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Banker Parasites Deserting The Host

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Sorry but this naked bankster propaganda is enough to make my blood boil.

:angry:

http://blogs.telegraph.co.uk/finance/ianmcowie/100009122/record-10bn-drop-in-exports-blamed-on-banker-bashing/

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Official figures show the biggest ever drop in UK exports of financial services – down by £10bn or one fifth in a year – according to a leading economist who blames banker bashing critics in Government and the media.

Cynics may well ask if the economist is worried about his own end of year bonus. But Tim Congdon, founder of the respected think tank International Monetary Research, has based his analysis on Central Statistical Office figures which are difficult to question.

They show that between the peak in the fourth quarter (Q4) of 2008 and Q2 2010, quarterly exports of the UK’s financial services fell from almost £15bn to less than £10bn. Exports in the year to Q1 2010 were more than £10b lower than in the previous year, a figure equal to about 0.75 per cent of Britain’s gross domestic product (GDP), a measure of economic output.

Mr Congdon points out: “Given that Asian centres have had a great 2010, the official data suggest that the UK’s international financial services industry is being badly hit by officialdom’s assault.

“The UK’s bankers are about to negotiate with their government about how much they can pay their executives and staff. Numerous press reports have appeared that the LibDems are putting pressure on the Conservatives to be ‘tough on the City’.

“Who were those naive fools who thought that, under an allegedly Conservative government, market forces would be allowed to determine the pay of City bankers as well as that of Wayne Rooney and Ashley Cole?”

While political and regulatory mismanagement played major parts in creating the global credit crisis, Mr Congdon claims that the financial services industry alone is being punished in three ways;

* Official demands for large increases in banks’ capital and asset ratios,

* Restrictions on the pay of bankers, especially their bonuses, although the precise definition of ‘banker’ was to some extent at the discretion of the tax authorities, and many individuals who had no connection with commercial banking were included in the net, and

* The imposition of special levies on the banking sector, which in theory might be rationalized as payment for the state’s supposed ‘bail-out’ of certain banks and for the liquidity insurance – that is, last-resort facilities, provided by central banks.

Vincent Cable’s gaffe may reduce his ability to pursue his campaign against bankers’ bonuses to financial services but the danger to the economy as a whole has not passed. The official figures demonstrate how important financial services are to the economic well-being of the United Kingdom and just how damaging the current crackdown has been.

The numbers show that the UK’s exports of financial services product grew in the 22 years to 2008 by 26 times, with a compound annual rate of increase of 16 per cent. As a result, by the end of the first decade of the 21st century these exports constitute almost 4 per cent of GDP and about 20 per cent of the UK’s exports of goods and services.

Mr Congdon said: “It is hardly surprising – given this record, largely based on increases in output per head rather than in employment – that incomes in international financial services moved far ahead of the UK average. What about the latest numbers? What about 2010 so far?

“The main conclusions are that from the peak in 2007 and 2008 the value of the UK’s exports of financial services has fallen, at an annual rate, from about £50bn to about £40bn – that is, by £10bn. The fall is equal to about 20 per cent of the sector’s peak output.”

That’s the biggest drop since these figures have been collected and demonstrates the risk that politicians pandering to the mob are in danger of killing the goose that lays golden eggs. This might be popular in the short term – blaming a minority often goes down well with the majority – but could make us all poorer in the long term.

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As the bloke said on French tv the other night - "let them (banksters) go to the far east. Let's see if China or the UAE bail them out the next time they screw up".

I suspect beheadings and firing squads would be used in these places, not tax payers cash.

LET THEM GO !!! :ph34r:

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As the bloke said on French tv the other night - "let them (banksters) go to the far east. Let's see if China or the UAE bail them out the next time they screw up".

I suspect beheadings and firing squads would be used in these places, not tax payers cash.

LET THEM GO !!! :ph34r:

I agree!

Let the F|_|CKTARDS GO!

