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boynamedsue

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Everything posted by boynamedsue

  1. I'm not an optimism merchant, and I have deep worries about the sustainability of the current economic system. However, that chart in itself doesn't show what the authors claim it does. To look at a graph of the relationship between GDP and debt in the economy and then say that the debt is "adding x value to the economy" is a comment that would get you a fail at GCSE economics. Other factors could probably be assumed to have had an effect. Debt is not fungible in its effects on productivity, small loans to purchase goods and services certainly do stimulate the economy sustainably, whereas large loans to purchase non-productive assets don't. The bailout (a massive creation of debt) did stimulate the economy; the GDP/Debt ratio would look a lot better if it hadn't happened, but GDP wouldn't. Tomorrow might be another story though...
  2. This chart doesn't tell us anything we didn't know already, there has been a massive creation of debt within the US economy to fund the bailout. The commentary seems to be assuming causality, when in fact we are seeing an effect. The graph doesn't show that debt no longer adds to productivity, it shows that there has been a massive increase in the ammount of debt in relation to GDP.
  3. What a great fable. It shows why capitalism doesn't work. It depends on mass production and mass consumption, but because ever increasing percentages of the world's wealth get concentrated in the hands of the capitalist class, the workers can't consume the things they have produced, so the system crashes while warehouses are full of goods nobody can buy. Capitalism, nasty idea in theory, doesn't work in practice.
  4. Yes it's time for us to get rid of those freeloading Scots, now we've used all their oil.
  5. To be fair, I doubt Fry goes to Spearmint Rhino.
  6. Still waiting for methinksshe to answer the points raised by everybody... of the 30k signatories, none are proven experts in climate science.
  7. Thanks for proving my point. These are the guys with relevant qualifications. How many of them are BSC's (basically gentleman aficionados), or MsC's (a year on top of your 3 year degree in most UK unis)? Where are their peer-reviewed papers, showing data that disproves AGW? Nowhere mate, the scienctists in these fields not just accept AGW, they were the ones who discovered it.
  8. What has the mediaeval warm period got to do with anthropogenic global warming? Nobody disputes it occurred, as part of the natural cycles of the Earth's climate system. The simple facts are the following: Climate scientists say Global Warming is happening, and that it is caused by human activity. How many of the signatories of this famous petition were recognised climate scientists? Not many I'll bet. I'm not a scientist, but when I have to choose between believing scientists who make study of the Earth's climate system their life's work, and politically motivated, Esso-sponsered, scientifically dubious denialists and right-wing conspiracy theorists, I believe the climate scientists.
  9. Yes. Asylum seekers are treated exactly the same as UK citizens by councils, this is the law. BNP ****** may say otherwise, but those thick scum-bags could generally do with a bit of asylum seeker DNA in their inbred gene-pools.
  10. Yes, the E-bay Monitor/Mike Index is the only true measure of inflation. You are Tommy Saxondale and I claim my £200.
  11. Yes, it is, when compared to the £3120 a single person gets on the dole (plus rent, CT exemption, admittedly), and the £8-9K a year you earn at minimum wage (35 hour week, after tax)
  12. I agree, and rental income on land is part of the problem, but I don't think present capitalism could, or would, work without private land ownership. Even without this extra drain on the labourers, the profit maximisation drive of businesses would mean that capitalism failed. The post-war consensus was an attempt to resolve this contradiction by making a maximum level of inequality which would stabilise the system and stop another crisis, and it worked up to a point. Perhaps the future lies in a collectivisation of Land, and a new "post war settlement" to create a global ceiling on profit and consequent inequality. Big job, mind.
  13. Capitalism in general. The problem's private profit (if Ayn Randits and Von Hayniacs don't want to call this capitalism, fair enough). Our system needs producers to consume, but it also needs for part of the value of their labour to be appropriated by private individuals as profit. Because of this, producers can't afford to purchase the full fruits of their labour. However, for the system to continue, goods need a market. So, the producers MUST purchase the goods they have produced for the price they cost to make, PLUS the capitalists' cut (profit). This is, of course, impossible. This crisis came about because the current capitalist class (big business, banks, governments) convinced itself that this square could be circled by lending money back to the producers, which would be repaid because assets would continue to rise in value forever, like a financial perpetual motion machine.
  14. Or the people on here who say that the recession was caused by an insufficiently free market.
  15. I don't think this is necessarily such a bad idea. If the gummint confiscated the obscene fortunes made by the profiteers too, then why not? I'd help track down the gold for free...
  16. That's why gold is going to......nah, only messing.
  17. soz mate, but your maths are off. Working in a pub in 1994 (at £3 an hour, and proudly under-age), a pint of stella was £1.69. On my last wisit to the island of the mighty, I paid £2.70 a pint.
  18. The possession of natural resources is the key here. Who owns the land which you and Joe use to create the things you want to trade? This is always decided by set of social conventions based on the (variable) moral conventions of the society in question. So the free-market is rigged to start with, because it presupposes that some people's right to use these resources is superior to others.
  19. He'll stay to the election, latest possible date, or at a point where labour crawl within 10% of the Eton Rifles. If he holds on to the bitter end, the labour party will split. New Labour (Blairites and right wing Brownites) to join the tories and the left to form "Real Labour" under John Cruddas or Ken Livingstone.
  20. +1. I also wonder whether we could have seen worse bank runs as they dithered longer about intervening in the NR case.
  21. Pucha che... The Spanish had an even bigger capacity for self-delusion than we had on the run up to the crash. I lived in Barcelona from 2004-2007, and the locals were desperate to buy flats at whatever cost, thousands of "savings account" flats were built that nobody has ever lived in, and probably never will. Meanwhile immigrants were forced to live 10 to a 40m2 flat.
  22. Good luck on that. The most poisonous and pernicious form of power is control of property, while property exists, power exists (power of individuals over other individuals). When we recognise property is just an opinion, we are half way to sorting the mess out.
  23. The man is clearly an undercover North Korean agent, it is the only explanation. What does he think people will do when the banks start to charge them for borrowing their money? Well I suspect they might want to remove their cash, which will crash the entire banking sector. For me, this article is in response to an upcoming remortgage deadline, he's sh1tting himself and has stopped even the pretence of writing rationally.
  24. As a six foot two transvestite debt collector, I feel myself uniquely qualified for this position.
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