I have agonized over this for ages but decided it was time to do it. If we can bail out the banks I thought we might be able to bail out something a whole lot smaller!
This blog was never set up as a money making exercise. I started writing it because I was outraged and, sad to say, I still am. My only hope for the blog was that it prove useful to people and become a place for thoughtful people to meet, think, discuss and even feel empowered by each other.
The blog does take a lot of work and time but it is something I want to do.
I am not looking to be paid. It is largely a labour of love (and anger). I am rather looking for a little help.
I do not want people to feel they have to subscribe, especially not those who may not have cash to spare. But if there are people reading who are comfortable and if you have found this blog to be of value to you I ask you to consider making a donation once in a while.
Keep it going. I really appreciate this blog as I do Steve Keens. Voices of common sense in a world of government and financial elite propoganda. Despite being a poor parent, I'll make a donation.
Ditto. You provide a valuable space to discuss what is happening that I haven't found elsewhere. I share your anger and frustration and am more than happy to pony up a donation.
Keekster and Art Smith,
Thank you for your generous and quick response. I am grateful to you.
I would make donation as I enjoy reading the blog and comments.
Golem
I have a flatrr account which is something I encountered over at Steve keen's blog, but apart from Steve I have no one to flatrr. Will you look at the idea again.
At the moment my 5 euro's a month get split equally between Steve and amnesty
No problem for me Dave, I've made a donation (small but I hope it helps)
Ian
I've sent you a small donation; for your writing resonates with my frustration and anger.
You inform and structure my discussions so that,drop by drop, the thinking is spread around.
Thank you.
Thank you all!
I didn't expect such a wonderful and generous response.
Richard in Norway,
Yes you have mentined it before and I will look again. I am just slow and a bit of a techno-dummie.
Hey
You got the flatrr button, I've clicked you but it hasn't come up yet
I really like the concept of flatrr, can I encourage everyone to check out their video.
I have very much enjoyed read the blog – and before that your comments on the Guardian. Appreciating that you must put a significant amount of time and effort into it I have made a small contribution. As deniski has already said your writing resonates and provides an informative and entertaining assessment of the financial situation we find ourselves in.
Keep up the good work. adamgilbey.
Many thanks for this great writing. Donated.
Just sent you an email, hopefully I can help you out.
keep up the great work,
Marcus
I too find Flattr very convenient, thank you for putting it up (actually I was wondering why you didn't have it earlier). I recommend checking Flattr out for other users, too – you never know if/when you find nice blogs that need/are "valid" for a little support (mine too but it's in Finnish so never mind (^_^)
Keep up the good work David, you are a gem (I hope that's not too gay LOL).
Well here's a list of the latest enforced Irish so called public investment in 3 piles of shit:-
http://trueeconomics.blogspot.com/
Nice to have the choice whether to invest a bit in something like this blog, where you know you are guarenteed a decent return.
Pity we can't siphon off a few quid from the above.
Sincere Offer:
I can't afford to donate money, but would be happy to donate some time to proof-reading your posts in advance of publication on the site. I find the blog worthwhile and hope you continue publishing.
[email protected]
Steviefinn,
thanks for the link. Are we reaching the nadir of modern representative democracy in the West?
Golem / Stevie
I agree with those who say we've reached "Peak everything":
Peak Oil
Peak credit
Peak fresh water
Peak copper
Peak food production
Peak services
Peak social equality
Peak quality of life
Peak democracy
This was predictable, even 40 years ago:
http://forensicstatistician.wordpress.com/peak-resources/
It just seems that some in a position of power and influence chose to push the infinite growth & progress model overtly, whilst covertly siphoning-off the wealth.
P.S. Will chip in to the donation kitty too
@ Forensic
I agree too, I don't think we have reached peak bullshit though.
@ Golem
My reading of history shows that at times of crisis, the vast majority of politicians have proved themselves useless & are then only primarilly concerned with adopting any means to protect their own priveleged positions. Somebody once said that if a person decides he/she wants to become a politician, they should be immediately stopped from doing so, as they are obviously the wrong person for the job.
When I was a child in the 60's & early 70's I used to hear my grandparents & older relatives saying things like " remember the good old days", I asked them once "When were the good old days", I never got a specific answer. I sincerely hope that in a few years time I don't start rambling about " the good old days" & when asked by my grandchildren when they were, be able to be very specific with my answer.
I need my fix, so have added a bit.
its my pleasure to try and give a little back where i take so much. great insight, thoughts and a way to bring clarity to a subject many would not appreciate. please keep it up.
I have made a small donation too. I appreciate all the effort you put in here, and the community of commentators. Keep up the good work.
Donation made too – excellent blog David – well worth continuing with. Chris
And I've bought your book 🙂
Ta da! All done! You're a very worthy cause – long may you continue!
Like the idea of Flattr so going down that route gotta help keep the blog flying. Think David you could run off and make a small fortune being an analyst for the Markets so need to keep you right here.
