In part One I argued that if we want to understand why our rulers have insisted we MUST bail out the banks we simply have to look at who owns the banks and the vast bulk of the wealth they house. And surprise, surprise the owners of most of the financial ‘wealth’ are…our rulers and …
Why are we bailing out the banks? Part two. Theory, Ideology and Failure. Read More »
We’ve all seen the film ‘Groundhog Day’. Well, we’re in it. Every morning the radio plays a song which has the chorus, “I rob you babe”. And sure enough when the news comes on, they have. A full five years of pumping money in to the banks and still our leaders will not even consider …
Why are we bailing out the banks? Part One. The Simple Answer. 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 …
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 »
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 …
Just a quick bond market note. ftse was down about 40 points this morning as were all the other European markets. Mid morning they all went vertically up. The reason, as Market Watch printed as a headline, “Portugal sale helps spirit”. This was the news that Portugal managed to sell about one billion euros of …
