counter_violent
Legendary member
- Messages
- 12,669
- Likes
- 3,787
I'll just remind you that the North of England was once the workshop of the world and the Southerners generally were scraping a living off the land.
How times change.
Last edited:
Spain is sliding into a full-blown economic depression
- Thread starter Black Swan
- Start date
- Watchers 8
I'll just remind you that the North of England was once the workshop of the world and the Southerners generally were scraping a living off the land.
How times change.
N Rothschild
Legendary member
- Messages
- 5,296
- Likes
- 603
i think you will find Edinburgh is far above any English city for standard of living etc
And the 2nd wealthiest after London
N Rothschild
Legendary member
- Messages
- 5,296
- Likes
- 603
probably the biggest misconception ever.
central banks printing is a TINY part of money creation. new money is created through the creation of new credit via the fractional reserve system. If banks are no longer lending there is no credit expansion. The credit expansion of the last 20years makes the "printing presses" look like spare change. How do you think we have been running at such high inflation for the last decade (house prices) when the central banks have been doing nothing?lol
The whole reason central banks are printing up cash is because there IS NO CREDIT EXPANSION GOING ON. and without it the whole system will collapse. Without the issue of NEW debt there is not enough money to finance all the interest on the outstanding debt. Hence the world will go into a deflationary spiral as the world pays off all this debt PLUS the interest. New credit is the only way to economic growth under a fiat currencey, problem is we hit the wall...
I really do laugh at people who think because the central banks have been printing money we will automatically have guaranteed inflation.
Some people on this forum really need to get a frickin clue it makes me sick the drivel that gets posted up here
infact im just going to start adding people to my ignore list, starting with the telegraph reader atilla. so dont bother replying to me
Last edited:
probably the biggest misconception ever.
central banks printing is a TINY part of money creation. new money is created through the creation of new credit via the fractional reserve system. If banks are no longer lending there is no credit expansion. The credit expansion of the last 20years makes the "printing presses" look like spare change. How do you think we have been running at such high inflation for the last decade (house prices) when the central banks have been doing nothing?lol
The whole reason central banks are printing up cash is because there IS NO CREDIT EXPANSION GOING ON. and without it the whole system will collapse. Without the issue of NEW debt there is not enough money to finance all the interest on the outstanding debt. Hence the world will go into a deflationary spiral as the world pays off all this debt PLUS the interest. New credit is the only way to economic growth under a fiat currencey, problem is we hit the wall...
I really do laugh at people who think because the central banks have been printing money we will automatically have guaranteed inflation.
Some people on this forum really need to get a frickin clue it makes me sick the drivel that gets posted up here
infact im just going to start adding people to my ignore list, starting with the telegraph reader atilla. so dont bother replying to me
Printing money is inflationary. It has to be because the money will be marked down in the money market. What guarantees that it is inflationary is that a socialist government is in power.
Call it "quantitive easing", it makes it sound better but it smells the same as that which you say you have a nose for.
montmorencyt2w
Senior member
- Messages
- 2,619
- Likes
- 294
I'll just remind you that the North of England was once the workshop of the world and the Southerners generally were scraping a living off the land.
How times change.
Or as northerners used to say (and some probably still do), that money is made in the north and spent in the south.
N Rothschild
Legendary member
- Messages
- 5,296
- Likes
- 603
and all this money is hitting the consumer how when there is no credit expansion? explain that one
the text books can say its inflationary all they like, the world is in a deflationary cycle and will stay like that for a long time, end of. people arnt borrwing, they are paying down their debt resulting in record contraction of the money supply within the consumer..
Last edited:
That is, precisely, why it is being done and, if it is not enough, it will continue to be done.
What annoys the public is the hype that's put around it by government in that it is not going to be important.
That reason is that world governments, not just ours, have not been valuing their currency in the way they should have. Plastic card spending, and UK has 30% of all credit cards in Europe, is at the bottom of this and is as nuch to blame as the banks.
