Thursday, October 30, 2008

We are DOOMED without the banker bonuses

Closing doors

The CEBR estimates bonuses in London will fall 60 per cent this year, while New York State says a 50 per cent drop is likely. The mix between shares and cash is also set to change. “There will be fewer people earning the really big money,” says Nick Studer from Oliver Wyman, a consultancy. Moreover, many of the investment banks that paid the biggest bonuses are now grafted more tightly on to retail banks, where compensation tends to be lower. New York and London are forecast to shed nearly 100,000 banking-related jobs by the end of 2009 – and banks that survive are unlikely to return to this decade’s dizzying profit levels any time soon. But even those who believe change is in the air wonder how long the restraint will last.

Posted by lvmreader @ 07:38 PM (929 views)
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One thought on “We are DOOMED without the banker bonuses

  • Ponerology and the Pound – Humanity’s Worst Invention

    “The world is a dangerous place to live, not because of the people who are evil,
    but because of the people who don’t do anything about it.”

    Albert Einstein

    For some reason, thinking of bad inventions, my thoughts first turned to money. But then money in its original form as an enabler of the exchange of goods and services, is, or at least was, a good thing. It is when money is itself traded as a commodity that problems arise, especially on the international markets. In this context, I suggest humanity is in an advanced stage of delusion accelerating towards unstable, unsustainable insanity.

    Alongside this and in reality part of the same phenomena, are the mountains of debt which overshadow mankind’s very existence here on earth. Of course, all of this is very vague and very broad and right here we are looking for an invention, something we can isolate and pin down as not just a bad idea, but the one which has most negative influence on the planet. Humanity’s Worst Invention.

    So amidst cries of “off with his head” and “we can’t print that”
    I am proposing that The Bank of England is in deed the invention we are looking for.

    Of course there are at least two Bank of Englands, in perception terms that is. There is ‘our’ Old Lady of Threadneedle Street, the symbol of power and security, part of what being ‘British’ is all about. We can all get on with our personal stuff knowing the Pound is being safely looked after. Sadly, that is where the delusion begins and where the ‘other’ bank hides, the bank who’s shareholders MPs are not allowed to raise questions about in parliament. Check back on the real history if you need to. The origins of The Bank of England are anything but English and ‘our’ Pound is anything but safe.

    How a foreign (Dutch) king in 1688 managed to invade England by sea, and march an army from Devon to London as part of ‘The Decent on England’, depose the existing king, become king of England himself and somehow get this recorded in history books as ‘the glorious revolution, should make us all a little sceptical if not deeply suspicious. But of course William didn’t do this all on his own.

    Six years later the same transnational conspirators that had put him in ‘power’, came up with a brilliant loan plan to finance William’s obsession with war on France. The Bank of England was born and William’s obsession became the national debt. The loan was secured against future taxes on the British people who although never expected to repay the capital, pay the interest on it to this day. But that’s only part of the story, after all this is the worst invention and it does get worse.

    The government’s responsibility to provide currency was handed over to The Bank of England, perhaps the best printing job any ‘printer’ ever had, totally beyond comprehension. Not only this but also the right to charge the government (read ‘the people’) interest on the money printed. Madness? I think so. Over time money was printed with less and less security or fractional reserves so the money loaned actually didn’t (and doesn’t) exist until the loan is made. If it looks like a fish and smells like a fish it probably is a fish. A Yahoo search on fractional reserve banking today returned ‘about’ 336,000 entries. Millions of wide awake people are quietly weighing up the form and deciding what to do personally.

    And there’s worse to come, words like siphon, drain and plughole come to mind. It’s the interest, the interest on the loans, they never ever print the interest. Think what this means. If for instance and simplicity, ten people borrow £1,000 each for a year at 10% pa., the £10,000 is created out of nothing. At the end of the year they all pay back (or should if they could) the £1,000 they each borrowed plus £100 interest. So the bank has the £10,000 which was created out of thin air plus £1,000 interest which has been extracted from the genuine common wealth of the people. This has been going on for well over three hundred years.

    Gradually, no matter how hard we work, or how clever we are, fundamentally real wealth disappears from society and is replaced with debt, virtual money. Try playing the board game Monopoly with the bank taking back £200 each time you pass GO. Last time I checked more than 97% of the UK’s currency was debt, only existing in computer software. Virtual reality?

    The practical everyday effect of this is to boil the frog. Slowly over the years basic human values and concerns for each other and our environment are replaced by competitiveness, greed, selfishness and a lust for acquisition, power and wealth. Meanwhile, many millions of us in the so called developed world are avoiding or rather masking poverty with increasing debt.

    Last for the moment, but by no means least, once the Bank of England invention was up and running, it was a relatively simple matter to re-invent it all over the world in almost every country. This was of course in effect one of the principle functions of the British Empire. Eventually humanity developed a global version, the World Bank with its cousins the IMF and WTO with all the well reported ecological, humanitarian, economic, ethical and humanity threatening implications.

    But this was not before the same movers descended on the United States of America and created the Federal Reserve system in the image of the Bank of Amsterdam, sorry I meant England. At the time of writing, the US treasury secretary John Snow has recently (6th March) told Congress that rather than default on its obligations the nation is delving into pension funds to avoid hitting the $8,2 trillion debt limit.

    ‘The Fed’ will stop reporting on M3 on Thursday March 23rd, (whilst Congress is on a spring break) and only days after Iran’s intended new oil bourse may start trading oil, anybody’s oil, in Euros on 20th. This may expose the madness totally with dire consequences for us all.

    But what sort of people could create and perpetuate such a monster? Surely, some have said, behind these evil men must be something more, aliens perhaps or even reptiles from another dimension. This may be so, who really knows?.

    However, according to Andrew M. Lobaczewski, Ph.D in his soon to be published book Political Ponerology: a Science on The Nature of Evil adjusted for Political Purposes, from Red Pill Press, the answer is much closer to mankind. It’s in our genes, or more accurately, it is what is not in some peoples genes.

    Apparently a small percentage of humanity lacks the normal restraints of conscience, empathy, guilt or shame. At the same time not all are violent but most have the ability to mask their psychopathy with a facade of sanity and charm. Many will be reading this essay. Hi there!. How’s it going?.

    These people naturally gravitate into positions of power and influence in politics and commerce, where, once established they gradually modify the rules and laws to create a world that suits them. Compliance with their new world is rewarded with material success and so previously ‘normal’ humans adopt psychopathic behaviour in order to survive and prosper in a contrived and hostile environment.

    This I suggest is not a possibility, not a projected scenario or another ‘what if?, this is history. We, with help from our friends Mr Apathy and Mrs Complacency have lost control of our world to a minority group that have us suspended in an Orwellian, Huxlian dreamlike state, and, as ‘they’ are really part of ‘us’, their invention really belongs to humanity.

    “All that is required for evil to prevail
    is for good men to do nothing.”

    Edmunde Burke

    Malct March2006

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