Tuesday, December 29, 2009
Put economy not politics first, CBI chief tells SNP
Yes, Iain McMillan gets to dress up his unionist bent as economics once again. Not so long ago he was slapped down by his own members for being overtly anti-SNP. It escaped this propagandist that many of his own members were independence supporters.
As for the substance or lack thereof:
I guess the introductory paragraph is balanced enough as it exposes McMillan's obviously transparent agenda:
McMillan chose to use his customary “New Year message” to ramp up his criticism of the Scottish Government on several fronts and to question the sincerity of its commitment to the economy and business.
Let's get this straight, Iain McMillan represents his big corporate clients. His recent swipes at the SNP were based on them not supporting things like private prisons. Let me tell you something about them. In the USA were you have private prisons people invest in terms of bed occupancy. The longer the bed is sure to be occupied the bigger the return on investment. Thus we have corporate representatives like McMillan pushing the government for longer jail sentences. Crime pays eh? That kind of corrupt world is exactly where people like Iain McMillan will take Scotland.
Something else irked McMillan:
..he highlighted his annoyance with Deputy First Minister Nicola Sturgeon’s remarks at the SNP conference about never putting private profit before public sector need.
Eh, aren't businessmen supposed to ask for government to be as removed from the economy as possible? When you have government manipulation in the economy then there is no 'free market'. Of course people like McMillan see citizens as mere capital, neo-feudal debt slaves. There only for the ability of labour.
The reason the economy here and in the US is nose-diving is because giant, blood-sucking squids are sticking their funnels into anything that smells of money and that happens to be the public purse. Special interests now dominate the US government. Britain is going down the same path. Combining government and industrial interest is called fascism according to Mussolini. People like McMillan are not really businessmen, they want everything - it's power.
When the price of a currency is assured by government these megalomaniacs can't help but try to control political parties and governments. Their uncontrolled greed means they have no interest in markets - just money.
When these people have increasing power over government like they do in the US you end up going to war because big business makes a fortune out of it and getting flu vaccines because big pharma companies make a fortune out of it; you get wars on terror because they sell security systems and weapons. If you don't stop them they'll destroy countries and even the world. This is the kind of 'businessman' Iain McMillan is, even though he doesn't know it. These people have to be watched and very closely. Government and big business should be kept apart as much as possible in a democracy! Or even in a capitalist economy!
The bankers in the US and UK are bringing down the economy because of their greed and influence over government. Business 'leaders' like McMillan don't espouse 'capitalism' - they just want as much of your money as they can stuff in their Swiss bank accounts. And while millions slip into poverty they lick their lips at the thought of cheap labour and profits that can be made out of rising crime - remember those prison beds..?
When governments get involved in business they distort the market. They prevent a fair playing field as special interests gain leverage. McMillan should be told this and sent packing. Businesses will not be efficient if government interferes in the market place. His advice should be for the SNP to do as little as possible, to get out of the way.
If McMillan understood economics he would be going for Gordon Brown's throat. By reducing interest rates Brown and Mervin King have flooded the economy with cheap money. This has prevented savings and investment from taking off. The expansion of the credit supply has destroyed the real economy and yet McMillan attacks the SNP over a public spat with one of his members, which is no angel!?
McMillan criticises the SNP for halting infrastructure projects. Eh, if one of his members had problems with cash-flow would be be advising them to spend more money? No! Since when did capitalists start becoming Keynsian? Again, economic illiteracy and plain old greed. Government should never spend 1 penny more than it makes. If it does you move towards hyper-inflation and currency collapse which is exactly where Brown and Obama are taking the Western world.
It seems our 'business leaders' have no clue about the economy. Until they do, they really shouldn't be lecturing governments about what their job is. Go read some economics Iain and then come back and say something useful..
Sunday, December 27, 2009
According to an increasing volume of observers, no.
Financial ruin may well face the US in 2010 according to the best economics blog out there ZeroHedge
And Martin Wolf, associate editor and chief economics commentator of the Financial Times is urging leaders to act now to avert global currency tensions ahead of the imminent collapse of the $ as the world's reserve currency. See the report here or excerpt below:
Do we need a new reserve currency?
"Because the dollar, to my mind, given its underlying conditions, is no longer a credible long-term store of value," said Wolf. The decline of the US dollar underscores a phase of global power transition, with the balance of power moving from the US to Europe, China and India, Wolf argues, adding that the greenback's loss of credibility as the dominant global reserve currency is part of this messy transition.
No credible US policy
"The Americans no longer have the means to save themselves, this is what I think people don't understand. There is no credible American policy," said Wolf.
"We need to discuss this globally in a harmonious way. It's not happening, so at the moment the euro zone is a prime victim and it will continue to be, and that will create very big problems for European-based manufacturers, and quite particularly those that are relatively vulnerable to global price effects."
And it's a tremendous mess, a horrifying mess and that's where we are, I'm sorry. And we've got to get through this transition as quickly as possible to a more stable global monetary system with a lesser reliance on the dollar. We're going to get there over the next 10 years, I'm sure of it. We're going to get there. The only question we have to decide is, how we're going to get there." US-China trade
Meanwhile, a trade skirmish between the US and China could ensue, if Beijing continues to devalue its currency to bolster export-driven economic growth at the expense of economic recovery in the US, said Wolf.
He says China is working hard to defend the artificially low value of the renminbi in the hope that exports will pick up when external demand recovers. According to China's customs authorities, exports from January to November plunged by 18.8 per cent to $1.07trn from a year ago. However, according to The Royal Bank of Canada, export growth should pick up in the coming months and reach double-digits in early 2010.
China's efforts, Wolf said, will spark a "very vigorous, even vicious" reaction from the US as it's destabilising US efforts to engender an economic recovery.
Friday, December 25, 2009
He lives on and his ambition is clearly to empower these children with the tools of life that maths confers.
At school, I was really good at picking up maths but for some reason, after a couple of weeks I forgot what I'd learned. The consequence of this was that as the maths brought more and more concepts together, I lost the way because I'd forgotten what I'd learned before. I often wondered why that happened to me and not others. My latest answer is that the maths didn't mean anything to me.
And, now as we head into a depression it seems that the vast majority of the Scottish political and journalistic class along with the electorate and the blogeratti are clueless about the meaning of numbers. Why was our understanding of maths never extended to finance? Would we be too powerful as citizens if we understood numbers and apply them to real life?
It would seem so.
Even simple things are not understood. Take for example all the money that Britain makes every year. It amounts (or did recently) to around GBP 1.5 trillion. That's all the money going through people's hands over a year. Then, the Bank of England creates new money to the tune of GBP 150 billion and gives it to the banks. Those banks are then allowed to 'leverage' or multiply that by sometimes as much as 50 times. Let's for the sake of it say 10 times. That gives the banks the right to make new money to the tune of GBP 1.5 trillion. At the flick of a switch the citizens' wealth has been halved in two. The people have been robbed, their futures stolen and unborn grandchildren will be laden with this debt. This is the best case scenario.
This is pretty basic stuff in terms of maths and yet very few commentators seem to get it. Last year the entire population was looted in order to help out bankers who, through massive fraudulant schemes, became so greedy that they ended up owing hundreds of trillions of dollars and pounds. British banks may well owe a hundred times Britain's GDP.
