The frank way that PM Brown announced this abrogation of sovereignty to a group loaded with bankers and financial speculators is so ominous as to be breathtaking. Some extracts from a published report on the composition and installation of the N.E.C. leave no doubt of how the smart financial manipulators are using taxpayer funds to cover their losses, and give them virtual dictatorial control of the U.K. Government henceforth..... Is this what World War 2 was fought for?

(We Quote) "It is precisely because the measures are so antithetical to any notion of democratic accountability and societal interests that there was no public consultation on the government's plan, which was drawn up behind closed doors and then unveiled at 7 a.m. last Wednesday morning-without any discussion in Parliament-in time for the opening of the stock market. Brown has made clear that such methods are to be the norm. Just as the "war on terror" was used to abrogate basic democratic rights, so the financial crisis is being used to consolidate the de facto dictatorship of the banks and the City of London over all aspects of economic life.

Brown told a press conference, "Quite simply, the new era that we have entered requires new ways of governing. We don't just need to change policies to deal with the new financial difficulties but the way we take decisions, the way we govern, has got to change as well.... This is a new way of governing that is based on the uniqueness of the circumstances."

The selection of the personnel involved in the NEC substantiates this point.

Shriti Vadera, described as a key Brown ally, was formerly employed at the investment bank UBS, where she reportedly worked in the banking, project finance, sovereign advisory and privatisation teams. She has advised the Labour government on its public-private partnership schemes through which public services have been hived off to private industry. Vadera's participation in the late night talks with Darling underscores the central role played by Switzerland's largest bank in the recapitalisation scheme and in the Labour Government more generally.

According to the Deal Journal, UBS high-flyers Robin Budenberg and David Soanes were part of the team headed by David Mayhew, chief executive of JPMorgan Cazenove (formed from JPMorgan Chase of the US and the UK investment bank Cazenove Group), which advised on the plan. Budenberg has reportedly "managed UBS' relationship with the UK Treasury for several years," while Soanes is head of global capital markets for Europe.

Earlier this year, UBS announced some 5,000 job cuts and in August it posted a $42 billion write-down due to the sub-prime crisis, at that point the largest of any European bank.

In August, the International Herald Tribune reported that UBS's financial position was not helped by the fact that it "is facing a major US government investigation into allegations that it helped wealthy clients evade US taxes. And last week the bank agreed with the attorney general's office of New York to buy back $18.6 billion of auction-rate securities from individuals and pay a $150 million fine to settle accusations that it had misrepresented the securities as being as safe as cash when selling them to investors."

On Tuesday, New York Attorney General Andrew Cuomo announced that a $6.5 million settlement had been reached with UBS top executive David Aufhauser regarding insider trading of auction rate securities. JPMorgan Cazenove is one of the UK's leading providers of debt for its capital markets and acts as corporate broker to 35 FTSE 100 listed companies and 81 of the FTSE 250 index of midrange firms.

Budenberg has reportedly "managed UBS' relationship with the UK Treasury for several years," while Soanes is head of global capital markets for Europe.

Earlier this year, UBS announced some 5,000 job cuts and in August it posted a $42 billion write-down due to the sub-prime crisis, at that point the largest of any European bank.

OUR COMMENTS: If we told you that this was happening, you would have difficulty in believing us, but here we pass on to you from official reports, including ver batim statements from a Labour Prime Minister, the essence of what is happening before the very eyes of the world. And whether it is so incredible as to be unbelievable, or John Citizen is too frightened to stand up and protest we do not know, but so far we have not heard a whimper of protest from any where. May be tomorrow ???

POST SCRIPT: Apparently some of our reports have upset some of the powers that be, to the point that they want to restrict our circulation to only our actual subscribers, and probably give us a warning that we should be more careful in future about who we "expose". Until now, people worldwide who for various reasons did not want to be on our Subscribers' Database, just Googled on to www.electronz.net every week, and read our contributions....

Today a long-time supporter phoned us and reported that our patch is now clogged up with several almost similarly spelt words, and lots of rubbishy material that under no circumstances would we wish to be associated with, which conveys the message between the lines.... "Big Brother is watching you, so watch your step !"

www.electronz.cjb.net or email:[email protected] Copyright Electronz, 2007.

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