Friday, May 7, 2010

Hang on, roller coaster ride ahead

Contagion fears go global; governments try to calm storm

Stocks worldwide plunged as concerns about Greece's debt crisis went global, with investors seeing it as an omen of turmoil in other European economies and governments struggling to calm markets. Group of Seven finance ministers were due to discuss the Greek bailout in a conference call on Friday after Federal Reserve officials expressed concern and the White House said President Barack Obama was watching developments closely.

Posted by mark @ 12:22 PM (1248 views)
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6 thoughts on “Hang on, roller coaster ride ahead

  • general congreve says:

    GOAL-ED!!! Yeah, baby!!!

    Loving seeing Brown and Major on the BBC admitting what a massive pile of poo we’re in. Greece, coming to a street near you soon!

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  • yeh time to invest in makes of mobile phones and TVs, after all however skint people are they still manage to have the latest mobile phone and the biggest TV

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  • People don’t do austerity, they might have done in the past when people were used to going without but not now. Austerity for most people is not having the latest flat screen tv, when all their nice toys dry up there will be hell to pay.

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  • No one has yet explained to me why, with an economy that is growing exponentially on trend, we cannot afford the level of public services and pensions that the previous generation took for granted. Instead a great hullabaloo is made about how we are living beyond our means. And conditions are then attached to “bailing out” governments at levels of national debt that are not historically too high, that benefit the corporate and especially financial sector at the expense of the working population (who are supposed to swallow unquestioningly that we are “living beyond our means”. In the meantime hardly an eyebrow is raised when banks are bailed out with sums an order of magnitude higher.
    Surely something fishy going on, no???

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  • general congreve says:

    Nick b @4 – Cos public services are wasting it like water. Two anecdotals for you:

    1. I have a friend who is an account manager for an IT company. Last time I visited he showed me his new TV in the bedroom. It was a small standard definition flat screen monitor (he’d hooked it up with a digi box for TV), it was a 2 year old cast off from the NHS. It had come into his possession because the NHS asked his company to collect it and dispose of it when the upgraded a video conferencing suite at an NHS hospital. The suite has only been installed with standard def equipment 2 years earlier and they had decided it was no longer adequate (!!!), so they wasted £2 million (that’s right) on new HD equipment and just chucked the old stuff.

    2. I have a friend who works for the civil service in education. The other month him and a few colleagues had Ruby Wax (no doubt at a huge fee) come in to give them a lecture on public speaking. Necessary use of tax payer money? I think not.

    This is why we are broke and this is why I am going to make out like a bandit with my gold stash. I can’t thank the multitude of d1ckheads that have made all these inefficient and wasteful decisions enough for their gross incompetence. They’ve made me a made man 🙂

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  • @nickb

    I think pension schemes in most ‘advanced’ Western economies are in big trouble w.r.t. pensions. We are living so much longer than when final salary and index linked state sector schemes were conceived. Demographics trends and a loss of some of our industry to cheaper emerging economies doesn’t exactly help either.

    I’m a bit sceptical about the “economy that is growing exponentially on trend”. Only the state sector has fitted that description in my eyes recently.

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