Company argued that telephone lines from different companies are impossible to interconnect (which at the time was - well true enough) had a granted monopoly on telephone services *ftom 1877 to 1984.* Private yes. Competition no. Incredible overpriced. Incredible crap. However the people that split up Bell did arguably the worst job in doing so (AT&T [WarnerMedia] and Verizon emerged from that). Rather than dividing up the operational side of the business they split up geographically. Hence it's not viable to lay down multiple fiber optics for each provider. Therefore 99% Americans end up with having exactly one choice for fast internet. Natural Monopoly. Still crap. Likewise there are essential services that wouldn't be provided to the public in a unregulated market. The mail business is an interesting model for comparison here. Delivering is not equally expensive to do, the cost varies widely depending on origin and destination, yet we expect a stamp to cost universally the same. In a private market a company would simply refuse to deliver disproportionate costly routes to make profit. You could grant a company a monopoly on mail and in turn require Nationwide delivery. You could just commission a company to provide these services and bill you. In either way. The private market will not do it on it's own. Not in the fashion that is required. It actually quite interesting to compare countries approaches to privatize (or not) the rail/highway, general infrastructure (municipal water), telecommunications and mail market (sometimes not selling a single share or keeping minority stakes) and (de)regulated the market. What you always want to avoid there though is to create a market I which the costly part is being shoved off as government responsibility and let a private company walk away with the profitable part of the business. Or even worse the government guarantees condition X or pays compensation (liabilities). For example private prison and the state assures 50% occupancy rate or pays $X per bed under the threshold. Of course they will never have less than 50% occupancy. Generally it's fair to say that government contracts to private companies often yield the worst of both worlds. Inefficiency and corporate corruption. Ultimately though the market regulation is far more important than ownership structure.

[@tacosmexicanstyle7846]

Mario Banks are very important to society. If banks make poor management decisions, it can sink the entire world into financial chaos (and just regular chaos). Banks have to be tightly regulated, otherwise they will take profit seeking immoral shortcuts and tank the financial sector along with them.

[@Dear_Mr._Isaiah_Deringer]

@Mario 😁quick addition. From the word etymology it's not entirely off to expect a Bank to keep the money in the Bank. Ultimately that is what _Glass-Steagall_ was about (passed 1933; repealed 1999); to isolate the "depository" branch in a Bank (let's call it the Bank Bank) from the investment banking within the same bank. Ultimately it's not just Banks but the entire financial sector that was failing each step of the way. The auditors didn't audit, the rating agencies didn't rate and the reinsurer (AIG) didn't make sure. Only the white shoe law firm Dewey & LeBoeuf (specialized in bankruptcy) did do it's job and filed for bankruptcy. It's to some degree though connected to the USD becoming the world's reserve currency beginning with WWI and established by WWII. A Ford Model T may have been the first affordable car, that by the end of the 20s though most American households then also owned a fridge (a decade ahead of Europe) that was only really possible with consumer credit spending. And it's engrained in US culture ever since, that's not necessarily bad but something one should be aware of. The mortgage deduction in the US is the main reason why Americans have the largest floorspace per person worldwide. It's not so much a deduction than an incentive to take out the largest mortgages credit made available to you (larger credit=larger tax savings). The reason Europeans started relatively late accepting credit cards is that they in fact don't have credit cards, that function like Americans do (the European version automatically pulls the outstanding credit from the Bank account at the end of the month - the US version would be borderline illegal) and because retailers weren't willing (and still aren't to same degree as in the US) to pay the credit card fees, which really is just charging everyone for defaulting credit card debt through higher consumer prices. Sure the Europeans pay more retail taxes and have unemployment welfare but they would find it difficult to get 4 credit cards issued to max out in a period between Jobs (=it amounts to similar situation though). In the end filing for bankruptcy doesn't delete the owned money it's just a failed investment for the other side. That means with a little bit of squinting the difference between the government and company isn't that big. Americans look at European countries like governments that could turn authoritarian any second, they themselves just think that government is better off to cut out the middle man if they want to deal with the citizens. Likewise Europeans look at the US federal government as facing a hostile takeover by corporate (America). Themselves wouldn't necessarily disagree, but seem split on the issue if it's (corporate) mega churches and the military industrial complex trying to shrink the take over target *or* an alliance of Californian mind control valley with cultural Marxist in the education system and globalist elites in the deep state. The truth is. It's complex.