To try and get out of this massive black hole, PM Brown gave more money to the banks so that they could amplify the money and try to get back to where we were. The problem is that where we were was the result of decades of too much credit and fraudulant trading. It burst because it could expand no further. That's why 'quantative easing' is doomed to failure.
Politicians will remain in denial. Governments have the exclusive right to take your money. That's why banks like to control governments and they do! In 2010 they'll take more. They will try to blow up that old fraudulant debt bubble but it is over. In the words of the famous Austrain economist Ludwig von Mises (1881-1973):
There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as a result of the voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.
Modern economics preaches that debt is the same as capital. People can apparently borrow to spend and that is healthy economics. Spending not saving has been the name of the game now for decades. No-one has bought into that economic theology more than Gordon Brown. Pain-free gifts are what politicians love. Imagine being able to promise everything that everyone wants. What do the little children want from Santa this year? So, the money-printing machine is incredibly popular with politicians.
As the old saying goes: 'Money doesn't grow on trees'. The theology that it does has taken a strong grip in recent decades. It suits politicians but it also suits banks. Banks sell debt. When you have more debt the banks have more control over your life, more power. It's neo-feudal economics - you become a debt serf.
The 'credit crunch' was caused because the availability of credit was expanded too much. People borrowed and borrowed. With all the extra money going around it drove up house prices. Well, people didn't need to save because if they ever needed a lump sum they could refinance their house. When the debt became out of control people stopped believing they'd be payed back and so the banks stopped giving credit to each other and to businesses and people. So, people (consumers) have less money and businesses (employers) are going under. Leveraged house prices trying to correct downwards..
The government makes no money, it has money given to it by employees and businesses. So, when it gave money to the banks it had to take it from people and productive businesses. So, these consumers can't support the economy and these businesses can't afford to produce nor hire staff. The money was given to the banks but the banks have not extended credit. Well, they continue to lend some in terms of credit cards. How does that work? Well, the banks borrow money from the Bank of England (that's yours and my money) at 0.5% interest and they lend it back to us at sometimes 40 or 50% interest. So, they take the money off you so you need to borrow from them at immoral rates of interest. This interest takes more money from the real economy and we spiral further down the hole.
So, as they try to 'fix' the problem they cause economic collapse. However, the economists and the politicians then tell you that the 'recession' was worse than they thought and that they need to print more money. And so the problems become more and more acute. Many of these people through arrogance or ignorance actually believe this economic theology and so they pump it through the media with zeal. We need more of this vaccine. They have no clue that the vaccine holds the contagion. To hide the severity of the problem they had to co-opt the ratings agencies and the regulators, then change the rules of accounting that apply to financial services and bring in new laws relating to the Bank of England. All about concealment. While they talked about recovery, many knew the true mess we are in and the hid it from us. This is aiding and abetting fraud schemes which transcend anything ever seen in the history of the world.The problem is that some actually realise that this economic theology transfers wealth from the many to a few oligarchs. The money involved is so vast that these oligarchs overpower elected governments. The politicians are terrified of them. Hank Paulson threatened the US congress with economic armageddon if it did not pass a bill giving $ hundreds of billions to the banks. This is the equivalent of a financial suicide bomber. More recently Royal Bank of Scotland tried the same thing. These banks were called 'too big to fail'. This 'too big to fail' concept meant that more and more taxpayers money was pumped into them to prop them up. The result is that they are even bigger and even more dangerous but still not stable.
Right under our noses we have witnessed the biggest robbery in history. By the banks. The scale of the transfer of wealth is so wide and so deep that otherwise intelligent commentators and observers have no idea how to understand what they're looking at. They quibble over civil servants' pay or allow themselves to be stupified by weapons of mass distraction like the war on drugs or binge drinking. The scale of the looting is just too big to come into view and our innumeracy defends the fraudsters. 'Too big to fail' and 'bail-outs' have created what is called 'moral hazard' whereby banks try to speculate on a high risk basis knowing that if they lose the taxpayer is behind them. There is no end to this lunacy until there is an ultimate currency collapse!
The solution to the crisis was easy. If the banks who got into trouble through fraud were allowed to go bankrupt, shareholders and bondholders would have lost their investments and the depositors would have been insured. The assets that were of any value would have been bought by competent, 'untarnished' investors and a new financial system would have emerged. If a fraction of the money that was given to the banks was used to cancel mortgage and credit card debt then our citizens would have emerged consuming and saving. Instead, the banks are still zombies, consumption is dead and the real economy is collapsing. The tax-take is nose-diving, unemployment is sky-rocketing and the pound is being increasingly devalued through printing. Britain is becoming a basket-case and yet AND still the sheeple cling to the theology of debt economics.
The tradgedy is that with all the pain that has been taken and is still to be taken the banks are still not in a position to be saved. There will be no credit. So governments will print and print. Eventually, hyper-inflation will cause panic, the banks will go into liquidation and with next to nothing Britain will have to climb out of the hole through manufacturing. This will take decades because the manufacturing base is destroyed by debt economics and because you need savings or capital to invest in manufacturing. In Britain, as the oil runs out and The City collapses, all that is left is some weapons manufacturing and some foreign owned football teams. Nothing else. The great delusion, oil driven, of British wealth and power since Thatcher kicked the bubble off now has to be paid for. A large % of Britain's sovereign debt is owed to foreigners because the people were told to spend not save.. Foreign investors want their money back and are now thinking that they may not get it or if they do the pound will have lost so much value that their investments are diluted. See this article in The Telegraph.
The best example in European history of such a situation where massive foreign debt must be paid back from a shrunken manufacturing base is Germany's Weimar Republic. Printing caused currency collapse and ended up with civil disorder and some rather ugly politics which threatend peace in the world. Let's not forget that Britain is a nuclear power. The nuclear threat is the only influence we'll have.
And so we march into 2010. High value jobs will be destroyed in the name of 'recovery'. As the government pumps more money into the economy so we will have no real idea of market prices of assets or even the true value of the pound. The economy wants to correct itself through recession but the government will just not let it happen. So, with false money people will buy things the economy can't afford and the transfer of labour from the leveraged 'distorted' economy to the productive real economy will be prevented from taking place and this will be done at massive expense to the taxpayer. The real problem which is debt will be worsened. The banks and the government they control are going to continue robbing us because we just don't understand numbers. There will be more 'stimulus' and 'quantative easing', the pound will sink, unemployment will rise. We'll be fed doctored statistics about GDP, unemployment and inflation.
Corporate economists and politicians will tell us they've seen green-shoots. There'll be no serious debate until a real crisis hits. Perhaps we'll have another war to stimulate production in the short term and distract us from economic mayhem. Iran for example.
We'll be paying for a long time for the illusion of wealth that debt economics gave us. The young would be wise to emigrate. Government will distrust the people more and more -not long ago they tried to give the police tazer-guns and the police refused them.
The banks will demand money or threaten to destroy the economy. They'll get it. The people will become poorer and more desperate.
This year Santa only visited the banks.
