Newsnight Now

[KingBingo]

So rampant socialism and heavy spending got them into this mess so they solution they now hit upon........Communism!

[winkie]

I thought Hutton was going to have a heart attack at one point.

Monday night sounds more interesting. Goldman Sachs and how it help Greece circumvent the economic rules to enter EU

That is what I thought.....he was in a word predicting 'armageddon' and dire consequences for the UK and the rest of Europe if Greece were to leave the Euro....surely It would not be that bad.....Why is he so hyper I wonder, very strange?

[@contradevian]

So rampant socialism and heavy spending got them into this mess so they solution they now hit upon........Communism!

Not quite, they should never have been allowed in the EU zone, but Goldman Sachs helped move the goal posts. They only came out of military dictatorship in the early 70;s and never got going with globalisation before the factories moved to Chindia and Eastern Europe. I guess "socialism" helped fill the gap. I gather the heart of the Greek economy is the "small firm."

There is a drastic shortage of jobs throughout the EU, and its noteworthy that not one single politician is addressing this, whilst almost everywhere the cost of essentials, from housing to fuel is being driven up, despite a recession. I can only assume our Masters want a revolution, because sure enough that is what they are going to get.

[Saving For a Space Ship]

http://www.bbc.co.uk/iplayer/episode/b01c9974/Newsnight_17_02_2012/

Iplayer rewatch

[Redcellar]

Yes i listened to that retail sales up ,and also that consumer confidence is up following a fall in inflation,recovery locked in . 3 hours later it is record diesel prices just hit and this will impact on almost everything and stoke inflation (seems like Merves temporary inflationary high oil prices ,which he said have now receded are coming back) ,cant see that restoring consumer confidence for long. Then we get newsnight.

Biggest pile of BS was the propaganda that we are through the worst of this.

I know two people personally who this week are now unemployed. And a third and fourth who just closed their company.

Absolute BS. Then we heard today that only two local authorities had house price rises, which sticks two fingers up at all the propaganda on house prices weathering the storms well. Diesel going up again.

Consumer confidence sucks. At least in my world.

[council dweller]

That is what I thought.....he was in a word predicting 'armageddon' and dire consequences for the UK and the rest of Europe if Greece were to leave the Euro....surely It would not be that bad.....Why is he so hyper I wonder, very strange?

He was predicting bank runs in the UK wasn't he.....at which point Flanders stepped in.

Would bank runs be so bad for us? Going to the bank and not getting your money out doesn't seem so bad!

[stormymonday_2011]

Now that is interesting.

I found this old article from 2004 in connection with this..A long article, but interesting, here are some extracts, full report at link.

Do you reckon this business in Mr Hutton's wife's name could be about to lose some money in view of the change to HB allowances? (might be one reason he looks so stressed recently?)

http://www.telegraph.co.uk/news/uknews/1459551/Will-Hutton-is-the-Left-wing-commentator-famed-for-his-attacks-on-Britains-landlord-culture-...-yet-his-familys-housing-empire-is-a-monument-to-the-profit-motive.html

I thought the property portfolio belonging to his wife was common knowledge on this site hence my earlier comment .

Hutton has had his own 'bankruptcy' issues with regard to his Work Foundation which went bust in 2010

http://www.guardian.co.uk/politics/2010/oct/22/work-foundation-thinktank-bought

[Redcellar]

He was predicting bank runs in the UK wasn't he.....at which point Flanders stepped in.

Would bank runs be so bad for us? Going to the bank and not getting your money out doesn't seem so bad!

Is a bank run a big deal?

Anyone any percentages for electronic vs cash transactions?

I would wager electronic makes cash shortages irrelevant today. So long as the credit and debit cards still work who cares.

[SNACR]

Ironically The Work Foundation itself sounds like a bastion of make-work non-jobbery.

Edit to add: Perhaps any staff made redundant could be sent to A4E.

Edited February 18, 2012 by Soon Not a Chain Retailer

[stormymonday_2011]

Not quite, they should never have been allowed in the EU zone, but Goldman Sachs helped move the goal posts. They only came out of military dictatorship in the early 70;s and never got going with globalisation before the factories moved to Chindia and Eastern Europe. I guess "socialism" helped fill the gap. I gather the heart of the Greek economy is the "small firm."

There is a drastic shortage of jobs throughout the EU, and its noteworthy that not one single politician is addressing this, whilst almost everywhere the cost of essentials, from housing to fuel is being driven up, despite a recession. I can only assume our Masters want a revolution, because sure enough that is what they are going to get.

Excellent summary.

