Truth Breaks Out On Bbc

[SleepyHead]

Anyone else see This Week last night? Very HPCer type stuff.

Portillo said that "we are headed for disaster". Went on to say "phenomenal threat to us", and "will lead to some kind of meltdown".

Discussion on Greece and Euro begins at 26:30, lasts 6 or 7 minutes.

http://www.bbc.co.uk/iplayer/episode/b012b9sn/This_Week_30_06_2011/

Other quotes:

"political elite that is deaf and blind to reality"

On German willingness to bailout Greece and others: "we're coming up to a lack of political will, and a lack of economic ability"

Also noted how UK parliament is in denial about issue.

[The Masked Tulip]

Can kicked 6 or 12 months down the road... just enough time for some more euro politicians to secure their pensions and some nice QUANGO roles... Note, I say 'roles' as opposed to 'jobs'... jobs implies work...

[Muswell Hillbilly]

Can kicked 6 or 12 months down the road... just enough time for some more euro politicians to secure their pensions and some nice QUANGO roles... Note, I say 'roles' as opposed to 'jobs'... jobs implies work...

‘Sinecures’ is the word you’re looking for!

[dances with sheeple]

Anyone else see This Week last night? Very HPCer type stuff.

Portillo said that "we are headed for disaster". Went on to say "phenomenal threat to us", and "will lead to some kind of meltdown".

Discussion on Greece and Euro begins at 26:30, lasts 6 or 7 minutes.

http://www.bbc.co.uk...eek_30_06_2011/

Other quotes:

"political elite that is deaf and blind to reality"

On German willingness to bailout Greece and others: "we're coming up to a lack of political will, and a lack of economic ability"

Also noted how UK parliament is in denial about issue.

Threat to our banks does he mean?

[Chuffy Chuffnell]

As someone who watches This Week every week (after making sure I don't watch QT!) I can report to those non-viewers of that excellent programme here that Portillo and 'Brillo' (that's Andrew Neill) have been "on the ball" regarding the financial crisis since it began. Last week's show was excellent and was similar in message to last night's: Greece isn't over and in a few months' time we're all F**KED.

[Chuffy Chuffnell]

Threat to our banks does he mean?

That and more. Monetary meltdown... methinks Portillo has a stack of gold tucked away in Scotland!!

[moonriver]

As someone who watches This Week every week (after making sure I don't watch QT!) I can report to those non-viewers of that excellent programme here that Portillo and 'Brillo' (that's Andrew Neill) have been "on the ball" regarding the financial crisis since it began. Last week's show was excellent and was similar in message to last night's: Greece isn't over and in a few months' time we're all F**KED.

Thanks for the hint.

I must remember to give up attempting to watch QT, I only spend the whole programme moaning what rubbish it is, and I will revert to "This Week".

[interestrateripoff]

Of course politicians are in denial, it's what they do.

[Tonkers]

Threat to our banks does he mean?

This is interesting and was mentioned on here before - since when were the banks "us"?

[SleepyHead]

As someone who watches This Week every week (after making sure I don't watch QT!) I can report to those non-viewers of that excellent programme here that Portillo and 'Brillo' (that's Andrew Neill) have been "on the ball" regarding the financial crisis since it began. Last week's show was excellent and was similar in message to last night's: Greece isn't over and in a few months' time we're all F**KED.

Agreed. They're about the only BBC show that seems to be discussing the problem openly. Even Newsnight isn't doing that.

[Chuffy Chuffnell]

This is interesting and was mentioned on here before - since when were the banks "us"?

Since our entire economy, on a day-to-day basis, depends on their functioning, the fact that the vast majority of British people have bank accounts, not to mention company accounts, and now that the government own a good chunk of several of them...

[Olebrum]

This is interesting and was mentioned on here before - since when were the banks "us"?

