£100bn from us to them

[james armstrong]

The imminent transfer of ownership of houses through repossession   to the value of  £ 100 billion will be  the largest  redistribution of  property in England since William of Normandy assumed feudal 'ownership' of  all the land and property in England by conquest in 1066.

Over  one million self  assessed  mortgagees with an average 'loan' of over  £100,000 are  facing the prospect of repossession.  'Market' conditions  (in reality monopoly conditions)  tend now to  reduce the assett value securing the debt and  the failure to meet repayments involves incrementally  increasing the debt and the interest on it .

 Every 100,000 repossessions of this scale involves a transfer of assets from  householders to banks i.e. from  individuals to corporations on an unprecedented scale.  

This repossession coup is the third course of the gargantuan feast of the banks who have for ten years seen the housing debt owed to them double which gives them quadruple repayments on the sums advanced (typically ,at 5.5% interest, for every loan of £100,000 advanced over 25 years the sum repaid is £214,000.(Lloyds quote Nov 2007)  
Bank of England,  the City, the Treasury and the  national corporate house builders have already gorged on an entrée of  credit induced spending as household debt has climbed to  a record £1.5 trillion.and government induced house prices have risen .
As the people suffer,  the  overfed bankers, mortgage brokers and City slikkers  view with pleasure , the prospect of spending their multi million bonuses.   

Historically the transfer outreaches both the acquisition of the first international corporation - the church , the enclosure of the commons by the landed interest, and the transfer of church property to Henry Tudor in 1536 known as the Dissolution of the monasteries. Which involved one third of the land of England.

It doesn’t need to happen,  if  people to-day have half the drive of the oppressed 'peasants' then .  
Or there again, perhaps the role of government to-day is acknowledged to be to support the successful at at the expense of  the those in need.  

JA  Feb 2007


_________________________________________________________________
Get Hotmail on your mobile, text MSN to 63463!
http://mobile.uk.msn.com/pc/mail.aspx