US debacle

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chump

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http://www.ft.com/cms/s/0/9fd5e4de-558e-11dc-b971-0000779fd2ac.html

Just surprised it took a politcio this long to see how they could get some mileage out of this one.
True to form 'Mr I haven't got a f...g clue about any of this' ,BUT I know what the people want to hear steps up to the mark.
If he really wants to penalise those responsible to compensate those who suffered financial loss he's going to struggle because the list is going to be extremely long and politically sensitive...akin to shooting yourself in the head...and to work at all it's going to have to assume that most of those nice folk requiring compensation are too thick to be held accountable for their actions...ok, that one might be easier to establish ;) ,but morally not in the spirit of the matter.
To work it's going to have ignore the mass collusion and just find some group universally hated that they can throw to the wolves...not a good time for agents/brokers and mercatile banks in general methinks, BUT high entertainment value!
 
chump said:
http://www.ft.com/cms/s/0/9fd5e4de-558e-11dc-b971-0000779fd2ac.html

Just surprised it took a politcio this long to see how they could get some mileage out of this one.
True to form 'Mr I haven't got a f...g clue about any of this' ,BUT I know what the people want to hear steps up to the mark.
If he really wants to penalise those responsible to compensate those who suffered financial loss he's going to struggle because the list is going to be extremely long and politically sensitive...akin to shooting yourself in the head...and to work at all it's going to have to assume that most of those nice folk requiring compensation are too thick to be held accountable for their actions...ok, that one might be easier to establish ;) ,but morally not in the spirit of the matter.
To work it's going to have ignore the mass collusion and just find some group universally hated that they can throw to the wolves...not a good time for agents/brokers and mercatile banks in general methinks, BUT high entertainment value!
Click to expand...

With due respect, I don't think that is such a bad idea. Why not redistribute the cake.

It makes perfect logical sense. Somebody has to be held accountable. Somebody has to pay.

This is no different than Bush's idea with the government helping home owners in debt? Begs the question how?

Merely a question of how?

At the end of the day, if housing sales slow down or prices fall one way or another everybody is going to pay. :rolleyes:
 
chump said:
http://www.ft.com/cms/s/0/9fd5e4de-558e-11dc-b971-0000779fd2ac.html

Just surprised it took a politcio this long to see how they could get some mileage out of this one.
True to form 'Mr I haven't got a f...g clue about any of this' ,BUT I know what the people want to hear steps up to the mark.
If he really wants to penalise those responsible to compensate those who suffered financial loss he's going to struggle because the list is going to be extremely long and politically sensitive...akin to shooting yourself in the head...and to work at all it's going to have to assume that most of those nice folk requiring compensation are too thick to be held accountable for their actions...ok, that one might be easier to establish ;) ,but morally not in the spirit of the matter.
To work it's going to have ignore the mass collusion and just find some group universally hated that they can throw to the wolves...not a good time for agents/brokers and mercatile banks in general methinks, BUT high entertainment value!
Click to expand...

The thickos are:
the Fed and the gov who aided and abetted this credit bubble nonsense,
the scumbags who undertook predatory lending,
those who thought it was a great idea to package this POS into ABS's,
those who assigned this POS a AAA rating; and
the bond and hedge fund managers who thought it was a great idea to buy this POS on margin. :rolleyes: :(
 
The Greatest Scam Ever Perpetrated

Following a link from fibo's post I found a bunch of short articles, the German economy between the wars is interesting reading of how they turned around their economy by "thwarting the international banking cartel by issuing their own money."

http://www.webofdebt.com/articles/bankrupt-germany.php

I quote from this one though http://www.webofdebt.com/articles/dollar-deception.php

"Price inflation is only one problem with this system of private money creation. Another is that banks create only the principal but not the interest necessary to pay back their loans. Since virtually the entire money supply is created by banks themselves, new money must continually be borrowed into existence just to pay the interest owed to the bankers. A dollar lent at 5 percent interest becomes 2 dollars in 14 years. That means the money supply has to double every 14 years just to cover the interest owed on the money existing at the beginning of this 14 year cycle. The Federal Reserve's own figures confirm that M3 has doubled or more every 14 years since 1959, when the Fed began reporting it. That means that every 14 years, banks siphon off as much money in interest as there was in the entire economy 14 years earlier. This tribute is paid for lending something the banks never actually had to lend, making it perhaps the greatest scam ever perpetrated."

Makes you think doesn't it! Is this for real, is this what is really going on?

Lightning
 
Lightning McQueen said:
Following a link from fibo's post I found a bunch of short articles, the German economy between the wars is interesting reading of how they turned around their economy by "thwarting the international banking cartel by issuing their own money."

http://www.webofdebt.com/articles/bankrupt-germany.php

I quote from this one though http://www.webofdebt.com/articles/dollar-deception.php

"Price inflation is only one problem with this system of private money creation. Another is that banks create only the principal but not the interest necessary to pay back their loans. Since virtually the entire money supply is created by banks themselves, new money must continually be borrowed into existence just to pay the interest owed to the bankers. A dollar lent at 5 percent interest becomes 2 dollars in 14 years. That means the money supply has to double every 14 years just to cover the interest owed on the money existing at the beginning of this 14 year cycle. The Federal Reserve's own figures confirm that M3 has doubled or more every 14 years since 1959, when the Fed began reporting it. That means that every 14 years, banks siphon off as much money in interest as there was in the entire economy 14 years earlier. This tribute is paid for lending something the banks never actually had to lend, making it perhaps the greatest scam ever perpetrated."

Makes you think doesn't it! Is this for real, is this what is really going on?

Lightning
Click to expand...

The person you quote has explained it far more intelligently that I could have, I have realised, for many years, that the banks add their own zeros onto the money supply. How can, God knows how many,,trillions of dollars worldwide be accounted for when it moves from one financial centre to another at computer speed. Add in all the fat fingers and there you are!!!

Split
 
"You [in the UK] haven't even had a taint of a recession for an extremely long period of time – and a goodly part of that is the flexibility that came out of the crush between Scargill and Thatcher," he says.

http://www.telegraph.co.uk/money/ma...CBQWIV0?xml=/money/2007/09/17/cngrspan117.xml

This guy just does not know when to go and fall on his golf club ,or whatever it is failed economists do when they are shown to be incompetent. The irony of his statement above is probably lost upon him. I wonder if his latest pronouncements will be has full of hotair as many of his previous one's ?
I read an extract from his book suggesting that rates of 1% in 2002 were "moderately low" and numpty humpty didn't know asset prices were being overinflated until late 2005 (gee Alan, which is two tax years after I started selling)...the more he opens his mouth the less respect people will have for him and with good reason.
 
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