Wednesday, December 12, 2007

The giant game of Monopoly comes to an end

World banks in £50bn credit-crunch fight

"This is the first time government banks have worked together on such a grand scale and comes as a result of secret talks between all the major central bankers in the UK, the US and the eurozone, as well as in Canada and Switzerland." Erm, they are privately owned Banks !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Posted by doomwatch @ 10:24 PM (1297 views)
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13 thoughts on “The giant game of Monopoly comes to an end

  • Hi Doomwatch, do you know something, I was thinking the same thing today “monopoly”. I had a competitive father, and if he was losing the game, he would change the rules as he went along. And I agree, there are parallels, as these Independent Banks which rule all our lives, may just be playing the last plays of this game . Like with Communism, when people lose faith in a dream or belief, then it is curtains, it is not only the people on here, that feel the same, it is the man on the street too, who feels the same.

    The question will have to be, what will replace this system? Another thought that entered my mind today, I was thinking of 1930’s Germany, and an article I read about the Reichsmark, will a brand new currency be created? Now we see that the Independent Banks of Nations are uniting for one cause. Or are they the problem? Who knows? So many things happening, so many twists and turns, being created by this dysfunctional system, but that is how a “pick-pocket” or “control freak” works, to try and control the mind and ultimately his/her behaviour.

    So the question should be more a proactive one, as the inevitability of a meltdown draws near. Where do we go next? What alternatives are available? What is apparent, is that the current financial institutions have preyed on societies ignorance with a complicated and inefficient system which is wholly and readily open to abuse. Therefore one currency, one wholly independent institution is ultimately the solution. As has been proven, both politics and the current financial arrangement is merely not suitable for the needs of this planet in the 21st Century.

    If anyone has any alternative views or ideas, then please put them forward.

    A one world currency, fully independent, completely impartial may be the future to all the woes we read about daily here.

    Don’t worry not smoking anything..

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  • Just out of interest does anyone know how much the Central Banks have already poured into the markets since September? £50bn sounds like a lot of money but I think far more has already been put in and it doesn’t seem to have made a great deal of difference so far.

    If they can find another £1.4trillion to give to the UKs consumers we can all breath easily!

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  • The BOE is publicly owned.

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  • They (housepricecrash) are not publishing what i am saying…

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  • planning4acrash says:

    Yer, but if they find an extra 1.4trillion, bread will cost 100% more and I will seek a 200% payrise!

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  • tyrellcorporation says:

    It does all smell a bit whiffy doesn’t it. Where is all this new money coming from? Does it all just get printed and doled out?

    Do they really think the party can go on ad-infinitum? The ‘not on my watch’ scenario is creating a devastating whirlwind IMHO.

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  • wiltshire – my thoughts exactly. Northern Rock by itself has absorbed the best part of what the five central banks are about to inject – world wide. So I can’t see £50 billion making much difference. What seems more likely to me is that a major UK or EU bank was just about to go under and this is purely to try to keep it quiet and stop panic withdrawals like NR.

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  • tyrellcorporation says:

    …Also, aren’t the big banks about to announce year-end results? My guess is they’ll try and share out this cash to stick on their balance sheets – hey presto, everything is cool again! (not)

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  • Greenspan says this about monetary policy and bubbles :

    “After more than a half-century observing numerous price bubbles evolve and deflate, I have reluctantly concluded that bubbles cannot be safely defused by monetary policy or other policy initiatives before the speculative fever breaks on its own.”

    I doubt despite their efforts, this one will end any differently.

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  • it_is_going_with_a_bang says:

    The Banks may be able to borrow more money … but how exactly is that going to help millions of people who can’t afford the mortgage/cedit cards/bills?
    It won’t.
    So it won’t make much difference, it has not up until this point.
    Unless they are intending to just hand it out FOC, which would be nice, but not very realistic!

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  • tyrell, I hardly think another loan will help their balance sheets for year end reporting !!

    It may help their cash flow though to actually pay all the analysts on 6 x salary mortgages; only for a while though, as
    they’ll all be laid of in Feb.

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  • Rentinginthesouth says:

    The central banks are doing it to boost public confidence, but i doubt it will make little difference as the very nature of pumping it in indicates there’s a problem… a vicious circle me thinks.

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  • They’ve ‘lent’ £30B to a single bank, Northern Rock, can’t imagine £50B will go far shared out to all the world somehow.

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