Don't Panic - UK Government Censors news story titled "Banks are 'technically insolvent'"?

**Don't Panic – UK Government Censors news story titled "Banks are 'technically insolvent'"?**



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******** Update **********
As of Jan 21, 6 am GMT, the link is back and working again. Interesting?
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I guess they are trying desperately to prevent any bank runs, or a general panic.

Note that while David Prosser is normally a financial markets writer, Ben Russell is a general staff writer, and may not have been “thinking clearly” when he wrote this piece. Nevertheless, once published is it right for it to be removed? Or should an amended, less controversial version been published?

I do hope neither of these gentlemen are sacked for this.

Please get a hold of ‘YoutubeDownloaderHD” – you can freely download and share / post this video in any way you like. Please make sure your description includes all of this text though.

British banks are ‘technically insolvent’

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Original Text is here:

Money Saving Expert forum comments:

naked capitalism blog:

Peace

Full text of article:

British banks are ‘technically insolvent’

By Ben Russell and David Prosser
Saturday, 17 January 2009

Britains biggest banks are “technically insolvent”, Royal Bank of Scotland said yesterday, as the global banking industry was rocked by another day of turmoil, including the announcement of $23bn (£16bn) of new losses from Merrill Lynch and Citigroup, the giant US institutions.

Analysts working for RBS, one of several British banks to have received emergency funding from the UK Government last year, told the City that “the domestic UK banks are technically insolvent on a fully marked-to-market basis”.

The warning does not mean British banks are about to go bust, because the assessment is purely theoretical, and RBS said the position was “not unusual at this stage in the economic cycle”.

However, it will add to pressure on the Government to provide more support for the country’s banks. Treasury officials are now set to spend this weekend in talks about a fresh round of measures, which could be unveiled as early as next week, to free up lending to households and major corporations hit by the credit crunch.

The value of Barclays fell by a quarter in stock market trading yesterday, amid a series of wild rumours about its finances, although the bank said it saw no need to comment on the drop. Its board said in a statement last night that it knew “no justification for the fall”.

The statement said next month the bank expected to report that profits before tax for 2008 were “well ahead” of the £5.3 billion forecast by analysts.

City analysts said the bank had been targeted by traders after regulators lifted a ban yesterday on the short selling of financial stocks. Barclays’ share price, along with the value of other British banks, was also hit by dismal news from the international markets, including the announcement on Thursday night that the Irish government was nationalising Allied Irish Banks. In the US, Bank of America announced yesterday that it was taking a $20bn injection of emergency funding from the US government, subsequently revealing that Merrill Lynch, the investment bank it rescued last year, had lost more than £15bn in the final three months of last year.

Citigroup, once the world’s largest bank, announced more than $8bn of losses for the final quarter of last year, and revealed plans to split itself in two.

Treasury officials were still discussing plans to help British banks last night but the proposals are likely to include up to £100bn of new guarantees for the wholesale markets that underpin mortgage and other loans.

Other possible measures being considered include state support to help Britain’s largest companies raise their own funds. Another option is to launch a “bad bank” to remove tainted assets from the banks’ balance sheets, though while this policy is under consideration, it is thought to remain some way off.

