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Mason On Newsnight

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Big euro crisis article on Newsnight tonight. The plan now is to borrow three trillion euros.

Mason spelled it out though, the plan is for the taxpayer to pay or the losses of bankers, but on a mammoth scale. UK taxpayers once again on the hook, this time for other nations banks. What a bunch of crooks they are.

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But what would be the consequences to taxpayers of a series of Euro nation defaults?

It's inevitable anyway -

but the more money they throw in the bottomless pit the worse it will be in the end.

:blink:

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But what would be the consequences to taxpayers of a series of Euro nation defaults?

The next taxpayer that makes a move, the banks get it!

BANKS: We are so talented. And those taxpayers are so DUMB!

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It's unbelievable that they're even considering leveraging up 500bn or so to 3tr. Leverage works against you on the way down and if it fails, it will be utterly destructive.

The governments are acting like desperate gamblers, putting bigger and bigger bets on the table, to try to regain their losses. The trouble is, the gambling chips are the taxpayer's, their children's and their grand children's lives. It's sickening.

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But what would be the consequences to taxpayers of a series of Euro nation defaults?

It would hurt, then it would get better. But then we wouldn't let banks hold everyone else to ransom again. Well for a century at least.

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It would hurt, then it would get better. But then we wouldn't let banks hold everyone else to ransom again. Well for a century at least.

Greece has been in default on its national debt for more than 50% of the time since its independence from Turkey in the 1820's, yet the banks were all lined up to lend to them at the same rate as the UK or Germany. You honestly think that bankers will learn anything from the current fiasco and won't lend to them again?

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Lordy oh lordy, we now have Prescott on, shouting loudly at paxman. The fool is saying he can't go to a the labour conference because he wants to go to a climate change conference. All the time his output of greenhouse gas is on an industrial scale.

Edited by leicestersq

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Big euro crisis article on Newsnight tonight. The plan now is to borrow three trillion euros.

Mason spelled it out though, the plan is for the taxpayer to pay or the losses of bankers, but on a mammoth scale. UK taxpayers once again on the hook, this time for other nations banks. What a bunch of crooks they are.

..they didn't contribute to saving the UK Banks ...each country if they so wish should save their own ....if not let them go bust....why cover up....?... :rolleyes:

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It's inevitable anyway -

but the more money they throw in the bottomless pit the worse it will be in the end.

:blink:

The money has all been spent over the past 10 years. It's just a matter of who pays it back. The people who spent it, the people who lent it or the people who neither spent it or lent it. I like to think of myself as in the latter category but I proftited from someone else spending it so I guess getting stuffed now is just what comes around.

Edited by campervanman

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But what would be the consequences to taxpayers of a series of Euro nation defaults?

The issue is not sovereign defaults - it is saving the banks that bought the dodgy government bonds.

The point is - it is bank shareholders and creditors who should pay and not taxpayers.

The conditions for recapitalising the banks should be significant liabilities for their creditors and shareholders.

I'm not holding my breath that this will happen.

The essence of the financial sectors scam is making out that the problem is financially incompetent states and not financially incontinent banks. Now that is a confidence trick !

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At any rate following Ed Balls interview with BBC's Andrew Neil today we now know what the slogan will be for Labour's next election campaign

TAKE CARE OF THE PENNIES AND THE POUNDS WILL LOOK AFTER THEMSELVES"

:lol::lol::lol::lol::lol:

It's never too late to have another laugh at what is described as UK politics.

Edited by billybong

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Big euro crisis article on Newsnight tonight. The plan now is to borrow three trillion euros.

Mason spelled it out though, the plan is for the taxpayer to pay or the losses of bankers, but on a mammoth scale. UK taxpayers once again on the hook, this time for other nations banks. What a bunch of crooks they are.

Remember when this was all contained in 2007 by the UK public stumping up a "massive" 50 billion pounds for Northern Crock?

It seemed like such a lot of money then.

