Friday, Feb 15, 2008
Imagine a world without banks
thepriceofeverything blog: The modern banker as ‘Typhoid Mary’. Discuss.
"‘Typhoid Mary’ managed to infect 47 people during the course of her career as a cook. Her fame “is in part due to her vehement denial of her own role in causing the disease, together with her refusal to cease working”. Nobody, of course, suggests that modern banks are virulent and destructive plague carriers. They are a lot more dangerous than that."
Posted by happyrenterz @ 01:32 PM (391 views) Add Comment
5 Comments
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1. happyrenterz said...
"“UK’s role as finance hub is now economic burden.”
For what is the UK if not the world’s largest offshore financial centre ? As the WSJ’s Alistair MacDonald and Mark Whitehouse point out, “No large country is more dependent on the movement of foreign money through its banks: some $2.4 trillion flowed in and out of the UK in 2006, an amount equivalent to the country’s entire annual economic output..” The WSJ also suggests that, rather ominously, “the financial sector accounts for more than one-fifth of all UK jobs”. The comparable figure from the US, which treated the world to the subprime debacle in the first place, is just 6%. And whatever damage a softening property market and stalling investment banking business inflicts upon the economy may be reinforced by the government’s on-the-hoof flip-flop policymaking-by-headline approach to non-domiciles."
2. japanese uncle said...
Investment bank (A) hires (X) covertly, who is officially employed by investment bank (B). Under the instruction by (A), (X) invents poisonous financial products officially in his capacity as an officer of (B) utterly aware of the damage it should eventually cause to the financial systems around the globe, and starts to market it, hiding its lethal nature quite like covering manure by the perfume of roses, that is the glorious ratings provided by the collaborating rating agencies. Meanwhile (A) shorts the shares of those institutions likely to suffer most and at the end of the day makes multi-billions of lucrative profits.
Just a fiction.
3. sold 2 rent 1 said...
Interesting website
"The price of everything - Aspiring to spark an informed debate about investment markets, value, and absolute returns."
4. Plato said...
Fabulous Article.Everyone must read this.
5. lvmreader said...
Great find and Great Post @HappyRenterz