Ever since 'we' got to pay for 'their' reckless gambling debts instead of allowing 'them'

to down the crap hole 'they' dug for 'us'

[Thane Tasker]

Of course politicians are in denial, it's what they do.

Politicians aren't in denial, politics is show business for ugly people.

[Dorkins]

Ever since 'we' got to pay for 'their' reckless gambling debts instead of allowing 'them'

to down the crap hole 'they' dug for 'us'

'I' need a bailout.

'We' are in trouble.

'You' have to pay.

[Thane Tasker]

Just planting seeds, you do your bit.

[erranta]

'Sinecures' is the word you're looking for!

'Sinecure'

"The former boss of Lloyds Banking Group is being paid nearly £100,000 a month for doing nothing, it emerged yesterday.  

Eric Daniels was replaced as chief executive in March but remains on the payroll of the bank, which is 41 per cent owned by the taxpayer.

The 59-year-old American was one of the key architects of the controversial takeover of HBOS which, say critics, has weakened Lloyds."

Edited July 1, 2011 by erranta

[Sour Mash]

Since our entire economy, on a day-to-day basis, depends on their functioning, the fact that the vast majority of British people have bank accounts, not to mention company accounts, and now that the government own a good chunk of several of them...

We certainly need a banking system for society as we know it to function.

However - that system doesn't need to be composed of the same group of banks as it currently is, and it isn't required that it be run in the same fraudulent, greedy way as it currently is.

If a bank goes bust, let it go under and let someone else buy out the carcass who can do a proper job. That's capitalism, the system that our economy supposedly operates under. In the worst case take it over and use public money to compensate the depositors up to the specified compensation limit and recapitalise it to be sold later, instead of throwing hundreds of billions (potentially trillions) at the existing failed and broken entities in the hope that they magically recover.

But of course that would involve a lot of very rich and powerful people losing out and facing the consequences of their own greed. Not going to happen any time soon.

[erranta]

<br />As someone who watches <i>This Week</i> every week (after making sure I don't watch QT!) I can report to those non-viewers of that excellent programme here that Portillo and 'Brillo' (that's Andrew Neill) have been "on the ball" regarding the financial crisis since it began. Last week's show was excellent and was similar in message to last night's: Greece isn't over and in a few months' time we're all F**KED.  <img src='http://www.housepricecrash.co.uk/forum/public/style_emoticons/default/cool.gif' class='bbc_emoticon' alt='' /> <img src='http://www.housepricecrash.co.uk/forum/public/style_emoticons/default/blink.gif' class='bbc_emoticon' alt='' /><br />

This reveals the shadowy Masonic Mockery (puppeteering/Marion-ette) of unsuspecting public underlaying their (al) 'chemistry'

"Portillo has known Abbott for many years: they both attended schools in the London Borough of Harrow, Portillo and Abbott were in a joint school production of Romeo and Juliet, though not in the title roles.

Later, whilst still at school, Portillo cast Abbott in a film version of Macbeth, but the film was never completed. She played Lady Macduff to his Macduff.

The chemistry between Portillo and Abbott has been credited with ensuring the programme's popularity."

(Shakespeare-Stratford ('Johns') = Masonry Metricks! 'H_arrow' is also a farming related word - many Bible parables are too!)

[@contradevian]

Can kicked 6 or 12 months down the road... just enough time for some more euro politicians to secure their pensions and some nice QUANGO roles... Note, I say 'roles' as opposed to 'jobs'... jobs implies work...

Won't be any money for pensions and quango's when the SHTF. If I were them I'd ensure I have a toilet bag packed and a Gulfstream fuelled up and ready at a private airfield.

[Nationalist]

Unfortunately I'm usually comatose by the time This Week starts, but Andrew Neil has a track record of hosting these very late night real-politik programmes. He tells the politicians: it's late, only the wonks are watching, nothing you say here really counts, just give it to us straight - and they often do!

[DTMark]

This is interesting and was mentioned on here before - since when were the banks "us"?

