This reassuring news from the Daily Telegraph:"It is understood that the Government is monitoring the global markets closely and the Chancellor is receiving regular updates."
Doesn't that just put your mind at ease? No? Nor mine!
I'm not sure I have much of a handle on the crisis, or crises, that are befalling us now. But what I have seen is rich bankers and stock brokers hiding their heads in their hands. They only ever do that when THEY are losing money. So that's something to be cheerful about.
Of course, they will find a way to get it back. Probably by making us pay.
So I know it's bad, and I realise that I shouldn't smirk, but I just got such joy from seeing these smug gits (who STILL think that they are the cleverest people alive, after the mess they made of the world's finances a couple of years ago) look completely miserable.
The good thing to remember in all of this is that the money is still there. It may have been wiped off a stock market or two, but it didn't evaporate...so, in as much as it was ever there, it's still there. And it will return to the stock markets and rescue the pension funds, so badly hit today.
So, go to bed with the comforting thought that George Gideon Bloody Osborne has his hand firmly in the till... no, I'm sorry, that was a typo. I meant ON the TILLER.
I don't understand it much, but like you I was happy to see the glum faces of the money men today. I just hope that they have lost personally, but I think you are right. They will have made sure that they haven't lost a bean.
ReplyDeleteIf not George Osborne, then who?
ReplyDeleteThe thing I don't understand is that when there is a debt somewhere else there is a credit. All we hear about are the debts. When you've got a debtor then somewhere else there is a creditor.
ReplyDeleteGovernments can make money by printing it but it's much more difficult to destroy so where has all the money gone?
The big question for me is:
Who has got a lot richer out of this financial mess?
Stephen:
ReplyDeleteWarm welcome to Munguin's Republic, and thanks for your post. :)
Whilst I think it's worth sparing a thought for people who have to retire within the next few weeks, and buy their pensions while the stock market is worth far less, this was somewhat balanced by the thought of the look of despair on some of the bankers' faces as they saw the bones being reduced.
Hi Dean,
ReplyDeleteWhere have you been hiding over the last week or so?
That's a good question. I don't think Osborne is the man for the job, but I don't know who they have who would be any good. Someone instinctively brighter, with a background in economics would be a start.
Maybe it's time to rehabilitate Laws, maybe Cable. You'll not be surprised to hear that I wish that John Swinney were in charge. He seems to have taken very little and made much of it over the last four years, without any borrowing power at all.
Doug:
ReplyDeleteExactly. The wealth doesn't disappear. Someone has it, maybe China, India, Brazil? But wherever it is, it will return in some way.
The figures wringing their hands and looking glum today aren't going to let that go on. When the stock market gets low, they will buy, make a killing and the markets will rise.
It seems to this financial ignoramus that it is just a massive game that they play with our money, our lives. They are pretty despicable.
Soooo, who's that we hate and mistrust now?
Politicians (including Lords) who stuff their pockets with our money when they think we are not looking; estate agents, who did the same thing when the artificially high house prices made them wealthy; lawyers who never miss a chance; newspapermen who tap our phones to get any bit of tittle tattle about people...even ones as insignificant as Heather Mills and who tell us "we know nothing"; police who co-operate with them for money, or fear of unmasking for the wierdos or criminals they are, and who are prepared to review a 5000-page document in an afternoon and conclude "no case to answer", when there clearly is; royals who swear they are paying for their own weddings and then disclose that they charged a deal of to the tax payer in expenses; royals who, whist supposedly politically neutral, invite only Conservative ex-prime ministers to said weddings; bankers and finance men who create mayhem world wide, to make a buck when the market picks up...
Did I miss anyone?
Who's to like? It would be easier. I like and trust the old lady down the road. She never willingly did anyone any harm, and did a fair few some good in her 90 years.
More Losses coming from RBS and Lloyds
ReplyDeleteMoral don't listen to BBC/Government and there so called 'experts' as they just protecting themselves. Cable appears to be knowledgeable tris as he luckily said the right thing at the right time but he's as incompetent/ignorant as the others.
The markets are posh gambling shops where people make and lose money only when a bank loses that is dumped onto the taxpayer, we should all become bankers as it is win win all the way offshore.
The noose is tightening on the incompetent crooks in the EUSSR. Just seen one of their financial 'experts' announce that he's baffled as to why their Greek bailout scheme was seen as a crock of shit by the markets. These EU people are deluded. Hopefully gone from our lives soon. No trough for Dean to feed from but we all warned him to stay clear.
ReplyDeleteUKIPer,
ReplyDelete"Incompetent crooks in the EUSSR"
But the EU is more transparent than the UK is! At least every policy document drafted, every piece of academic advice commissioned by the EU is automatically published online on their website...can we really say the same for your beloved UK?
