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Everything posted by Game_Over

  1. This is the problem faced by Greece. They could default tommorrow but what is stopping them is not the EU or Germany or bankers what is stopping them is that the day after they defaulted they would have to run a balanced budget. This is what really terrifies them. So as long as the EU is prepared to keep giving them more free money they will be quite happy to take it. And it is free - because they sure as Hell aren't going to pay it back because they simply can't
  2. If the debt was written off the German people would have worked for nothing for the last 10 years. So who pays - the people who bought loads of stuff they couldn't really afford or the people who worked their nuts off making all the stuff. Either way someone is going to suffer which is why the Euro was a sh*t idea from day 1
  3. You are arguing a false premise - he didn't need to wipe out savers because the assets would have covered deposits he would only have needed to wipe out shareholders and those holding overvalued assets. The bank bailouts cost nothing because they merely entered numbers in a spreadsheet. People on the left here think this was real wealth that could have been used to buy actual stuff in the real world. The fact that the bail out money does not exist will only become apparent if the financial position of the banks is ever allowed to unwind. Lets try an analogy. You borrow 5 gold coins from a thug and spend the money on drink and drugs. The thug comes back for his money a week later and you tell him you still have the money but want to keep it for another week. So you write him a note promising to give him 10 gold coins in one weeks time. When he comes back again in another week you then write him another note promising him a further 10 gold coins in one weeks time. The people here on the left think that the notes with iou 20 gold coins written on them is actually real wealth that could be spent on hospitals or benefits. I thought you knew better.
  4. Savers money did exist - because it represented delayed consumption. And the system could not have continued for decades without the bank bailouts because it was the failure of the system that made the bailouts necessary. All around the World, politicians are now having to face up to the fact that the system is bankrupt, the bank bailouts are just buying them time to deal with this only they aren't dealing with it - they are just hoping things will return to 'normal' before the sh*t really does hit the fan.
  5. Everyone knows that if it wasn't for Osborne giving his bankster pals in the city Billions of quid we would all be rich.
  6. You said it wasn't real before. The system crashed first - the banks were bailed out second - with money that didn't exist. So I'm not sure how you can claim that the bank bailouts caused the crash.
  7. Not sure what this is even supposed to mean but yes - it was due to regulation because guns are banned in some schools which makes them a target. And no - I don't work in the financial industries I gave up work 8 years ago because I was sick of working my nuts of to pay for other people to sit round and do nothing all day so now I sit around doing nothing all day. What's your excuse?
  8. You can't have a fractional reserve banking system without a state and the state sets the legal and regulatory framework in which the system operates. Of course when everything goes t*ts up it is very convenient for the state to blame the bankers. This has been going on for hundreds of years in Europe.
  9. Aha - now we are getting somewhere It wasn't real and they are now attempting to make it real - and are failing - so it still isn't real. This surely proves my point - which is that the bank bailouts are not why the system is bankrupt.
  10. These multipliers are ultimately controlled by regulators who are appointed by Governments. Other countries have credit controls set by legislation.
  11. Yes, but it is not real wealth that could have been used for anything else is it? So it isn't why the system is bankrupt. The system is bankrupt because it is paying out far more than it can ever get in. The answer is to slash the size of the state. Where I disagree with you is blaming the bailouts because the banking crisis is a symptom of the problem - not the problem itself.
  12. Banks can be 'bailed out' by entering numbers of balance sheets People can only be paid not to work with actual wealth. http://www.thesun.co.uk/sol/homepage/news/4753651/lithuanian-immigrant-youre-a-soft-touch.html Multiply this by 8 million and we have a big problem.
  13. http://www2.needham.k12.ma.us/nhs/cur/Baker_00/2001_p2/baker_sr_p2/socialism.htm In around 388 BC, not long after he opened his Academy, Plato wrote what was to become the bible of socialism. Plato's Republic was written in a time when Greek government was at its peak of tyranny and corruption. Plato's aim was to create a society in which people lived happy and fruitful lives, in a state of neither poverty nor wealth. Everyone worked for the good of the people as a whole, not only for themselves. Plato succeeded in his theories, but not in its employment. Such a political community was never to be applied in Plato's life, but his work certainly has not been forgotten since he wrote it nearly 2400 years ago. Plato's work in socialism was only a small part of his vast legacy.
  14. Thanks for being civil. I think there is a genuine argument to be made that bailing out the banks has cost nothing. I used the example of the European bail out mechanism. Had the 400 Billon+ Euros been given to individual citizens with the proviso they had to spend it then most of this money would have been wiped out by inflation. Numbers sat on bank balance sheets are not Wealth - therefore bank bail outs cost nothing. So how can bank bailouts be responsible for the situation we are in? IMHO the reason we are screwed is because the state is using real wealth to pay people to sit around and do nothing all day.
  15. QE has transferred wealth from savers to those in debt. If the scale of the problem had been smaller this might have worked. What I think they are now realising is that the scale of the problem is so large that they are still going to have to default in effect. So instead of wiping out those with unsustainable debt in the first place and allowing those with savings to cash in and kick start the economy they are now faced with the prospect of still having to wipe out those with unsustainable debt having wiped out savers to no gain.
  16. Yes - but it isn't banks fault that house prices are high. The high cost of housing is entirely due to political policies. The political elite all own large amounts of property and many are also in debt this is why we have policies that are transferring wealth from those with savings to those in debt in order to prop up asset prices surely?
  17. Blaming everything on banker bailouts is mainstream Labour propaganda so claiming that you aren't advocating any particular political party is largely irrelevant. You like to claim that you are apolitical - but everyone has a political bias and yours has become very apparent recently. The point is, most of my understanding of what happened has come from reading comments posted on this site - including your own and as a result I know that you understand the system well enough to realise that blaming the 'banksters' is just intellectually lazy and dishonest. I would also like to add that ad hominem attacks are a classic left wing tactic in order to divert attention from the fact that they have lost the argument. And If I really was a moron you would just ignore me - like I ignore the morons who constantly try and Troll me.
  18. As you of all people actually realise, 'banker bailouts' don't involve allocating real wealth Government deficit spending does. The EU has something like a 440 Billion Euro bail out fund - but this money does not exist If these guarantees unwind what would happen is that asset prices would fall and people would 'lose' wealth that never existed in the first place. It is you who is playing politics - not me. Blaming 'banker bailouts' is the worst kind of politics.
  19. +1 China is heading for trouble as is India IMO. All the US needs to do is ditch the European model, return to its founding principles and its economy will boom. As for the UK - all we need to do is ditch the European model, unshackle ourselves from the rotting corpse that is the EU and trade with the rest of the World as we did for hundreds of years previously.
  20. The BOE is independent in name only. What they have been doing is ensuring that those who caused the crash ie THEM are not the ones who end up paying for it ie US. The idea that ANYONE can do ANYTHING to avoid SOMEONE paying is clearly ludicrous. IMHO
  21. What the Hell is QE then?????????? Our glorious leaders are furiously writing down debt whereas in Europe they are furiously racking up more debt by constantly bailing out countries that are insolvent and will eventually default. What you are doing is confusing what they say they are trying to do with what they are actually trying to do. If a politician tells you they are doing something for a particular reason there is a 99% chance they are lying.
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