Some time ago in the Propaganda War series (Markets don’t Fail, Risk Weighted Lies, Balance Sheet Instabilities, Toxic Bloom of Lies and The Banker’s Mexican Standoff ), I questioned the system of jargon which banks and their regulators use to assure us, and perhaps themselves as well, about the risks they run, and their claims of having […]
The lies of the EBA about how safe our banks are. Read More »
For whom might it make sense to help Greece, as impasse with Germany hardens and Greece approaches default? And what sort of offer of help would make sense for Greece? Europe and in particular the Germans have painted themselves into a Teutonic corner. It will make no more nor less sense for Germany to blink
A scurrilous thought for Greece and China Read More »
First let me assure everyone, particularly those who have expressed their reservation and doubts about the new political party idea, that this blog will continue to be what it has been – a place for us to meet, read, think about, and contribute to a discussion on the ongoing crisis in our economy and democracy.
The Way Forward – Next Steps Read More »
We all know we are in a mess. The problem is, our choices for what to do to rectify it and move forward to something better, seem as futile as each other. We can sit back and tell ourselves that our leaders corrupt, incompetent and venal as they seem to be, actually do know what
A Way Forward. A modest proposal. Read More »
Predictably the bully-boy chorus, shouting insults and threats at the Greek people, has begun to swell. One of the UKs best known Tory Bully-boys, Ken Clark, Justice Secretary(!), recently described those Greek politicians who are opposed to the terms of the EU enforced austerity measures, as “cranky extremists”. The object of this jibe was, of
‘Cranky Extremists’ – The Bully-boy Chorus begins. Read More »
Another quick note this to update the two part post on ETFs, ETF’s – The Next Accident Waiting to Happen, and ETF’s Part 2 that I wrote a little while ago. Towards the end of part 2 I wrote …ETF shares are themselves traded in the markets the ETFs are following, as are the
ETFs – a brief update. Read More »
Just a very quick note. Moodys just downgraded 26 Italian banks. I don’t think these will be the last. In fact I wonder if the extent of the downgrades that will flow from any Greek default and certainly from any further defiance in Spain has really been priced in by the banks. I tend to
A Quick note on Bank Downgrades. Read More »
Headline in the FT “Spain to force banks to set aside €30bn.” This is a bad joke. One which ordinary Spanish people are going to pay for in blood. First, €30bn is a joke because it is not enough and the Spanish central bank and the government know it. Second, 30bn of what? The Spanish
The Momentum of Lies – Corrected Read More »
Just a snap shot of how well our fearless leaders’ solutions are working. The Milan Index MIB Its highest ever point was 44 364 on the week of 14 May 2007 Its lowest ever was 12 895 on the week of 2nd March 2009 Today 8
Recovery Failure in Spain and Italy. Read More »
“I’m a banker just doing God’s work.” Lloyd Blankfein. CEO Goldman Sachs Nov. 2009 quoted in The Times. Last week I had a long conversation with a very old friend of mine who is now a Director of Youth and Family Services in one of NYC’s boroughs. We hear so much about how Wall Street