Good riddance!

I hope they suffer before they GO TO HELL! :D

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The authorities in the UK and the US completely messed up the bail-out process.

The bankers got themselves into a mess. Brown, Darling et al dragged us all into it when they didn't need to.

Hopefully the authorities in Dubai, China etc won't be so stupid the next time it happens.

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The authorities in the UK and the US completely messed up the bail-out process.

The bankers got themselves into a mess. Brown, Darling et al dragged us all into it when they didn't need to.

Hopefully the authorities in Dubai, China etc won't be so stupid the next time it happens.

I would think it'll be even easier for the banksters to subvert the governments/authorities there. It's taken a longish time for them to subvert all political parties in Western nations.

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As the bloke said on French tv the other night - "let them (banksters) go to the far east. Let's see if China or the UAE bail them out the next time they screw up".

I suspect beheadings and firing squads would be used in these places, not tax payers cash.

LET THEM GO !!! :ph34r:

:lol:

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Got to agree with you OP, it's nonsense. The fall in so called 'exports' from the UK financial sector is more down to the crash in what's mostly unproductive high financial games than any real service sector output. Take M&A activity - London was (and still is) a good place to broker big corporate takeovers. This, often questionable, sector of the financial economy has collapsed not because we've been, errr, 'bashing' bankers and scaring them away to Switzerland and Asia, it's because the credit crunch has revealed that much M&A added little genuine value to the resulting business. WIthout all that lovely leverage pouring into the deals you can't make money out of them. It's got nowt to do with banker bashing. Also, correct me if I'm wrong but isn't the current bonus round almost as big as it's ever been?

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It's all BS. Having worked for a large financial services company I know that they are targetting the markets of China, Russia, South America etc. That's where the real money is seen to be made. It just so happens that the Western World is still suffering a downturn, so of course the figures look bad. But you can't read anything into it other than they are sticking to their stragegy of going for these other countries.

Its got F'all to do with bankster bashing.

Crap article from a paper that is turning to crap.

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I wonder whether the Telegraph assault on the coalition is somehow connected with the emergence of these sordid bank lobbyists masquerading as economists and 'experts' - is this a coordinated PR effort. Vince Cable did a u-turn before when pressure was applied (he personally told me he had bowed to pressure when he was complaining about insane levels and types of mortgage lending - he was told he was being unpatriotic by making such assertions so he did actually back off - how ironic). Vince is a man for turning so this PR effort may bear fruit.

Edited by gruffydd

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So they're essentially following manufacturing?

I think I can see a pattern emerging.

Give ''em a taste of their own medicine, send them abroad, withdraw Blitish citizenship, confiscate their buildings and asset strip them.

Then dig out the X files on how much they have been tax avoiding over the decades and which billionaires/millionaires have helped hide stuff

There should be secret raids on head offices carried out and invasion of Caimans - Bahamas to seize and suss out who is hiding what and how much.

Either that or citizens start trading monetarily in a completely new way and bust the bankers and stinking rich overnight!

Edited by erranta

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It's all BS. Having worked for a large financial services company I know that they are targetting the markets of China, Russia, South America etc. That's where the real money is seen to be made. It just so happens that the Western World is still suffering a downturn, so of course the figures look bad. But you can't read anything into it other than they are sticking to their stragegy of going for these other countries.

Its got F'all to do with bankster bashing.

Crap article from a paper that is turning to crap.

It seems like C- grade analysis from someone who was paid a lot of money to help set the nations Base Rates. What a waste of money that was.

The reason for the fall in exports of financial services is because the markets that they service have shrunk. Add in the losses that are now coming in on their bad loans, and we have some pretty interesting figures.

Good for our other exporters though, as a weaker currency will increase their profitability and growth prospects.

Interesting too on the bankers pay. I had heard that it was going to be down this year, but it doesnt seem to be down in proportion to the collapse in revenues.

