Wednesday, Dec 12, 2007
The well has run dry!
The Financial Post: The Financial Post guide to what the central banks are trying to do
An explanation as to why the global banks are pumping money into the system!
Yes well it dont take much figuring out! They banks have been lending recklessly, the estate agents have been hyping up prices and the banks have run out of money.
Posted by doomberger @ 09:17 PM (434 views) Add Comment
4 Comments
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1. wiltshire said...
It doesn't bode well if you ask me.
We are simply entering an era of unprecedented change and as such, even the experts do not really know what could happen next.
We've had the first run on a UK bank in 150 years, banks globally are posting record losses, central banks are now shoring up in a way previously never seen. Trouble is I do not trust politicans, either in terms of honesty or ability, to be able to guide us through possibly the trickiest waters ever. The politicans are so in awe of the banks they'll end up doing whatever the banks want until it's too late. Then we'll find that the cream of the bankers got out with their salaries, bonuses and pensions intact and the rest of us including the political parties will be left to tidy up the mess at god knows what price to the economy and society.
Essentially we're ****ed because bankers and their political stooges had no ideas other than to encourage nations of people to spend money they didn't have on crap they didn't need. I think it would be brilliant if as a society we could regress 3 or 4 decades because this society we are living in today is SICK. It needs help. Let's get back to some more basic living, understanding our environment, our neighbours, our neighbourhoods etc.
2. shipbuilder said...
I'd really be interested to hear a decent argument for our current economic system. I'm no expert, but applying common sense, logic and the lessons of history, no matter what way I look at it, there is no benefit to the majority of people in the world, the western world or even this country. Looking from every single angle, it results in a consistent net transfer of wealth in all its forms - monetary, emotional etc. from the masses to the already wealthy few. Its only fuel is human greed at the expense of others - that chance that you can be one of the few (or pretend you are, through debt). And its is ALWAYS at someone else's expense - the argument that all those who work hard do well is nonsense. Thus that most unpleasant of human vices becomes not only desirable, but essential and therefore is encouraged.
Eventually we must ask ourselves if this is the kind of world we want to live in?
3. Stevie Dee said...
@shipbuilder.. said similar things at the sametime.. pure and simple.. a one world currency, like a language, we have this in the air (transportation), the same should be applicable to the human race in terms of transactions, we are using a 17th Century system, in 21st Century world, no wonder it doesn't work, nor the system, simply dysfunctional and failing. The remedy, an independent committee, free of intervention from power, creed, race or religion.
I believe our curren descended from Venetian times, if so, it is time to move on. As the current system is inadequate, inefficient, confusing, this was its natural purpose and intention, but the time has come for change. No more brokers, who are just glorified attendence in a betting office. Time to get real.
4. Darren said...
I agree with posts 1 & 2.
Going back to the cash injection / rescue plan announced, if anything, this will just provide more time for the bigger players to make some money and then bail out. The whole system is heading for a big shake up because it is broken and cannot be fixed. The end result of the current financial set up will always be the same, it seems that our housing "issue" was just a by-product of something far more corrupt that has been going on in the banking and financial world.
Just a bunch of crooks really, there is not other way to sum it all up.