tag:blogger.com,1999:blog-830201814627063938.post4400593011746031602..comments2024-03-18T10:58:30.439+00:00Comments on Financial crisis? <br>It's a pyramid, stupid.: Has Cameron killed the City?Unknownnoreply@blogger.comBlogger26125tag:blogger.com,1999:blog-830201814627063938.post-47085717733392774122011-12-13T17:40:34.012+00:002011-12-13T17:40:34.012+00:00The answer is simple. We are back in the 1930’s wi...The answer is simple. We are back in the 1930’s with neither the USA or UK capable of climbing out of recession. They will look for another AH in any country (and I mean ANY country) which enjoys a budget surplus with the USA. Wall Street and the City have declared war on the rest of the World. Only an Englishman, an American or a moron can possibly fail to see this. Cameron has delivered an ultimatum to the EU and like Chamberlain’s in 1939 it has been rejected.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-45229600468489311722011-12-13T10:19:24.410+00:002011-12-13T10:19:24.410+00:00As a newcomer to this blog I am confused by the se...As a newcomer to this blog I am confused by the several references to a war. This [coming] war is supposed to do what, other than kill a lot of people and ruin economies? Who profits from it and how?Todhhttps://www.blogger.com/profile/03160676541606024748noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-33964645901023533972011-12-13T07:55:52.082+00:002011-12-13T07:55:52.082+00:00"Finding new Hitlers to attack is a British p..."Finding new Hitlers to attack is a British parlour game." From the first post on this blog.<br /><br />TL's latest post is a classic example. If in doubt mention the "30's" and accuse your opponent of "anti-semiticism". No matter that Merkel has been compared to Hitler by British members of parliament.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-61564416533704838082011-12-13T06:42:56.733+00:002011-12-13T06:42:56.733+00:00Dear Greg,
Some of the comments above are extremel...Dear Greg,<br />Some of the comments above are extremely Anti-Semite and dangerous as they are in their argument identical to the Nazi propaganda in the 30s. I would strongly recommend to you to remove them from your blog as they discredit it. <br /><br />I usually recommend your blog to many people as its in general based on analysis and facts and not on conspiracy theories or rants. I hope this does not change.TLhttps://www.blogger.com/profile/15889370708315747479noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-47656520148497645242011-12-12T23:04:42.293+00:002011-12-12T23:04:42.293+00:00Greg - of course they won't lend and the tax p...Greg - of course they won't lend and the tax payer will not see that money again. Britain complains about the money which goes to Brussels but gives far more away to the banking classes much of which ends up in off-shore accounts that are even further away than Brussels.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-49591497125637781942011-12-12T22:17:47.593+00:002011-12-12T22:17:47.593+00:00Hi Sadie, the other example is the current value o...Hi Sadie, the other example is the current value of RBS and when it was capitalised. These were serious billions sunk in. But in my view far bigger subsidy result from the fact that any money that it paid into banks sinks there and does not enter circulation. So effectively banks are draining taxpayers their cash: business get not enough liquidity, people lose jobs, and so on. Banks are really subsidised with average people misery. Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-11083449934743163232011-12-12T22:07:25.431+00:002011-12-12T22:07:25.431+00:00BozBoz - Northern Rock has been sold to Virgin at ...BozBoz - Northern Rock has been sold to Virgin at a knockdown price due to a subsidy from the tax payer. This isn't capitalism but a criminal racket. I would rather open up the mines and subsidize them than give more money to Richard Branson.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-24070627892902523002011-12-12T21:08:45.893+00:002011-12-12T21:08:45.893+00:00Hi BozBoz
Actually both:
1. If you look at bailo...Hi BozBoz<br /><br />Actually both:<br /><br />1. If you look at bailouts £65 billion the first recap tranche but then it was many billions more, to get the real economic value you have to multiply these amounts by a money multiplier (i.e. a currency to broad money expansion factor in a healthy financial system). So we are really talking about trillions of pounds that the City cost the taxpayers (which is a subsidy). Have a look here: http://gregpytel.blogspot.com/2011/11/budget-what-budget.html<br /><br />2. The systemic subsidy is the fact that the banks do not lend. They hold on to cash in order to sustain a pyramid scheme they run (doing their financial market business). This means that unlike a healthy financial system, the current financial system does not perform currency to broad money expansion function which is critical for growth. (Basically, with an element of simplification in this description, but without losing the true sense, whatever cash the banks put their hands on they keep it as reserve or use it to cash some worthless toxic waste for it, i.e. pure fraud. rather than lend it to business.)<br /><br />Hope it is helpful.<br /><br />Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-41449592579993239622011-12-12T20:57:17.538+00:002011-12-12T20:57:17.538+00:00Hi Greg,