Wednesday, December 23, 2009
Aye, the wee lambs won't be silenced! If I were one of those bankster, fraudulant derivatives chancers - I'd be having nightmares about a bonfire of the vanities!
A UK priest has defended his comments that it is acceptable to steal from large companies.
Tim Jones, parish priest of St Lawrence and St Hilda, told his congregation in York, northern England: "My advice, as a Christian priest, is to shoplift."
The Vicar goes on to qualify his advice:
I would ask that they do not steal from small family businesses, but from large national businesses,..
In the video clip Tories and local express outrage at the priest. The question I want answered is where is the outrage at the massive financial fraud being perpetrated by banks with the complicit help of government? We are outraged by someone nicking something to eat but when the entire wealth of the nation is being looted by bankers, causing economic mayhem, that's somehow ok? Where is the anger? If we don't go after these criminals we'll all maybe be forced to commit crimes to survive!
If an independent Scotland kept the pound, it would have no say on interest rates – King
These articles are teed up so that unionist shills on the paper comment sections can spread misinformation. I read reems of garbage being disseminated. For a start, who says the pound is England's currency? It's Scotland's too, no?
My favourite though is the one about Scotland not being able to deal with inflation if we can't set interest rates. Ok, let's skip over the fact that Scotland has no control over interest rates right now. Interest rates have always been set to suit The City of London hence driving away manufacturing from economies like Scotland's in the UK.
No, what is amazing is the source - Mervin King. The man has done nothing but print money. He's pumped trillions of pounds into the financial services sector. Hyper-inflation could kick off at any time and he won't be able to use interest rates to deal with the problem because government and consumer debt is so monumentally large. If he puts up interest rates more than half of the UK's taxes will go on debt repayments. Britain will sink to the bottom of Europe overnight. His policy of low interest rates is flooding the British economy with money which is chasing away investors and savings - the very thing Scotland needs to encourage manufacturing.
So, he's shafting Scotland's economy while pretending to be wisely advising Scots what's best for them. Where do these arrogant fools get off?
The reason he's keeping interest rates so low is because all of Britain's banks are insolvent (admitted by John McFall) and they need large amounts of cash to plug the holes. Under whose watch did that happen Mervin? The key reason for the financial crisis is the low interest rate policy of the Bank of England. Rates were so low that banks borrowed lots of cash then leveraged it up and bought and sold fraudulant derivatives and King knows this and so is complicitous in widescale financial fraud.
Money was cheap cheap cheap and the banks sucked it up. Each pound represents the sweat of workers and every time he prints more and gives it to his mates the pounds in your bank account lose value or 'spending power' and your house loses value etc. His policy is killing jobs and business the length and breadth of Scotland. It does nothing but profound damage to the future of all Scots. The pain this man is causing and is going to cause families all over Scotland for generations is acute. This is the willful destruction of lives and people's futures so he can help out his buddies. Some are calling this 'financial terrorism'. He should be tried in a criminal court. Instead Das Schottishman wheels out this dangerous, megalomaniacal criminal to put us in our place?
Do you want to know what international investors think of Mervin? John Emby (chief investment strategist) of Sprott Asset Management calls him one of the four horsemen of the global apocalypse. Here is a quote from his article in the Investor's Digest of Canada.
In my opinion, the current equivalent of the mythical Four Horsemen of the Apocalypse are our financial leaders in the western world who are enthusiastically promoting and aggressively implementing quantitative easing in an attempt to sustain an obviously failed system and to bail out their banking cronies. They would include the atavistic Lawrence Summers, President Obama’seconomic guru and a key figure in the gold suppression scheme, the extremely naive Fed chairman, Ben Bernanke; the truly feckless U.S. Treasury Secretary, Timothy Geithner and Bernanke’s British equivalent, the hapless Mervyn King, head of the Bank of England.
We know that Das Schottishman is only interested in propaganda exercises instead of independent journalism. In order to seem balanced they allowed George Kerevan to write a piece on the subject which is pro-independence. However Kerevan's ripost which explains how Scotland could control interest rates is not prioritised and the damage has already been done.
These guys are stealing the people's money. In China a financier faced capital punishment for financial crimes last week. Here they get encouraged to rob us blind!
Monday, December 21, 2009
As reported by Chris Floyd the Obama administration has managed to have the Supreme Court accept that if he or his representatives adjudge someone to be an 'enemy combatant' then those people are denied any rights under the law:
After hearing passionate arguments from the Obama Administration, the Supreme Court acquiesced to the president's fervent request and, in a one-line ruling, let stand a lower court decision that declared torture an ordinary, expected consequence of military detention, while introducing a shocking new precedent for all future courts to follow: anyone who is arbitrarily declared a "suspected enemy combatant" by the president or his designated minions is no longer a "person." They will simply cease to exist as a legal entity. They will have no inherent rights, no human rights, no legal standing whatsoever -- save whatever modicum of process the government arbitrarily deigns to grant them from time to time, with its ever-shifting tribunals and show trials.
And yet this is what Barack Obama -- who, we are told incessantly, is a super-brilliant Constitutional lawyer -- has been arguing in case after case since becoming president: Torturers are immune from prosecution; those who ordered torture are immune from prosecution. They can't even been sued for, in the specific case under review, subjecting uncharged, indefinitely detained captives to "beatings, sleep deprivation, forced nakedness, extreme hot and cold temperatures, death threats, interrogations at gunpoint, and threatened with unmuzzled dogs."
Again, let's be absolutely clear: Barack Obama has taken the freely chosen, public, formal stand -- in court -- that there is nothing wrong with any of these activities. Nothing to answer for, nothing meriting punishment or even civil penalties. What's more, in championing the lower court ruling, Barack Obama is now on record as believing -- insisting -- that torture is an ordinary, "foreseeable consequence" of military detention of all those who are arbitrarily declared "suspected enemy combatants."
Yes, it is against the US constitution:
The Constitution is clear: no person can be held without due process; no person can be subjected to cruel and unusual punishment. And the U.S. law on torture of any kind is crystal clear: it is forbidden, categorically, even in time of "national emergency." And the instigation of torture is, under U.S. law, a capital crime. No person can be tortured, at any time, for any reason, and there are no immunities whatsoever for torture offered anywhere in the law.
Yehh, change you can believe in eh? More troops at war and banks creaming the taxpayer. What a nice place the world is with the US/Ukanian empire descending into a moral quagmire where people have less rights than you were guaranteed 2000 years ago in ancient Rome.
Sorry but our grandfathers put their lives on the line to defend us against people who behaved like that. People, we simply have to take care of our democracies.
Sunday, December 20, 2009
Does everyone in Scotland need their heads banged together? Wake up!
That chart tells you that while the world is trying to climb out of recession the US is going to bring it all down again. All that debt in the system means a collapse of credit i.e. the modern Western style economy. Brown's and Obama's answer is to borrow more but debt is the reason that the credit markets have seized up. Without credit the private sector is collapsing.
Eventually Brown and Obama won't be able to borrow anything. Why? Look at the chart. Every year the US government collects $2 trillion in taxes - how on earth are they even going to be able to pay even the interest on that debt? On top of all that the US has $100 trillion in unfunded obligations (baby boomers retiring) which is being kept off the balance sheet! What are they going to do to solve this problem? PRINT MONEY. So, while the economy is crushed under the weight of debt they are going to pay that debt back by decreasing the value of the currency. The pound has lost 30% of its value over the last year and a half because of this policy.
