I haven't been discussing the most recent financial shenanigans much with people, either on-line or in the real world. That which much of us knew was coming is now here and will now run its course
It goes without saying that the proposed bailout is clearly a nonsense.
It also goes without saying that our beloved leader Gordon BrNWO supports it wholeheartedly
Along with Brown's repeated references to an 'Economic New World Order' and 'doing whatever it takes to maintain stability', this should give anyone living on this bankrupt, CCTV-saturated little island the willies
Any bail out of Wall Street, or the City, will fail for a very simple reason
Over the last twenty years the US and the UK economies have become structurally reliant on the creation of irredeemable debt. The income and lifestyles of hundreds of millions of people are totally dependent on the perpetual creation and expansion of eye-watering amounts of credit
and it's all over
Even if some Magic Pixies came along and made all the bad debts and all the 12 figure derivatives liabilities go away, there's going to be no more easy credit going forward and anyone whose business or job is dependent on a world filled with people living beyond their means is going to get fucked.
And that's going to happen with or without a bailout
Optimists would say this is an excellent opportunity to see the end of 'Unipolar' Corporate Global Empire and to reorient our societies and populations to the production of solar powered Jetsons-style flying bubble cars, decent education systems and organic potatoes, instead of cluster bombs, invasive bureaucracy and junk food
oToH Pessimists would say that this is an excellent opportunity to see the reintroduction of feudalism and to increase our societies' output of cluster bombs, invasive bureaucracy and junk food
I'm not optimistic
.
21 comments:
15 figure!
Cher up,old fruit, it might never happen!(but probably will)
re:lw link
fuck me
actually, I'm quite positive about the whole business
the path we've been following is a destructive one and not worth preserving anyway
and, besides, adversity is capable of bringing out the best in people
/ pessimistic in the short term, optimistic in the long
@lwttc247
my bad
Post now updated to include a link to Michael Hudson's
"The Dow Jones' Wonderfully Cheesy Addition"
because you can never link to any article which includes the line...
"People who know what go into sausages or CDOs rarely want to buy them"
...too much
jump you fuckers!!!love it.
Well I've already lost my job so the worst is here...
Congresswoman Marcy Kaptur you have my respect. She even managed to get to the end without mentioning the lizard people, classy. However she did rather take the now common line that most of the blame lies with the City whereas this rather special crime required a special partnership in government and they know exactly who, what, why and when.
P.S. That figure in the link is misleading IMHO. Most of it nets out and I can't see it all going toxic... but $700B is way too small, I'd say 1.5 -> 5 trillion, tops risk.
Anyone following the political rhetoric on the other side of the pond has surely picked up on the many allusions to the possibility of a another "new deal," essentially a vague plan for more government spending and interference, to be rolled out when things get really bad (i.e. when inflation drives the cost of fuel out of reach, and our economy subsequently collapses). There appears to be no question in the minds of our political leaders that all this suggests a stronger central government, and all the fun times that go with it. now all that's left is to acclimate to brown rice and lentils...
The state broadcasting arm has gone into full propaganda mode the last few days. You can't switch the BBC on without some 'expert' telling you how rock solid safe and guaranteed your savings are. This is completely untrue - a flat out lie. If a big bank goes under there is no money to back up peoples savings. It's clear that the BBC have been briefed behind the scenes that there is a silent bank run going on, people are withdrawing their money from online accounts, causing absolute terror within the government because people withdrawing their money is indeed the doomsday scenario.
The BBC are doing their part by repeatedly broadcasting this nonsensical empty promise that 50k of savings are guaranteed, without any of them ever bothering to ask the simple question - where is the money coming from?
because people withdrawing their money is indeed the doomsday scenario
whereas what people with savings should be doing is leaving it in the banks so that the banks and government can inflate/ tax it all to zero
I went looking for a gold coin yesterday on behalf of a granny looking to buy a new grandchild a christening present
from what I can see the real world premium over market spot prices is widening considerably - and that's if you can find any
It's all very well people with savings pulling their money out of banks but, short of building and stocking their own grain silos, there's not much they can do with it
now all that's left is to acclimate to brown rice and lentils...
Soylent Green surely?
I'll only eat Fair Trade Soylent Green!
Perhaps I should buy up a plot on the farm next door :p
Re: over the pond lobbox...
Some talking head dribbled out something along the lines of "The Paulson/Bernacker/Tush plan was rejected 'cos it was only 4 pages"
Think about it...
So the blubbering idiot would (and I agree, there has been biblical plagues of them recently, 99% of them talking utter pigmy's gonads) have been happier of the documentation has been on 8000 sheets of that stupid 'letter' size paper that the Shanks use.
Oh yeah. Bloody great. So, just like the "Patriot(LOL) act", where it was declared so urgent to get it passed, nobody could read it as it was so big, AND they snuck in clauses that gave immunity to vaccination companies and other despotic clauses too.
Yeah, lets have some more of that. - stupid 10 a penny political ANALysts.
Get Mad MaxK on the scene. He'll blow all the guff and chuff away.
I'll only eat Fair Trade Soylent Green!
as luck would have it, I'm sure I saw a few tins on special in Aldi this evening
What about bailing this out:
* In 1970, the world’s poorest countries (roughly 60 countries classified as low-income by the World Bank), owed $25 billion in debt.
* By 2002, this was $523 billion
* For Africa,In 1970, it was just under $11 billion
By 2002, that was over half, to $295 billion
* Debts owed to the multilateral institutions such as the IMF and World Bank is currently around $153 billion
* For the poorest countries debts to multilateral institutions is around $70 billion.
Where's forbes owner bongo when you need a visionary to speak out?
further to my earlier comment - The Daily Mash has sussed out at least one of the reasons why our paper money is worth fuck all...
LEPRECHAUNS ARE STEALING OUR GOLD, CLAIMS DARLING
The Shadow of the Pitchfork
The vote by the House of Representatives to defeat the Wall Street bailout plan is the first act of political courage that the Congress of the United States has mounted in the last seven years. The fact that it was due largely to right-wing Republicans afraid of going down with the sinking ship of the witless leader they have followed blindly throughout his reign is a delicious irony -- but the whys and wherefores of the vote are not important. What matters is that one of America's moribund institutions has flickered to life long enough to derail a disastrous action that would have shoved the nation even deeper into the pit of corruption and ruin where it has been mired for so long.
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