tag:blogger.com,1999:blog-830201814627063938.post1556514255370194019..comments2024-03-22T11:05:30.869+00:00Comments on Financial crisis? <br>It's a pyramid, stupid.: The Economist's "Save the City" campaignUnknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-830201814627063938.post-5586972069020017002012-01-21T21:18:29.750+00:002012-01-21T21:18:29.750+00:00Hi lamb
Thanks for your comment. From my experien...Hi lamb<br /><br />Thanks for your comment. From my experience I could not agree more. I spoke to a number of Chinese for whom Opium Wars were not history at all but the reality from which they are recovering now. Give it some time and I will not be surprised if the Chinese diplomacy brings this matter into discussion with the British government (of course expecting a suitable compensation).<br /><br />Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-59647806395556821552012-01-21T20:53:15.426+00:002012-01-21T20:53:15.426+00:00My comment from experience in China. The UK econom...My comment from experience in China. The UK economy, The Economist, both mean nothing there. Politically and socially, its irrelevant. Economically its minute! There is a strong acknowledgement of the role of the UK as a global colonial power, and subsequently financial power but also a clear sense that the economic power base has shifted. Equally there is a massive sense of history and public awareness that China was once the global superpower, and they are coming backlambhttps://www.blogger.com/profile/08277722225116868321noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-19987606046105989492012-01-17T14:25:03.115+00:002012-01-17T14:25:03.115+00:00Dear RetiredDave
I think you did not take into ac...Dear RetiredDave<br /><br />I think you did not take into account the costs to the UK taxpayer of subsidising the City. What they have been getting in implicit and explicit subsidies is far greater than tax receipts they generate. (By basic example: if you give me 100K a year I will be happy to pay you in taxes 40K a year back. And I can carry like that forever. Like the City. Would you consider me as a great source of your tax money? This is what the City is all about.)<br /><br />As far as my political leanings I am a conservative, pro free market, laissez faire, and I do not like the idea of the taxpayers subsidising private businesses like the City. For example why is the state prepared to pay the banks for their toxic waste and the state would not spend money on buying the junk from my garage (half empty tins of paint and things like that) to help with my personal liquidity?<br /><br />Best, GregGreg Pytelhttps://www.blogger.com/profile/15749997788308388129noreply@blogger.comtag:blogger.com,1999:blog-830201814627063938.post-44455742811438974312012-01-17T14:11:50.225+00:002012-01-17T14:11:50.225+00:00Well Greg - With great respect and not really di...Well Greg - With great respect and not really disagreeing with anything you say here.<br /><br />I have no axe to grind as far as the UK finance sector is concerned, except that I would like to keep what small amount of savings I have fairly safe.<br /><br />BUT you are beginning to sound like a one club golfer. We all know and agree that finance has been the problem, but we still need it to supply us with some GDP and tax money (15 to 20% of the whole depending on how you measure it).<br /><br />If what you are suggesting is that the UK seeks to generate GDP elsewhere - perhaps by boosting the manufacturing sector decimated by the strong pound of a few years ago (hysterical laughter) then I am with you all the way<br /><br />BUT until such time<br /><br />It just seems to me now that we need to get past this blockage and just support finance, in the hope that<br /><br />a. We can get some of the cash actually spent back<br /><br />b. That we are never called upon to supply the insurance guarantees you talk of.<br /><br />It might suit your political leanings ( I don't know) to hope the UK remains a basket case, but it doesn't suit mine. I have children and grandchildren who will need to make their way here once I have gone. I also believe that I can recognise my own nose and wish to keep on my face.<br /><br />ALL of the countries you mention have been basket cases in the last 100 years. It will not do us any better to admit our faults - nobody else does -do they?<br /><br />I see you have posted above on the Costa Concordia and your remarks on the parallels with the Eurozone are very pertinent. But what you are suggesting in this post about the Economist (of which I am no great fan) is that we should spend the next few years sorting out who is at fault for the sinking and prosecute them, before we allow anyone off the ship.<br /><br />Time to move on and do the best we can. It won't be enough but there it is.Anonymousnoreply@blogger.com