My Comment on UK's PM Post
Emeka, I do not see what is big here. Celebrating politicians for semi-saving failed banks is not what I do. We should focus on making sure banks do not fail. In Nigeria, the government made whole depositors in Bank PHB, etc even as it wiped shareholders' value. I do not get the big deal on what the UK did here that people are clapping. The issue is stopping Russia-Ukraine war which triggered this inflation, and which everyone is fighting with high interest rates, causing banks to fail.
Today, more than $100 billion has been wiped out of shareholders’ wealth in the bank stocks in developed economies. In that system, the politicians have not done much, they are just starting. Why? Many retirement accounts will drop and more people will struggle. See the big picture and let us challenge these men and women.
You saved $2 billion depositors funds. but $50 billion are wiped out in retirement accounts. In the Igbo Nation, the elders will say "a bird that flew from the ground only to perch on an ant hill is still very much on the ground." So, leaders must do more. Rishi is doing great and more expected.
Source: here
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