As for what bankers are paid, I have two problems. Those banks bailed out by the state must accept political control. And that means cutting the pay of these civil servants to a level that will make the people happy, and as a corollary, help make the banks more profitable. Cutting pay of banksters works in many ways to make things better. First of all no bonus means that they might as well do their jobs, and lend only to good risks, as there is no bonus to be had. Secondly, lower pay means more for the shareholders, who in the case of some banks, happen to be, Her Majesty's taxpayers. Thirdly, the Jack the Lads who have used the system to steal money from everyone and bring the system to its knees, can clear off somewhere else if they want more money. Only where will they go, seeing as how there is a lot less real banking business around at the moment.

As for that muppet, Eric Daniels, saying that you have to pay for the best staff, well I wonder how many other leaders of profitable businesses have wiped out their shareholders by buying a negative black hole with the precious capital of others. He is certainly a steward.

I think it is time for the Bank of England to start facing up to this mess as well. The time honoured ritual of Open Market Operations, that gift the upmarket version of our chav layabouts easy profits at the expense of the masses, should come to an end. Any future QE, and I dont deny the occasional if judicious use of it, should be via direct financing of government expenditure, cutting out the cut of the banksters too.

And if we get an FSA that has teeth, then all we need is to empower shareholders again. Change the rules so that only the individuals who own shares can vote on them, deny the stolen votes held by institutions and banksters. That alone will bring the executive pay trough under control.

Then we might have a system where bankers have to really earn their money. Honest hard work might be a shock for them.

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Banker Parasites Deserting The Host

Still swallowing Gordon Browns propaganda whole: hook, line & sinker. :(

It's all the fault of <insert convenient scapegoat and random numbers quoted out of context here>. It's not my fault I only:

  1. Designed the regulatory system that failed so spectacularly.

  2. Presided over a 15 year credit bubble of epic proportions.

  3. Based the country's economy and finances on the continuous expansion of said bubble.

I mean how can you blame the government, they only run the country after all.

Edited by Goat

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Still swallowing Gordon Browns propaganda whole: hook, line & sinker. :(

It's all the fault of <insert convenient scapegoat and random numbers quoted out of context here>. It's not my fault I only:

  1. Designed the regulatory system that failed so spectacularly.

  2. Presided over a 15 year credit bubble of epic proportions.

  3. Based the country's economy and finances on the continuous expansion of said bubble.

I mean how can you blame the government, they only run the country after all.

Er, no.

I think Brown and the High Command of New Labour were in on it, the treacherous b*stards. It kept their snouts in the trough for 13 years, after all, wonder how much money Mandelson (as an example) made in that period?

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Still swallowing Gordon Browns propaganda whole: hook, line & sinker. :(

It's all the fault of <insert convenient scapegoat and random numbers quoted out of context here>. It's not my fault I only:

  1. Designed the regulatory system that failed so spectacularly.

  2. Presided over a 15 year credit bubble of epic proportions.

  3. Based the country's economy and finances on the continuous expansion of said bubble.

I mean how can you blame the government, they only run the country after all.

You forgot the last one :

4. In a fit of hubris, unilaterally forced society to bear the costs of what should have been private losses rather than admit to personal failure.

Edited by LuckyOne

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As Paul Volcker says the only socially useful innovation in the financial services industry in the last 30 years was the ATM.

A smaller finance industry is exactly what the country needs if it is to ever 'rebalance' away from the skimming scamming and scumming which is the bankstering and financial services industry.

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The DT are fast becoming a laughing stock like the Daily Express.

HPI = good

Banksters leaving = bad

Vinnie Cable = bad

BTL = good

If they go subscription only it may not be a bad thing. Then we are left with the Knicker Press, the DM and good old Gloomberg for mainline news stories to discuss.

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As Paul Volcker says the only socially useful innovation in the financial services industry in the last 30 years was the ATM.