Other proposals include ring-fencing the toxic assets within bank balance sheets. Lord Mandelson, the Business Secretary, has also talked of easing the terms of the Government’s £37bn bank bailout in order to kickstart lending. Downing Street made it clear yesterday that the Government remained committed to doing “whatever is necessary to help British businesses and families get through this global financial recession”.
good morning good evening good afternoon wherever you are or whenever you are hello thank you for watching my videos it's mike it's January 18 2009 I'm back in England I've just returned from hong kong now one of the things that i did while sat in hong kong international airport was jump onto their free Wi-Fi and look at some news stories now one of the news stories that i was reading yesterday earlier today i guess it was quite interesting it was in the independent and I thought this was so interesting I recorded the URL now when I go and look at it today unfortunately I can't seem to find this article by the URL now I thought to myself perhaps the independent have modified the URL slightly and I'll just do a search on the website so i did a search on the website unfortunately with the search i couldn't find any record at all of this particular news story it's just gone I thought this was rather unusual so I did a little Google search for this article and evidently the independent has removed it from their website the article which i will read in full at the end of this video is called British banks are technically insolvent now what is rather remarkable about this article as it goes on to explain that the Royal Bank of Scotland issued issued in a statement on Friday that Britain's biggest banks are technically insolvent at the end of the article there is a very interesting statement from the Treasury Downing Street made it clear yesterday the government remained committed to doing quote whatever is necessary to help British businesses and families get through this global financial recession end quote the code itself that says global financial recession is quite remarkable however the beginning of it of this quote whatever is necessary to help does this include censorship does this include removal of controversial news stories from prominent websites prominent newspapers now because of course I was traveling I don't have a copy of yesterday's independent so I don't know if this actually made it to the print edition but if it did it wouldn't surprise me if this article in the print edition is blacked out Downing Street the leaders of the British government don't want you to see this information and is easy to understand why I've included a link on the side to the original independent website I've also included a link on the side to a google cache of this page so Downing Street the next time you want to go and filter some newspaper articles you might want to call up Google as well and say please remove the offending article from the cache and of course the other thing you will have to do is then find any reference to this website out on the web and remove that also so for instance moneysavingexpert.com also linked here has some commentary in their forum pages about this now moneysavingexpert.com is a very very popular investment and finance website here in the UK it's very telling one of the comments on this particular article states the following in a sense every bank in every bank is technically insolvent and always has been was not entirely true at one point banks actually had enough assets to cover all of the particular credits they had to give out insolvency is not being able to pay your debts when they fall due the bank invest mosts of the most of the deposits for the long term ie in mortgages and has a small amount of liquid assets because of this if everyone tried to withdraw their cash the bank couldn't could not pay all the depositors technically insolvent this is why runs on banks by half the customers mean they go cover your children's ears people tits up right don't let them do this I am going to read the entire article just in case they've managed to delete have the article from google cache in the next few days the the message here basically folks is the government does not want you to know this stuff and they're going to go out of their way to make sure that it doesn't create any panics there's no point folks there's no point Downing Street people out here already figured this out now I'm not trying to incite anyone to get crazy okay and the fact that I put this video up may well flag me up to the and to the government oh my gosh this is mad man out there in reading he's doing nutty things he's telling people the truth better go shut him up to alright my regular viewers thanks very much peace love understanding i'm going to read the whole article now britain the article is by ben russell and david prosser britain's biggest banks are technically insolvent royal bank of scotland said yesterday as the global banking industry was rocked by another day of turmoil including the announcement of 23 billion dollars of new losses from merrill lynch and citigroup the u.s. sorry the giant us institutions analysts working for rvs one of several British banks to have received emergency funding from the UK government last year told the city that domestic UK banks are technically insolvent on a fully marked to market basis the warning does not mean British banks are about to go bust because the assessment is purely theoretical and RBS said the position was not unusual at this stage in the economic cycle however it will add to pressure on the government to provide more support for the country's banks Treasury officials are now set to and the weekend in talks about a fresh round of measures which could be unveiled as early as next week to free up lending to households and major corporations hit by the group by the credit crunch the value of Barclays fell by a quarter in stock market trading yesterday amid a series of wild rumors about its finances although but although the bank said it saw no need to comment on the drop its board said in a statement last night that it knew no justification for the fall the statement said next month the bank expected to report that profits before tax for 2008 were well ahead of the 5.3 billion pound forecast by analysts city analysts said the bank had been targeted by traders after regulators lifted a ban yesterday on short selling of financial stocks Barclays share price along with the value of other British banks was also hit by dismal new dismal news from the international markets including the announcement on Thursday night that the Irish government was nationalizing Allied Irish banks in the US bank of america announced yesterday that it was taking a twenty billion dollar injection of emergency funding from the US government subsequently revealing that merrill lynch the investment bank it rescued last year had lost more than 15 billion pounds in the final three months of last year Citigroup once the world's largest bank announced more than eight billion dollars of losses for the final quarter of last year and revealed plans to split itself in two treasury of his officials were still discussing plans to help British banks last night but the proposals are likely to include up to 100 billion pounds of new guarantees for the wholesale markets that underpin mortgage and other loans other possible measures include are other possible possible measures being considered include state support to help British Britain's largest companies raise their own funds another option is to launch a bad bank to remove tainted assets from the bank balance sheets although while this policy is under consideration it is thought to remain some way off other proposals include ring-fencing the toxic assets within bank balance sheets lord mandelson the british of the business secretary has also talked of easing the terms of the government's 37 billion pound bank bailout in order to kick start lending Downing Street made it clear yesterday that the government remained committed to doing quote whatever is necessary to help British businesses and families get through this global financial recession end quote the next time you want to try and get rid of some truth make sure you get rid of every trace of it and if that means knocking down my door and dragging me off to jail fine but don't be messing about like this piece

