Are there many more out there in the UK who are totally hacked off at this government’s treatment of savers during this financial crisis?
At a time when it’s clear to just about anyone with half a brain, that the present problems stem from excessive borrowing, this wonderful government of ours is doing all it can to promote yet more borrowing in a vain attempt to kick start the economy. In the process of course slashing interest rates which is having an exceedingly detrimental effect on those of us who rely on savings to at least keep pace with inflation.
So what’s to be done? I have this half formed plan.
The idea is that if a large enough group of us could act in concert with our savings, then we just might be able to make the government sit up and take notice. Particularly so since the UK banking industry is all but nationalised. Suppose a few thousand of us made it known to the government that unless it came up with some system for compensating savers with better interest rates, then we would take concerted action. Next month we’d all transfer our savings to Bank A, and then the month after move them all out to Bank B. Each month putting them somewhere different, going round in a complete circle if needs be. The idea being to create uncertainty about the level of deposits in any one institution at any one time. This would presumably hamper decision making and reduce the levels of lending the banks could commit to.
As I say it’s a germ of an idea I have, and I wonder if there are any readers out there who would wish to comment and suggest just how we might organise this.
Even if you just read this and don’t wish to comment, perhaps you would pass it on to other friends, colleagues and acquaintances. If I detect a sufficiently large ground swell of opinion, I’d be prepared to move it on to the next level and see where we get to.
Over to you…..
I have another idea !
Pool savings and replace other people’s mortgages and business loans from banks with our own money, therefore bypassing the banks completely.
That way, for example, I could afford to give savers 6.5 per cent (exactly what my mortgage is costing me) and avoid the contrived, avoidable, repossession the rapacious lender is currently engineering !
Even better, a profitable business being charged an arm and a leg for a loan from a bank but having the plug pulled as the bank demands unreasonable or immediate repayment of the loan, can offer an even better interest rate.
The banks are nothing but thieves and we would all be better off short circuiting them !
Would you foreclose on a mortgage borrower just a few months in arrears with remaining equity of more than a hundred months worth of mortgage payments left in the property ?
Then evict a family, making them homeless, destroying their lives, selling their house at a loss or even contriving to make it worthless and unsaleable as it remains empty and unused.
I wouldn’t if it was my money I had lent the home buyer.
But this is what mortgage companies do so routinely it is hard not to think it must be sheer spite !