Two news stories really caught our eye today. Both relate to the Inter Alpha Group of banks and both, in complementary fashion, indicate that the end is at hand for this British Financial Empire and its monetarist system.
The first report, from the Irish Independent, relates the fact that thousands of Ulster Bank customers had problems yesterday and today getting access to their wages and social welfare payments.
Now, Ulster Bank is a subsidiary of The Royal Bank of Scotland, one of the pillar banks of a network of eleven in total, representing fifteen European countries, which also includes Banco Santander, ING, Societe General, The National Bank of Greece and, of particular interest to Irish readers I’m sure, Allied Irish Bank. Although nominally situated in Europe, their reach of course is global, and together they represent the machinery through which the British administer their monetarist empire.
The old standby excuse of computer problems was presented as the reason and this excuse may have been plausible were it not for the fact that Natwest, which is also in the Royal Bank of Scotland group, experienced similar problems earlier yesterday. But the really telling evidence emerged in another article in the Irish Times, which reported that:
“Some of Britain’s biggest banks are reportedly facing credit rating cuts as early as tonight in a move which will stretch lenders’ already taut finances.”“Royal Bank of Scotland, Lloyds Banking Group and Barclays are all in line for a downgrade by ratings agency Moody’s over fears the eurozone crisis threatens their stability.”
The article continues:
“The cuts are part of a wider review by Moody’s of the global banking sector that Sky News said is likely to be unveiled tonight after the US market closes.”
Given that this current monetarist system is totally bankrupt and beyond any hope of rescue, and that its sudden demise has been inevitable for some time now, it looks very much like this latest news does indeed spell the end.