RBS ‘nationalisation’: a perfect weapon of mass distraction | A diary of deception and distortion

RBS ‘nationalisation’: a perfect weapon of mass distraction | A diary of deception and distortion
There have been some severely misleading statements in the media about Royal Bank of Scotland (RBS) over the last few days – on both sides of the Pond. Some of this is down to the usual hack idleness and gullibility; but rather more of it was a campaign of carefully assembled spin and distraction. Most of these have emanated from George Osborne.
The ‘Cabinet discussion about Nationalisation’ chatter
This was simply far too convenient to be a coincidence. With a decidedly dodgey set of results due in three days time, the N word was leaked. But note also in the leaks: “George Osborne is thought to be against the idea”. The Chancellor was the source of the leak: it was his less than subtle way of suggesting he’s The One True Tory left…and capable of getting tough with banks when needs be.
Partly too, this is a struggle for supremacy between LibDem Business SecretaryVince Cable, and Tory Chancellor George Osborne. By setting these imaginary hares running,  Osborne has quite specifically distanced himself from a daft idea like nationalising the rest of the bank: but knowing that people are acquainted with Cable’s desire to do just that, most observers assume it’s Vince’s idea.