The Greeks will be first to hit the 'Revolution' trigger at which point I expect the military to stage a coup (with a bit of a nudge from the western elites who by then will be running scared). Then it will be civil war and other regional players from Turkey, to Russia and maybe even Israel and Iran could get dragged into the mix. This is going to end up as way more than a banking or financial crisis.

Edited February 18, 2012 by stormymonday_2011

[The Masked Tulip]

I wonder if Hutton's wife's property firm has ever had PR videos made and ever used any BBC journos for corporate work in any capacity?

[SNACR]

Excellent summary.

The Greeks will be first to hit the 'Revolution' trigger at which point I expect the military to stage a coup (with a bit of a nudge from the western elites who by then will be running scared) then it will be civil war and other regional players from Turkey, to Russia and maybe even Israel and Iran could get dragged into the mix. This is going to end up as way more than a banking or financial crisis.

Can't remember where I read it to find a link but definitely read an article/report that the usual suspect western intelligence services had been ingratiating themselves with senior Greek military commanders.

[homeless]

ive stuck my house buying money into commodity type shares, its not a lot but im not gonna need a lot more buying as i am in france. i think i would go postal if after all thats happened, when i finaly decied to get out the money i saved and worked hard for now worth nothing. also got a couple of k worth of various gold items.

they took my chance of buying a house, they took the intrest on my money, they took my pension and they took a big chunk of my money and effort in taxes and rent.

i will be damned if i let them take the little i have managed to keep from their grasping claws.

[RufflesTheGuineaPig]

Would bank runs be so bad for us? Going to the bank and not getting your money out doesn't seem so bad!

Not getting your money...EVER.

Is a bank run a big deal?

Anyone any percentages for electronic vs cash transactions?

I would wager electronic makes cash shortages irrelevant today. So long as the credit and debit cards still work who cares.

A bank run would trigger a liquidity problem. At this point the government would either need to bail out the banks or the banks would have to fire-sale sell there assets, at reduced value. The chances are people wont get all their moeny back.

It doesn't matter if transactions are electronic, banks don't keep a very big reserve of cash. Once that reserve is gone due to withdrawals, banks would run out of cash. Plenty of assets, no cash.

Cue the arrival of the MCLs...

[council dweller]

Is a bank run a big deal?

Anyone any percentages for electronic vs cash transactions?

I would wager electronic makes cash shortages irrelevant today. So long as the credit and debit cards still work who cares.

Just as 'printing money' is not really 'printing money', 'a bank run' is not really a bank run.

The point is that you wont be able to get your money in any form for days months or years.

Be prepared...

[council dweller]

Not getting your money...EVER.

Oh I say!!

[DeepLurker]

This is such a cheery thread; all that's missing is a:

[switters]

I can only assume our Masters want a revolution, because sure enough that is what they are going to get.

[winkie]

[KingBingo]

There is a drastic shortage of jobs throughout the EU,

Of course there is. Because in the EU and the US government is so large that it consumes all the resources that would otherwise go into creating jobs and productive capital.

If you want productivity and high employment, happiness, rising living standards you need honest money and small governments. We may not have this in my lifetime.

[Ash4781]

Will Hutton...I hate him.

It's the loopy rants were he gets exasperated I can't deal with. Much like the BOE inflation forecast meeting I switch over.

[azogar]

Of course there is. Because in the EU and the US government is so large that it consumes all the resources that would otherwise go into creating jobs and productive capital.

If you want productivity and high employment, happiness, rising living standards you need honest money and small governments. We may not have this in my lifetime.

You can but hope :-(

[snowflux]

Of course there is. Because in the EU and the US government is so large that it consumes all the resources that would otherwise go into creating jobs and productive capital.

If you want productivity and high employment, happiness, rising living standards you need honest money and small governments. We may not have this in my lifetime.

There is an optimum level of government influence somewhere between zero (Somalia) and overbearing (USSR). Statistics for life expectancy, happiness, etc. would suggest that something around the Scandinavian level is about right.

[19 year mortgage 8itch]

Not getting your money...EVER.

A bank run would trigger a liquidity problem. At this point the government would either need to bail out the banks or the banks would have to fire-sale sell there assets, at reduced value. The chances are people wont get all their moeny back.

It doesn't matter if transactions are electronic, banks don't keep a very big reserve of cash. Once that reserve is gone due to withdrawals, banks would run out of cash. Plenty of assets, no cash.

Cue the arrival of the MCLs...

Here you go again...

[the shaping machine]

There is an optimum level of government influence somewhere between zero (Somalia) and overbearing (USSR). Statistics for life expectancy, happiness, etc. would suggest that something around the Scandinavian level is about right.

"something around the Scandinavian level is about right".

For Scandinavia perhaps. Small homogeneous wealthy nations with a culture of prudence and hard work will be able to support a larger state that somewhere like the UK (for example).