Brown is already printing money because he can't borrow enough - tax from individuals and companies are nose-diving. In the US income tax take is down over 20% and corporation tax down almost 60%. Britain is in a similar position. So a massive reduction in income will cause Brown to print even more money. Watch while all your assets get devalued and inflation hits.
Then to stop the inflation going mad they'll have to put up interest rates. Look at the chart above again. How can a government afford to pay say 10% interest on debts on that scale? Half the tax take or more will go on interest payments alone. Government services are going to be halved and taxes are going to go through the roof. Higher education is going to collapse and there'll be no entry level jobs for the young who will want to emigrate. The tsunami is coming folks and the longer they put off the inevitable the worse it is going to be. And because Brits have no savings who's lending money to the government? Foreign investors and countries. Are they going to be happy that you are repaying debt with devalued currency? No. Are they going to continue lending on this basis? No.
Scotland must leave the union. We simply have to use our oil revenues to rebuild our manufacturing base. Pumping money into banks meant taxing individuals and industry and that has caused British products to become too expensive and so production has gone overseas. Manufacturing only accounts for around 13% of the UK's economy. If we don't make things for ourselves we have to buy them from abroad and if we don't make things we can't sell abroad. So, how are we supposed to pay debts when we run huge deficits in the balance of trade with other nations?
Trying to be a player on the world stage is running Britain into the ground. A government simply must balance its budget. It must only spend what it has. Government debts on the scale of the US and Britain are profoundly dangerous economically and politically. Britain must be scrapped now. Let England find itself without the imperial cloak of Britania and let Scotland use its oil wealth to shape our nation for a future that is both sustainable and Scottish. Trident has to go and the troops must be brought home. Stop trying to screw people over geo-politically!
The chart above represents the key political debate we should be having. However, because of vested interest and political chicanery this debate is not taking place. It is now pivotal that people take measures to protect their wealth. Do not believe governments or banks - that could be a fatal mistake!
Below is another chart. At some point economics got into the hands of financiers and this is what's happened. When the collapse comes there will be a debate. Financiers must not be allowed near government. Right now Goldman Sachs, JP Morgan, Citi and others have taken over the Whitehouse. Obama was picked by them and he is their man. He'll talk about slapping down bankers but when he gets to the meeting he does what he's told. The merger of government and industry is called fascism. Our economy is fascist economics now. Who would have believed that so many banks would become nationalised? It didn't happen even during the war. In the US the government runs the insurance industry, banks, car companies, the mortgage sector and so on. Is this capitalism? When bankers blow it all they get underwritten by the taxpayer? It's insane. The debate will have to happen. We must keep the government out of the economy especially with regard to monetary policy. When they play with the money supply they become easy to manipulate - something the big money men have always been good at.
Everyone must try to raise these questions now. We must have this debate. By sticking our heads in the sand we are allowing our leaders to make the world a more dangerous and unstable place. We must practice democracy and demand answers. When the crash comes there is serious political and civil consequencies. I smell the police state is already half here. How far will they go to stop the people demanding justice? Will they distract us with more wars?
It's time to get Orwell's 1984 off the shelf and give it another once over!
Saturday, December 19, 2009
When everyone is lying about the state of the economy, you get called a doom-merchant just because you ain't pushing green-shoots by the ounce on street corners. Britain has been looted and is continuing to be looted. There seems to be widespread financial holocaust denial in the media. Just how bad is the global economy? The reason no-one can get credit is because everyone has too much debt. No-one believes people can pay it back and people or business don't want any more of it. Brown's answer? Borrow more. Yeh, we should cure Tiger Woods by sending him to a brothel.
Here's the debt picture that no-one talks about. The US economy is connected to every country in the world and in a big way. Britain has a similar problem to the US and is dependent on the US for exports and much else besides. So how is the US debt load looking:
Click on image for full size.
Does anyone in their right mind think that the US economy is going to bounce back? Where does that leave Blighty and check out that 'rest of the world' figure. Why is Scotland not gagging to get out of the bankrupt Britain straight-jacket?
And just in case you might want to think about what to do if a country experiences hyper-inflation see the following video:
Noble’s Scottish roots abandoned with buyout
In the article Sir Iain Noble, whom I've met and who seemed a very agreeable sort, was described as a 'controversial financier'. Is this because he supports Gaelic and Scottish independence one wonders? DHS's journalist Tim Sharp refers to the outgoing chairman Ben Thomson as a "supporter of Scottish independence" and points to the supposed irony that Thomson: "has been a champion for retaining a strong Scottish financial sector."
Now, Das Herald Sturmer is rightly proud of its Scottishness. Whilst reading Sharp's article I really did get a strong sense of irony. A story which is really about Scotland losing another finance HQ to London is dressed up as a hypocritical 'Nat' story (election is not far off now) by a hack whose title is 'City Editor', pfffff. Sharp practise indeed by little Timmy.
Something else is missing from the article. There's no mention of all the cheap taxpayers's money Brown is dishing out to banks. We know, thanks to John McFall, that every bank in Britain is insolvent and the entire financial services sector with it so where is the money coming from to buy the Noble Group? Yes, the taxpayer. Rabbit-hole economics people!
The article does point out something interesting though. It seems that Thomson and the Noble brothers sold their shares in the company in January 2008. Did they see the 'credit crunch' coming? Good for them. Now, with that extra cash swilling around can they not buy Das Schottishman from Johnston Press and give us cybernats a holiday from countering union propagandists?
Friday, December 18, 2009
Case Study: FlyGlobeSpan
We have learned today, reported by Das Herald Sturmer, that FlyGlobeSpan was owed GBP 34 million by London City credit card handling firm E-Clear
Brown causes a credit crunch through deregulation (allowing high street banks to behave like merchant banks), changing accountancy pracises to allow financial companies to lie about their true capital positions, expansion of household and government debt and then bail-outs and quantative easing. People have less money to spend as the economy contracts and corrects the damage these policies caused. People lose jobs and have less money so companies like FGS have fewer customers.
These policies have resulted in the massive derivatives scam which has, as John McFall acknowledged, led to the the UK's entire financial services sector to be insolvent. So, now we have a situation where a credit card holding company is not passing on money it owes to its clients hence FGS going into insolvency. No-one can know that this company and every other financial services company is able to pay its debts because Brown is allowing them to lie so that he can cover up how much damage he's done. And in the meantime pours lots of cheap taxpayers money into these bottomless pits..
I've read a lot of garbage on comments pages about how FGS was badly run or that it was a pirate outfit and so on. The truth is that it is credit starved and owed money by a London firm that is probably bankrupt. FlyGlobeSpan is just the latest firm to go into Brownruptcy!
Time for Scotland to put on the independence parachute and bail ourselves out.
Thursday, December 17, 2009
Some very good news if you are against an independent Scotland joining the European Union!
