I am sure if you have been following the Independence debate over the past couple of years, you will not have failed to notice amongst one of their very many scare stories Better Together and the Westminster party politicians have been trailing out, is the one about the doubt and uncertainty of whether Scotland could have afforded to bail out the Banks. They have made a massive deal over their assertion that the British State bailed out the Scottish Banks with a whole pile of funny money.
In total they said initially that they would have finance all the banks, including Lloyds, Northern Rock, Bradford and Bingley, Royal Bank, HBOS etc to the tune of £1.2 trillion. Scary figures, massive number.
In actuality this was revised downwards twice, till they came up with a figure of £466 billion. But did they actually pay this amount? Did they hell. That figure is broken down to £123 billion actually paid out in buying shares in these banks, and the remaining £333 billion as a guarantee…In effect money they promised they would pay out if the banks got into trouble again, but not actually spent.
So could Scotland have bailed out Royal and HBOS for their portion? Yes Scotland could.. But the question is, should we have? RBS and HalifaxBOS are Scottish in name only, with the vast amount of their business being International, and most of their activities based in the City Of London.
The main reason for the UKs liabilities is its reliance on Finance in the City of London, as the Worlds main money laundering centre….Everything from Wall street through to Tokyo gets filtered through there… So its not at all really about these so called Scottish Banks, which have been cast as the major villains by the British Government.
The fact is that for decades, under Tory and Labour rule, they have conspired to wreck British Industry and focus on Financial Services in London instead. When Finance has failed, in the 80’s and in 2008, they have relied on North Sea Oil to bail them out.
What they will not tell you is that every country in the world has had to bail out nearly all the Big Banks which have been doing business in their countries. That is why you have had the USA for example bailing out RBS to the tune of $541 billion and HBOS to the tune of $181billion…Likewise the UK has bailed out all the American banks for the business they were doing here.
Not only is this one massive fraud perpetrated on the public, but Better Together have been left completely unchallenged when they come out with their assertions… No wonder most Scots don’t know what to believe.
YES has to up its game, and start pointing these things out, and politicians on the YES side, need to re-butt strongly the crap that is spun… The waiting game is over, and with 12 months to go to the referendum, it is time to stop playing nicey nicey…