You know Ross we bailed out the
banking system to the tune of
I mean what was it for RBS?
Forty six billion pounds?
That's huge.
And that's what we know about.
And there were no terms and
conditions.
We should have said we'll bail
out the RBS.
We'll look after their
shareholders but the terms are
thou shalt lend
to the poor.
Thou shalt lend to the real
economy that shalt not do this.
And if you don't like it,
RBS,
you can't have the tax payer
funding. Sorry you can't have
taxpayer guarantees you can't
have easy money from the bank
of England QE and you can't
have the bank of England's very
low rates of interest.
Of course if you don't want
that that's fine by us too.
You could manage on your own in
the private sector but instead
what we did was we bailed them
out and we said no terms and
conditions. Can you imagine?
But why is there such a vacuum
of leadership?
I don't know it's ignorance
it's fear and I blame
the economics profession Ross.
Go on.
Because.
It's not a week goes by when we
don't take a pot shot at this
lot.
The point is you know people
like Alistair Darling and
Gordon Brown may know something
about economics but they were
never taught about money banks
and debt because there's no
money banks and debt in
Economics courses.
Well there no more boom and
bust apparently.
And that's why we have a
student insurgency,
saying 'hang on a minute we
do think money banks and...'
Can you imagine?
It's like studying agriculture
without doing anything on the
land or studying the sea
without understanding water.