If the economy was really bad would everyone lie about it? Yes. The CRISIS has been going on for nearly 2 years now. Lot's of talk of recovery, saving the world financial system, green-shoots and lot's of conferences and press releases and yards of financial 'news' about how things are getting better etc. It's all garbage. Many said over a year ago, myself included, that we were heading for depression and that 'stimulus' would make things worse, that governments and banks were lying about what was really going on.
They still are. Reported by Market Ticker today:
Dec. 17 (Bloomberg) -- European Central Bank officials are moving closer to forcing banks to provide more information about the collateral they give the ECB in return for loans.
You mean the ECB doesn't have full information about the paper they took in as collateral for loans? What could they possibly want to know?
Under the terms of the collateral consultation, officials want banks to provide information about individual loans such as the value of the property backing a mortgage, details on cash flow and whether the borrower is in arrears, the people said.
You have to be kidding me. The ECB is holding paper as collateral where they don't even know if the borrower is making the payments - that is, whether THE LOAN HAS DEFAULTED OR NOT?
The ECB has already tightened the rules for asset-backed securities it accepts as the central bank moves toward unwinding its emergency liquidity measures. The ECB said Nov. 20 it wants to ensure “high credit standards” are met and aims to restore “the proper functioning of the ABS market.”
Everyone ready for the big explosion? Or are you still smoking them green-shoots? If it wasn't for the fact that the world needs a rival economic, financial and political democratic superpower to contain the US, I'd be talking about Scotland doing a Norway. We may have to as there soon may not be any Europe left.
Wednesday, December 16, 2009
The Gordon Brown and Ally Darling double act strike again. Throwing money down the deep, dark and endless pits of the banks' balance-sheets has not resulted in credit/money getting into the real economy. By taking money from the real economy and giving it to banks the real economy takes a big hit and simply caves in.
Tonight, on RECOVERY NEWS we can tell you that the Daily Retard reports that the Edinburgh based FlyGlobeSpan airline has gone into administration. Thousands of tourists are stranded and many will lose their christmas hols..
Thanks PM Brown. Take your bail-outs and 'quantative easing' and stuff them.
That was then.
In today's Telegraph we read:
Gulf petro-powers to launch currency in latest threat to dollar hegemony
What are those pesky Arabs talking about? Oil gets sold in $s, so everyone needs to buy $s if they want oil and so that creates demand for $s and so the price of the $ is held up. With all the US hardware in the region bossing everyone around, the Arabs wouldn't dare, no?
The Gulf monetary union pact has come into effect,” said Kuwait’s finance minister, Mustafa al-Shamali, speaking at a Gulf Co-operation Council (GCC) summit in Kuwait.
The move will give the hyper-rich club of oil exporters a petro-currency of their own, greatly increasing their influence in the global exchange and capital markets and potentially displacing the US dollar as the pricing currency for oil contracts.
..Saudi Arabia, Kuwait, Bahrain, and Qatar are to launch the first phase next year, creating a Gulf Monetary Council that will evolve quickly into a full-fledged central bank.
..The Gulf states remain divided over the wisdom of anchoring their economies to the US dollar. The Gulf currency – dubbed “Gulfo” – is likely to track a global exchange basket and may ultimately float as a regional reserve currency in its own right. “The US dollar has failed. We need to delink,” said Nahed Taher, chief executive of Bahrain’s Gulf One Investment Bank.
"The US dollar has failed"? Seems all that money printing by the US Fed isn't impressing anyone. Waow, what's gonnie happen in the playground when Britain's Big Man is expelled? And Brown has been printing even more. No Big Man and sterling devaluation, gulp..
It seems that the reasons for staying in the union are melting away like snaw aff a dyke..
Tuesday, December 15, 2009
John Williams runs the counter-government data manipulation website which is very popular in the US: http://www.shadowstats.com/
What? Government economic statistics are that unreliable? Well, not so much unreliable as unbelievable and untrustworthy.
So John, how IS the US economy really doing then?
The U.S. economic and systemic solvency crises of the last two years are just precursors to a Great Collapse: a hyperinflationary great depression. Such will reflect a complete collapse in the purchasing power of the U.S. dollar, a collapse in the normal stream of U.S. commercial and economic activity, a collapse in the U.S. financial system as we know it, and a likely realignment of the U.S. political environment. The current U.S. financial markets, financial system and economy remain highly unstable and vulnerable to unexpected shocks. The Federal Reserve is dedicated to preventing deflation, to debasing the U.S. dollar. The results of those efforts are being seen in tentative selling pressures against the U.S. currency and in the rallying price of gold.
Nooooooooo, all the government talk about working towards a recovery. We've been promised John and it's government, if we don't believe in the government who should we believe in? Santa?
Never happen in Europe. Governments have taken the proper steps to solve the crisis. It makes me feel all safe when you see them all together at summits. They're so reassuring!
Dow Jones today:
Irish banks will need significantly more capital and 50% state ownership of the country's two leading banks is "quite possible," Patrick Honohan, governor of Ireland's central bank, said Tuesday.
The governor said significant additional capital will likely be needed in the two main banks taking part in the forthcoming National Asset Management Agency -- Allied Irish Banks PLC (AIB) and Bank of Ireland PLC (IRE).
Speaking to a parliamentary committee, he said: "To the extent that needed capital cannot be sourced by the banks themselves, the government has indicated that it will be prepared to make the necessary investments.
Yes but the European Union or the € is not in any serious danger. I mean things ain't that bad, are they?
In the Telegraph today:
The danger point for Greece will come when the Pfennig drops in Berlin that EMU divergence between North and South has widened to such a point that the system will break up unless: either Germany tolerates inflation of 4pc or 5pc to prevent Club Med tipping into debt deflation; or it pays welfare transfers to the South (not loans) equal to East German subsidies after reunification.
Before we blame Greece for making a hash of the euro, let us not forget how we got here. EMU lured Club Med into a trap. Interest rates were too low for Greece, Portugal, Spain, and Ireland, causing them all to be engulfed in a destructive property and wage boom.
The ECB was complicit. It breached its inflation and M3 money target repeatedly in order to nurse Germany through slump. ECB rates were 2pc until December 2005. This was poison for overheating Southern states.
The deeper truth that few in Euroland are willing to discuss is that EMU is inherently dysfunctional – for Greece, for Germany, for everybody.
Arggghh, you'd think none of the governments and banks have a grip on anything wouldn't you? You'll be telling me next they were all lying anyway. Brown and Darling wouldn't lie though - this is Blighty after all?
Janet Tavakoli (Tavakoli Structured Finance) writes in the Wall Street Journal:
Alistair Darling, Chancellor of the Exchequer, spoke on the opening evening. I asked him why massive financial fraud remained unaddressed. Darling appeared momentarily confused and seemed to suggest this was exclusively a U.S. problem to be handled by the courts. I pushed back on this notion. By the time one needs a lawyer, it is too late. I noted that we, the middle aged financiers in the room, are responsible for taking action. If we don't face this issue head on, we will never restore trust in the financial system.
And that was RECOVERupY News, Goodnight!
Monday, December 14, 2009
Sunday, December 13, 2009
Commentors are getting more and more interested in why we're really in this economic mess and what to do to protect their money..
