Nationwide: House prices fall for eleventh consecutive month

[Property Prices]

According to the Nationwide, UK house prices fell 1.7% last month while an annual drop of 12.4% was recorded, which represents the largest annual fall since records began.The building society said the cost of an average UK home is now £161,797, over £20,000 less compared with this time last year. However, despite the sharp annual [...]

More: Nationwide: House prices fall for eleventh consecutive month

[davidhill]

Politicians are principally to blame for the state that we are in and the impending financial collapse of the World Economy

For why is it that governments around the world did nothing until financial death was knocking on the door?
For they were told at least five years ago about the dire state of the international financial markets. In this respect clear examples of this knowledge that they had at the time were,

• In 2003 the former US Federal Reserve chairman Alan Greenspan warned of the forthcoming financial collapse if Fannie Mae's activities were not reined in. The government did nothing and Fannie Mae was allowed to continue operating until only last month, some five-years after the warning from the US’s top banker was given. Indeed, the 30% of mortgages in the US, which are toxic mortgages, equates to losses for the banks of $3.1 trillion. Therefore how could politicians overlook such a failure it has to be asked? The only answer can be incompetence and complacency at the highest level.
• In 2006 the Bank for International Settlements, the world's most prestigious financial body and the central banker’s ultimate bank, stated that the financial world was in a diabolical state and that it had to change its current ways and activities. No government throughout the world intervened until it is was too late and where caution was not on the agenda for them just a mere two years ago.

Clearly therefore it is the politicians who are to blame for all the mess that we all now find ourselves and due to them not taking any action years ago. Indeed, the dire problems that we are now starting to witness are a direct result of their total complacency for years and where eventually it will cause the worst financial crash that we have ever witnessed. For this is already transferring into the economy and where the wheels of industry are now steadily but surely starting to slow to a full stop.

It is not only the bankers therefore who need sorting out but their bed pals the politicians as well. For both have made enormous financial benefit out of this unprecedented, irresponsible and appalling personal greed.

Dr David Hill
World Innovation Foundation Charity (WIFC)
Bern, Switzerland