Global financial system implosion begins

[Falcon]

I wouldn't put too much stock in that study, for several reasons

It appears that my prefrontal cortex has decided to reject those negative thoughts.

 

[TruXta]

It appears that my prefrontal cortex has decided to reject those negative thoughts.

Right back at you!

 

[Falcon]

For example, income, after adjustment for inflation, declined fairly substantially for households headed by people under age 62, but it rose 4.7 percent for those headed by people 65 to 74, many of whom are not in the labor force.

-- "Recession Officially Over, U.S. Incomes Kept Falling", New York times 9th October 2011

Never mind class war. It's the inter-generational war that will be interesting, once the young folks wake up to how they were robbed blind by the silver haired thugs on the golf courses.

 

[TruXta]

Formerly known as the generation of '68...

 

[Dr Jon]

Seems relevant to the question of why debate about our financial system is difficult:-- "Brain 'rejects negative thoughts'," BBC 9 October 2011

Good to know that people's perceptions of me being a miserable git arise because my brain works properly.

 

[Yuwipi Woman]

-- "Recession Officially Over, U.S. Incomes Kept Falling", New York times 9th October 2011

Never mind class war. It's the inter-generational war that will be interesting, once the young folks wake up to how they were robbed blind by the silver haired thugs on the golf courses.

I wonder though if that isn't a reflection of the 1% receiving the lionshare of income increases. They are overwhelmingly of that generation.

I don't see social security recipients getting rich by any means. I don't think they've had a cost of living adjustment in three years.

 

[elbows]

Members of that generation who have amassed wealth still stand a fair chance of losing it at some point in the years ahead. Unfortunately this also includes those who have only modest savings via a pension scheme.

 

[Yuwipi Woman]

Members of that generation who have amassed wealth still stand a fair chance of losing it at some point in the years ahead. Unfortunately this also includes those who have only modest savings via a pension scheme.

And if they manage to keep it, eventually they will pass it on to the next generation.

 

[Backatcha Bandit]

What's that supposed to tell us BB?

It describes the Kübler-Ross grief cycle, which crudely describes the likely range and sequence of emotional responses to bad news, such as the diagnosis of a terminal illness, 'but also other people who were affected by bad news, such as losing their jobs or otherwise being negatively affected by change'.

• Shock stage*: Initial paralysis at hearing the bad news.
• Denial stage: Trying to avoid the inevitable.
• Anger stage: Frustrated outpouring of bottled-up emotion.
• Bargaining stage: Seeking in vain for a way out.
• Depression stage: Final realization of the inevitable.
• Testing stage*: Seeking realistic solutions.
• Acceptance stage: Finally finding the way forward.

 

[Falcon]

And if they manage to keep it, eventually they will pass it on to the next generation.

I will appeal to that reliable clarion of matters social, the Daily Mail:

Trish Thornton knows all about the good life in retirement. She says: ‘Since our retirement five years ago, we’ve travelled to Australia, New Zealand, South Africa, Spain and France. We eat out in lovely restaurants, we have our home in France, and we have a lovely lifestyle.
‘If I see a beautiful outfit, I buy it — and my husband loves his sports car. We have worked long and hard to deserve this retirement, and I feel no guilt whatsoever in blowing the kids’ inheritance.’

-- "Meet the new SKI set: That's Spending the Kids Inheritance on sports cars and luxury holidays even as their offspring struggle to make ends meet", Daily Mail, 31 July 2011

Translation of "We have worked long and hard to deserve this retirement": "I was born at a unique moment in history when the reckless drawdown of a unique energy source allowed me to purchase a home for £16,000 and sell it for £650,000, put buttons in a pension scheme, then fuck off to the South of France and stick my children with the financial costs of my pension and health care, and the environmental bills. See ya', suckers."

 

[Yuwipi Woman]

I will appeal to that reliable clarion of matters social, the Daily Mail: -- "Meet the new SKI set: That's Spending the Kids Inheritance on sports cars and luxury holidays even as their offspring struggle to make ends meet", Daily Mail, 31 July 2011

Daily Mail?! LOL!

 

[Backatcha Bandit]

Interesting documentary from Dutch TV; Backlight 2011 Money & Speed: Inside the Black Box (bt)

It looks in detail at the 6th May 2010 'Flash Crash', algo trading in general, physical topology etc.

Asks the question as to whether it's such a bright idea to have so much riding on systems of which, thanks to the magic of machine learning, we have *no* understanding.

49:2c:20:66:6f:72:20:6f:6e:65:2c:20:77:65:6c:63:6f:6d:65:20:6f:75:72:20:6e:65:77:20:65:6d:65:72:67:65:6e:74:20:6f:76:65:72:6c:6f:72:64:73:21

 

[Barking_Mad]

Bank of NY Mellon in the shite.

