Thats right that is the level that the Banks want 'borrow' from each and everyone of us. Its Ok we don't have to pay it back, but our children will and grandchildren will.
This Banking crisis has happened before in this country in the 1340's, when the Italian Lombard Bankers hit their own credit crunch and could not extend credit to the Exchequer and King. Edward III did not mount a rescue bid impoverishing his people, he threw them all out of the country, and even when they begged to return, he would not let them back in. He was not going to reward them for their own mismanagement.
Brown is no Edward III, he is in thrall to what the bankers want, what they demand they will get and Brown will steal it from us and our patrimony.
Lets examine the way these bankers are arrogantly going about this.
They have squandered 80% of their lending overseas to people and bodies that cannot repay. So they want us to fill their coffers so that they can do it again and again.
The major banks are subject to an OFT test case that has been going on for two years on unfair charging. What 'investor' lends to a company that is subject to a test case that could potentially cost Billions further in claims. Brown has not even said settle this case, he has just given them our money regardless.
I have actually seen letters from High Street Bank threatening borrowers with legal action, crowing that the customer cannot counter sue because the FSA and Government have put all such actions aside until after this test case is heard.
Whilst begging for our money, they have launched on a campaign against vunerable customers that would not disgrace Mafia tactics
Lastly despite squealing for our money, and getting it from Brown, they are refusing to 'come clean' about their asset and liabilities.
For Christs sake what responsible lender and investor does not ask for an asset and liability statement first, obviously not Brown and Darling.
These modern day Lombards are scum and should be treated as such. We have boy chief executives appointed as CEO's who have only run a grocery shop, and treat the selling of money in the same way, pile it up and sell it cheap.
Brown has never heard of the phrase throwing good money after bad. These Toxic Banks are trading insolvently and they know it, and engineering company Director who acted in the same way when his company failed, would be prevented from acting as a Director for 15 years. What happens in banking, you keep your job, you keep your salary and bonuses as a reward for failing.
These toxic Banks have failed , they should go under. Whilst being wound up they should be broken up, the market will determine which banks will survive. In extremis, and this is difficult for a dyed in the wool Libertarian to say, any Taxpayer guarantee should only be extended to new Banking entities, that have proven asset and liability statements.
Lastly Brown and Darling should be placed on notice that they will be held to account and surcharged for their maladministration of our money as would any District Councillor.
I do not know what it takes to get British people to stand up and get angry and say no ! Brown and Darling have replicated the Darien disaster on the British Economy through a combination of greed, fraud and wishful thing- we have abolished boom and bust!
The Conservatives and Lib Dems also have failed in this regard, the Conservatives until recently were promising matching Labours spending and the Lib Dems wanted higher personal Taxation.
The Banks do not deserve to survive, British Industry and people deserve to thrive and not be shackled by decades of National Debt.
We need a fundamental revolution in our thinking, a massive reduction in our State sector which still needs evermore of our money, and children's money just to pay its unfunded pension scheme which is also guaranteed by the taxpayer.
If the British just roll over and accept this, they are truly enslaved in wallet and mind.
RBS post losses of 7Bn-8Bn (Not quite sure! )take into account Amro purchase goodwill £40Bn (Not much due diligence there then !)