PaulAtherton
Member
Please back up this claim.
After all, it's hardly consonant with the reality of a constantly-shrinking "estate" of mines and body of miners from nationalisation right through to re-privatisation, or with the balance sheets for British Coal during the nationalised period. There were periods where British Coal ran a loss, but as with most companies that borrow on their future earnings to tide them over in hard times, they recouped those losses, and came out, at the time of Heseltine's final massacre, ahead of the game.
I have the suspicion that you're retailing some hoary old folk-lore from the right, without having examined whether it has basis in fact or fantasy"
I lived through the Miners strike in the village with the last Welsh mine to close (Ystrad Mynach / Penalta Colliery). It's where I was growing up at the time, I knew Miners, Owners, Management at the NCB and most of my friends grew up in miner families.
Everybody knew the mines were losing money, that wasn't the fight. Coal is finite, you couldn't just produce more, the quality was declining, the cost of getting it out of the ground was increasing and the health implications for the miners were astronomic (http://www.welshcoalmines.co.uk/).
The fight wasn't about jobs but sustaining a way of life. Keeping together a community. And I'm not arguing that, that wasn't a reasonable thing to fight for on the surface of things, but it was never how it was presented.
Scargill wanted the fight he clearly couldn't win.
He made it about business, and on a business argument, everybody knew they had lost.
http://news.bbc.co.uk/1/hi/uk_politics/3503545.stm
So businesses with temporary solvency issues don't borrow?
Of course they do, but if they call it incorrectly, the bank forecloses and losses are kept to a minimum (http://www.guardian.co.uk/business/2009/sep/24/jaguar-land-rover-close-factory). The state takes politics into consideration and aren't necessarily making business decisions. And therein lies the problem.
Now you're being stupid. The banks were bailed out to stop a run occurring. As such, it was the use of public money to bail out private business. The small benefits to the public finances were very much secondary to that. It helped prevent a chain of events that could have destroyed the UK economy, not just broken a few of its' ribs.
Stupid, really? As the only people who would have really suffered by a run on the Bank is the Public ("It's a Wonderful Life"). Let's not forget Soros's success on Black Wednesday (http://www.guardian.co.uk/politics/2005/feb/09/freedomofinformation.uk1). If the economy collapses there are those who are betting on it and make good financial returns. As I said already, I agree with you, we should have let the banks collapse. But do you genuinely believe anybody in the banks would have suffered that badly as opposed to the public at large? To save the banks was a political decision, not a financial one (http://www.independent.co.uk/news/u...fficial-cost-of-the-bank-bailout-1833830.html).