In your post you said.. "The financ...Hi Greg,<br /><br />In your post you said.. "The financial industry is heavily subsidised in the UK by the taxpayers (i.e. the costs to the UK economy of having this industry exceed the tax receipts by far)."<br /><br />The value of the City to the UK economy over the coming decade is central to the discussion. By 'costs' are you referring to the 2008 bailouts or something more systematic? If it is the latter, can you point towards some sources so that I can research this.BozBozhttps://www.blogger.com/profile/02283379137089158355noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-54534148819510213572011-12-12T17:17:10.523+00:002011-12-12T17:17:10.523+00:00Hi
Please post to
readeian@hotmail.com
and I will ...Hi<br />Please post to<br />readeian@hotmail.com<br />and I will happily sort out for you.<br />Best<br />Ianschweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-74390576088908760522011-12-12T09:01:43.354+00:002011-12-12T09:01:43.354+00:00@mishoni
Agreed. There are uncanny parallels betw...@mishoni<br /><br />Agreed. There are uncanny parallels between their approach to China today and Japan in the 1930's. The are looking to chase China out of the Middle-East and Africa.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-14077398747486225632011-12-12T03:35:54.480+00:002011-12-12T03:35:54.480+00:00I think that US will try to provoke war between ru...I think that US will try to provoke war between rusia and china in the same way they provoke the second world war. china need gas and oil and russia have both. also war between russia and china will ruin china economy then us will implement plan marshal 2 just like they did after the WWIImishonihttps://www.blogger.com/profile/14287412358095035576noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-87305851968159275862011-12-11T23:22:07.464+00:002011-12-11T23:22:07.464+00:00@A Legg
"I just hope the parasitic banks don...@A Legg<br /><br />"I just hope the parasitic banks dont kill the host country" - that's exactly what will happen. The miscalculation by the EU is to think there will be manageable collateral damage. No, the USA and UK will drag Europe into war via NATO. Israel is always the trump card if they can't provoke Russia or China into a fight.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-70488669997155137932011-12-11T22:59:53.348+00:002011-12-11T22:59:53.348+00:00I agree with you Greg.Cant see a way through this ...I agree with you Greg.Cant see a way through this for the financial sector in UK.At the moment its a parasite feeding off taxpayers.<br />I just hope the parasitic banks dont kill the host country as they die.<br /><br />In the end, when all the debts are inflated away across the western world, what do you have left?<br />A huge balance of payments deficit in the US and UK. And a level BOP in the eurozone.So going forward the Eurozone as a whole survives and pays its way in the world.<br />The UK has a large BOP deficit ,and thats with a banking sector which is 10% of GDP, which will be decimated.So how the hell will we pay our way?<br />The US will loose its reserve currency status and has a HUGE BOP deficit already so there in the shit as well.<br />Interesting times indeed.<br />Guess its time to buy gold.<br /><br />Regards<br />A LeggAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-49788638029490090612011-12-11T15:37:53.005+00:002011-12-11T15:37:53.005+00:00Hitler underestimated the appetite the British hav...Hitler underestimated the appetite the British have for violence and mayhem. Merkel is making the same miscaclulation. With the American media, MIC and financial services in the grip of Jews and or neo-con agents, the City has now found willing accomplices. The problem is that some Jewish Americans are starting to get scared. Jewish comedy writers (and the tradional Jewish left in general) are finding it difficult to blame all the World's problems on white Christians. They are smart enough to know that if they get "too ethnic" in apportioning blame, this will surely come back to haunt them for the obvious reasons that Jews are disproportionately represented amongst the corrupt elite. If things go wrong for the City, it will be due to these left wing American Jews pulling out of the project and not the Europeans. The alternative scenario is that the USA, UK and Israel simply drag NATO into WW3 and thus wreck the European economy.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-17415307161128886002011-12-11T12:37:12.661+00:002011-12-11T12:37:12.661+00:00Hi Sadie Vacantist, the bankers are in the City if...Hi Sadie Vacantist, the bankers are in the City if they find it useful. If they do not they will leave and I am sure Germany and France (with the help of the rest of Europe) will be determined to do that. And I would not underestimate the Germans: they are famous for actually doing things rather than talking about them.<br /><br />Of course the war, which I believe is increasingly more likely, will change a lot. But I still believe the City will survive it (in the same way as the British Empire did not survive the two world wars).<br /><br />Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-37553194102057673752011-12-11T12:30:18.444+00:002011-12-11T12:30:18.444+00:00The City functions as an independent City State wi...The City functions as an independent City State with various off-shore proxies around the World. The present and previous governments take their orders from them and merely act as agents. If the bankers' positons are threatened they will in turn threaten war against any country who has a budget surplus and refuses to accept more IOUs from New York and London as in $s and £s. See Joe Pesci in "Goodfellas" for details when a restaurant owner ask him to pay his bills. The restaurant owner then asks Paul Sorvino for help (IMF?) and his joint is then asset stripped. That is what the banks want to do to Greece.Sadie Vacantisthttps://www.blogger.com/profile/04823532366874114366noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-89587611032662479482011-12-11T11:22:36.619+00:002011-12-11T11:22:36.619+00:00Hi Mervyn, that would be too easy. Even without an...Hi Mervyn, that would be too easy. Even without any taxes and regulations, a pure bankers' paradise the City must have a market to which it is relevant outside the UK. It will be none unless you believe that the City will try to compete with likes of BVI. But these markets have been carved for very many years. Chinese will not help either as I do not think their gratitude for Opium Wars is that deep. Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-86812650553134401062011-12-11T11:09:20.571+00:002011-12-11T11:09:20.571+00:00But won't Cameron do whatever he's told by...But won't Cameron do whatever he's told by "the City" - abolishing regulations and taxes and introducing taxpayer funded incentives to make a bankers' paradise - thus trumping Merkel's ace?Mervynhttps://www.blogger.com/profile/08250399329943398532noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-47642912130141998782011-12-11T10:32:00.516+00:002011-12-11T10:32:00.516+00:00Hi schweik, I am happy to accept your offer with t...Hi schweik, I am happy to accept your offer with thanks. (I write my posts in haste, typically when I am on the move.) Please send me your e-mail. Best, Greg<br /><br />PS. No worries, I am easy going and do not take any comments as patronising or personal.Greg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-73275317832920310272011-12-11T09:27:05.156+00:002011-12-11T09:27:05.156+00:00Hi Peter
Three steps scenario, which is possible ...Hi Peter<br /><br />Three steps scenario, which is possible (in my assessment it looks very likely at present):<br /><br />1. If Germany (with France and the support of the rest of Europe) decide to cut off the City from the business in Europe this will happen. The City European business will move to Frankfurt (and maybe to Paris). You may remember that in the past, on a number of occasions, the City had felt threatened not by New York or Tokyo, but European exchanges, mainly Frankfurt (remember times of the UK debates about adopting the euro: or these concerns were simply wrong and the City institutions were basically telling porkies about such threats).<br /><br />2. If this happens, the City banks will lose a lot of business in Europe and they will be of very little use to the global financial markets (they will be a "surplus to requirements").<br /><br />3. If this happens the City operations will be largely defunct.<br /><br />(There is too much about skills and expertise of the City: this is nonsense. This is skills and expertise degenerated to be capable only of engineering a massive global pyramid scheme. Do you want to keep these skills and expertise to keep wrecking the British economy? Have you counted the costs of this crisis but there will be no end to it. <br /><br />Have a look: http://gregpytel.blogspot.com/2009/08/curbing-city-pay-will-improve-its.html<br /><br />Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-29226821111128015012011-12-11T08:24:24.733+00:002011-12-11T08:24:24.733+00:00Greg you say "They look after their short ter...Greg you say "They look after their short term interest and it looks like that the financial industry that led the world to the 21st century will be history in the UK not before long." Forgive me I do not grasp why London's city dominance will decline ( I am not talking about Cameron's antics) as we have I guess a key concentration of leading banks, insurances, exchanges,skills,expertise etc., We are a big player as all three political parties recognise. . How is that now seen as threatened?Peter Carabinehttps://www.blogger.com/profile/18400411630743291924noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-74433025463892945862011-12-11T01:47:03.588+00:002011-12-11T01:47:03.588+00:00Sadie Vac, I am with you.
The Euro was and is a fu...Sadie Vac, I am with you.<br />The Euro was and is a fucking sick joke<br />If this is a lie why do we still have the GBP?<br />Yes, everyone is sick of war, ww1 ww2 cold war maybe ww3<br />We invented the pill FFS!<br />And what will you learn from these sous vide frogs?<br />That despite the plastic despite the water despite the heat amphibians do not cooks makestalinvladhttps://www.blogger.com/profile/04422158209801895819noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-9775267471126234302011-12-11T00:57:35.335+00:002011-12-11T00:57:35.335+00:00Greg, I would be happy to edit your posts for gram...Greg, I would be happy to edit your posts for grammar before you put them out. I am a teacher and it wouldn't take me more than five minutes. I have given some of my students the link to your blog and I just think it would boost your arguments if they were worded slightly better. I don't mean this to sound patronising (if it does). Love your work btw.schweikhttps://www.blogger.com/profile/10769870139568212878noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-84622676817376903592011-12-10T21:20:07.024+00:002011-12-10T21:20:07.024+00:00Hi Sadie Vacantist, the Wall St will screw the Cit...Hi Sadie Vacantist, the Wall St will screw the City if Germans have a go in the same way as the UK was screwed by the US by Lehman's collapse. Of course the war will change these calculations and it seems increasingly likely. But it is unlikely that the City will survive it as the world financial centre either. Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.com