Can MPs really contemplate months of hols with Pay Day loans at 1737%

A week ago today, the Monetary Policy Committee of the Bank of England, to which MPs have devolved what little power remains in the country from that abnegated to the EU, decided to create yet more billions of pounds from thin air to hand to the largest banks in the land at zero cost.

Last evening, watching a TV programme on the underground railway called Crossrail, from the expiring and choked dinosaur that is Heathrow Airport to the soon to be the greed and EU and FTT destroyed wasteland that will become London's supposed new financial centre at Canary Wharf, we were frequently bombarded by childlike adverts, amongst others, to take out a pay day loan at an advertised APR of 1737%. Yes that rate is correct, I did not miss a decimal somewhere in the middle, I checked online this morning see here.

So Mandarins, Ministers and MPs should maybe think twice before taking off on their weeks of holidays. While many MPs are innumerate there can be no excuse to plead ignorance that when creating money for nothing to give as a free gift to the banks who will then charge desperate consumers, (unable to feed, clothe or shelter themselves between paydays, because of the currency devaluation, inflation and general misery brought about by the policies of successive governments,) at interest rates of 1737% APR, YOUR fellow citizens, MPs' voters and YOUR constituents are being right royally screwed. YOU will bear the blame, were I you I would refuse to quit Westminster while this outrage continues.

If MPs do depart and leaveve the growing crisis to care for itself, then I suggest they take time to run their hands round the neck of those tight collarless summer T shirts we all seem to don at this time if year - tight and uncomfortable are they not, worse still were they hemp, which surely must be what they are now quickly approaching deserving.

Here is a reminder of last week's QE announcement from Mervyn King, wasting anothe £50 Billion to now make a total £375 Billion imaginary digitally created cash, solely existing to defer the day these crooks are all brought to account! At least in the intervening six days we have identified another culprit, namely tennis loving fat-cat Sir Mervyn's side-kick, Paul Tucker!

France and Germany dispute ECB's role

The Irish Times has a description of the growing disagreement between the two main limbs of the gangrenous common currency, linked here. The following quote comes from their report:

“I want to be very clear: our reading of the treaties is that the ECB does not have the ability to solve these problems,” she (Angela Merkel) said.

Her remarks put her at odds with Mr Kenny and, more significantly, French president Nicolas Sarkozy, who has been been her closest ally in the fight against the crisis.

The ECB now lies at the heart of the fudge which has always been the guiding principle of the EU project, which will now seems set to become the cause of all the deep and bitter disputes that are soon to be delivered upon us. Fights over money often become the most bitter, and the EU family have been spendthrifts on a truly massive scale!

As I quoted from Acting Man in a post last evening "In spite of the fact that the ECB has now advanced almost € 1 trillion in 'emergency liquidity' to euro area banks, i.e., almost an entire enlarged EFSF worth of money from thin air, the banks continue to flounder."

Where will the liability for this €I trillion of imaginery money eventually end, how will it be divided amongst the shareholders of the ECB when the euro disintegrates. Were the money properly accounted for, many triple a European Sovereigns would now no longer be so.

These are questions this blog has been posing for months if not years, they have never been addressed, let along answered. Incredibly Sir Mervyn King's defence yesterday of the ECB, seems to indicate he has not yet grasped the difference between the ECB and a normal central bank, with an army of enslaved taxpayers standing ever ready behind it to pay for the normal incompetencies and errors.. Let us hope this dreadful man has provided no pound sterling commitments to his ECB counterparts!

For french readers Le Figaro leads on the ECB linked here.