40 thoughts on “**Don't Panic – UK Government Censors news story titled "Banks are 'technically insolvent'"?**

  1. FeverIAm

    I fell into a burning ring of fire
    I went down, down, down, and the flames went higher
    and it burns, burns, burns
    the ring of fire, the ring of fire.

    What a voice
    Peace

    Reply
  2. FeverIAm

    WOW! It was there, and now it is there again… but no, it wasn't there when the country was in a panic. The weirdness of it all… Geez

    Peace

    Reply
  3. gck82s

    As with all democratic society governments hate transparency the means in which undesirable stories disappear within the UK is a D-NOTICE this is put in to force by the security services or the cabinet and means the story is not reported in any media there have been a few cases of pissed of editors leaving the editorial space left by a dnotice blank to show that an article has been pulled but that was in the past and I'm sure they have got wise to that now. Official UK censorship exist. Be Lucky

    Reply
  4. Puzzoozoo

    I have been preparing for over a year, and fully expect the STHTF in late Febuary and mid March. Interesting times await us all, and that includes the public labour voting sector.

    Reply
  5. FeverIAm

    Except it doesn't seem to be working; all the banks are way down on the markets – RBS stocks are down over 68% at this point at 11 pence. ELEVEN PENCE! There is no way this 'great new plan' will work… get ready for the next round…

    Peace

    Reply
  6. Puzzoozoo

    Mr Brown and Mr Darling are going to underwrite the banks vis the public purse via that insurance scheme highlighted today in the Daily Mail. Yeeeppeeee, Mr Brown saves the world…again.

    Reply
  7. FeverIAm

    I have no idea – I have asked The Independent to explain; no response as of yet. One other 'major' (Daily Mail) paper had the reference to 'Insolvent banks' but it was nowhere near as overt.

    I really don't care what the MSM picked up on. Of course they won't highlight the insolvency of the system. As my teenagers would say, whatever

    Peace out man

    Reply
  8. FeverIAm

    That's what that noise was last night! Oh Well, never really liked them anyway! Still no answer from The Independent…

    Reply
  9. FeverIAm

    OK, except it's a fix.

    If I had a huge debt load, wouldn't it be nice if I could get someone to just assume my "bad debts". Then I'd just carry on doing what I have always done.

    Peace

    Reply
  10. forestlight5

    Talk of "bad banks" to remove bad assets is being discussed in the US also. Might not be a bad idea.

    Reply
  11. Mike van Loon

    Great stuff. You got a scoop there. Maybe we should ask The Independent why they pulled the story.

    Reply
  12. pitbbpl

    "Whatevere is neccesary" means printing money as much as is needed.
    All paper currency are going down in this global crisis.
    Buy phisical gold and silver not paper promises.
    PAPER IS PAPER, GOLD AND SILVER IS ONLY MONEY AND THEY ALWAYS BE.

    Greets from Poland

    Reply
  13. uncertaintyprinciple

    The bureaucracy helps to cumber conspiracy actions 🙂 Like when Blair published his Iraq dossier in WinWord format with version history being turned on, or the US gov which published a blackened out PDF where the underlying text was only overprinted with black bars.

    Reply
  14. FeverIAm

    I disagree; if it was just that this was unreliable information it would have been re-worded to highlight that analysts had downgraded certain banks, and the 'offending' words removed. Instead it is just gone. There is nothing on the Independent site at all on the report. Yet the report IS mentioned in blogs and in some smaller papers. This smells like Mandelson.

    I watch a lot of news stories, some of which are very critical of the government. Yet they remain. How close to the edge is Barclays?

    Reply
  15. tyronebiggums3

    Great catch. Now I AM PANICKING!

