Monday, December 08, 2008

Global Financial Crisis to Engulf Us All - Chavs to Blame

This little teaser in the Times On-Line just caught my eye...




Imagine my disappointment on clicking the link to discover that the article in question wasn't referring to the billions looted over the years by the likes of the Windsors and Rothschilds but was a dreary article about how ghastly the working and middle class unemployed are

In true hyperlink fashion, whilst reading through that piece of distractive shit, yet another teaser caught my eye...



Well, that was definitely going to include some Rothschilds

er, no, not really...



So, over to the Forbes Top 200 Wealthiest People of All Time from which the Top Ten were taken

Nope, still no joy

And then, tucked away as a note at the bottom of the Forbes List...


"It is widely known that the DuPont, Forbes and Rothschild families are among the wealthiest families. However, their fortunes have not yet been effectively calculated"


Actually, whoever wrote that footnote was being quite modest, as I could rattle off the names of at least a dozen other people (all bankers) who should have been included in the list

So, that would be the 'Forbes Not Really the Top 200 Wealthiest People of All Time as we've missed out some of the richest bastards ever, including our own founder' list then

The moral of the tale?

Quite a few people have an opinion about losers like this...




A considerably smaller number of people have an opinion about, or even know about the existence of, twunts like this...




Now why would that be?

.

56 comments:

not anonymous said...

My neighbor went to London last weekend.It was her first time in the UK.She flew to Stansted with Ryan air.
I asked her impressions.First thing she said is how run down everything looked,,no shit thought I.She said the "Reihenhäuser" looked terrible and shabby,,,I thought of what the Europeans must think when they get off the ferry at Hull or Newcastle and drive out to their destinations,,,poor Brits.
There is a general impression of slow decay in the cities and suburbs of the UK.Even the the dodgy areas of Germany look better than the normal ares of the UK.
Even new housing schemes look shit after 10-15 years.We are doing something wrong.

Stef said...

Lord Patel asked in a post about mainland European social housing a few days ago 'Why can't public housing simply copy these superb schemes?'

The answer is, of course, if social housing was superb people would enjoy living in it

Stef said...

and from The Times again, Robert Peston writes...

A crash as historic as the end of communism
The credit crunch has destroyed casino capitalism. From the rubble a new, less divisive, economic model will emerge

Stef said...

Even new housing schemes look shit after 10-15 years.We are doing something wrong.

Oh sooner than that

A lot of very cheaply constructed, very nasty properties were built over the last 5-10 years - especially shitty inner city apartments for sale to amateur speculators entering the rental market

The value of this kind of crappy housing stock is already falling straight through the floor - 50% or more down in some places

Was it really only a few months since the majority of people thought all of this nonsense was sane?

paul said...

Always in tune with the times, the hag stirs from her coffin to speak the truth that dare not speak its name

RE:not anon, its long been my theory that when our football supporters travel abroad from the greatest country in the world, and discover the relaxed drinking culture,regular street cleaning and efficient infrastructure, they get so fucking freaked out they are compelled to smash it up.

paul said...

The answer is, of course, if social housing was superb people would enjoy living in it
A lot of people were so happy they actually bought their social housing (indicating its success), the problem was the rump of shit no one wanted being reduced to a bin for people no one wants.

not anonymous said...

yes I read Lord Patels post.I thought I´d just mention my neighbors thoughts which confirms my own whenever I venture back.I always like it when I drive up to the Lake District,,,lovely scenery and quaint villages.The towns and cities however leave a lot to be desired,,,you usually find the main shopping streets are nice,,venture off though and you may get a shock

Stef said...

Some people I meet and talk with about these things get the impression that I'm arguing from a Marxist perspective

There's been a lot of talk about Marx now that Casino Capitalism has eaten itself

As it happens, I'm not consciously Marxist. I personally don't have a problem with people wishing to hold title to something they have created with their own hands

But the system we're living under now is tilted such that, bit by bit, real wealth accumulates in the hands of a small number of people never to return to the communal pot

In recent years, even the existing considerable imbalances were not enough to satisfy the appetites of The Few (as personified by Lord R. and his interbred chums) and IOU's for huge amounts of future wealth have been channeled into the trough

It's only a matter of time before ordinary people realise that their future's have been mortgaged to the hilt. It might take them a little longer to figure out how it was done and by who

paul said...