Well, I have another source for you. Jim Rogers is a world famous investor - he started the 'Quantum Fund' with George Soros back when..
Here he is telling it like it is. Listen to this and then tell me: who would you rather was running the British economy Brown/Darling o Jim Rogers. A no brainer!
Friday, December 11, 2009
Why have Brown, the economic pundits, most economists especially corporate one and the media all misunderstood the economic problems so badly? Debt driven consumer economics became the theology of modern economics. Politicians loved it and so did the banks - they still do. We were all drunk at a party and no-one wanted to listen to 'let's sober up'.
Britain and America are screwed economically. Those with manufacturing and resource economies are all handling the 'global recession' quite well. Those economies which thought borrowing money and ramping up the finance sector was the way to prosperity are heading into depression.
You ain't gonnie get the truth from the mainstream media because they don't really understand it anyway. So, where are you going to get it from?
Below is a video of a fantastic debate. It pitts your typical modern economist - a real money-printing, stimulizing, bail-outing, Brown-nosing Obamanoid against someone who actually knows what he's talking about - Peter Schiff.
You've probably read miles of keich about recovery, economy needing more stimulus, government should be doing more for jobs and so on ad-infinitum. Journalists have published this rubbish unquestioningly as if it were the true path and the word of God. Well, what if spending all that money is taking us from a recession to economic collapse? What if Brown's GBP 850 Billion taxpayer present to the banks is causing more unemployment and financial ruin in the real economy? What if the dogma that has been rammed down all our throats was actually hugely counter-productive?
You've had the phoney debate about economy for years. Now, I present the real debate. Not MSM, banking, politician and corporate theiving propaganda but an explanation of real economy and real money:
Thursday, December 10, 2009
I read a fantastic idea today from blogger OutLander. Regime change in Norway - it's got oil so heck why not?
For a thorough examination of the war aims and reasons for invasion click on the Norwegian defence forces below:
The back-passage of time is slowly squeezing Blair out into the open. Michael Meacher, in his blog today, explains how Tiny Tone wasn't conned or muscled into supporting the Iraq war, he wanted to be in the gang. Indeed, Bush called him to tell him he could "sit out the war" but wee Tony wanted to play with the big boys. Ah, don't you just love God complexes? Half a million dead Iraqi children are a small price to pay for posterity.
Talking of the cost of empire, the cost of war and children - the American dream tramples on. The land of the free and home of the brave now have 25% of their kids on food-stamps. Bloomberg today reports 37.2 million Americans in total getting food handouts. In the last quarter over a million homes were foreclosed.. Doesn't the tears come to your eyes when you listen to the star-spangled banner when your weans are hungry?
Mish Shedlock's excellent blog examines these stats today and includes an interactive map of how the 2nd Great Depression is spreading throughout the greatest country in the world bar none. Change you can believe in, right?
Do we hear the stories on the mainstream media? Not in the US and not in the UK. As long as they rot and starve in the housing schemes and ghettoes who cares? Just don't talk about them while we're having our sushi.
And some folks think army recruitment is nothing to do with poverty. I wonder sometimes what world 'political commentators' inhabit. I read one such comment today - something about how it's not only the poor the army recruits. No, the officers are well-off and the truly poor are often too physically and mentally destroyed to even soldier. Those a bit above the under-class are the targets. These people don't tell you they had no options but that's exactly the case. Unemployment is twice the reported figure, salaries are declining, consumer prices rising, crime rising sharply, homelessness up, debt delinquencies rocketing and so on.
Welcome to Britain PLC. And Scotland is a wholly-owned subsidiary of that rotten carcass!
"Total public sector net debt for 2010-11 is now reckoned at £986bn, up £9bn from the figure presented in the Budget earlier this year. By 2012-15, that debt figure will have ballooned to £1.5 trillion.
The figure is equivalent to 78 per cent of the entire worth of the UK. To put this in perspective, compare the government's utter absence of immediate action on this front with the Draconian measures announced by the Irish government yesterday, with cuts in public-sector pay, fresh tax increases and spending curbs in order to prevent the country's net debt from hitting 60 per cent of GDP."
And Bill's conclusion is maybe even more spot on than I suspect he knows:
"Truly, the era of debt-and-borrow politics has drawn to a farcical close."
Try debt-and-borrow economics. When saving and productivity economics kicks back in we're going to see minimum 10% interest rates. Watch that budget disappear, watch those house-holders emigrate. What a mess folks! What a mess!
I think what a lot of people in the blogosphere miss out on is that they look only at the borrowing figures. I read one which talked about Darling only being out on projections by GBP 3 billion. For a start that was based on revised projections. The main point is that the budget after borrowing is propped up simply by an increase in the supply of money. It's not taxation paying for it but simply Brown's epson colour money printer. It goes out as quantative easing and comes back as taxation - but it has no value!
I even read one Labour blogger suggest that Darling could well go down as Britain's best ever chancellor. She's smoking the highest quality green-shoots in the pueblo!
Wednesday, December 9, 2009
As we know you can manipulate stats like GDP, inflation and unemployment and get placemen to spin it any way you want.
Then when figures that are solid and dependable come out they get ignored. Let's look at point of sale consumer technology purchases in the US:
This is from 2007 till now. Waow, just as well we've had all them stimulus packages eh? The economy is really picking up now. Of course, it was all lies. The money given to the banks was not about freeing the credit markets, it was about bankster largesse at taxpayers' expense.
Those who bought into the 'recovery' bull really do have to start having a word with yourselves. There aint gonnie be one. There will not be less debt in a couple of years. In Britain, the oil can't support The City any longer and Britain is heading South, big style. Those with half a clue know it. People like Jim Rogers, famous international investor, have been predicting the collapse of the pound and telling people to leave the UK for a brighter future.
I've been banging on about 'no recovery' for a long, long time now. Journos just bought the garbage about 'stimulus' as it were some universal mathematical truth. It has done nothing except impoverish taxpayers and destroy the real economy.
Darling is now saying that the 'recession' is worse than people knew. Eh, what people? I've been predicting depression for over a year. Believe me, we have seen nothing yet.
The debt levels in Britain are monstrous. Government debt now too. To switch the economy over to a manufacturing economy Britain needs high interest rates and savings. However, government has borrowed so much that if it puts up interest rates it won't be able to pay interest on its own debts. The money will have to come from taxes but from people whose debts will be slaughtering them with interest payments too. Brown will print and print and print..
We are swamped with propaganda. They print money and call it growth. There will be no growth and debt will continue to rise until we shut down the banks, raise interest rates and get productive again. Pain for generations and long after Gordon and Ally are gone..
Keep smoking them green shoots - escapism is the weapon of choice for the vast majority it would seem.
“There is thinking in continental Europe that would like to rein in London and see London sink,”
In a conference organised by the London School of Economics Soros said:
“There is this Franco-German alliance, I nearly said conspiracy, an alliance or common ground.”