[@justcomments1239]

Shouldn’t exist publicly or privately

[@Banzybanz]

If they're too big to fail, split them up.

[@shadowfan982]

and what happens when they make redundant your tax payers, oops

[@rcairncross76]

And 10 years later every man in that room is as wealthy, if not more so, than they were at the time, despite being vicariously liable for this colossal fuck up. Meanwhile, you and I are still paying for it through worse healthcare for our parents, worse education for our children and a lower standard of living for us all.

[@faramir]

Yes and no. Goodwin lost his job and a large chunk of his pension, and several others in charge of those banks lost their jobs too, to say nothing of the legions of branch staff who have been whittled away since. The biggest hit to the general economy came because financial and related professional services were generating a lot of tax before 2007 which dried up, and because they provide useful services to the economy, so that when they screw up and withdraw those services while they recuperate, as for years after 2008, it makes it difficult for businesses and home buyers to borrow, however much you cut interest rates. Educational standards are one of rather few measurable outputs of the public sector which have improved since then - reading standards moving up the international rankings. May have as much to do with inward migrants being smarter than some of the natives as with improved teaching techniques or a few well targeted interventions with not much money. Whereas health has had quite a lot of money chucked at it, but not social care, and without the latter it turns out the former is a bucket with a hole in.

[@PAUL-ge1kl]

Question: if we taxpayers became 'shareholders' in the newly nationalised banks how come we've become steadily poorer these last 15 years?

[@metechsolutions]

Nah our taxes were used to safe the banks so rich people and big businesses could survive and gain full control of the economy. They decide what you get and as a result the working class get to suffer. We were betrayed by bankers and politicians to satisfy oligarchs. They will get richer while we do the work for them

[@CharlieGB03]

Because even if the banks were doing really well, that’s not enough to outweigh the damage the Tories have done

[@Will46666]

@@PAUL-ge1kl Because the banks create money as debt, out of thin air. This dilutes the value of

[@faramir]

Because before the crash, the financial sector and related professional services, in which many people who pay high marginal rates of tax work, were producing tax revenues which grew substantially faster than national income. Government got used to spending those. When the crash came, tax revenue tanked, permanently because the damage to those sectors was long lasting. It was extremely painful to shrink public spending commitments and raise taxes from other sources to fill the gap. Leaving aside financial transactions vis a vis the banking system, the govt deficit in 2009 was around £160 bn - about 30% of govt spending was covered by borrowing rather than tax. The newly nationalised banks were not profitable, of course, but those were the only bits of the bailout that were not. All the loans were repaid, and the guarantees and insurance charged for and not required. And we have not become "steadily" poorer. We took a big hit from the financial crisis, and its aftershock of the European debt crisis which hit our main export markets. We actually then had some years of reasonable growth and falling unemployment until we inflicted the Brexit referendum on ourselves. And then covid and Ukraine, like the banking crash, hit the whole of the western world, with a bit of Truss to make our experience that little bit worse than most others.

[@faramir]

@@Will46666 They stopped doing that after 2008 as they rebuilt their capital. That was part of the trouble.

[@Thedarkknight2244]

It was a good idea to bail them out at the contingency of shareholding (wayyyy better than the US), but I still hate the smugness the BBC (an officer of the gov) presents this with. House prices and living costs shot up and many executives walked away (or stepped down) with large bonuses nonetheless. It was America's fault, but the British government should've kept an eye on what faulty American products the British banks were investing in. Institutions that were meant to serve the people failed them; it was the middle to lower class that suffered through no fault of their own.

[@owenbevt3]

True but did we actualy use the leverage those shares gave us at all?

[@tacosmexicanstyle7846]

Taresh Patel I'm not sure Britain could have stopped the crisis at its shores. 65% of currency traded on Earth is USD, they basically control the financial system. When America crashes, everyone else crashes with them... it's just too bad that they don't take responsibility for their position and allow banks do whatever they want with money they don't have. In Australia, we didn't have a 2008 crash because our banks are government creatures and the conditions for private loans are very strict. Also, all Aussie customers are guaranteed up to a $100k bailout per account if the bank collapses, so there's no mechanism for what happened in America to ever happen here. We were very fortunate that we also had a booming mining sector at the time, coupled with low interest rates and "stimulus" packages from the government.

[@innosam123]

Taresh Patel The USA got stock from its bailouts as well. Note that they still own huge parts of GM and Ford.