I have a little problem with the idea of 'casinocapitalism' unless what they mean by a casino is a workhouse with a magnet under the roulette wheel, where all the cards are marked and you and your money can never leave together.
Hardly a game of chance.

paul said...

The peston eschatology is so fucking far wrong, I don't know where to start.
Rather than a nicer society springing forth whole, my experience is that recessions dicipline us into accepting further degradations, eg the last two have cemented the acceptance of structural unemployment at around 3 million, longer working hours, increased indebtedness and the increasing squalor referred to above.
The article does fit in with the general drift of our public thinkers chat though.
'WE' have been bad and must now drop our shorts and take our whacks.
Then we can all go back to the perfection we experienced but two years ago.

Stef said...

Is there anything more heart-warming than watching the birth of a new Official Narrative and seeing it take its first few uncertain steps

awwwwwww it's so cute!!

paul said...

But they grow up so fast, and that's when the problems start.....

Stef said...

“Common Purpose has for years done brilliant work in forging valuable links between the private, public and voluntary sectors. And it has helped to make better citizens of individuals and institutions.”

Robert Peston, BBC Business Editor

Anonymous said...

"From the rubble a new, less divisive, economic model will emerge"

This can only happen if fiat currency disappears.

Stef said...

I wouldn't hold my breath waiting for a voluntary or painless transition to either of those things

Stef said...

Oliver Postgate has just died. I'm really depressed now

paul said...

Noggin the Nog was indeed a brilliant revisionist psyop

Stef said...

but wait, yet more tales of the feckless underclass. In the Daily Mail this time...

Revealed: The town where HALF the people claim say they are too sick to work

Fancy that, the stirrings of a coordinated campaign to demonise the unemployed just as their numbers are beginning to swell, a lot

Who would have thought it

Anonymous said...

Indeed. People already hate them anyway, yet they don't realise the system DOES NOT help those who actually want to work.

Not to mention the lack of housing for those unfortunate enough to be out of work through no fault of their own (who then get booted out by their landlord)...

paul said...

All aided by a subtle rebranding excercise

Sometimes I wonder if it would be better if these sick fucks were just strangled at birth

Stef said...

You've got to wonder how much revenue 3,000 fraud investigators, armed with the power to confiscate ill gotten gains, would be able to claw back if unleashed on the financial services industry

I suspect that would be a more efficient application of scarce working capital than their current assignments

Stef said...

or how about opening a 'Shop a Fraudster' freephone line, offering anyone who successfully shops their employer 10% of the net and immunity from prosecution

I'd happily help set something like that up for a share of the take

paul said...

I can't see that fitting in with lord mandelson's 'dainty touch' approach to wealth and power.

Anonymous said...

"Thank you for your application.

We are sorry but you have been unsuccessful on this occasion."

That line is firmly burned into my retinas...

Parabellum said...

Bagpuss?

Stef said...

On the subject of Lord Mandelson, and with 11 Devaluation Days left till Christmas, I couldn't help noticing that the £ was blatantly flirting with being worth Euro 1.13 for the first time ever today

2009 is set to be a vintage year for purveyors of wheelbarrows and pitchforks

Stef said...

Bagpuss>

Clangers

Stef said...

That line is firmly burned into my retinas...

mare

paul said...

I couldn't help noticing that the £ was blatantly flirting with being worth Euro 1.13 for the first time ever today

but remember, this is good for exports! This time next year the world will be driving british cars, watching uk made televisions and tourists will be flocking to experience the great british holiday.

well, according to 'The economy is like a big ballon' school of thought prevalent amongst tv business correspondents.

paul said...

It's tough all over

Who'd have thought oligarchs could act so questionably?

