The UK's Office for
National Statistics is now estimating the Royal Bank of Scotland and Lloyds Banking Group combined losses will cost between £1 to £1.5 trillion in additional public
debt. That's the equivalent of 70% to 100% of the UK's GDP.
They've also been reclassified as "public" institutions, which means that all of their debts are placed onto the public balance sheet of the UK government.
Shucks.
Result?
The Bank of England is officially
calling on UK Chancellor Alastair Darling to allow them to start
printing cash to ease the ensuing recession. This process is better known as "quantitative easing", where money supply
is increased to encourage deposit growth, lending and spending.
Rather than making some witty comment about the IMF is next, I thought I'd be more positive and suggest that, if the Bank needs any help, I did find this useful video tutorial in MetaCafe on how to print money using Photoshop:
I hope it helps.
PLEASE NOTE: the video states quite clearly "DO NOT TRY THIS AT HOME!!! This video is for tutorial purposes only.
You will learn how to make money and print it using photoshop. DO NOT PRINT, SPEND FAKE MONEY or you will go to JAIL" ...
... yea, right.
Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, TheFinanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...