Sparks are flying. Starting to get why we're not in the Euro? Remember Brown's 5 tests for joining. It was all bull. There was never any intention of joining the Euro. The City and Wall Street were major players only if they could get away with fraud on a scale unimaginable. Brown and Clinton then Bush gave them the breathing space they needed through abolishing regulation and allowing money printing. The financial oligarchs controlled all and are the US/UKanian empire. The merchant banks sold fraudulant derivatives all over the world. It made The City look big and the tax revenues rolled in and Brown looked like the king of all chancellors. Now we know it was all fraud and now through sweat and pain we'll have to pay for it all for generations to come.
And what of Europe? Spain, Greece, Latvia, Italy, Portugal all nose-diving. Wouldn't Brown love Germany and France to bail them out? That would mean Britain was suffering a 'global' problem not a Brown one, mmm. If Spain leaves the Euro or the EU, the game is over. The Spanish know that and the poker game is on. A gun to the head of the Germans! Bail out or no EU tio.
Unlike Britain, Germany has manufacturing. They learned their lessons from the Weimar Republic! You have to produce your way out of a depression. All Brown can do use his epson money printer. Germany is the powerhouse but it may have to let South Europe go. That keeps the dollar hegemony going a while longer - now that investors are switching to Euros en masse..
Real politics? It's all about managing devolution in the land of tea and biscuits nationalism. World trade has collapsed, empires are flailing, economic systems have collapsed, currencies are in crisis, peak cheap oil is upon us and we're worried about discussing Scotland's place in the world? The politicians who tell us we need to concentrate on the economy are fools. They will lead you over a cliff. As the saying goes "if you listen to their lying, they'll con you into dying"
Dick Gaughan sums it all up so well. A reminder that sometimes we need to remember history:
No, the reasoning, in DHS's article - not a headline story, was left to the army and the JobCentre:
"Brigadier David Allfrey, Commander 51 (Scottish) Brigade, said economic conditions and increased national support for the Army could be helping to fuel the rise."
"Ann Scott, senior external relations manager for Jobcentre Plus, said: "With the varied and outdoor lifestyle, the excellent starting salaries, the career progression prospects and the many career choices available, it's no surprise that the Army has become a career of choice for so many."
There was a worse piece, not so long ago by Das Schottishman, which put the upsurge in recruitment down to an increase in the desire for challenges in life or some such kak.
We know. Before the onset of Britain's depression interest in the army in Scotland was falling off a cliff. Young folk have no prospects. Thanks to Brown destroying the economy, and feeding greedy bankers till they pop, the young and poor are so desperate they'll face death rather than life in Scotland, Britain, the USA.. While bankers and arms manufacturers feast on the profits of wars they themselves instigated, the economically disenfranchised go hungry. A lost generation. They'll be told to find a job or join the army. And off they go to kill and be killed for an empire which has robbed them blind and politicians that will send the poor to soldier because some oil magnate or merchant banker that provides PMs jobs after they retire told them to.
And Das Herald Sturmer offers no commentary - simply a report placed somewhere unimportant.
Tuesday, December 8, 2009
We hear the same bull about recovery here as we do in the US. Even today I was reading that the SNP were talking about how Brown's cuts would endanger recovery showing that neither they nor Brown have a scooby about what's actually happening in the economy.
The latest consumer credit figures are available for the US:
Oh yes, remember Brown telling us that the bail-outs and money printing (quantative easing) were all about getting the economy going? And that was and is dutifully disseminated by a compliant, unthinking media.. Well, consumer credit continues to decline (see above). That means that small and medium businesses which are very successful can't get credit to survive and that means jobs being lost in the PRODUCTIVE and REAL economy. The 'stimulus' is killing the economy and causing a massive loss of jobs in the private sector. Giving money to insolvent banks will only mean that those banks will sit on the cash. They ain't gonnie lend any of it. If they do lend some in credit cards for example then they'll charge immoral levels of interest. They get money for 0.25% from the taxpayer and lend it to the taxpayer (now struggling, thanks to job losses) at 30 or 40%. This is dangerous and lunatic!
Money is being sucked out of the real economy. All the money that was given to the banks is being used to trade with each other backwards and forwards until it's eaten up with commissions and bonuses. Then they tell us they're creating wealth.
This is INSANE people.
In a couple of years half the money we pay in taxes will be used to pay just the interest on the government's debts. Why are they borrowing so much? To stuff money in the fat faces of their banking buddies who blew all their own money on the big casino.
Taxes are going to go through the roof and services are going to be cut so much that Britain will soon not be a first-world country. If cuts don't happen then you'll get hit with hyper-inflation and people will seriously go hungry and emigrate. This is where we are economically now. All thanks to Gordon Brown being so stupid as to be conned by greedy merchant bankers!
Scotland needs to stop and have a moratorium. Britain is becoming a total basket-case. Independence is now as appopriate a subject as it ever was. If you listen to the liars telling you that now is the time to do something about the economy and not talk about the constitution, you stand to lose everything. And remember that those who tell you that they should be doing something about the economy are the same people who have destroyed it. We should not let them near the economy - they are economically illiterate or utterly corrupted or both.
Independence is exactly what we should be discussing - anything else is negligent!
Since Brown became PM the whole story of Iraq has, miraculously, slipped from the headlines. Why are we there? Well, we now know that Vice President Dick Cheney was preparing to invade Iraq long before Sept 11 2001. We know that banks always make a fortune out of wars. They lend the money to governements to fight them and they always have investments in arms manufacturing companies. Dick Cheney's company Haliburton made a fortune out of the 'reconstruction' of Iraq after the war. JP Morgan, central to the derivatives scam which threatened to implode the world economy last year and now this year, won the contract to run the new Trade Bank of Iraq. We know that Blair pushed for the war and we know that withing 3 days of leaving office he got a 2 million pounds a year consultancy job with said JP Morgan.
There is ample evidence that Washington is now controlled by Wall St. Bankers, arms manufacturers, pharmaceutical companies. They have successfully taken over the US government. That influence extends to Britain.
We should not think of Britain as a democracy. How many people were against the war? How many against the bail-outs? No-one listens. Instead, we the people get robbed and we are increasingly distrusted. CCTV cameras, databases, ID cards and so on. We are slipping into a fascist tyrrany run for and by multi-national companies.
Millions dead in Iraq and Afghanistan. And remember that Afghanistan has 95% of the world's heroine. How does that find its way around the world? Not from the Taliban I can guarantee you that. The money gets laundered through banks and that money is leveraged up so that merchant banks can buy and sell fraudulant derivatives to each other and then suck in billions in commissions and bonuses. Drug trafficking is now one of the things that underpins the international financial system. There are no investigations by the complicit governments..
Pondering all this and why in God's name Scotland does not escape the collapsing US/Ukanian financial empire, I was reminded of an old video of a US general discussing the real agenda as to why we are deliberatly destabelising the middle-East -
We truly live in Orwellian times. Revolution and/or war gets closer by the day..
Yes, while the IMF and international investors warn of systemic currency collapse the supposedly 'independent' ratings agencies continue to get exposed for giving false Aaa ratings to the UK and the US. Today in ZeroHedge we hear that Moody's talks about the UK being 'resilient' whereas other countries with far better finances are called 'resistant'. With corrupted regulators, ratings agencies and government the merchant banks have got away with larceny on a very grand scale.
