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Posts posted by Setantii

  1. This argument (posted apparently by Investment Bankers) that the only thing that matter in businesses in the board room is how much money you can make is absolute and utter nonsense. It is a lie.

    Talk to Stephen Green at HSBC, talk to the CEO at Nationwide, or any other business in just about any other industry.

    It comes directly to the nub of the issue. That it is within the psyche and culture of Investment Bankers that is the case everywhere else.

    What is interesting about some of the people who post these views, and who appear to be withing the banking system in some shape or form is the complete and utter denial of the world outside of their own. It is no wonder at all then that taxpayers have been forced to loan $trillions to bail out these people.

    Today has been the most interesting on here for a long time because it has exposed these arguments as being risible. If they truly believe what they are saying then there is no hope whatsoever for banking as it has been structured because this denial will only lead to the same people trying to make as much money as possible the next time, with what appears to be a pathological hatred to their fellow man.

    It is fraud, theft and psychopathy on an institutional scale.

    Love this post.

  2. I blame greed!!

    bankers ,politicians and get rich quick people .

    the gap between the haves and have nots has never been so great

    we need a minimum wage and a maximum wage

    and most of all we have to stop stealing from our children

    and introduce new guidelines with a moral base to them

    equality not communism

    I totally agree with a minimum and maximum wage.

  3. We seem to have imported a lot of people from the third world, don't we?

    And they are rapidly turning parts of many of our cities into likenesses of the sh1t holes they came from.

    Corruption, violent crime, low-intelligence races, just what the country needs, eh?

    Or perhaps this Wertern consumerist society we've exported throughout the world is the cause of all this shittiness?

  4. What a f*cking star

    Obviously, he needds to lesrn that the hispanics are being as f*cked over as he is. but, its entriely undertstandable how he is reacting

    He is waking up.....

    That's revolutionary talk that is


    ****** Joe the Plumber - this guys the real deal. To quote the superb film Network he's "articulating the rage of the masses" like the "prophet of the airwaves" Howard Beale does in said film.

    When's the revolution start?

  5. Hey, I don't for one minute believe that credit should flow again, which is why I said "apparently".

    The government will pay the interest on your home for what now, 2 years if you loose your job? If your mortgage is £30,000, the interest only amount on that should be much less that what most of us are paying to rent at full price right now.

    Ok mate, it's just that once the government bailed out the banks they started the ball rolling.

    Everybody can now turn round and legitimately argue they should get bailed out too, IMO at least.

  6. Amazing this, amazing!

    Apparently, credit needs to flow again. Where do you think this credit will come from, the debtors of the country?

    Perhaps banks should have been allowed to fail, at least the ones that were obviously insolvent (as things get worse, most seem to be however). On these forums, and others, people have kept pace with the changing stabilities of various banks and moved money around to spread the risk.

    Oh, and I'm sure you know which way interest will go if you debtors are going to find it harder to find savers to lend from.

    Credit needs to flow again?

    Seeing as credit equates to debt and we are in the mother of all bubbles, a global debt bubble, how will taking on more debt help anything?

    As for spreading your money around it would be nice to have money to spread around! Being a lowly prole I don't have the luxury of spreading money around anywhere.

    Actually, seeing as the government is willing to protect up to £35,000 of savings' and all my 'savings' are tied into my property, shouldn't my house be secured by the same token? I mean it only cost £30,000 so there should be £5,000 to spare!

  7. Why so much sympathy for people with mortgages and no symapthy (or tax payers money) for those who rent?

    After all, a renter can be turfed out in 2 months flat without ever having missed a single payment.

    No sympathy for those who over-reached or didnt plan or didnt take out insurance. Why should I when society and the government wouldnt fart on me and the wife if we got turfed out on the street by a nasty avaricious landlord.

    If it was up to me there would be no renters - I bould ban BTL.

    Why should housing, a basic necessity, be monopolised by tosser landlords?

  8. Why should I, as a taxpayer and thereby part owner of certain banks, pay for someone else's mortgage because they can't afford it?

    Why should I, as a taxpayer with no savings to speak of, be expected to bail out the savers who in theory should have lost all their money in a banking system collapse that was only averted by taxpayer intervention?

    Swings and roundabouts mate.

  9. I tend to agree with the O.P.

    Using myself as an example the ONLY things I've ever had on tap are my mortgage (which is only £30,000) and a car loan that has now been repayed. (The car was second hand BTW).

    Now the economy is screwed and I might end up losing my job, which in turn would make it a huge struggle to keep up my mortgage payments. Now if I got turfed out of my house I can't see there being any buyers on the horizon so there will be an empty property lying around and the local council will have to find housing for a family of six.