Stef said...

either a) you've discovered the fact that I'm a secret Oligarch (if so, curse your hide) or b) that link's unwell

paul said...

link made well

apologies

paul said...

Though you can see why he didn't take them to court

not anonymous said...

oh oh,

ZURICH (Reuters) - Alex Widmer, the chief executive of Bank Julius Baer (VTX:BAER.VX - News) and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said.

A source told Reuters he had been informed by close friends of Widmer's family that the banker had committed suicide.

Swiss news website 20Minuten cited two unnamed independent sources as saying it was a case of suicide.

Swiss police declined to comment on the death.

oh oh another one


Morgan Stanley (MS) M&A Head Dead At 47


Reuters: MacDonald died on Friday evening, after suffering a heart attack at Morgan Stanley's offices in Canary Wharf, London, earlier last week, Morgan Stanley spokesman Michael Wang said.

A founding member of Morgan Stanley's European M&A team, MacDonald had worked on a string of multi-billion dollar deals, and became global head of M&A in 2007 -- the first London-based banker to hold that role for the Wall Street firm.

"Gavin was an extremely decent, universally liked, funny, selfless and deeply valued man. He was also a close and generous friend to many of us," Morgan Stanley Chief Executive John Mack said in a company-wide message. "He will be greatly missed."

Anonymous said...

Stef: ...mare

I was dismissed from my previous job after a change in senior management, no reason was given.

Anonymous said...

Britain worse credit risk than McDonald's
http://www.independent.co.uk/news/business/news/britain-worse-credit-risk-than-mcdonalds-1059574.html
By Sean Farrell, Financial Editor

Britain has become a worse credit risk than McDonald's and a host of other large companies, figures produced for The Independent reveal.

The collapse in Britain's credit rating has taken place over the past two and a half months, since the Government underwrote the banking system and decided to spend its way out of recession. Investing in UK government debt is now almost twice as risky as buying McDonald's corporate bonds, according to the market in credit default swaps (CDS), which provides insurance for the buyers of such debt.

The Conspiaraloon Alliance said...

ZURICH (Reuters) - Alex Widmer, the chief executive of Bank Julius Baer (VTX:BAER.VX - News) and a well respected figure in Swiss private banking, has died unexpectedly at the age of 52, the bank said...

The Conspiraloon Alliance is grateful for your contribution to its Sudden Adult Death Syndrome database which will be updated shortly

Thank You

Stef said...

Britain worse credit risk than McDonalds

looking on the bright side...

not anonymous said...

well fuck it.the UK needs a new market and I think I´ve found one.

Assisted Suicide Corp!!our sales pitch might go like,,,

"Tired of life?up to your neck in debt?Wife and kids ran off and left you? crippling incurable disease?shit scared of growing infirm and old and ending up rotting away in some smelly old folks home where noone gives a fuck about you,afraid of losing your marbles in old age?does your future look bleak??tired of the rat race?,then Look no further!,quit whilst your still ahead!and help to diminished the Carbon footprint!

We here at Assisted Suicide Corp can help you go to meet the maker of your choice,painlessly with dignity, and what´s more cheaply!why burden the loved ones you leave behind with a financial burden?
For just 3999 quid we will provide you with a "one way ticket to Switzerland!" with a free bottle of Scotch and a high quality hooker(optional)

Why not go out with a bang?you know it makes sense! call 0800,800,845 Today!Seure your Future NOW!

telling you folks 20 years from now this will be a booming industry

not anonymous said...

I shopuld have added between the paras


Tired of the rat race?,then Look no further!,quit whilst your still ahead!and help to diminished the Carbon footprint!

But shit scared to do it yourself?

We here at Assisted Suicide Corp can help you go to meet the maker of your choice,painlessly with dignity, and what´s more cheaply!why burden the loved ones you leave behind with a financial burden?

Stef said...

Boomsday

not anonymous said...

Boomsady,,oh dear it seems to be already ingrained in the collective psyche!!

Buddha once said.

"So a man thinks he becomes"

one could also say "so humanity thinks they become"

paul said...

