Wednesday, 1 July 2009

For Sale: Northern Crock

The Times is reporting that Gordon Brown is "desperate" to sell Northern Crock, the state owned Geordie bank, the collapse of which signalled the beginning of the world financial crisis and Brown's Great British Superbust, before the next general election. Front runner? Parasitical, ubiquitous supermarket mega-company, Tesco. (They're the only firm in the UK with any money these days.)

Says The Times:
Gordon Brown is keen to prove to voters that his rescue worked. If at all possible, he wants Northern Rock returned to the private sector at a substantial profit. Ministers say that he wants desperately to avoid a Conservative government taking the credit.

Whitehall officials told The Times that they “would not be surprised” if the bank were sold before the election.

The Treasury has drawn up a means of separating the good and bad assets to make it more attractive. Northern Rock holds deposits of £19.5 million and a mortgage book of £66.7 million. Some of the loans are so toxic that they are likely to stay in public hands.

Here we go again. Another day, another insult to our intelligence. Brown will let Tesco have the bank for a song in order that he can reinforce the serious delusion dreamt-up in his fevered imagination that he saved the world world's banks - and that he can stick it to the Tories.

Only, none of that is true, is it? The latest lie-structure component of this arch pseudologue doesn't bear scrutiny (surprise surprise). He's rushing the sale for no other reason than to screw the Tories. But he's got even that iniquitous bit of reasoning wrong. He isn't screwing the Tories. He's screwing the taxpayer, as always, saddling the public with The Crock's huge dollops of sub-prime, bad debt and handing over the healthy mortgages (guaranteed by public money, remember, otherwise they would not exist), to Tesco. Tesco gets the cream and we end up covered in shit, as will always be the case as Brown continues to try to buy the election.

You see, Northern Crock still owes us £8.6Bn, according to the Treasury. The company isn't worth anywhere near that much dough these days. And Tesco will get it on the cheap anyway, especially now McMental's announced it: ("I didn't get where I am today by not getting everything on the cheap, Reggie, young Gordon," says Terry Leahy). Perhaps a cool billion for cash, then? Maybe more, but not much. We'll see.

But let's say it is that number. What happens to the rest of our loan, all £7 billion quid's worth of it? I'll tell you: nothing. Nada. Tesco certainly won't be paying it. It'll be sucked-up into a supernova-expanding PSBR, fiddled away by the expert liars Balls and Byrne, and we'll never see or hear anything about it ever again. That's seven billion big ones, folks. Gone.

Wake-up! That's the price for Brown trying to buy the general election for which we, our children and our grandchildren will have to pay. And the rest? The £7,000,000,000 hit for a written-off Crock loan is chump change for Labour. Rather sums them up, don't it? But the reality is much worse. We are into the terrifying, GDP-busting, Labour debt world of "trillions" now.

But Brown will do anything, anything, to win his first real election.

He'll lie, he'll cheat, he'll smear and rest assured, he'll bankrupt the country. Why? He's done a simple political calculation in what passes for his brain and for a dishonourable, untrustworthy, demagoguic, pseudological imposter like him, the sums add-up. If he wins, he can do what he likes (so he figures). If he loses, then sod the country, it can go bankrupt for all he cares.

In his twisted mind, we would deserve that agony simply because we rejected him. Knowing that, a paranoid person might suggest Brown, who 'doesn't do' elections, might find some excuse to suspend the democratic process.

Rest assured: potentially, Brown is definitely that dangerous. He hates democracy - and that lack of comprehension is the thing will finally finish him.

Riots in the streets? Cameron is dead right about that. That's where we are heading now. Brown will bring the country to its knees before he ever lets go.

A delusional liar propped up by a spineless party. Folks, we are in big, big trouble.


  1. Very scary - on top of the fact that the public are going to end up paying good money for the most 'toxic' (i.e. worthless) loans/assets - just so Brown can announce his pretend (infantile?) profits - there's the Asset Protection Scheme looming over the whole farce like a colossal economy vaporising Death Star and Quantitative Easing leaching the value out of every asset, income and saving denominated in Stirling.

    Putting a real price of Brown's thirteen year rampage of explosive fiscal and monetary diarrhoea is beyond me, but the calculation would have to start from the premise of classifying a significant portion of public expenditure prior to the financial crisis as an avoidable loss and the cost of the crisis itself as, for the most part, a wholy avoidable loss.

    Then there's PFI, cost overruns, failed projects, future pension liabilities for Brown's army of undead proletarian staffers, Lost Opportunity Costs due to misallocation of funds, loss of income/productivity due to failed education - and probably many other areas of significant waste, inefficiency and loss that should never have happened, could easily have been avoided.

    In short, the true cost of that defective, ghoulish clown is the difference between our current predicament and a realistic 'what if' scenario of Brown living up to his own hype.

    As you say, Brown's made his calculation and it's Ruin either way. He'll lie, borrow and steal without compunction or restraint until he's forcibly removed, because he's personally got nothing to lose (and no credible moral framework to constrain his self-interest, obviously) but something to gain.

    I don't think he'll mind inheriting the post-election catastrophe either, all the better to rule harshly and with great blustering bombast - the true character of the shabby inferior little man, I'm sure.

    Northern Crock - nice!!

  2. One thing I do know, if Brown wins that election, I will emigrating - for good this time.

  3. Hadn't thought that far ahead; didn't want to face the implications, in truth. Have worked abroad for extended periods but never with a mindset of it being a permanent move - under the circumstances, I'm forced to concur.

    A friend/collegue went to OZ a good few years ago and never looked back (actually, two friends have gone to OZ, now that I think of it), might have a decent chance of sorting out the all important job as well (skillset not too rusty as yet). Family stuff to sort out first but nothing insurmountable.

    Christ, that it should come to this - routed by the Mongol Hordes.

  4. Lol. My cousin upped-sticks and took his family Down Under only a few months ago. He tells me it's great out there. Seems like a plan, then.

    I hate to be gloomy, but I just have this awful suspicion in the back of my mind that this country might not recover this time. Too much damage and too little will.

    We have to face up to the horrible possibility that Brown's evil attempt to buy the election might actually work. In that case, I want a contingency plan!

    If there's any sign at all that Brown's wickedness is bearing him fruit, getting out is an option I have to consider very seriously.

  5. Have faith, there's no way he's getting back in at the next election. He makes Ahmadinnerjacket look popular.

  6. Phew, thanks for that Uncle Bob - yes, a little faith - all is not yet lost.

  7. Lol. Forgive my wobble. It must be the heat...

  8. Strength and Courage. He shoots himself in the foot so often he is bound to hit an artery eventually!


Any thoughts?