B
Black Swan
You couldn't make it up is an oft used phrase these days, the rejoicing in the mainstream media (in particular the BBC) in relation to bank shares rising and the banks moving into profitability is the type of sophist spin Mandleson would be proud of...
Greece is declared a basket case, needing 30-60bl from Euroland to avoid being declared effectively bankrupt. *We* create £200bl of Q.E. to give to banks at 0%-0.5%, who then lend bits of it at 5% (and stuff the rest on their balance sheets) and we're perceived to be 'dead clever like'...
We also spend an estimated £150bl (never to be returned) on rescuing the banks, up to another £850bl *guaranteeing* various counter party risk yet the M.Media cream themselves that (as it stands) the taxpayer has made a 'profit' on the shares of up to £10bl....'kin 'ell...are we that collectively stoopid?
After the events of 2008 the integral credibility of the money supply was in doubt, the integrity of those who create it from source likewise. The political avoidance of the economic pain cannot surely be put off any longer? As any scholar/advocate of laissez faire Austrian school economics would state "a Marxist doctrine of capitalist exploitation just ain't gonna fly", well perhaps they wouldn't have said it in the fifteenth century, but you get the point...What they did state was this; "the first job of an economist is to tell governments what they cannot do."
Greece is declared a basket case, needing 30-60bl from Euroland to avoid being declared effectively bankrupt. *We* create £200bl of Q.E. to give to banks at 0%-0.5%, who then lend bits of it at 5% (and stuff the rest on their balance sheets) and we're perceived to be 'dead clever like'...
We also spend an estimated £150bl (never to be returned) on rescuing the banks, up to another £850bl *guaranteeing* various counter party risk yet the M.Media cream themselves that (as it stands) the taxpayer has made a 'profit' on the shares of up to £10bl....'kin 'ell...are we that collectively stoopid?
After the events of 2008 the integral credibility of the money supply was in doubt, the integrity of those who create it from source likewise. The political avoidance of the economic pain cannot surely be put off any longer? As any scholar/advocate of laissez faire Austrian school economics would state "a Marxist doctrine of capitalist exploitation just ain't gonna fly", well perhaps they wouldn't have said it in the fifteenth century, but you get the point...What they did state was this; "the first job of an economist is to tell governments what they cannot do."
