MASTERS OF THE UNIVERSE, MISTRESSES TO LUST.
Has the fat lady sung yet regarding the market's financial woes, or is she gargling in the wings? Nobody can be totally convinced. Not until the banking industry has the confidence to inter trade, loans etc. will we know. This could be some time away of course. Why should we get back to normal without some pain. Previous blogs in the series: ECONOMICS ON THE DRIP/
ECONOMIC CYCLE IN THE AGE OF CHANGE and EPICUREAN EUROPEAN explain this.
Selwyn Parker in his book THE GREAT CRASH: HOW THE STOCK MARKET CRASH OF 1929 PLUNGED THE WORLD INTO DEPRESSION, raises an obvious weakness of the capitalist system, to think that we can all be wealthy is foolish. In his review of the book, Geoffrey Wansell highlights these aspirations of the small time punter, as they treat the market as a sure fire certainty. The .com disaster of a few years ago proved foolhardy. This is fine if you only dabble with a fraction of your capital. After all to play the Stockmarket is gambling and in an ordered society should produce work for people, which increases the circulation of money, subsequently making general lifestyles better. If we treat this practice as a means to an excess of materialism, every so often we will be subjected to an implosion, which is a correction to many peoples greed. Bankers can be cited here as the culprits and should be made to pay. Governments also have to answer for much by not overseeing what was afoot in the financial markets. Probably because they were enjoying the cash returns as mentioned in UK GROUNDED, IT'S OFFICIAL, this makes the FSA appear irrelvant, which it was, prior to the collapse of Northern Rock. As pointed out previously, for ten years the FSA had done very little at enormous expense to the tax payer. Amazingly, this week in the wake of the HBOS debacle, The PM assures us that he is on top of the crises. What the writer would like to know is, Why was the FSA not watching since it's inception in the late nineties? Perhaps the answer is in the previous blogs.
Credit is also a consideration. Is it indeed the basis of our problems? From what the writer recalls, Roosevelt introduced HP (Higher Purchase) to ease the US out of the Depression; this was of course to buy home grown/made goods, which revived their manufacturing industry. The spanner which is now well and truly in the works is that both we and the Americans generate
billions in credit on imported goods. Our main source of income in recent years being the Financial Markets, which brings us full circle.
Having condemned both bankers and politicians, most people should reflect on being excited about the way property prices went through the roof in recent years. How could it be so? There was never the money available to underwrite the property sales. As it turned out it was just smoke and mirrors plus plenty of greed. Could we suggest a brick in the middle of everyones dining table with the message, "Can this house be worth 5% more every week" and on the reverse, "Or 5% less". Damien Hirst would probably produce an exclusive one for you, pickled in Formaldehyde, at an extornate fee, this would be an absolute must for many. There we go again!
Allison Pearson came up with a refreshing view this week on the subject of 'having it all'. She reflected on a visit to Lehman Bros. sometime ago, having been invited to interview some of the trading staff. Evidently AP was feted by flunkies answering to her every need; these forming part of the support staff adding to what was, presumably, the vulgar opulence of the fixtures and fittings. The telling aspect of the piece was that the women of the trading species couldn't possibly find the time to fit having children into their schedule, they would lose too much cash. This is sad! The author is pleased to report that he's always been happy in his own skin.
YESTERDAY I HAD A PINT OF TEN FIFTY (I think), BREWED BY THE GRAINSTORE BREWERY IN RUTLAND. 'MAGICAL'
ECONOMIC CYCLE IN THE AGE OF CHANGE and EPICUREAN EUROPEAN explain this.
Selwyn Parker in his book THE GREAT CRASH: HOW THE STOCK MARKET CRASH OF 1929 PLUNGED THE WORLD INTO DEPRESSION, raises an obvious weakness of the capitalist system, to think that we can all be wealthy is foolish. In his review of the book, Geoffrey Wansell highlights these aspirations of the small time punter, as they treat the market as a sure fire certainty. The .com disaster of a few years ago proved foolhardy. This is fine if you only dabble with a fraction of your capital. After all to play the Stockmarket is gambling and in an ordered society should produce work for people, which increases the circulation of money, subsequently making general lifestyles better. If we treat this practice as a means to an excess of materialism, every so often we will be subjected to an implosion, which is a correction to many peoples greed. Bankers can be cited here as the culprits and should be made to pay. Governments also have to answer for much by not overseeing what was afoot in the financial markets. Probably because they were enjoying the cash returns as mentioned in UK GROUNDED, IT'S OFFICIAL, this makes the FSA appear irrelvant, which it was, prior to the collapse of Northern Rock. As pointed out previously, for ten years the FSA had done very little at enormous expense to the tax payer. Amazingly, this week in the wake of the HBOS debacle, The PM assures us that he is on top of the crises. What the writer would like to know is, Why was the FSA not watching since it's inception in the late nineties? Perhaps the answer is in the previous blogs.
Credit is also a consideration. Is it indeed the basis of our problems? From what the writer recalls, Roosevelt introduced HP (Higher Purchase) to ease the US out of the Depression; this was of course to buy home grown/made goods, which revived their manufacturing industry. The spanner which is now well and truly in the works is that both we and the Americans generate
billions in credit on imported goods. Our main source of income in recent years being the Financial Markets, which brings us full circle.
Having condemned both bankers and politicians, most people should reflect on being excited about the way property prices went through the roof in recent years. How could it be so? There was never the money available to underwrite the property sales. As it turned out it was just smoke and mirrors plus plenty of greed. Could we suggest a brick in the middle of everyones dining table with the message, "Can this house be worth 5% more every week" and on the reverse, "Or 5% less". Damien Hirst would probably produce an exclusive one for you, pickled in Formaldehyde, at an extornate fee, this would be an absolute must for many. There we go again!
Allison Pearson came up with a refreshing view this week on the subject of 'having it all'. She reflected on a visit to Lehman Bros. sometime ago, having been invited to interview some of the trading staff. Evidently AP was feted by flunkies answering to her every need; these forming part of the support staff adding to what was, presumably, the vulgar opulence of the fixtures and fittings. The telling aspect of the piece was that the women of the trading species couldn't possibly find the time to fit having children into their schedule, they would lose too much cash. This is sad! The author is pleased to report that he's always been happy in his own skin.
YESTERDAY I HAD A PINT OF TEN FIFTY (I think), BREWED BY THE GRAINSTORE BREWERY IN RUTLAND. 'MAGICAL'
posted by minister | 06:46
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