I was discussing that. I've certainly no intention or wish to attack anyone who uses the word "us" (as in "they won't pay us back") but the point I was arguing is that a psychological shift has occured, that "we're all in it together" in so far as the situation has been spun to place the people and the banks on the same side. Quite a miracle really.

[R K]

Since our entire economy, on a day-to-day basis, depends on their functioning, the fact that the vast majority of British people have bank accounts, not to mention company accounts, and now that the government own a good chunk of several of them...

This Week is the only program on TV worth watching.

Neill is one of the smartest and best informed journos anywhere.

However, I've come to the conclusion that any 'meltdown' is likely to be very temporary and shortlived. As far as the UK is concerned I'm fairly certain there will be almost instantaneous capital and exchange controls implemented as a circuit breaker. Within minutes of whatever 'trigger' blows. I suspect the US have similar protocols. On the evidence to date of German/French actions I doubt the EZ as a whole has any sort of coherent 'plan' but may be underestimating them.

Thus the problem is less likely to be the 'meltdown' itself i.e. preventing runs, cross border flows etc. the system is entirely electronic so that's simple, and far more likely to be 'how to restart the global system' and the international trade system and the fallout from it coming to a grinding halt. *

That will be the challenge. I'm quite certain the EU will turn out to a disaster on that score as the stormtroopers on the streets of its capital cities ought to indicate. US will probably be ok but some Asian countries will also fall apart very quickly I'm sure whether they're pegged to the dollar or not.

But why oh why anyone in the UK would voluntarily lend their money to banks HQ'd overseas with assets largely in overseas currencies is a mystery to me. I find it incredibly perplexing.

Edit: * i.e. it's not the financial system as such that will be the problem, it will be the supply chains and in particular the highly focussed chains dependent upon international trade flows. That's the 'biggie'.

Edited July 1, 2011 by Red Karma

[erranta]

<br />Won't be any money for pensions and quango's when the SHTF.  If I were them I'd ensure I have a toilet bag packed and a Gulfstream fuelled up and ready at a private airfield.<br />

Toilet bag ('Privy' council, Portaloo' 'bucket load a' )

"He was made a Cabinet Minister as Chief Secretary to the Treasury (1992), and admitted to the Privy Council the same year. Portillo subsequently held the portfolios of Employment (1994) and then Defence (1995–1997). His high profile led to constant attention from the media, including the magazine Private Eye, which mocked him as

"Port-a-loo". (witty - he's Spanish)

The 1997 loss, symbolising the loss of the election by the Conservative Party, has been referred to as "the Portillo moment", and in the cliché "Were you up for Portillo?"

Portillo himself commented, thirteen years later, that as a consequence "My name is now synonymous with eating a bucketload of shit in public."

[@contradevian]

Toilet bag ('Privy' council, Portaloo' 'bucket load a' )

I should of course have said "toiletries bag."

[Chuffy Chuffnell]

But why oh why anyone in the UK would voluntarily lend their money to banks HQ'd overseas with assets largely in overseas currencies is a mystery to me. I find it incredibly perplexing.

Indeed. And to think on the continent how many mortgage relationships are cross-border.. if capital controls came in, well, wow...

I'm not sure how this is going to play out. The UK is better placed because it is outside the Eurozone, we've seen that already. I just can't imagine capital controls within the Eurozone though - it would be bloody dramatic and totally change people's perceptions of the EU, etc, realising that it is ultimately still composed of individual states. Whilst controlling electronic transfers is do-able, what would they do in the physical world? Man all the (closed) borders again? Greeks would, for example, be getting their cash out of Greece ASAP, by boat, horse, etc..! I suspect any savvy Greek has already withdrawn all their Euros from the bank and sent it across the border, or are ready to.

Just can't see it happening... but if it does it will be mega. In Britain we'd hunker down for a few weeks and emerge relatively unscathed.

And God knows what the global markets will make of it all!!