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Bank Watch ...
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Little John



Joined: 08 Mar 2008
Posts: 5664
Location: UK

PostPosted: Tue Nov 08, 2016 2:06 pm    Post subject: Reply with quote

You either have not read the article in full (and many other such available articles/information sources for that matter) or you are being deliberately disingenuous/lazy.
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johnhemming2



Joined: 30 Jun 2015
Posts: 1961

PostPosted: Tue Nov 08, 2016 5:37 pm    Post subject: Reply with quote

Its mainly cash in the article. Bank transactions are traceable. Hence if you take money from Tesco it is possible to find which accounts it went into.
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adam2
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PostPosted: Tue Nov 08, 2016 8:23 pm    Post subject: Reply with quote

johnhemming2 wrote:
Its mainly cash in the article. Bank transactions are traceable. Hence if you take money from Tesco it is possible to find which accounts it went into.


I do not share your faith in the traceability of such transactions.

I strongly suspect that the stolen money was transferred to a shell company without assets and located outside the reach of UK jurisdiction.
It was probably transferred several times from one untraceable company to another before effectively disappearing.

The chance of finding where it went is IMHO small, and the chance of recovering it is effectively zero.
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johnhemming2



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PostPosted: Tue Nov 08, 2016 8:26 pm    Post subject: Reply with quote

However, whoever is responsible for the original transfer to any company is criminally responsible. It needs to go into cash or sale able goods to be taken out of the audit trail.
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adam2
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PostPosted: Sat Feb 25, 2017 5:48 pm    Post subject: Reply with quote

"some" Barclays customers unable to access their money, various sources state.
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raspberry-blower



Joined: 14 Mar 2009
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PostPosted: Wed Mar 22, 2017 12:11 pm    Post subject: Reply with quote

Interesting, if very long winded and convoluted discussion featuring Prof Michael Hudson about the rise of the bankers and how modern mainstream economic thinking is hopelessly detached from even the vaguest semblance of reality.

Some excerpts from it: how the 1% got up the financial top:
Michael Hudson wrote:
All that seemed to make sense, but the economy of production is different from financial and property wealth. Who owns the assets, and who owes debts to whom? If you look at the economic framework in terms of assets and debt, you find that the 1% makes its money by holding the 99% in debt. Or at least, you could say that the 5% make its money by holding the 95% in debt.

The trick is to get other people in debt. How do you do that? You make them think that they can gain. Theyre willing to borrow to buy a home, because they think that since 1945, the way that most American families have gotten rich indeed, the way the middle class was created throughout most western countries was by the increasing price of real estate they bought on credit


A good summation of where we are heading and why - again - it is a good idea to stay out of debt:

Michael Hudson wrote:
These bankers (and bondholders) are the main exploiters today. So finance capitalism is overwhelming industrial capitalism. Instead of industrial capitalism evolving into socialism as was expected, it is retrogressing back to neo-serfdom and neo-feudalism. This is mainly because of the inability to bring debt within the industrial capitalist system to evolve into a socialist economy. That is what neoliberalism is sponsoring by financialization and privatization.

The inability to make debt productive.


Then the old chestnut of definitions. What, exactly, is a "Free Market?"
Michael Hudson wrote:
Hayek turned classical economics on its head. Adam Smith, John Stuart Mill and the other classical economists who are supposed to be icons of the free market meant a market free from land rent, monopoly rent and financial interest. But for Hayek, a free market meant one free for these rentiers. Free for landlords, bankers and monopolists. Thats why his group, the Von Misians in Austria, spent their time fighting against public spending and the threat of socialism. He said that socialism leads to fascism. But actually its his Chicago school that does this. Its the free market Chicago Boys who led to fascism in Chile by overthrowing the government.


More: Counterpunch How Bankers Became Top Exploiters of the Economy
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fuzzy



Joined: 29 Nov 2013
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Location: The Marches, UK

PostPosted: Wed Mar 22, 2017 2:58 pm    Post subject: Reply with quote

I am always suprised someone hasn't done a 'Huey Long' on Michael Hudson.
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emordnilap



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PostPosted: Wed Mar 22, 2017 3:42 pm    Post subject: Reply with quote

'Free market' my arse. No such thing. Neoliberals quail at the very idea.
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UndercoverElephant



Joined: 10 Mar 2008
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Location: south east England

PostPosted: Mon Apr 10, 2017 4:16 pm    Post subject: Reply with quote

Bank of England now implicated in LIBOR rigging:

http://www.bbc.co.uk/news/business-39548313
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cubes



Joined: 10 Jun 2008
Posts: 565
Location: Norfolk

PostPosted: Mon Apr 10, 2017 9:04 pm    Post subject: Reply with quote

Doesn't really implicate the BoE on it's own though does it?

Could be what the guy on the phone (senior Barclays manager, Mark Dearlove) is using as an excuse to get the other guy (Libor submitter Peter Johnson) to do what he wants imo.
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