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scott666

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About scott666

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  1. Apparently the 'Trillion to 2 trillion dollar soufflé' is going to collapse. Should've used more egg white then.
  2. http://positivenews.org.uk/2011/economics_innovation/new_economics/5731/money-from/
  3. Foreign currency denominated debt. http://www.economist.com/blogs/easternapproaches/2010/06/hungary_1
  4. Why would the banks need to borrow from the Central banks to create a promise of money? They only need to borrow from the Central banks (at the discount window) when they're short of reserves. http://www.housepricecrash.co.uk/forum/index.php?showtopic=8957&view=findpost&p=107302
  5. This is a very orthodox view of how the banking system works, however I've yet to see any actual evidence that the system functions this way. There is however evidence that the system operates in the opposite direction ie Banks extend credit thus creating a deposit in the banking system then acquire deposits to comply with reserve requirements. Read the Roving Cavaliers of Credit by Steve Keen. Roving Cavaliers of Credit
  6. Why would banks 'lend' deposits? They create credit from thin air (not deposits), loans create deposits. http://www.winterspeak.com/2009/09/loans-create-deposits-how-banks.html
  7. http://www.fmwf.com/taxonomy/personal-finance/2010/08/rich-no-more-700000-wealthy-people-wiped-out-by-the-credit-crunch/
  8. Could be a long running battle with the local council to secure retrospective planning permission for their loft conversion?
  9. Right, so they either raise the debt ceiling and we carry on as before or they don't and all hell breaks loose. I wonder which option they'll choose.
  10. The Marriott hotels in the UK were originally sold to RBS by the owners of Premier Inn (aka Whitbread) in 2006. http://news.bbc.co.uk/1/hi/business/4932082.stm
  11. Is this to pay the fine the RPA got from the EU? http://www.fwi.co.uk/Articles/2010/11/05/124266/Government-hit-with-1633.3m-fine-for-RPA-39misspending39.htm
  12. http://www.theregister.co.uk/2006/06/13/newcastle_civil_servants/ The RPA is a department within DEFRA.
  13. Is that one of those fancy gated communities like they have in the USA?
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