The UK, bringing you the torture inquiry whitewash...
rather EU transparency (such as it is) to UK blatant whitewashing!
Tris,
ReplyDeleteI'm having trouble with my internet provider currently ... may not have regular access until the 11th ...
:(
You're probably right there CH. Cable has been a grave disappointment to me (except in entertainment value, where he has been top notch).
ReplyDelete"The markets are posh gambling shops where people make and lose money only when a bank loses that is dumped onto the taxpayer, we should all become bankers as it is win win all the way offshore."
Spot on.
Actually it is the speculators I get angry at, Kipps.
ReplyDeleteThey can bring the whole edifice down around our necks, but I doubt if they will... because if they do they will loose too. And China is the only place with enough money to bail the whole thing out. They might find trading under Chinese supervision a much less rewarding pass time than under the EU or America.
Britain needn't smirk (as Hague was appearing to do...imagine him left in charge...bloody hell!) Britain grew less than the Euro zone and less than America in the last year. And Hague was boasting that the government, after a year of paying down debt, was doing the right thing... but the borrowing requirement went up in the last year.
The sooner we are independent from idiots like Hague, the better.
You're certainly right about lack of transparency here Dean, although I dunno if the EU is any better.
ReplyDeletei could give you the result of any inquiry in advance and save the government loads of our money. Of course it probably wouldn't please the people who like chairing these things at great expense to us, and all the lunches and dinners that that involves.
But although they may pretend to act tough with the government about conditions, and they may be hard on the likes of Blair, when he's sitting there with the cameras on him, we know that no one will be to blame; lessons will be learned, and going forward.... blah, blah, blah... more of less the result whichever government wanted.
Britain, democratic accountability and transparent government... my butt.
.....
Anyway, good to see you Dean. I thought you'd done a runner with the Stirling Conservatives' funds...
Nah, OK, I didn't really...
:)
Dean said..
ReplyDelete" But the EU is more transparent than the UK"
LOL
Failed it's audit for 14 years as billions are unnacccountable. Hundreds of scams ongoing with no sign of any prosecutions - carbon credit scam, Spanish holiday complexes built illegally, Mafia taking billions etc..
Whistleblowers immediately sacked.
MEPs' clock off on a Friday morning after signing in for the day to ensure full allowances.
Family members added to the payroll ad hoc
Hundreds of secret funding mechanisms to spread the EU message throughout our schools, media etc
The EU is a bottomless pit of greed and corruption determined to cling onto what it has irrespective of the harm it does to individual countries.
Strange and incoherent rambling there UKIPer...
ReplyDelete"The EU is a bottomless pit of greed and corruption"
erm, prove that if you would be so kind. The EU has made it community statutory law to hold audits:
" n the field of statutory audit, the Commission contributes to ensure a competitive audit market and high quality audits as well as to prevent corporate and financial malpractice.
Accordingly, the Commission pursues the following strategic directions:
independence of audit firms and auditors
auditor’s liability
public oversight of auditors
international standards on auditing
co-operation with third countries"
-http://ec.europa.eu/internal_market/auditing/index_en.htm
so please stop talking your UKIP rubbish here. We all know that UKIP is a rightwing, and ear-racist grouping of BNP-in-blazers garden variety.
Dean.
ReplyDeleteAll of the corruption is on public record so you're obviously taking the mick with your fake ignorance of EU corruption and greed. I agree we'll never agree but at least don't take me for a fool. There's too much to record here but I'll give a small sample.
Accounts fraud ( approx 12% of total expenditure)..
http://news.bbc.co.uk/1/hi/world/europe/7092102.stm
Carbon credit fraud ( 5Bn euros in 2009 )..
http://www.businessgreen.com/bg/news/1802997/police-claim-eu-carbon-credit-fraud-topped-eur5bn
Thousands of jollies for MEPs but space is too short to detail them all...
http://www.mirror.co.uk/news/politics/2011/06/12/meps-to-enjoy-51k-trip-to-seychelles-paid-for-by-taxpayers-115875-23196615/
Taxpayer funded EU propaganda...
http://eureferendum.blogspot.com/search/label/EU%20propaganda
General EU stuff..
http://www.telegraph.co.uk/news/uknews/1540788/Christopher-Bookers-notebook.html
Oh I forgot to mention the whistleblower who was sacked by fax by Kinnochio ( pension £175K a year) for refusing to sign off the corrupt EU accounts.
ReplyDeleteFrom the following link..
"The most famous such whistleblower was Marta Andreasen who, after the corruption scandal that forced the resignation of the entire European Commission in 1999, was made the EU's Chief Accountant. She was the first accountant in the post (her predecessors included an architect and an engineer) and she was so appalled by what she found that she refused to sign the accounts."
http://www.telegraph.co.uk/news/uknews/1540788/Christopher-Bookers-notebook.html