Nice one from ther signs of the apocalypse lads

Stef said...

1.00 GBP = 1.13946 EUR

at this rate they'll be opening hypermarkets in Dover and Polish plumbers will be hiring UK merchant bankers to fix their toilets

which would seem fair enough to me...

Stef said...

@paul

ta

reading...

Stef said...

1.00 GBP = 1.1347 EUR

hmmm, toasty

Anonymous said...

Blogger Stef said...

1.00 GBP = 1.1347 EUR

hmmm, toasty

Would you prefer the Icelandic krona?

Stef said...

@10 Dec 08:

1.00 GBP = 175.519 ISK

@10 Nov 08:

1.00 GBP = 211.526 ISK

= 17% down in a month

Stef said...

which could suggest that Iceland is back baby, yeah!!

but somehow I doubt it

Anonymous said...

Homeowners use re mortgaging for day-to-day cash, says study.

yes siree,I know quite a few people who have done that.

http://www.guardian.co.uk/business/2008/dec/11/firsttimebuyers-mortgages

The UK is a strange place.
On my last trip to Scotland I visited my mate who lives in a council house in a less than affluent part of Central Scotland.
He stays in one half of block of Council houses.His neighbors have bought their house.He pointed out the window to a rather large new looking camper van thing that must have been worth 25-000 grand "they use it at the weekends he told me.
I´m thinking fuck me,,,how can they afford that?they owned two other cars apparently.

Every time I go back to the UK I visit people who have all the mod cons,,big fuck off tellies,nice cars ,,extensions on their houses and I wonder how the fuck do they pay for all this shit?

My own position is that I own my house, have a modest income, have no debt and cannot afford a new car ! I drive around in an old (but very reliable) Volkswagen Passat with 200,000 miles on the clock.

Stef said...

1.00 GBP = 1.1269 EUR

Stef said...

They'll be paying for that shit for a long, long time

Karl said...

Ron Paul on the Auto bailout

http://www.youtube.com/watch?v=Uc1fDjS0YF4&eurl

Anonymous said...

recession will create new type of consumer

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/3723510/Recession-will-create-a-new-breed-of-consumer-says-Asda-boss-Andy-Bond.html

not anonymous said...

A Ponzi Scheme that is Bigger than Bernie’s

People & Power - Rigged Markets


Bernie Madoff charged with biggest fraud in corporate history

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3725670/Celebrated-Wall-Street-trader-arrested-over-50bn-con.html

Anonymous said...

HSBC joins victims of Madoff’s alleged fraud

By Francesco Guerrera and Henny Sender in New York and Victor Mallet in Madrid



HSBC has emerged as one the largest victims of Bernard Madoff’s alleged fraud with potential exposure of about $1bn to the investment manager’s collapsed venture, according to people close to the situation.

The potential losses to be suffered by the UK bank as a result of Mr Madoff’s alleged $50bn “pyramid scheme” are a sign that his network of clients and connections extended to some of the biggest and best-known names in global finance.
EDITOR’S CHOICE
SEC under fire over Madoff failings - Dec-14
Charities feel pinch in Madoff fallout - Dec-14
Madoff is active political donor - Dec-14
Nomura reveals $303m exposure to Madoff - Dec-15
Santander clients face €2bn Madoff risk - Dec-14
Horlick faces losses in Madoff scandal - Dec-12

France’s BNP Paribas on Sunday said its maximum potential loss on Mr Madoff’s funds was about €350m ($468m). Spain’s Banco Santander said it had a direct exposure of €17m while clients of its hedge funds had €2.33bn at risk in Mr Madoff’s firm. Royal Bank of Scotland, of the UK, said it had “some exposure”. Japan’s Nomura on Monday said it had Y27.5bn ($303m) of exposure but that the impact on its capital would be limited.

A number of Swiss private banks and high-profile investors such as Fred Wilpon, owner of the New York Mets baseball team, are also believed to have invested or provided loans to investors in Mr Madoff’s firm.