A smaller finance industry is exactly what the country needs if it is to ever 'rebalance' away from the skimming scamming and scumming which is the bankstering and financial services industry.

If we had a banking system of the right size carrying out rational activities, we would be better off having it here than having it offshore.

I think that we are going to end up having the legacy bad bits here and the good bits of our few global banks and the associated tax base predominantly offshore.

We are going to end up with the worst of all worlds but at least the "don't let the door hit you in the @rse on the way out" crowd will be happy.

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The DT are fast becoming a laughing stock like the Daily Express.

HPI = good

Banksters leaving = bad

Vinnie Cable = bad

BTL = good

If they go subscription only it may not be a bad thing. Then we are left with the Knicker Press, the DM and good old Gloomberg for mainline news stories to discuss.

?

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If we had a banking system of the right size carrying out rational activities, we would be better off having it here than having it offshore.

I think that we are going to end up having the legacy bad bits here and the good bits of our few global banks and the associated tax base predominantly offshore.

We are going to end up with the worst of all worlds but at least the "don't let the door hit you in the @rse on the way out" crowd will be happy.

Not only banksters are going to move everything offshore.

I think the government recently let Vodaphone off a tax bill of hundreds of millions related to offshoring, well that's not going to open the door to others now, is it? :angry: The lost tax revenue will have to come from somewhere - yes that means you.....

The banking elite and their political friends are milking us while they can, and they're not going to stop until we make them stop.

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Not only banksters are going to move everything offshore.

I think the government recently let Vodaphone off a tax bill of hundreds of millions related to offshoring, well that's not going to open the door to others now, is it? :angry: The lost tax revenue will have to come from somewhere - yes that means you.....

The banking elite and their political friends are milking us while they can, and they're not going to stop until we make them stop.

It is a huge challenge for governments and the population. The level of support that a government can provide to its people and businesses is a function of the size of its tax base and its ability to borrow.

It seems that the tax base is shrinking and the ability to borrow looks increasingly under threat.

While some would like to see governments have the ability to somehow ring fence their tax base, the simple reality is that the tax base is globally mobile and spends a lot of time managing its exposure to current and possible future government behaviour.

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The way to tax companies is on the trade they do here. If you sell goods and services here, you will be taxed on the profits here. Otherwise all companies with multinational revenue streams will simply domicile to the most tax-efficient country they can.

As for banks, much of their operations are offshore anyway as we discovered with Northern Rock and Granite. And they are mired in fraud and corruption. We don't want them here. The banksters argument promoted by the DT could just as easily be applied to Ronnie Biggs. Should we want him to carry on robbing trains in the UK for the tax collected? It's an insane idea

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The way to tax companies is on the trade they do here. If you sell goods and services here, you will be taxed on the profits here. Otherwise all companies with multinational revenue streams will simply domicile to the most tax-efficient country they can.

As for banks, much of their operations are offshore anyway as we discovered with Northern Rock and Granite. And they are mired in fraud and corruption. We don't want them here. The banksters argument promoted by the DT could just as easily be applied to Ronnie Biggs. Should we want him to carry on robbing trains in the UK for the tax collected? It's an insane idea

This is already the case.

The choice for most corporations is where to domicile their headquarters. Their global income is exposed to the tax laws of their "host" country.

Global businesses with UK operations are finding it increasingly attractive to only expose their UK income to the UK tax regime and their global income to alternate regimes.

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Well actually they've done extraordinarily well being in the countries where they've been lending.

Based on this, it seems that the next f*ck up will be the Far East and the 'savings' will come from the commodity producers of Australia, Arabia, Canada et al.

Follow the banks to find out where bubbles and busts are going to happen next.

EDIT: If there were an award for 'BEST THREAD TITLE OF 2010', I'd give it to this one.

It would have to be a joint award with Realistbear's "Telegraph: Grave Fears House Prices May Become Affordable" headline.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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      • up 5%



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