Deeper & deeper, Who is going to bailout St. Tropez ? & Dexia have some place called Saint-Cast-Le-Guido by the balls. An estimated 20 billion owed by French provinces.
http://www.guardian.co.uk/business/2011/sep/06/french-local-authority-loans-swiss-franc
Sorry to hog the blog, but this seems like pure insanity to me. August 22nd the Fed props up banks to the tune of 1.2 trillion, including our dearly beloved RBS who borrowed 84.5 billion. Perhaps someone can explain the rationale behind this, I sure as hell can't.
http://dailybail.com/home/a-raging-case-of-bailout-fatigue.html
Hi Golem just added my small donation ,keep up the clarity injections for us all .
I do not know which article to add this comment to but perhaps you will allow me to put this rhetorical question here .
I have read that a large amount of business transactions worldwide are placed offshore so as to make them tax efficient. This leaves a greater burden on working people who are supposed to pay for their own sevices and those for all others within the society with less and less coming from business . The tax burden would then become intolerable and no goverment would get re elected imposing harsher and harsher tax burdens on the electorate or slashing services to fit the available tax base . Governments have solved this problem by borrowing by way of bonds from international sources . This has provided a safe haven for all the profits from those tax efficient sources and so the circle is complete . In short we are being loaned money that businesses should have paid in taxes to society. I realise that this is simplistic but I believe that it is essentially correct.
I only ask ,if the above is correct, why are those same businesses allowed to trade in a society where they do not pay their fair share of the tax burden . As you know there are many mighty corporations who do business in UK but contribute little (Can we name names ?) One large bank chairman quoted the tax contribution his bank made to uk but it was pointed out to him that 90% of that tax contribution was his employees PAYE contributions .
The rationale is presumably that without Fed support, the Western banking system would collapse.
A snippet from Boy George: "With a banking system whose balance sheet is some 500% of our GDP we have to make sure that our banks are successful but safe". (http://www.bbc.co.uk/news/business-14818577 )
FIVE HUNDRED PER CENT OF OUR GDP?!?
Compare this with the US (old figures, but still): "In the latest available data (Q3 of 2010), the big 6 had assets worth 64 percent of GDP. This is up from before the crisis – assets in the big six at the end of 2006 were only about 55 percent of GDP. And this is up massively from 1995, when these same banks (some of which had different names back then) were only 17 percent of GDP."
From http://baselinescenario.com/2011/01/09/ … y-problem/
@ reneecharles
Can we name names? Yes: Amazon and Google for starters:
"Google paid just £8m of corporation tax in Britain – despite generating more than £6bn in revenues in this country in the six years to 2010."
"It is impossible to say for certain exactly how much corporation tax Amazon.com pays (or doesn't pay) in the UK – and the internet retailer refuses to disclose the figure. But an analysis of filings at Companies House reveals that in 2010 its largest UK subsidiary, Amazon.co.uk paid zero, zilch, nothing. As it did the year before and the year before that."
http://www.telegraph.co.uk/finance/comment/richardfletcher/8745314/Is-the-tax-trap-closing-on-Amazon-eBay-and-Google.html .
In the US, meanwhile, there was a recent article naming 25 mega-corps whose CEOs were paid more than their companies paid in tax.
Moreover:
Tax amnesties turn HMRC into 'biggest money-laundering operation in history'
http://blogs.telegraph.co.uk/finance/ianmcowie/100011790/tax-amnesties-turn-hmrc-into-biggest-money-laundering-operation-in-history/
– and:
UK banks handed £46bn taxpayer subsidy
Britain's five largest high street banks enjoy an implicit taxpayer subsidy worth almost £46bn, according to research by the New Economic Foundation (NEF).
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8748225/UK-banks-handed-46bn-taxpayer-subsidy.html
Including the Nationwide (said to be £1.13bn)…
"The methodology used by the NEF is based on work done by Andy Haldane, executive director for financial stability at the Bank of England.
Mr Haldane calculated that last year the total value of the taxpayer subsidy to the banking system was about £100bn, looking at the difference between banks' borrowing costs based on their standalone "financial strength rating" and their "senior unsecured rating", which takes into account government support.
"Banks are still in the casino with our cash and the tables are fixed in their favour," said Tony Greenham, head of banking and finance at the NEF."
I've sent an e mail to Max Keiser suggesting he should interview David on his Keiser Report. Perhaps some of the regulars could do the same.
@Keekster
David's way ahead of you: Episode 114
David's already appeared on Max's show: http://www.youtube.com/watch?v=nkM8Q1n66T8 .
But there's no reason why Max shouldn't invite him back!
Yes Keiser should invite David back – it was definitely one of the best episodes
I’d like to see David on Newsnight.
Urgent update on Greek economy
——————————
Apparently Greece has stopped manufacturing Hummus and Taramasalata.
Does this constitute a double dip recession?
Double dip
Ha ha ha
Hi David,
Have been reading you for a while and just donated. Keep up the good work and come visit us in NYC sometime !
GREAT REVIEW! I pretty much agree with all you said in your post, especially at the middle of your article. Thank you, this info is very valuable as always. Keep up the good work! You’ve got +1 more reader of your super blog:) Isabella S.
Great blog here! Also your site loads up fast! What host are you using?
Can I get your affiliate link to your host? I wish my web site
loaded up as quickly as yours lol