[@paxundpeace9970]

House prices didn't really went up it was because of lower interest rates (another decision at the time) house prices went up because this wasn't enough and in the following austerity Not enough homes got build Cost of living didn't really move at the time 2007 till 2010 inflation was below 2% which is very low. Except for energy prices that had been high at the time but drop then

[@paxundpeace9970]

ONLY ENERGY PRICES were supper high

[@connorhandforth814]

10 years later and we are heading towards another iceberg. Titanic 2.0.

[@iiiiiiiiiXviiiiiiiii]

You can say that again 😂

[@tomasperez7841]

@@iiiiiiiiiXviiiiiiiii and again lol

[@AeroJimm93]

There were times when banks used to be a glorified gold storage, with one duty: make sure that money is tethered to gold 1:1

[@josephbuckingham4169]

Nixon, not Regan

[@derekhayden8451]

I'm from Ireland and we were told just how close the world was to complete financial apocalypse, a matter of minutes, so I can't believe that only 10 years later we have to remind the worl

[@KimPhilby203]

From what i know , Ireland brought this calamity on their country ..easy credit fueling inflationary pressure , massive borrowing from the citizens to purchase flash cars and houses..

[@octaviancaesarhibernicus4447]

@@KimPhilby203 we brought it on ourselves like everyone else, and we recovered from austerity incredibly quickly staging a comeback to full health. They tried to use the irish model of recovery for Greece but they're obviously too useless weren't prepared to grind it out for a couple of years.

[@KimPhilby203]

@@octaviancaesarhibernicus4447 Ireland got a massive bailout , from the imf..in adddtion to more from German and UK Taxpayers ..The Irish economy is still reliant on direct investment from foreign companies who get tax breaks ..Ireland invests little in her own research and development..The country is a ponzi scheme ..To say ireland dug itself out of a mess is just fantasy

[@Will46666]

@@KimPhilby203 We ALL brought it on ourselves. The present worldwide financial system is finished and is about to collapse completely.

[@TheModernInvestor]

If you thought 2008 was bad.... Just wait for the 2019 Brexit

[@spidos1000]

The Modern Investor why? What’s going to happen and give us evidence?

[@petergordon4525]

No, just wait till the Labour party gets back into government!

[@pauldrysdale7615]

@@petergordon4525 KEEP TAKING YOUR MEDS GORDON. UK PATRIOT.

[@simplecoolstuff625]

Brexit means Brexit

[@theelite4523]

Labour getting back into government is the biggest risk to our country by a long shot

[@kieran10202]

It's the system we use to govern almost all human labour, and you can manipulate it as if it's an angry toddler.

[@colinfryett8174]

I don't remember having food banks in the 60s we never had much but we got by lol

[@octaviancaesarhibernicus4447]

As long as they all get their bonuses, that's the main thing.

[@faramir]

For some years, they didn't, and we missed the 40% tax rate on them.

[@Jedievil]

why is there a thing such as private banks? why not only allow public ones?

[@Equitybonds24]

We are not forcing you... proceeds to say "he did not have a choice" Brilliant.

[@bengoodrick]

7th October 2018 - incredible to watch this video 10 years on

[@llindstad]

The problem is that the second you put money in the bank they start betting with it. And when it goes wrong, they need more money.

[@llindstad]

When the bank -insurance your car, they consider your leverage. If you want to buy a 20.000 dollars for a car and have 5.000. they already know, that if you cant make the first year payments, they still have leverage on you. They can sell the car for 17.500, you have paid 5.000. that means 2.500 in «brutto• cost. cost they need to cover.

[@sukhmaidickoff]

@llindstad - You obviously don´t know what you are talking about. Do you HONESTLY think that banks are not being regulated? That there aren´t any rules about how leveraged they can be? You are just writing the usual mumbo-jumbo that typically comes from ignorant people who clearly don´t know what they´re talking about

[@DeltaAssaultGaming]

20 dollars for a car?

[@faramir]

Not really. Since then, the clearing banks where you put your deposits have been ringfenced from the investment banks which do the speculation/provide liquidity, depending on your point of view. Squashing their risk taking is one of many reasons why the recovery from the crash was slow, of course.

[@JoshuaDegreiff]

What UK can offer their own people or economy in general? “”Crickets””

[@XxTeAmDaRkxX]

Go watch "the spiders web" documentary about the UKs world wealth.

[@Stettafire]

Well, maternity leave, paid sick leave, 25 days holiday, NHS, disability pay, carers allowance, lower overall crime compared to the US and a lower cost of living. If you're comparing with the US the grass is not greener. Compared to the Nordic countries though the UK kinda sucks, but that comes with the tradeoff of much higher taxes up there

[@arcticozzy792]

Gordon Brown actually saved the world.

