A Case Of One Madman Blowing All The Money
March 2, 2010
Thomas Mathew writes: Well, the best known secret is suddenly out: Prime Minister Gordon Brown is a nutter, who screams at his own staff, shoves them out of his way and threatens them with violence. Fear has gripped the corridors of 10 Downing Street, where some officials wear body armour and walk down the corridors, covering their genitals with their hands. Mr Brown, as it was revealed, lives in cuckoo-land of his own greatness, where figures never add up, where black is constantly referred to as white and where lying is not considered a big deal. Oh yes, and where stating the bleeding obvious is presented as some great wisdom. You want examples? There are many. The PM in in denial about bankrupting Britain to bail out the bankers and is conmstantly banging on about some ‘recovery’...
When It Comes To The Economy Big Is Never Beautiful
November 26, 2009
R.F. Wilson writes: I will start from afar, and then get to my main point. You might think that it is not the best way to make a point, but sometimes it is.I would like to talk about the supermarket chain Waitrose first. The one that has been growing in the past several years and now boasts 214 supermarkets across Britain. The thing is that I am getting disappointed with it, having been shopping there for the last 20 years at least. Several years ago I started noticing that the quality of Waitrose’s groceries began to fall, while their prices were moving in exactly the opposite direction. I am not saying that it happened suddenly. No. The process took some time. I noticed, for example, at some point, that Waitrose’s ready meals were not that good anymore, having grown smaller in...
My Advice To Governments: Print Money To Help People, Not Banks
November 6, 2009
Adam Lovejoy writes: Have you ever wondered why is it that governments around the world are bailing out banks that have no desire to share the money they get with anyone else? Not only that, but bankers stoop so low as to pay themselves bonuses from the funds that they have been given to resume lending to businesses and individuals, to help them survive in the recession. The fact of the matter is that however much money you give to bankers, they will find a way to misuse it. Because that is how they are: greedy bastards who think only of themselves. Now, we all know that the money that the governments in the West have been injecting into the banking sector was hastily printed. In Britain they even found a term for that, ‘quantitive easing’. That means flooding the financial markets...
Nick Clegg Gets Our Support. For Standing Up To The Banks
October 23, 2009
R.F.Wilson writes: I never thought that I would be praising Liberal Democrat leader, Nick Clegg, for saying the right thing. I usually laugh at his expense, and at the expense of his eccentric party. But on this occasion I am throwing my substantial weight behind the Lib Dem leader and saying: well done, Nick! So what is it, you are probably wondering, that Mr Clegg has said that got me all excited? Well, during the last prime minister’s questions (PMQs) in the House of Commons a couple of days ago the Lib Dem leader challenged Gordon Brown whether he was actually planning to break up the British banks that have turned into a huge cartel which is underwritten by taxpayers’ money and is rewarding itself with eye watering bonuses. Now, Mr Clegg has made a very powerful point in parliament,...
Looking Back At Our Coverage Of The Crisis. We Were Against Bailing Out The Banks From The Start
October 18, 2009
We, at StirringTroubleInternationally, have been very persistent in demanding that there should be no bail outs for banks. Here is what we wrote in April 2008: Credit Crunch: There Should Be No Bailing Out For The Banks Is it not remarkable how banks in Britain are trying to pretend that the current turmoil on the money markets, the so-called credit crunch, has nothing to do with them? Nope, they say, we are just the victims and are not to blame for all this mess. It’s all to do with the subprime mortgage market in the U.S. It all started over there and hit us when we least expected it. Remarkable, absolutely remarkable. At a recent meeting at 10 Downing Street with Prime Minister Gordon Brown, heads of leading British financial institutions had the audacity to claim that they were ‘turned...
Bailing Out Banks Is Wrong. It’s Classical Communism
October 13, 2009
Thomas Mathew writes: The one thing that is stunningly wrong with the concept of bailing out banks with huge injections of taxpayers’ money is that it has nothing to do with capitalism at all. It has all to do with classical communism, when the state subsidies failed enterprises and keeps them afloat, even when they are no longer fit for purpose, as it has become fashionable to say. That is exactly what is happening in Britain and the United States at the moment and, to a lesser extent, in other developed countries. Banks are being bailed out to the tune of hundreds of billions under a false presumption that their survival is crucial to the future of national economies. Preposterous statements are made by politicians and money men, who are claiming that in the boom years the banking...
Bad Debts And Bail Outs. Western Banks Adopt Russian Methods
October 13, 2009
If anyone had ever wanted to get a loan from a bank in Russia – before this whole economic crisis had erupted – they were supposed to offer the people, who worked in the bank, a ‘commission’ to get their application approved. That was how the system worked in Russia from the early 1990s when the free market had supposedly started to emerge in the country. There was nothing free about it, of course, because everything was done semi-legally, or illegally, and banks, including state-owned ones, were lending money only to people who knew how the system worked: loans were given in return for backhanders or favours. You could bring the best business plan in the world to the bank and show that your business was growing, but it would get you nowhere. Your application for the much...
Many Things Are Not What They Seem To Be. If You Look Closer
October 5, 2009
R.F.Wilson writes: So many things nowadays are not what they seem to be. Take the current financial crisis, for example, that has triggered an economic recession that will last at least until well into 2010, and may be even longer. The generally accepted view is that the crisis has occurred because millions of American homeowners holding so-called sub-prime mortgages had started to default on their payments, triggering an unprecedented shortage of available capital. And once the U.S. mortgage market went into meltdown the whole world felt the pinch and collapsed along with it. Nothing can be further from the truth, of course. The real reason for the current turmoil is the fact that banks, mortgage lenders and hedge funds, together with thousands of individual speculators, have been undermining...
Politicians Promising New Tough Regulations For Banks. Whom Are They Kidding?
October 2, 2009
Does anyone seriously believe that political leaders from around the world will be able to stop bankers awarding themselves huge bonuses? It beggars belief that the G20 leaders, who have had another useless bash in ’smokey’ Pittsburgh last month, have tried to convince everyone that they will go down hard on the money men and force them to stop making obscene profits and become – oh mighty gods of finance, are you listening! – transparent, sensible, competent and careful with their customers’ money? This is a bit like introducing regulations for the Colombian drug cartels, to force them to stop peddling dope to young people and children, improve the quality of their drugs and generally renounce their evil ways. And expecting them to abide by these rules. Or...
The Current Economic Crisis Tells Us One Thing: Money Men Rule The World
September 28, 2009
Anton Goryunov writes: Say whatever you will about the current economic crisis, but one thing came out of it loud and clear already: money men rule the world. Otherwise, how can you explain the ease with which they got away for causing all the mess in the first place, and received hundreds of taxpayers’ billions from their respective governments to keep going?Need I tell you that they will receive more money? OK, I am telling you here and now that the banks will get more bail-out money, because like hungry sharks they got the taste of public mammon and they will not stop until they take out everything there is left to take out. Te be honest with you, I was not that much surprised with the way governments sucked up to the money men. What are governments if not the servants of the big banks...
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