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[Le Stu]

YouTube - Why the economic collapse is unavoidable

This vlog is great.

[Le Stu]

YouTube - Peter Schiff The Schiff Report Video Blog May 8 2009

And this one.

[Le Stu]

Strip the Bank of England of its power | Jamie Whyte - Times Online

Amazing to see an article like that in The Times. Good stuff.

[Le Stu]

House of Commons - Treasury - Written Evidence

Amazing. If this wasn't from the treasury select committee, you'd think it was off a tinfoil hat site. It outlines exactly why the government bailouts of the banks are not only failing to deal with the problem, but are actually exacerbating it. The table at the end is pretty grim. Every major UK bank, except for HSBC, must go through bankruptcy and liquidation.

[Pierre Von Mondragon]

Its all going to go horribly Albanian Pyramid Scheme at some point, and all the people pretending that we'll revert to Pre-Crisis growth models are in industrial strength denial mode. Me, I favour the idea that, instead of covering the deficit with spending cuts to public services that were blameless in creating the current situation, we take a more vindictive approach and confiscate monies that were paid out as bonuses from, say 1999-2007, whether in money or assets, from those who were paid said bonuses at institutions that have been propped up by the government*. By crikey they WILL feel our pain. Not that it'll ever happen, due to a morass of legality and zero political will.

*If healthy conpanies pay ridiculous bonuses, then thats a matter for regulation, but being paid them out of fantasy non-existent profit, even if 'made' during the Bubble Era, can't be reconciled.

[Le Stu]

Oh, they should go to jail! The problem is I don't think they did anything specifically illegal...

As for the forthcoming public sector cuts. Well, the July deficit figures came out today and they were horrible. We're supposed to be in surplus for July and we actually managed to rack up £8billion in new debt!

I've got a feeling that the next decade is going to be a wee bit shit.

[Pierre Von Mondragon]

It'll never happen, but could you imagine the looks on some of their coupons when the repo man turns up, and it won't be Harry Dean Stanton either; "Repo man spend his life getting IN TO tense situations..." etc.

[Tubthumper]

It's encouraging to hear that other countries, ie. Germany and Japan are coming out of their recessions, but on the other hand it just exaggerates the fact that the UK is in the shit.

[Cloud]

Originally Posted by Tubthumper

It's encouraging to hear that other countries, ie. Germany and Japan are coming out of their recessions, but on the other hand it just exaggerates the fact that the UK is in the shit.

And some countries, like Poland, still aren't in a recession. Fair enough, growth was down to 0.4%, but still...no recession! The Baltic states, Ukraine and Hungary are in a hell of a mess though...

[Graham Knight]

This submission to the treasury is excellent and should be widely circulated to everyone in the City, Banks and Government.



Thanks for posting this Mr Le Stu - I find myself agreeing with all your posts.



Even the famed Harvard Business School has lost Billions. The full story can be read at the following link:



Harvard’s Bet on Interest Rate Rise Cost $500 Million to Exit - Bloomberg.com



The conclusion (copied below) should be etched in stone outside the Treasury in Whitehall.



Robert Doty, a municipal finance adviser at American Governmental Services in Sacramento, California says, "Harvard’s loss “says that people don’t understand the complexity of the products they are buying and selling and that doesn’t begin and end with mortgage securities. It shows that with these products that are so highly complex, people are a long way from knowing as much about these products as they think they do.”


Even if you are the Harvard Business School!

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