[@PAUL-ge1kl]

Yr havin a giraffe. It was Brown who de regulated the banks in the first place allowing them to do as they like. Hence the meltdown. He is a self-serving calvinist prick

[@alexmodeen6150]

We never recovered .....

[@mcmilk107]

Who knew that printing money and injecting it into the economy by propping up the “too big to fails” would have dire consequences down the road

[@VIVABELLAVIVAHERMANO]

If the Situation had failed, They would have release the military. I hope Barclays Know exctacly what they are doing, No one will save that bank, it's not government owned like RBS

[@Wayneyboy101]

What do you deserve a medal Darling? It’s the Backs fault for being greedy. Should not of bailed them out.

[@JoshD1001]

That would have been so much worse. Darling should get praise for the intervention and calmness in the situation.

[@clementine3218]

This is why we need Full Reserve Banking instead of this horribly corrupt fractional reserve banking. These geniuses are patting themselves on the back for recapitalizing banks that should have had 100% reserve requirements thus avoiding the crisis in the first place.

[@oliverbristow7379]

They only postponed the inevitable and guaranteed that it will be worse when it all comes down.

[@SevenEllen]

What goes up must come down, and their money came crashing down.

[@jackmeddings1197]

God sake its like germany all over again😱

[@sanktalucia4959]

No one in the comments understands the work of investment banks, what investment bankers do.

[@clintrichardsonclintfromny203]

We are on the eve of the big one.

[@martynm.449]

It's getting close now!!!

[@jamesockelford514]

Are they just delaying the inevitable and making it worse for the future - hyperinflation...?

[@Harihar_Patel]

And no one went to jail......

[@faramir]

It was not a crime at the time to run your business at a loss. It becomes one when you commit fraud, as some of the LIBOR traders effectively did, and a few of them did go to jail. Given that banks seem to have access to public bailout which other businesses do not, requirements for bank senior managers, potentially punishing them for negligence, have tightened up since then.

[@voranartsirisubsoontorn9010]

Do not see how it could be.

[@Jorginhoflu1000]

The Times - January 3th 2009 - Chancellor Alistair Darling on brink of second bailout for banks.

[@Jorginhoflu1000]

Bitcoin Genesis Block

[@anikethdeshpande8336]

Good job

[@viralityfactor987]

People who ask what happens if Banks fail; Ask Americans! They know it up close.

[@zonecc6770]

Anarchy.

[@Digifan0007]

Banks, Electric, Gas and Water companies all need to be nationalised, operating for profit, means the taxpayer ends up paying dividends to the shareholders, i mean look at water companies? can anyone choose between more than one company? if not then why did we privatise them?...didn't

[@anthonysteel6877]

So now ten years down the line can anybody explain where all the billions went ? All the billions that the banks initially lost,then all the billions that were given to "bail them out",because I can't see any evidence of it anywhere.The whole country is greatly diminished,austerity,wage freezes,wage cuts,job losses,benefit cuts,pensions not adequately increased,public services reduced and in some cases cut,jobs lost,job security endangered ,all this for what ? Who has got all the money ?

[@1985slipstream]

It never existed in the first place. In effect it existed after the bailout . Ie you house worth 100k 200k 300k remove equity to buy another flat for 100k it goes to 200k . You don't pay that mortgage values crash your flat goes to 100k your house to 200k. You are suddenly paying 400k mortgage on 300k worth property..

[@Toodyslexicforyou]

Darling Banks needed Bailing out I.e there was no money left in them so we made sure they didn’t crash and econ went back to normal. Then Tories came cut everything down, left us with Austerity and server underinvestment. Can blame banks for what George Osborn did to us.

[@faramir]

A lot of the bailout was in the form of loans, which were repaid, and guarantees, which were charged for and not required, so were eventually profitable for the taxpayer. The nationalisations were unprofitable and lost some capital because those banks had made some bad loans, so the prosperity from those was enjoyed before the crash. What caused austerity was the more general and permanent hit to govt finances. There was a huge recession in 2009, and the govt deficit reached £160 bn, or 9% of GDP. 30% of govt spending was met by borrowing not tx. That was totally unsustainable, and had to be reined back. Which was painful with Europe on its knees through its knock-on debt crisis, and with our tax revenues hit disproportionately by the blow to financial and professional services and the general recession. A more general lesson of financial crashes is that to see where bailout money went you have to look before the crash to when the bad loans were mad. A lot of the money went to people living in trailer parks outside major US cities who were enabled to buy houses at loan to income ratios into double figures because the banks could package the loans and sell them on. That boom happened in about 2004-06, and everything afterwards was the hangover.

