http://www.independent.co.uk/news/uk/politics/now-even-goldman-sachs-tells-osborne-to-find-a-plan-b-8467787.html
Goldman Sachs calls for plan B in the UK.
Plan B
Prosecute Goldman Sachs and the other criminal banks for their multiple frauds.
Fine them £100bn.
Cut defence spending by 80% and save £40bn a year.
Stop the Corporate Tax breaks that allow multinationals to divert their UK generated profits to offshore tax havens to pay zero Corporation Tax.
Stop the neocon wars in Afghanistan, Syria, Pakistan, Yemen, Somalia and now Mali.
Now that the UK's government finances are sorted, lower taxes on the poor and middle classes.
Then get the hell out of the undemocratic, over regulated, socialist and bureaucratic European Union.
It is costing the UK TENS OF BILLIONS every year.
Over half the UK's trade is now outside of the EU.
We import more from the EU than we export to them.
They need us more than we need them.
Do a trade deal - on FAVOURABLE terms - like Switzerland has done.
Problem sorted.
Appendix Added 01/26
The results of Labour's extreme economic mismanagement when they were in power during the global economic boom period - 1997 to 2007.
And the subsequent disastrous consequences of the bank bailouts, the effects of the global financial crisis and lack of global recovery on government budgets.
The boom was fuelled by a massive increase in the global money supply and the export of price deflation in manufactured goods and services by China and India.
But Gordon Brown was too blind to see and has ZERO common sense.
The "boom" was debt fuelled.
It was not real economic progress in the UK.
The falsity of the "boom" and the consequent increase in debt has now been made apparent to most.
UK's government deficit as a percentage of GDP 1975 to 2013
It will take decades to fix Labour's disastrous tenure and economic misadventures.
The UK is not even heading in the right direction yet.
European governments, the European Union and the Eurozone are still heading in an even worse direction. So is America.
The UK needs to align itself with the fastest growing economic bloc in the world. That is SE Asia.
The UK needs to distance itself from the slowest economic area in the world. That is the Eurozone and the European Union.
The UK needs to make itself more competitive in the global marketplace by removing the multitude of petty regulations.
It should stop giving taxpayer money away to big banks via bailouts and quantitative easing. Let the Americans and the Eurozone bail out the big banks while they are still too stupid to do it. The UK taxpayer should not pay.
It should split the speculative investment banks away from retail banking.
UK taxpayers should not be subjected to the Sword of Damocles hanging over them from the speculative activities of the "investment" arms of big banks.
It also needs to increase incentives for work by drastically lowering tax rates on low earners and putting in place caps on the maximum amount of benefits individual families are able to receive.
It needs to increase the disposable income of the middle classes and the lower paid.
It needs to break up the Corporate cartels that are now endemic in every major industry and make the UK marketplace more competitive - particularly the banking cartel.
http://ian56.blogspot.co.uk/2012/12/global-growth-projections-us-europe-asia.html
Read more on the global economic situation at :-
http://ian56.blogspot.co.uk/2013/01/a-global-economic-summary-why-paul.html
Update 01/26 Military Spending
The UK spends 2.6% of GDP on the military and defence.
Switzerland spends 0.8% of GDP and could probably halve that and still feel as safe.
Cutting the UK's military spending by 70 to 80% would bring the UK into line with Switzerland.
It would save aboout £40bn a year.
UK government spending
http://www.ukpublicspending.co.uk/year_spending_2013UKbn_12bc1n_3070#ukgs302
N.B. the above does not include in defence spending - MI5, MI6, GCHQ, other spying & surveillance, increased embassy protection, Special Branch, increased costs of veterans pensions and medical costs as the direct result of going to war in Iraq and Afghanistan, widows pensions (of dead servicemen), the costs of benefits paid to disabled servicemen and a host of other things that are the direct result of the UK's predilection for going to war.
The true cost is likely to be over £50bn a year, not the £46bn quoted above.
If the UK's spending was reduced to the equivalent of Switzerland, the UK would be more competitive and wealthy - like Switzerland is.
Switzerland has run balanced budgets for the last several years, even when taking account the small deficit incurred during the financial crisis of 2008/9 - unlike the UK.
Switzerland has full employment (3% unemployed) and lots of well paying jobs.
Unlike the UK.
Update 01/26 Fining the banks for their frauds
There were 10 or 12 banks involved in the LIBOR rate fixing scandal.
Fine them £5 or £10bn each.
Goldman Sachs are paying out £8bn in bonuses for 2012 so their fine should be much more than that.
Fine them for the multitude of mortgage frauds for an amount that discourages further fraud not a slap on the wrist shareholder fine of a weeks revenue that is treated as a "cost of doing business".
Fine them for their longstanding money laundering schemes. HSBC were recently a given a slap on the wrist fine for multi billion money laundering of drug and terrorist cash going back years in the US & Mexico.
It is easy to to see how to fine the big banks at least £100bn.
As an example of the ludicrous government policy towards banks, the taxpayer is now going to pay the RBS Libor rate fixing fine of £500m imposed in America.
The fine will take the total paid by British banks to US regulators - and therefore US taxpayers in the last year - to more than $3bn. HSBC paid $1.5bn to settle charges that it was used as a conduit from drug money and sanctions busting.
Standard Chartered, which is headquartered in London but mainly operates in Asia, paid $667m to various regulators in the US to settle charges of dealings with Iran while Barclays paid $450m over its part in the Libor fixing affair.
The Labour MP John Mann, a vociferous critic of the major banks, said: “The key thing is that people are held to account – we need to stop this criminal fraudulent behaviour. If American regulators can take criminal action for fraud, why aren’t our regulators taking criminal action as well?”
http://www.independent.co.uk/news/uk/politics/taxpayers-face-500m-bill-for-rbs-libor-fraud-8452959.html
Slap a £10bn fine on RBS in the UK and tell the Americans they will have to wait until RBS have paid our fine first (sometime never).
Are you angry enough with the banks yet?
Are you angry enough to start petitioning your MP, the government and the press and make yourself heard?
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