In the last couple of days we have seen Brown doing a u-turn on cuts to public services. 3 billion quid if you believe Labour sycophantic Das Herald Sturmer and 12 billion if you believe not-so-Labour but ingrained unionist Das Schottishman.
What's the reason for this u-turn? Well. Das Herald Sturmer will tell you that it's prudent or some such pro-Brown propaganda trash:
Brown’s savings plan
The reality though is quite different according to the Times Online:
Gordon Brown tries to reassure market with early Whitehall cuts
Yep, Brown and his US chums can co-opt the ratings agencies and regulators to lie about their country's finances but investors are another story. Brown is now so afraid that speculators realise UK PLC can't pay it's debts and start a currency run that he's desperate to send out signals on public sector cuts.
At the same time the Bank of England is printing more and more free money for the banks. That means you, the taxpayer, lose the spending power of your money. You see, when the bank prints new money it's only worth the paper it's written on, what gives it value is the money you have sweated for all you life. They are giving away your sweat for free to bankers, still.
So when you read propaganda shills in Das Herald Sturmer write:
Holyrood is being called on to follow Westminster’s crusade in curbing the “culture of excess” after Gordon Brown said top earners who wasted public money would be named and shamed.
Just remember that it was Brown that made it all possible. He dropped the regulations, he pressurised for quantative easing i.e. money printing, he changed accountancy practice for banks so they can lie about their capital-to-deposit ratios and he bailed them out after his policies caused greed to go exponential. He has bankrupted Britain, he continues to sell the future of every UK citizen down the drain for short-term political advantage and after robbing you blind he's going to try and make you believe he's taking on the people he allowed to rob you. Whilst at the same time he's going to cut services to the bone and propaganda sheets like Das Herald Sturmer are going to try and make you believe that he's doing this out of the goodness of his heart.
The City and the British state is fundamentally and totally corrupt. Scotland does not have to play the game and pretend about recovery and what not. We need out of this bankrupt mad house as a matter of urgency. That's the message Salmond should be presenting. This is not about spin, this is about all our futures. We need leaders not focus-group driven managers.
Monday, December 7, 2009
"Bankers are furious that two defaulting Saudi conglomerates that owe $20 billion (£12.2 billion) appear to be favouring local banks over foreign creditors. State-owned Royal Bank of Scotland, HSBC and Standard Chartered are all understood to have exposure to Saad Group and Ahmad Hamad Algosaibi & Bros (Ahab). Dozens of other Western banks are also owed money, including Citigroup and BHP Paribas."
These same banks that continue to get taxpayers money almost free from the Bank of England and the Treasury and then lend it to credit card holders at sometimes 40% interest. These financial terrorists who continue to destroy real jobs and lives then have the temerity to call foul when they lose preferential treatment?
When are we going to see investigations? When is Brown going to stop covering up their insolvencies? When are we going to be told the truth about the true capital position of Britain's banks? Why are they being allowed to lie? Why are ordinary people having to pay with their labour and the food on their tables to pay bonuses to these thieving, hypocrital gangsters?
People's standard of life is going down the toilet as we prop up zombie banks. There is no need to do it. They get our money, they blow it and then they put charges on our accounts and charge immoral levels of interest for credit.
Why should we pay it?
Brown is up to his neck in it which is why DHS isn't reporting on the story. The Sunday Times reported that around 5% of merchant (b)ankers in the bank's Global Banking and Market Division have left because their fraudulant snouts have been wrenched out of the taxpayer trough.
Commenting on this story Here Is The City News complains that these banksters brought in $1.16bn in revenues last year. Eh, was that when Brown and the Bank of England was giving it free taxpayers money to speculate with? Sorry quantative easing?
Give the taxpayer a bonus and try the lot of them in a criminal court. These greedy swines have robbed the taxpayer blind and now demand to get a bonus for empoverishing the population. How many fraudulant derivatives did they sell to other banks which does nothing for the economy? I think we need to know.
And then RBS threaten to destroy the bank and throw the financial system into chaos if they don't get their bonuses? They should be stripped of their assets and thrown in prison. How many families are suffering because of these financial terrorists? How many kids going hungry? How many jobs gone from the real economy? How many pesnsions lost? Savings wiped out?
And remember when you hear those fighting words from Brown and Darling about the bonus culture - it was them that created it. They still give these bankers free money to gamble with. These banks are still insolvent and they'll be back for more money or they'll threaten to blow up the economy again.
Don't just let them migrate, drive them out. They are parasites!
It is the same in the other banks and in other countries. Let them rob them if they're so stupid to let them away with it. We should let them die and start again.
The banksters control Obama and through influence controlled Blair and now Brown. These politicians are the playthings of the banksters. It is increasingly clear that people must find a way to take matters into their own hands for the Westminster system has been hijacked bythe big money-men. Drastic action must be taken. I don't know what but if don't repudiate debt these banks will hold us in debt serfdom for generations.
See this Telegraph article which comments on a Treasury Report:
Pre-Budget report: UK ‘faces decades of debt’, warns Treasury
To fight this banker flu virus we need independence. Only that will give Scotland the power to save the economy and jobs! We are sleepwalking into a total economic nightmare. Where is the national leadership? The people are getting angry, where are the leaders who care enough about the people to fight the wholesale robbery of the taxpayer and the oil receipts? I hope not trying to ingraciate themselves with banking buddies..
Sunday, December 6, 2009
Whilst re-reading Paul B. Farrell's excellent article for MarketWatch 'Goldman's secret moral pathology' I thought it would be instructive to again bullet his points on the great Bankers' Robbery. Uncanny how well it defines Labour in Scotland
1. Gross denial of any moral damage caused by their rampant greed
2. Narcissistic egomaniacs with secret 'God complexes'
3. Paranoid obsessives about secrecy, guilt and non-disclosure
4. Power-hungry need to control government using Trojan Horses
5. Borderline personalities who regularly ignore conflicts of interest
6. Pathological liars incapable of honesty even with own investors
7. Sole fiduciary duty to insiders, not investors, never the public
8. Moral issues are PR glitches, violations of 'don't get caught' rule
9. Charitable donations are tax and PR opportunities, not moral issues
10. When exposed in a massive fraud, feign humility, fake an apology
11. When bankruptcy threatens, bribe friends in 'Happy Conspiracy'
12. Engage co-conspirators to cover up, distract, do your dirty work
13. As money-hungry vultures they will prey on vulnerable Americans
14. Treat everyone not in the 'Happy Conspiracy' with tough love
15. Addicts consumed by money: 'Jesus would throw them out ...' "
Ok, so change a few words here and there but you get the point. Thanks to the largely compliant Scottish media Labour over the generations have encapsulated 'moral hazzard' meaning they think they can get away with anything just because they have so far. This lack of accountability and the lack of political regulation has created an organisation which, generations ago, drowned in endemic corruption.
Today's article in the Sunday Herald really is just a very small part of the very tip of the ice-berg.
And our opposition? With oil running out, the war-mongering Israelis continuing on their path to destablise the world by killing Iranians and the global banksters destroying the British economy Labour are instituting yet another 'investigation' into the conduct of the First Minister. They just can't help themselves, really. And by voting for these sleazeballs Scots condemn themselves to poverty and perpetual political pettiness.