[@MichaelGeorge161]

This hasn't aged well.

[@tcskips]

“If we hadn’t done what we did then then” we would’ve finally been living by our means. Banks were complicit but the problem always came from government intervention in the market and we still haven’t felt the full effects of this bubble economy. A global crash is coming far worse than 2008 so for the love of god and your families buy some gold, silver so you won’t be left destitute.

[@johnboy14]

Im more convinced now that bailing them out was a mistake. We should of guaranteed peoples money and savings and let them go belly up.

[@Caesargroup]

I,m from indonesia good info

[@Caesargroup]

Ok dont forget subscribe my canel

[@ArjunKumar-qn3ex]

They are talking about curry lol

[@garywalls5181]

Let the banks collapse.Let the consequences be calamitous.That’s what we need to move away from this failed debt-based Fiat system. Bring back a gold based system.

[@simonmaskell365]

Who was to blame for this. Tories Brexit ????????

[@faramir]

No, the other way round. If anything we can blame Brexit on the banking crash and its European aftershock. Brits [or rather 52% of those who voted] then lashed out against the wrong target.

[@stuartcrossland1746]

FREE MELANIE SHAW FROM STYAL PRISON NOW.

[@mike-wi8wm]

BBC mouthpiece for the Blairite/Cameron centre. Labour in 2008 saved the finance sector, look at it now booming again. Look at the people, suffering worse. We need Corbyn.

[@alexmodeen6150]

So not brexit to blame 🙄

[@jimmyhopkins3589]

Gordon Brown doesn’t get the credit he deserves. Without his intervention the country would be in turmoil.

[@thelasttimelord7550]

Well he ran too many early surpluses and drove debt down the road which in combination of with the Bank of England independence free fall loans led to RBS collapse. Ofc it's not entirely Gordon's thought and it started laying its foundation from 1986 but Gordon doesn't deserve any credit for fixing his own problem.

[@jimmyhopkins3589]

@@thelasttimelord7550 you don’t have any understanding of politics

[@thelasttimelord7550]

@@jimmyhopkins3589 you won't archive anything by calling me wrong. You're going to have to prove me wrong. Also fyi I'm supportive of Gordon Brown and I'm not trying to degrade him, simply pointing the fact

[@jimmyhopkins3589]

@@thelasttimelord7550 Gordon can’t be blamed for a global financial crisis. Had Cameron and osbourne been in charge during this time god forbid what this country would have looked like. Cameron is possibly the worst prime minister ever along with his successors May and Johnson.

[@stuartr7832]

Worst prime minister in History .

[@closed7234]

Most banks are Legalized M

[@cityzens634]

I see Darling driving his new VW around Stornoway sometimes. Not doing much for the UK economy.

[@Jesus420.69]

Does he live there now?

[@cityzens634]

@@Jesus420.69 No he visits occasionally. He lives somewhere in mainland Scotland

[@nathanmelvin9371]

Labours fault

[@faramir]

No. They made some mistakes - they became overreliant on the taxes generated by financial and professional services before 2007, and so were left with a huge deficit when those dried up, hence austerity later, and it probably wasn't smart to put banking supervision in the new Financial Services Authority, a mistake the coalition reversed. But given the crash in America, and the importance of international as well as domestic financial services in the UK, there would always have been a recession here. And the bank rescues turned out to be very well executed, except pressuring Lloyds to take over HBOS.

[@sicboi]

Shane all around on the part of the banks

[@groMMit1981]

Should of let them fail

[@forza223bowe5]

Thank the Labour Party for this, because of their wreckless borrowing the country was virtually bankrupt

[@cwpbarlow5601]

Now look, conservatives done fucked it.

[@Marcus51090]

Lol negotiating? No you can take the deal or die theirs your deal!

[@dawoodwaris]

Excellent 👏, keep bailing out banks at the same time keep increasing the pension age and cut down pensions.

[@faramir]

Pensions have not been cut. We've had a triple lock for more than a decade, so pensions have risen in real terms in most of those years and in line with inflation in the rest. Even after the rise in pension age, men will still live far longer after reaching pension age than they did any time up to the 1960s. Perhaps we should subsidise smoking to reverse that!

