ramen07 wrote:[KMA]Avenger wrote:What doesn't make sense mate is bailing out the banking industry because it was reckless gambling on the derivatives market with it's customers funds and us bailing them out to the global tune of Quadrillions, but not taking adequate precautions on something the entire planet is so dependant on...regardless of the frequency of CME events.
That reckless gambling is what makes global economy turn. Reckless investment = money flowing into businesses = capital for stocking a product, R&D, even (if the large corporations have the heart) investment into smaller businesses. Without risky investments, there is no room for real growth.
That reckless gambling is designed to do 1 thing and 1 thing only, indebt the entire world and bankrupt whole nations and if you are a corporation or 1 of the "to big to fails" the shut down of your competition, to the point you can buy up nations infrastructure and resources for pennies, and to make "the to big to fails" even bigger so we what we hear from the govt, from the media and from "the to big to fails" is "bail us out or the sky will fall". as John D Rockefeller said "competition is a sin".
It does NOTHING to improve the economy or promote growth, Greece and the rest of the "PIIGS" nations are a perfect example of this. if you want growth and prosperity you need to have a true free market. that means getting rid of the private for-profit corporate central banking system thereby you can reduce taxes which promotes entrepreneurship and creativity...the US pre 1913 is a perfect example of this.
The bottom line is that you cannot have prosperity and stability with the current system because it cannot function without boom and bust cycles which only helps those who are on the inside and who openly engage in insider trading.
Also, look at the MF Global scandal, Jon Corzine has been caught red handed engaging in perjury and defrauding his customers by raiding segregated accounts to pay off J.P.Morgan because Jon Corzine borrowed money to make 40 to 1 bets on Euro currencies. it's now come out that when said currencies went belly up Jamie Dimon threatened Corzine with his life if he didnt pay up. this was a deliberate act on Dimon's part to bankrupt and destroy MF Global because he knew MF Global didn't have the money. when Corzine paid the first instalment demanded by JPM, JPM demanded written assurances the money did not come from the segregated customer accounts. Corzine and MFG gave no such assurance and instead sent the money to JPM which resulted in the collapse and bankruptcy of MFG.
The MFG scandal is a big subject, and as i said, Corzine has perjured himself lying to congress and nothing has been done to him.
The MFG scandal is not an isolated incident, such corruption is endemic and built into the current financial system. the system has no money, it's as bankrupt as Greece, that's fact anyone can verify, all you have to do is look at the "bailouts", at the end of the day what is a bailout, it's nothing more than printing money out of thin air and putting the debt on the general population who does not owe the debt but is forced to pay it through taxes Both open taxation such as tax increases and austerity, and stealth taxation such as inflation, deflation and currency devaluation. to prove that, all you have to do is look at all the "austerity" inflation and fuel price hikes of the past 4 years, and it's only going to get worse to the point of collapse, and what will the bankers suggest is the solution? a single currency, possibly a basket of currencies known as special drawing rights (SDR's for short) or a cashless society. Sweden is already moving towards a cashless society. i saw an article last week (didn't read it). headlines was something like "Sweden moving towards cashless society". Russia, China, Japan, India and Iran have all been striking mega-deals in the past few weeks without using the dollar. India has recently struck a deal to buy Iran's oil and to pay for that oil in gold and not the petrodollar...oh, our leaders and the UN in their infinite wisdom really knew what they were doing when they decided to put embargoes on Iran...the term, "shooting yourself in the foot (with both barrels in both feet, i would add)" comes to mind!
Don't take my word for it, go check it out for yourself.
If fuel is any kind of indicator of inflation and currency value destruction, then i will tell you that when i 1st stated driving i didn't even bother looking at the cost of petrol, i paid £10 and got OVER half a tank of petrol, now i pay £30+ to get the same, i don't have to tell you the obvious loss of value in my money
I also don't have to tell you that if you ask someone older than me they will tell you they used to get even more fuel for £10 than i did when they were young.I also assume i don't have to tell you that in the past 100 years we have seen the loss 0f 90+% of the purchasing power of our money....you do the math and then tell me with a straight face that this promotes growth.
That's obviously my reply, i did it here so it wouldn't derail the 2013 thread. @everyone, please feel free to discuss anything and everything to do with the economy in general, not just the current economic situation.
