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MANY ordinary British working folk still struggle to make ends meet. Whilst some survive on the minimum wage, others are taxed to the hilt.
However, making ends meet isn’t a problem if you’re a fat-cat in one of Britain’s five largest banks. For its just been announced that the HSBC, Barclays, Standard Chartered, Lloyds and the RBS are paying out £6.7bn in bonuses for last year after they ignored calls for restraint.
Nice work if you can get it!
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Comments
I think it's about time we started to look after our own economy,or we ain't gonna have one.
It is grossly unfair that these arrogant banksters, preening themselves with self-congratual tion, are still bleeding the ordinary British workers dry. They get balied out. Workers find themselves out of jobs and often out of their homes too.
Secondly, I’d like to belatedly wish a Happy St. David’s Day (1st March) to all Solidarity members and supporters in Wales (Cymru) and a belated Happy St Piran's Day (5th March) to all Solidarity members and supporters in Cornwall (Kernow).
Now onto this subject of the banks.
In my view the big banks are all rip-off merchants. I understand that they can ‘loan’ out 13 times what they have in reserve. They then charge interest on this loan! (How can they do this?)
I think it’s clear that what is needed is a fairer and saner banking system. The banks should be run as a service and not a money making exercise. Also they shouldn’t be allowed to charge interest on loans (usury).
One practical alternative to the banks is the Credit Union. These are financial co-operatives owned and controlled by their members. They offer savings and loans.
Credit Unions are not perfect – they still charge interest. However, typically it’s only around the 1% mark. What this means for example is that if you borrowed £1000 over 1 year, you would repay no more than £1067 in total. That’s well within the reach of the average working man and woman.
There are a couple of other alternatives to the banksters:
Zopa - which means 'zone of possible agreement' – is an on-line system whereby members can meet, agree a rate and lend or borrow from each other. Zopa describes itself as the “human way of getting a low cost loan. Rather than making the fat cats fatter you pay interest to real people.”
The Islamic banking system. Islamic institutions steer clear of the money markets. They only raise funds through depositors and shareholders. Islam also forbids usury.