[@rajeevpaltrow8728]

What utter bullshit . Why don’t these numpties explain how wholesale banking and reserve banking work and the role of export credit agencies

[@klobasa007007]

Congratulations you just spend 500bn of ppls money for banks so they can gamble on....great work, good choice.

[@Thedarkknight2244]

They did acquire the asset of shares tbf. Would be worse in the US where it was basically free money. I'm not saying the government is perfect tho. The gov should've kept an eye on how the banks invested there portfolio, and stopped the bonuses we kept hearing about.

[@owenbevt3]

Yes but those shaires were not used to try and inprove the companys behaviour and were sold of again at a terable price so it may as well have been free monney.

[@Thedarkknight2244]

yeah your right, I just read that their off loading the shares for short term financial gain, I'd say its through insider influence tho -lobbying. Its BS really. That's conservatives for you.

[@SdoubleA]

@@Thedarkknight2244 I mean it's not like Labour would've been any different. Deregulation and turning blind eyes to bubbles was what caused this mess in the first place

[@Drenwickification]

You do realise the alternative would have been far, far worse? Don’t you realise how catastrophic it would have been if several banks when bust for all of their customers? The banks has to be bailed out. There was no choice. However many people who were complicit in it reaching that stage should have been sent to prison

[@sirborrisandfootballentert9557]

You went up to 3 trillion in a year come on that’s good.

[@AlanWattResistance]

So what would have happened if the banking system had collapsed?

[@calosin]

Terrible austerity; you might even have to leave the EU!!

[@princessofgifs2551]

Shit would hit the fan

[@jazzx251]

Your life savings (if any) would be gone. With no hope of retrieval. There would be no reliable mechanism for getting a loan, except for loan sharks and Wonga. The housing market would also have been crushed - as it relies so heavily on the banking sector. When Wall Street crashed in 1929 - it led to a global economic depression that indirectly caused World War II. 2008 could have been much worse - but, luckily, Obama and Brown (he only lasted 2 years ... but they were the most important 2 years in British history since the second World War) .. two intelligent men, prepared to use Roosevelt's playbook .. learning the lessons of history, injecting money into the system to stop it from collapsing in on itself and destroying millions upon millions of lives.

[@TM54561]

Absolutely correct. And yet "Labour" get all the blame. Brown is a national hero. The Cons have capitalised on the public's ignorance of this fact.

[@josephbuckingham4169]

So true, biggest lie ever sold to the British public was the Tories telling us Labour were irresponsible or overspent, then they continued Labour's long term spending plan! Brown was nominated for a Nobel Prize for his handling of 2008!

[@tidilie821]

But the 'rght wing' always say that it was labours fault? 🤦‍♂️

[@williamwigmore1968]

selling all the gold didn’t help

[@tidilie821]

@@williamwigmore1968 absolutely irrelevant, Considering it was Tony Blair, a former tory MP that caused it in 1999-2002. The financial crash was caused by banks handing out sub prime mortgages, which prodominantly happened in America....

[@tidilie821]

Sold it*

[@williamwigmore1968]

Actually it happened under Gordon Brown and they sold it for $275 an ounce.

[@williamwigmore1968]

Wow, look who watched the big short😂

[@andrewfowens]

Why on Earth are their food orders newsworthy?

[@legionxiii8055]

It's the tabloids, even if it is something so insignificant but somewhat odd... It will mention it.

[@mcmilk107]

It’s an attempt to seem relatable to the public so they can disguise their corruption

[@1molly360]

Gordan Brown was an absolutely shite PM (I'm sorry) but as the man in charge of our money, he is the only man for the job.

[@Will46666]

Should have let the banks go BUST. No wealth ( stuff) is lost in a financial crash. Wealth is just transferred from us to THEM. If the banks went bust then WE would benefit. Cant have that now can we ?

[@owentill]

I’m sorry what? If a bank goes bust it’s the people with money in them that lose out. How do you think the world works??

[@Will46666]

@@owentill No STUFF is lost when a bank goes bust. Wealth is just redistributed from US to THEM. Do you understand how banks create “ money” out of thin air every time someone takes on debt ? When you borrow from a bank they just type digits in to a computer, then they charge interest on it. No one is now missing the money you borrowed. Everyone still has their money. You just the digits the bank CREATED. The banks are already bust.