3 Trillion. My god! It's difficult to conceive of the long term mismanagement that requires this sort of acknowledged backstop.

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A bailout on that scale to banks will see riots across Europe, perhaps the fall of at least one Eurozone Government.

We can but hope. It might give the politicians some pause before they make things even worse.

I've been following this mess since about 2001/2 when I was trying to understand what went on in the internet bubble and first read Shiller's book (Irrational Exuberance). However, I couldn't quite believe how irresponsible governments would be, even as interest rates were set low, money was lent to anyone with a pulse, and housing bubbles inflated everywhere. Then, August 2005 happened, and the MPC lowered interest rates and I thought - this will not be allowed to deflate, it will have to pop. But of course, I still couldn't quite accept the degree of irresponsibility that was being shown by the great and good. I assumed when the things got really bad, when there was no way the reality could be denied by any reasonable person, governments would take the medicine.

Late 2008/2009 was an eye opener as the markets rebounded as money (i.e. debt) was once again pumped into the system, and it was proclaimed that "everything was going to be fine." All I see is an asymptotically growing set of problems. There is a brick wall that these cans are going to hit very soon, and a lot of us are going to suffer.

I think I have finally accepted that the politicians and the bankers will not stop until this blows up in a global financial holocaust the likes of which has never been seen (though there is always this little nagging ball of hope that I am wrong...I suppose it had some survival value in the past, otherwise we would have just let ourselves be eaten by the pride of lions that had treed us, instead of hoping for a miracle.)

This could have been sorted out, or at least greatly ameliorated, by a comparatively mild recession in 2001/2002. I truly live in fear of what the next few years will bring for me and my family.

Edited by Tiger Woods?

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... and from there to the Battersea heliport to depart London pronto.

EDIT: I misread your post Bart - I thought you said 'to Westminster tube'. Thus my joke makes no sense! :lol:

Never mind, I quite like the idea of helicoptering from Battersea. Always wanted to ride around on a big chopper!

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We can but hope. It might give the politicians some pause before they make things even worse.

I've been following this mess since about 2001/2 when I was trying to understand what went on in the internet bubble and first read Shiller's book (Irrational Exuberance). However, I couldn't quite believe how irresponsible governments would be, even as interest rates were set low, money was lent to anyone with a pulse, and housing bubbles inflated everywhere. Then, August 2005 happened, and the MPC lowered interest rates and I thought - this will not be allowed to deflate, it will have to pop. But of course, I still couldn't quite accept the degree of irresponsibility that was being shown by the great and good. I assumed when the things got really bad, when there was no way the reality could be denied by any reasonable person, governments would take the medicine.

Late 2008/2009 was an eye opener as the markets rebounded as money (i.e. debt) was once again pumped into the system, and it was proclaimed that "everything was going to be fine." All I see is an asymptotically growing set of problems. There is a brick wall that these cans are going to hit very soon, and a lot of us are going to suffer.

I think I have finally accepted that the politicians and the bankers will not stop until this blows up in a global financial holocaust the likes of which has never been seen (though there is always this little nagging ball of hope that I am wrong...I suppose it had some survival value in the past, otherwise we would have just let ourselves be eaten by the pride of lions that had treed us, instead of hoping for a miracle.)

This could have been sorted out, or at least greatly ameliorated, by a comparatively mild recession in 2001/2002. I truly live in fear of what the next few years will bring for me and my family.

Great post.

I never for one moment imagined that they'd let it go on for so long; that it would get to this point. Dire and genuinely unnerving times indeed.

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Great post. What country is not going to get utterly hammered? think ill have a look at the company's transfer list today if I can figure out where to go!

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The plan now is to borrow three trillion euros.

I think we are witnessing the end of money as we know it. Central bank currency has simply become a liars promise.

The loss of trust in money is a one-way thing. Once people think about its real value, the trust will be lost.

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  • 331 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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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