Northern Rock nationalised
Yet while the Conservative Party asserts that the Chancellor’s decision represents a failure of economic policy, not least because it has exposed the British people to a liability of £110 billion - £3500 per taxpayer – it is difficult to see what else he could have done. It was, in essence, the lesser of two evils, for both savers and borrowers could have lost thousands and millions under the alternative rescue packages, and the Government would ultimately have been blamed for any subsequent failure.
Yet rescuing savers and borrowers is one thing, but what about the shareholders who are being forcibly deprived of their assets? Bertrand Russell said that the essence of politics is obtaining money from the rich and votes from the workers, under the pretext of protecting them from each other. If he had tried to define party politics, he could not have done better, but the true meaning of politics is to serve the ‘whole’, and shareholders are manifestly part of this whole, albeit the part of lesser concern to New Labour.
Money is supposed to make the world go round. Certainly those who control the world’s money supplies are at the helm of global destiny; determining who owes what to whom, which nations prosper, which nations endure crippling interest rates, which nations are bribable, which continents can be controlled by monetary intervention and which regimes will fall because of economic hardships. Money influences every aspect of life through government or independent banking policy - money and power are bedfellows in all walks of life. Those who have plenty find it easy to lord it over those who have little, and those who have little or none are beholden to those who become their creditors. It is the same principle, from individual transactions to global power-play - he who holds the purse strings has the ultimate authority.
Unless the shareholders are compensated fairly, this nationalisation will have no foundation in natural justice. As the Pslamist observes:
‘Thou sellest thy people for nought, and dost not increase thy wealth by their price’ (Ps 44:12).
It is a crime before man and a sin before God to short-change anyone, and a greater crime to deceptively and forcibly devalue a person’s wealth.
Northern Rock may be a very obvious example because it is being thrust down everyone’s throat while it remains newsworthy, but henceforth Cranmer will also be watching the inflation rate, for that is the greatest government conspiracy and financial fraud ever perpetrated against the people, not least because its omnipresence and relentless rise are considered inevitable and unavoidable.