[@Will46666]

@@owentill Have you read the BOE statement on “money creation”. This was an open secret for a very long time until 2014 when they finally admitted it.

[@Will46666]

@@owentill My first reply was deleted because I am not “ allowed” to tell the truth about banking.

[@owentill]

@@Will46666 the Bank of England is a central bank, it functions entirely differently from private banks like RBS or HSBC etc

[@mickshnick6219]

In don't understand why people cry about this so much. Fine let the banks go bust and let's hope you can fight your way through the wasteland for resources. We go through periods of boom and bust the Romans were probably worried about the same thing. Stop being so small minded

[@Emil10347]

Shit is going to hit the fan soon and I already feel like my money is worth nothing. Lets buy all the gold we can find and start a new country which currency is backed by gold, who is with me?

[@jahid_1]

crypto is the way, decentralised, no banks

[@Emil10347]

@@jahid_1 But crypto currencies' value is based on nothing except promises just like normal currencies with central banks. Gold is at least something concrete.

[@jahid_1]

@@Emil10347 crypto currencies value depends on supply and demand. But the point is no one has direct control over it like the government

[@jahid_1]

@@Emil10347 and I agree gold is concrete they used to use it a longgg time ago as a means of trade. But that would just be difficult now.

[@Emil10347]

@@jahid_1 I am not thinking about trading with gold, but if there was even gold backed currency it would make the world economy more secure. Broken promises keeps ruining the current system.

[@dougnuttall8413]

I would urge people to check their pension and investments since this war started. I checked and they are dropping like a stone. Is this the start of a great financial crash?

[@Mogzilla86]

BITCOIN IS THE FUTURE

[@simplecoolstuff625]

Brexit means Brexit

[@jazzx251]

which means what exactly?

[@connorbenning9920]

@@jazzx251 try to figure it out. :/

[@iamdmc]

Bitcoin

[@MichaelBoyers]

Why did the police stop looking for the murders of Jill Dandy & Doctor Kelly because Dave Stewart Annie Lennox and Tony & Cherie Blair had something to loose stolen children and Royalties for songs The Miracle of Love and Here Comes the rain again, from Michael Boyers, their friends responsible for carrying out the murders including the murder of Michael Boyers son, with a former police officer Janet MacKenzie who's ex husband Rob MacKenzie is one of the gang members responsible for the murders of Jill Dando, Doctor Kelly my son and none other than Princess Diana and Dodi Al Fayed, the ring leaders are Ian Henry, Mi5 and the CIA same people, Grant Tully, Terry Boyers, Ian Henry has amusement arcades in the Newcastle Wallsend area, that pay for the murders including the murder of his former brother in law Peter Gowling, shot in the head in front of Ian Henry by Russell Bonalie who's mate Norman Massey shot Jill Dando in the head, at the time Massey had a remarkable resemblance to Barry George and was working as a chauffeur, drug dealer and ponce for members of Parliament and QCs and claims Tony Blair was one of his best customers, he also did not deny shooting Jill Dando on two occasions that he tried to befriend me in Newcastle City Centre having known him as a teenager, other gang members George Tully along with Stan Henry and Alan Duncan boat builder murdered Ilene MacDougal better known as the Torso in the Tank 1978, the murder of a 17 year old innocent girl that Jill Dando was investigating as one of two unsolved murders, thee other from 1967 Angus Sibbet also murdered by Stan Henry former amusement arcade and casino and nightclub owner now in the health club business formally known as Springs. who’s daughter Kay Henry Gowling, was having an incestuous relationship with her father leading to her insanity, she thinks she and her incestuous family can get off with trying to murder me and the murder of my son with former police woman Janet Mackenzie, who’s husband Rob, along with Ian Henry, Grant tully, Russel Bonalie, Joe Bonalie, Santos Cuscanni, Alan Rankin, Bob Senior, Mike Emerson, Ian Jenkins, Sylvia Cutter, Ernie Cutter,, Dave Stewart, Annie Lennox, Eddy Fenwick, Charlie Gray, Terry Boyers, Joe Boyers, Barry Cubby, Tommy Stuart jnr & Snr, Alan Dag, Colin Hume, and Patrick Terence Thompson, one of the drivers of the white vans seen stalking Jill Dando, and Peter Gowling, The Met never followed up on the leads, so as to help the Blairs get off with child abduction, Katharine Blair is my daughter and not Tony Blairs, Pedophile Billy Blair along with his family are targeting me via Newcastle Social Services, controlled by Adulteress and incestuous pedophile Cherie Blair, who lied to me to get me to have sex with her, then stole my daughter Katharine, and tried to have me murdered on a number of occasions here and in America and Australia The Blairs and Stan Torso in the tank Henry the murder of Angus Sibbet 1967. Michael Lavaglio and Denis Stafford got the blame with the help of the corrupt Masonic police, who also covered up the murder by Stan Henry, George Tully, Bill Duncan, Ernie Clark and Alan Duncan so called worthy master covered up by bent copper Brian MacKenzie, and Micky Hafferty Stan Henrys bent coppers, Ian Henry MI5, CIA, Mossad, George and Grant Tully, Alan Duncan and their gang, includes drivers Gary Pern, Norman Massey, Patrick Thompson, Rob MacKenzie the murder of my son, the gang involved paid weekly visits to Paris warehouses for booze and cigarettes, Guns & Drugs, travelling from Sunderland at times 3 white vans were being used at each murder, these scum, were in those white vans at the scene of the crimes aforesaid mentioned, James Anderson told the Police he could not get near Diana, because of the white vans in front of him and in front of Diana and Dodis car the one in front of Dodi he said had a motor bike strapped in and someone sitting on it shining the head light on main beam into Dodis car, Ian Henry MI6, was the one on the Motorbike that Reece Jones remembers pulling along side him before the crash causing the crash he thought they were paparazzi, you can see the last photo taken was taken from a higher vantage point than a normal car, Andanson also said that their were paparazzi hanging onto straps taking photo’s The cameras used by some of them were burnt in a car at the back of a pub in Low fell, North East England, leased by gang member Jeffery Verrel and partner West indian Albert Harding who claims to be a friend of Paul Burrel, Jeff Verrel set fire to his own car and claimed the compensation for the cameras as well, local newspapers confirm the incident, Verrel is still walking free, he is a friend of Blair, Darling, Milburn, Mullen, David and Edward Milliband and Gordon Brown all members of the same Pedophile Ring as these aforesaid mentioned other criminals that The Met have still to arrest, i have given you all the names of the ring leaders i have named the ones who carried out the murders and the ones who covered up for the murders, all though they did try to arrest Blair on two occasions but were sent away with their tails between their legs, diplomatic immunity The Met have yet to follow up on any of these leads that i have sent them and spoken to them and the FBI about shortly after reading about the Murders. bent coppers Micky Hafferty and Brian MacKenzie covered up for their friends, and were promoted, Billy Blair qc quietly covered up all the murders with a 70 year press ban.