Everything has to be paid for, sooner or later. That is what is happening now. Brown, Blair and Bush are all definitely responsible, in grand part. Obama is trying to solve the problem. Why should Brown be welcome to Obama in New York? He is part of the old guard.
What annoys the public is the hype that's put around it by government in that it is not going to be important.
That reason is that world governments, not just ours, have not been valuing their currency in the way they should have. Plastic card spending, and UK has 30% of all credit cards in Europe, is at the bottom of this and is as nuch to blame as the banks.
Everything has to be paid for, sooner or later. That is what is happening now. Brown, Blair and Bush are all definitely responsible, in grand part. Obama is trying to solve the problem. Why should Brown be welcome to Obama in New York? He is part of the old guard.
Last edited:
Atilla
Legendary member
- Messages
- 20,844
- Likes
- 4,027
I know what you mean but imho;
next to the US in conflict the UK army is a lion,
next to the US in peace time UK government is a poodle.
Atilla
Legendary member
- Messages
- 20,844
- Likes
- 4,027
I wasn't talking about Tolstoy, no.
You'd think a small gesture given our close battles would go a long way... That's gratitude for you from our American friends.
0007
Senior member
- Messages
- 2,377
- Likes
- 664
The "Economist" has an interesting article also - The media and Spain's government: Prisa zapped | The Economist
Seems the Spanish PM has "Sun" trouble as well as Gordo. (presumably Spain was not on Gordo's list when he was busy saving the World!)
Doesn't look too good at the moment.
Seems the Spanish PM has "Sun" trouble as well as Gordo. (presumably Spain was not on Gordo's list when he was busy saving the World!)
Doesn't look too good at the moment.
As someone who lives out here I haven't heard a great deal wrong with the banks. Part of the reason was a couple of cases involving, about 25-30 years , someone called Ruiz-Mateus and his Rumasa Group. After that there was Conde. Ruiz Mateus was not quite as bad as Madoff, but he started buying up all the smaller banks and was paying high interest rates out of the the new deposits. The socialists nationalised that group but Brussels made them give a lot back. Conde was about 12 years ago and he was up to all sorts of tricks as president of one of the big high street banks, here, and went to jail.
Anyway, this seems to have caused the Bank of Spain to to watch the banks more closely and, for that reason, this latest crisis has not affected our banks quite so much.
I don't know everything, though,
It hasn't affected your banks simply because they have not taken the current market value to loan value onto their books.Simple has that,but it is probably true they were not has leaveraged as some of their counterparts.Nonetheless all they are doing is the equivalent of releasing air from a balloon very slowly as opposed to letting it all out at once in the knowledge that the value on their books bears little relation to the market value and delaying is hoping that that situation changes. Think ,trader in a trade and the price just went past is entry so he tries to buy hope by holding on. They will be writing down for years to come. They're just doing it more slowly than say the US or even the UK ,but the problem they ahve is actually a lot bigger.
I have an account at Banco Santander in Spain and they messed up a transaction so they owed me a refund. They insisted on giving me the refund in Banco Santander shares! They own so much property here as the developers have gone bust and nobody knows what property is worth as it is not trading.
Could I just ask you to repeat that post so that so there is no mistake in what you posted.
Was the transaction of a nature ,or have a contract caveat that enabled the transaction to be remedied in shares rather than 'money'. I'm saying was the transaction one which originally involved the buying/selling of Santander shares as opposed to a simple money transaction on your account ?
It makes a huge difference because taken at face value your original post implies they don't have cash reserves big enough to cover daily transactions ,or let's say not big enough that they won't seek to remedy in an alternative specie. I'd find such a situation to be incredible.
counter_violent
Legendary member
- Messages
- 12,669
- Likes
- 3,787
Yeah .. needs clearing up pdq....thats the kind of thing could cause a run on the bank !
Come to think of it...my gold long has just gone ballistic.
Come to think of it...my gold long has just gone ballistic.
Similar threads