Bank of New York Mellon Corp. was hit by a one-two legal punch that escalates a currency-trading crisis for one of the nation's largest banks.

The Justice Department and New York's attorney general filed separate civil lawsuits alleging that the bank fraudulently charged clients for currency transactions.

The Justice Department and New York's attorney general filed separate civil lawsuits against Bank of New York Mellon Corp. alleging that the bank fraudulently charged clients for currency transactions,

Filed within hours of each other late Tuesday, the suits allege that BNY Mellon defrauded or misled state and public pension funds, private companies, universities and banks in a decade-long scheme of overcharging for foreign exchange.

The move by the U.S. attorney in Manhattan is the first time federal prosecutors have filed a legal action in the mushrooming currency case, though it wasn't a criminal complaint—something no major U.S. bank has ever survived.

Its civil case alleges violations of a federal law—wire and mail fraud—in claiming BNY Mellon defrauded federally insured banks.

http://online.wsj.com/article/SB10001424052970203791904576611313866750194.html

Keiser's view: http://www.youtube.com/watch?v=1Zpp3BNUgGM&feature=player_detailpage#t=354s

 

[Barking_Mad]

heh Kesier interviews with a guy in the above video who describes Europe as a "a neo-feudal plutocracy of 500m debt serfs."

 

[TruXta]

It describes the Kübler-Ross grief cycle, which crudely describes the likely range and sequence of emotional responses to bad news, such as the diagnosis of a terminal illness, 'but also other people who were affected by bad news, such as losing their jobs or otherwise being negatively affected by change'.

Oh that. Mostly debunked ages ago.

 

[Dr Jon]

Bank of NY Mellon in the shite.
(* snip *)

Yeah.
From Mellon to Lemon.

 

[Dr Jon]

Max Keiser notes that bank bailouts and dodgy neoliberal economics started with Thatcher and Reagan:



It's been downhill ever since...

 

[Sunray]

Who are those clowns?

 

[teqniq]

Swiss banks will probably settle a sweeping U.S. probe of offshore tax evasion by paying billions of dollars and handing over names of thousands of Americans who have secret accounts, according to two people familiar with the matter......

http://www.bloomberg.com/news/2011-...-to-pay-billions-disclose-customer-names.html

 

[ferrelhadley]

Dow looks set to post its biggest October in history. Up 11%

http://blogs.marketwatch.com/thetell/2011/10/27/dow-headed-for-its-best-october-ever/

Wall st does seem pretty pre-occupied.

 

[toblerone3]

Dow looks set to post its biggest October in history. Up 11%

http://blogs.marketwatch.com/thetell/2011/10/27/dow-headed-for-its-best-october-ever/

Wall st does seem pretty pre-occupied.

Early birds on the Halloween indicator, but what are the fundamentals?

 

[A Dashing Blade]

Early birds on the Halloween indicator, but what are the fundamentals?

Not often that I'll say the Grauniad is spot on but this accurately reflects the situation imo.

 

[ska invita]

City AM today says word on teh grapevine is China doesnt want to put up any money for the euro bail out.

 

[sptme]

City AM today says word on teh grapevine is China doesnt want to put up any money for the euro bail out.

Do we want the Chinese ruling class to get in on this financial-imperialist looting?

 

[not-bono-ever]

MFG shares suspended - chapter 11 looming

 

[gosub]

http://finance.ninemsn.com.au/newsbusiness/aap/8367757/china-risks-public-backlash-over-eu

 

[Fruitloop]

This is pretty on-point stff I reckon

http://www.zerohedge.com/news/when-...rk-discuss-hyperinflation-past-present-and-fu

 

[teqniq]

I see that the Graun are reporting that:

Markets Fail as bailout boost fades

An analogy occurred to me of a junkie getting their latest fix: Euphoria promptly followed by chronic depression.

 

[ska invita]

Do we want the Chinese ruling class to get in on this financial-imperialist looting?

From a rhetorical point what we want never comes into it. But anyhow, if China's computer says no, then where is the cash going to come from? Euro tax payers must be the only other option I guess... If true then its no wonder the markets are spooked...

 

[sptme]

From a rhetorical point what we want never comes into it. But anyhow, if China's computer says no, then where is the cash going to come from? Euro tax payers must be the only other option I guess... If true then its no wonder the markets are spooked...

What happens if no cash comes from anywhere? Serious question as I'm not an expert on economics.But it seems to me that the banks have committed a massive fraud against the people of Europe (and the wider world)and i don't see why we should give the thieving bastards anything.