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Sunday, February 9, 2014

Financial crisis for many, bonanza for the few

Reuters/Kacper Pempel

Despite what the UK's ruling politicians or statisticians from palm-greased think tanks may say, the UK’s economic “recovery” is visible nowhere on the country’s streets.
The opiate of Quantitative Easing (QE) or Printing Money, the £375 billion fraudulently spirited up so far, is making some of the figures look good, but it is killing the patient.
The effect of QE is to propel the nest eggs of the rich from prudent “savings accounts,” where interest rates are at an all-time low, into capricious stock and bond markets to be managed by hedge funds and other pushy players. Meanwhile, everything with half a brain that moves, including the Parliamentary Commission on Banking, chaired by Conservative MP Andrew Tyrie, is demanding to see clear blue water between public-facing banks and the casino economy. However, precisely the opposite is happening, as billions of savings leaves the safe ground in search of higher returns.