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JimDiGritz

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Everything posted by JimDiGritz

  1. Spot on. The system is rotten. Sadly, Lammas and these folk will be moved on and back into mainstream life for their 'own benefit' whilst Wayne and Waynetta (who think that working in McDonalds is "beneath them") sponge every penny they can off the system so that they can fill their diabetes ridden corpses with more fast food and raise a litter of illiterate feral kids into society. Never mind the troughers in politics, local government and financial services. Enough.
  2. You can pick a winner between Max and Gerald???
  3. I also believe that CDS's are all non-standard inasmuch as some may be payable on the event of a credit event whereas others are only due when a full blown default occurs...
  4. Let's be clear: inflation is an increase in the supply of money and credit relative to available goods and services, while deflation is the opposite. Therefore price movements alone have no explanatory or predictive value. We can bitch and moan about fuel and food however it is not real inflation. John Rubino wrote: We are on the verge of a deflationary debt default tsunami. More and more individuals, companies and governments at all levels are approaching the point where servicing their debts will no longer be possible. Now that credit is contracting, that 'free money' has turned into unpayable debts and illiquid asset markets, which will eventually have to be marked-to-market. Now balance sheets must be rebuilt and neither borrower nor lender is willing to dig themselves into an even deeper hole. The velocity of money will inevitably fall dramatically as risk aversion rises, reserves are held again looming defaults and cash is hoarded. The scale of the bad debt in our global economy is gargantuan. The problem with inflationists is that they fail to recognise the role of credit and the nature of deflation. Dislaimer: I hold both cash and gold/silver.
  5. Exactly. You can either have £15 DVD players or near full employment. Your choice.
  6. This is all academic ********. I disagree with his assessment that growth = prosperity and that the only way we can prosper is for the middle classes to consume (borrow) more. These ivory tower economists fail to consider the reality which is one of scarcity and reducing resources. The entire paradigm of growth and traditional prosperity is fundamentally flawed. To me this is like the bandmaster of the Titanic explaining why it would be more fair to move the cheap seats nearer to the stage.... well intentioned but ultimately meaningless.
  7. Sorry, the internal logic is entirely inconsistent.
  8. Thanks for the link, I have already found a few members interests listed online (though my council Mole Valley District doesn't, you have to write a letter) I was hoping that some enterprising individual would have created an online database of all MP's property interests...
  9. You obviously don't spend enough time in Wandsworth.. Average House Price in Wandsworth PS How do we go about doing a mass Freedom of Information request to get a full disclosure of all MP's property interests???
  10. My bet: Tonight: the Greek parliament vote for the austerity measures and the bailout. Tomorrow AM: Equity markets jump up like mad, as does the Euro. Tomorrow PM: Riots spread across mainland Greece. Some protesters are shot dead. Later in the week: global equity markets start to fall after 'euphoria' fades Next week/fortnight: it becomes abundantly clear that the Greeks are unable to implement the scale of cuts required and an 'orderly default' commences
  11. Excellent graphic. Most people really don't understand what unaffordable oil means for civilisation. Or that our entire industrialised and globalised agrifood system is only viable with "cheap", plentiful oil. Welcome to the transition to an energy poor future. You are going to be hungry.
  12. Yeah I heard this on R4 I think, I almost crashed the car...
  13. I have friends who used to work at Baker Atlas and Aramco. They describe a very similar situation. There is no chance that we have missed a large field with easy to get to (conventional drilling) with light sweet crude. There is only bitumin like crap in warzones or secreted in billions of tonnes of sand. Peak Oil is here. we have a couple more years of OPEC being able to hide the fact that their reserve figures are actually resource figures and the game is up.
  14. If there was a way to create syncrude for $100bbl do you think the big oil companies would be drilling in the Gulf of Mexico or trying to extract oil from the Canadian Tar sands (which itself is analogous to rinsing a pub carpet to get to the spilt alcohol) at a cost >$80bbl?
  15. Simple. EROEI. Energy Returned on Energy Invested. It would take so much energy the return would not be economically viable. The syncrude we would create would literally be too expensive to burn. For example the Germans experimented with the Fischer Tropsch process before and during WW2, and the sheer inefficiency of it was a key reason their expansion slowed. FT derived diesel is at least 30-40% more expensive than conventional fuel. Plus, more importantly, it just doesn't scale....
  16. Okay. Give us one single example where oil from inside the Earth has risen refilled a previously tapped oil field. Just one. PS It can't be one you just made up on Titan
  17. Just spotted that somebody beat me to it on this topic. Mods, feel free to merge/purge.
  18. I know, I have read and re-read it several times.. still I detect a staggeringly greedy ponzi scheme in the making!
  19. Telegraph link Ex FSA chairman sets up Halifax price index based mortgage ponzi scheme... Breathtaking.
  20. Golem has just posted his thoughts on the 'orderly default' which is what we are going to see in Greece.. Orderly Default If you are a business and you get in trouble you file for bankruptcy protection. That is, you protect your assets from predators while you sort out your debts, defaulting on those you cannot pay, cutting deals to pay some small percentage of each debt and then emerge as a chastened but going concern at the other end. This is precisely what Greece and the Greeks are being denied by their own government. The 'orderly default' plan is to keep Greece out of bankruptcy protection, keep them paying, keep the nation in a state of semi-anarchy and panic with seemingly no way out of the mess - except by selling off at fire sale prices whatever their creditors fancy - for as long as possible. So it's quelle surprise that the banks are pushing for this outcome. Crash at slow speed ahead...
  21. No. He is clearly laying the blame for the current recession/depression on the fact that the middle class are unable to consume because they are unable to borrow as they had before. He is advocating more debt based growth, and is therefore a moron.
  22. Bol1ocks Here is the transcript: "The vast middle class, unable to borrow as it could before, no longer has the purchasing power needed to get the economy growing again. Which means continued high unemployment."
  23. Complete twaddle. What was that I heard at ?The middle classes are to blame because they aren't able to borrow enough to power the recovery. This shithead collaborated with the Clinton administration to engineer the US housing bubble...
  24. Frankly astonishing to see this in the main stream media. I've always maintained that growth does not equal prosperity, I think this guy gets it. After finishing reading the article I'm disappointed that he dropped down into party politics. He was winning the big debate, but has now got the message muddled with Tory policy. The state is the state, forget the beauty parades every 4 years.
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