The last line of defence, the Maginot line, of the present policy of keeping insolvent banks alive no matter what is, “But if we don’t, all our pensions will die.” This nonsense has been gumming up any attempt at a reasoned discussion like a shit impregnated piece of old gum for long enough. So let …
I am very sorry to do this at the last moment. But I talked to the people organizing it and they said there was so much snow and forecast for more that they felt we should cancel. The organizers will drop email’s to those they had previously contacted. I am off to the station to …
Yesterday I wrote about how the banks are able to routinely make a comprehensive mockery of what are laughingly referred to as ‘regulations’. We all know that at the first sign of trouble Regulators are barely able to ‘regulate’ their bowels let alone banks. Think of the long roll call of incompetence, blind, deaf and …
Here are two stories I was told today. They illustrate why those among our politicians who tell us that all we need is “better regulation” are either inbred or think we are. I have had to leave out all the identifying names at the request of the two people who told me. The first story …
A brief update on the state of the blog now that the quiet summer in the eye of the storm is over. The blog has grown by a factor of 10 in the last 6 weeks. It was growing before but has accelerated. Between 12 and 18 thousand visits in a week. Looking at between …
Kettle and Charge is the new Shock and Awe! This is what happens when the government considers our children to be “the enemy within”. It seems the government now considers that we and even our children are all a danger to the wealth and wealthy “our” leaders have evidently sworn to serve and protect in …
Piraeus Bank, Greece’s forth largest lender, said today its profits for the first 9 months of this year were down 94%! Earlier this year Piraeus was one of Greece’s poster boys for the strength of their recovery and the certainty of growth – so much so that Piraeus was bidding to take over the government’s stake …
Today Spain had an bond auction fail on a sale of its debt. That is as serious as it gets. A bond auction failure is the red light flashing. It’s very bad indeed especially at this time. Spain cannot afford a second. A second is not the red light flashing but when no one is …
Dear All, I will be away tomorrow talking in Lancaster. Here are the details in case any of you can make it. On Wednesday 24th November I will be in Lancaster for the official launch of The Debt Generation. I will be speaking at 3 different events in the city. Lancaster Central Library – 1pm to …
Headline in the FT this morning, “Europe signs up to Irish rescue.” That is how the financial class would like you to see it. A more accurate description is “Europe signs up to use Ireland as a conduit for bailing out its own banks and gets Irish tax payers to foot the bill.” Less catchy …