    Surely a better scenario would be to 'nationalise' my house and let me stay in it? They've bailed out the fookin banks so if things get tough for me I demand the same treatment!

    If I become homeless a few molotovs will be going through the windows of the local banking establishments.


  10. "If taking out massive debt got us into this trouble in the first place, why is the government's solution to make people take out more debt?"

    Short and to the point. I'd go for something like this.

    When asked for an opinion I'd argue that the the curent crisis is due to a global debt bubble that can never be repaid primarily due to the way banks create money as debt.

  11. Yeah I know, another thread about banking but I really need to get to the bottom of this.

    Even though the banking system is in meltdown I've yet to see any mention in the mainstream media of how our debt based economy actually works. Of course I'm talking about the system known as Fractional Reserve banking. For a mere mortal like me with a basic education the idea that banks create money from nothing seems absurd. In fact until a few years back I stupidly assumed that a £ note equated to an amount of gold in the Bank of England!

    So I researched this system to try and understand what it's all about and my current conclusion is that banking is just one huge pyramid scam. I'll explain why.

    How Banks Create Money

    Banks actually create money when they lend it. Here's how it works: Most of a bank's loans are made to its own customers and are deposited in their checking accounts. Because the loan becomes a new deposit, just like a paycheck does, the bank once again holds a small percentage of that new amount in reserve and again lends the remainder to someone else, repeating the money-creation process many times.


    Reserve Requirements and Money Creation

    Reserve requirements affect the potential of the banking system to create transaction deposits. If the reserve requirement is 10%, for example, a bank that receives a $100 deposit may lend out $90 of that deposit. If the borrower then writes a check to someone who deposits the $90, the bank receiving that deposit can lend out $81. As the process continues, the banking system can expand the initial deposit of $100 into a maximum of $1,000 of money ($100+$90+$81+$72.90+...=$1,000).


    Now if I go to a bank and ask for a loan (to pay my taxes) they will deposit an amount of 'money' into my account (which is in fact 'credit' created via the Fractional Reserve System). To be legal tender it must fulfil at least two conditions. One is that it is acceptable for the settlement of debts, and two, that it is acceptable for the payment of taxes. As the government will accept this credit as payment it becomes Legal Tender.

    As legal tender equates to real money, the bank has just magically conjured up 'money out of thin air'.

    More important however is this question -

    If the banks create money (credit) from nothing, yet nobody ever creates the interest needed to repay these loans in full, then how, as a society, can we ever get out of the increasing cycle of debt?

    Then again perhaps I've got it all wrong. As I said earlier I'm just an Average Joe trying to get my head around this whole concept. Is there any fundamental flaw in my reasoning?

  12. Mmm, interesting, this would make the IMF the "new Fed," with every nation jostling for a piece of the cake or even some crumbs. Even Belarus went to the IMF recently and has just been bailed out (with various conditions - made to devalue currency). And it is one of these land-that-time-forgot pariah states where everything is state-run and they aren't really integrated so much into the world economy, a bit like North Korea and Cuba.

    So if this conspiracy theory is right, maybe the IMF is owned by rivals of the Rothmans, Goldmans et al who own the Fed?!? It's a bit like the browns v the greys, isn't it - I mean these aliens who really rule us. Everyone knows that lizard stuff is a load of nonsense.

    I just find it ironic that all these conspiracy theories rely on the world's passive acceptance of a World Central Bank.

    It appears their nighmare scenario is coming true.

  13. As a nation we're drowning in a sea of debt.

    This started in th 80's when credit cards became widely available to the masses, around the same time as Thatcher was killing the Unions and steering us towards globalization. We stopped becoming a nation that produced manufactuired goods and many folk ended up working in retail. The destruction of the Unions meant that the workers had no real bargaining power with their employees for better wages. However this was offset by the ability to gain access to easy credit, allowing us to buy all these shiny things from India and China and keeping retail workers in jobs. Also morgages were given out to many aspiring houseowners that were way beyond their means to pay back, this coupled with a BTL bubble that drove prices even higher.

    Up to the present day and bad loans by the banking sector result in the "credit crunch" (also note the discourse behind this term - sounds far less severe than "debt crisis"). The Government bail out the banks with money they have to borrow (from where?) putting the taxpayers further into debt. There is going to be a big depression - when people stop buying the shiney stuff from India and China millions of retail workers will end up on the dole, costing more money that the Government doesn't actually have. If one section of the economy (the banks) is bailed out whilst all others are allowed to falter and die this could well prove to be an explosive mixture with the potential for huge civil unrest.

    How the hell do we get out of this mess?

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