[@janeeire2439]

3:35

[@foodbitsninja8770]

Well well ! Hello Uk 2023 lol how are we today hun? Lol

[@m_g_7907]

Capitalism at it's best!!

[@GozieZilla]

Alistair Darling terrible chancellor

[@georgelund04]

Even worse than Hitler?

[@moggyjacatore94]

it’s funny cause tranzit is a shit zombie map

[@joepriestley2800]

If you wanted a free curry you couldn’t asked... no need to try cause a financial meltdown

[@Jf20082]

Were all fucked

[@randaldavis8976]

not doubt about it, you are going to need a new hat. no rabbits in the old one.

[@gercekask7930]

Do you feel lonely? Dont worry. Allah is with you. We, as uwaises love Allah with a pure love. We remember him morning and evening with the dhkr of veyselkarane. Taste and see. You can find veyselkarane dhkr on veyselkarane . com

[@Leylim-ch9nh]

Gerçek Aşk ❤️❤️

[@lebesehezufriedenheit9723]

❤️

[@baileyhawkins4126]

Gerçek Aşk do you feel lonely , don’t worry my fake god is with you with pure love

[@lastwitch00]

Taste and see. 🌹🤲

[@whitebutterfly1970]

Gerçek aşk Then you for 😎👍🤗😍 Veyselkarene this is very god 👍

[@darrenwhite9809]

This day was the birth of crypto. IMO

[@zzccvvbbnnmmaassddff]

c h i n a can save brexit

[@russellgrantappling1153]

You people stole my money for the widows and orphans and the poor. But, I still have ownership of those funds.

[@momodu451]

Don’t do these videos ffs, ur making the matter worse

[@footylover]

They should name their country as united kingdom of caliphates😂😂😂lol

[@vksepe]

Sorry. I cant hear you over the school shootings lol

[@footylover]

I am not American😂😂😂lol

[@vksepe]

@@footylover Then your opinion is still irrelevant. Lol