    Off-topic: I called to remove after-tax dollars from my 401K plan (401A contributions); lesson: read the fine print; if I remove $1, the company match is suspended for 6 months. They sounded smug about this, almost as if saying, 'we got your money and we're going to do everything in our power to keep it from you'.

    (isn't it interesting how 'panic' is spelled w/o a 'k', but if you're 'panicking', you have to add a 'k')

    Reply
  16. xxxrrrxxxrrr

    It's "normal" that Russia censores media and all news about crise. Infact word "crise" is a tabu in Russia, but in free society, it's leading nowhere else, but a centralized society or even e police-state.

    Reply
  17. FeverIAm

    Ah yeah, a lot of Cronkite and a big dose of Linda Ellerbee. I'm not to be stifled easily. The truth MUST prevail…

    Peace

    Reply
  18. Boomer1949

    So the question is where do we go from here? Our economy depends on goods and some services from outside our country. These will no longer be available in US dollars but could be purchased in the countries own currency, such as the yin. If all you have is worthless currency, your shit out of luck. Could you exchange your silver or gold for yin? Good made in the US could still be purchased with dollars but you would need a boat load of them. Only answer is a new currency backed by gold.

    Reply
  19. Boomer1949

    I'm afraid that the US dollar has crashed, become worthless. Any banks around the world that held large sums in US dollars assets are insolvent. All this effort to restore confidence in the US dollar world wide by bailing out our own banks and paying off the largest debtor countries, has failed. Creating a "bad bank" to hold all these bad debts won't work either..the debt is still there. It's no wonder millionaire investors are killing themselves.

    Reply
  20. FeverIAm

    I wouldn't be surprised if the google cached article also 'disappears'. The distributed nature of the google indexing system means it is not very easy to remove things. There are backups of backups, and it is distributed to many (30 I think) data centers around the world. Takes some time to rip it out… and all references. Let's see what happens in the next week; both here and in the US!

    Reply
  21. FeverIAm

    I know it was Anglo; I was reading the article EXACTLY as it appeared; errors and all. Comments on the Independent web site also pointed out that error.

    Peace

    Reply
  22. squibmix Viton E

    Canibal cook books are makeing a comeback. It shows you how to cook Zionist Pig. It also shows you the Healthy Pig from the sick fuckers who are pulling this off. Like a rabbit dog the sick ones should be putdown.

    Reply
  23. vention

    Whoever ordered it removed probably didn't really want it totally gone, or he would have called up google and pulled the cach. There are a lot of people within the institutions that are controlled by the elite that are actually on our side. As things get worse, expect a steady stream of leaks, sabotage, half hearted efforts, apparently understandable mistakes, and downright rebellion from people whom the elite mistakenly believe own.

    There are more of us than there are of them.

    Reply
  24. FeverIAm

    Not to worry; at this moment we're inches from the edge of total collapse. One wrong move and everyone will know how many cards are balanced in this ponzi scheme. Madoff has nothing on the Bank of England.

    But yes, I'd rather I didn't know just how close we all are to this financial armageddon.

    Peace

    Reply
  25. FeverIAm

    The stock market collapse will wake some people up; but too many don't care. They'll care when they can't get any cash out of an ATM on Monday morning though. THAT's why our witless, sorry, fearless leaders have decreed none shall know the truth; while they rush out a 'solution' for the Monday papers!

    Expect headlines like "£100 Billion for the banks!"

    Smart move on the pension money! Mine's been accruing in the US bank awaiting my instructions… maybe put it somewhere in Asia?

    Peace

    Reply
  26. Michael Hipp

    I suppose it's about time for me to re-up my Netflix subscription so I can bury my head back into the Matrix – Just as all I speak to about this seem to have done. Only solution? Profit from the insanity. Oh, keep up the great work! Love the vids.

    Reply
  27. ImaScotsman

    I stopped paying into my pension in september of last year as that will collapse since its a massive ponzi scheme, and gordon brown taxing pensions annoyed me.

    Amyway i want the stock markets to go into free fall, my hope is enough people panic and realise the governments have no clue and then we start a revolution against them and get our countrys back.

    Reply
  28. FeverIAm

    Can't you hear the 'clack, clack, clack' sound as we are dragged to the top of the big dip? It's ringing in MY ears right now! Not sure if I really want any of this, but it is what it is.

    Peace

    Reply

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