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Bank of England once again bails out failing financial institutions...

With all the fuss about the McCartneys’ divorce settlement, a lot of people might not have noticed that yesterday the Bank of England pumped another £5 billion of emergency loans into the British banking system, to bale out high street banks suffering from short term cash flow difficulties. Problem is, it wasn’t anywhere near enough – according to the Times, the banks asked for a total of £23 billion in loans. If you were in any doubt after the Bear-Stearns collapse, this should give you a clear idea of just how much of a mess the banking system is currently in. In short, we are all screwed. Our government simply will not allow a major financial institution to...

posted on: Mar 18, 2008 | author: Alex