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It Appears That the Manipulation of the Press Is Alive and Well in the UK

By Andy Shaw | January 25, 2010

Originally posted 2nd March 2009

The other day I wrote about an article published by the Telegraph on the 11th February. The headline was ‘European banks may need £16.3 trillion bail out’. In the article the reporter revealed that he had seen a document produced by the European Commission which briefed the EU’s finance ministers on the true extent of the banking problem.

Then, less than a day later, the article’s headline was changed to ‘European bank bail-out could push EU into crisis’. I think the first headline told the story better myself, but guess what, two paragraphs had disappeared as if by magic.

Fortunately, I still have them:

“European Commission officials have estimated that “Impaired assets” may amount to 44pc of EU bank balance sheets. The commission estimates that so-called financial instruments in the trading book total £12.3 trillion (13.7 trillion Euros), equivalent to about 33pc of EU bank balance sheets.

In addition, so-called ‘available for sale instruments’ worth £4 trillion (4.5 trillion Euros) or 11pc of balance sheets are also added by the Commission’s estimate to arrive at the headline figure of £16.3 trillion.”

I suggest you re-read those paragraphs again as they are fairly heavy and consider that newspaper editors do not change content of this nature lightly. As the last news item that was this explosive, that would be the Northern Rock crisis. So did the editor get a call from Downing Street, or from Brussels? Or did he just think that what was printed yesterday maybe wasn’t relevant anymore?

For all non-sceptics out there, this is about as concrete as proof gets towards a conspiracy, as usually they don’t let these mistakes go to press. So if the article was right, as I believe it was, then we will be seeing a meltdown in Europe’s banking system. By then the US’s banks will look like positively good business models compared to Europe’s.

This means that in order to remove deflation we will have to see the return of inflation to get us out of this mess. Although they will not be admitting that and this will just be a ‘side-effect’ that was beyond their control!

My long time readers will know that I am an optimistic person although if you have been only reading me recently then you’d be forgiven for grouping me in with the doom-mongers. The problem is that I find all the lies and deceit going on at the moment very depressing.

Business leaders, prime ministers and presidents are all in complete denial about the size of the problem. They, of course, have to admit that there is a problem but they are not telling the whole truth about it. It is depressing to watch and Jack Nicholson’s line from A Few Good Men is, unfortunately, especially true here…”You want the truth? You can’t handle the truth!” The trouble is that the public can’t, so they don’t tell us.

Now I am not what I would classify as a sceptic. I classify myself as someone who listens to all points of view, then applies the facts and a healthy dose of common sense and then arrives at his own point of view. The trouble is that if I was running the banking system and trying to manage this crisis, then I would have killed that article as well. I would not want to tell people the truth as chaos could easily come from this and the last Depression ended in a world war.

I expect to see the Euro falling in value very shortly following on from the two back to back weekend meetings of the EU leaders. The crisis that has been kept hidden from the public’s eyes is about to be played out in the real world.

The landscape of our own economy and Europe’s is about to be re-shaped and we are in for some severe weather. I do not know the UK’s exposure to the Eastern European countries, but I hope it is far less than I think it is as this would make the US’s look like a buoyant economy compared to the one where we’d be heading.

Speak soon

Andy

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