Times Online:

Britain may have to go to the IMF for a huge financial bailout, the influential investor George Soros warns today.

(snip)

Mr Soros – speaking days after an auction of government bonds failed for the first time in 14 years, ringing alarm bells about Britain’s ability to fund its growing debts – said that Gordon Brown might have to go begging for billions of pounds in international aid. He also warned that next week’s G20 summit in London was the last chance to avert a full-scale depression that could prove worse than that in the 1930s.

“You have a problem that the banking system is bigger than the economy . . . so for Britain to absorb it alone would really pile up the debt,” he said. Asked about the chances of Britain having to seek help from the International Monetary Fund, he said that if the banking system continued to collapse, it was “a possibility”. At this stage, he added, it was “not a likelihood”.

My comment: Who is going to bailout the IMF? The problems and the debts are so big that they cannot be solved by governments that are intent on maintaining the status quo. Instead of talking honestly to the people and telling them the truth, that we have lived beyond our means, and now we have to pay the bill they attempt to bail out a sinking ship by drilling holes in the bottom of the hull.

John Polomny
The Real Deal