Global financial system implosion begins

[ferrelhadley]

I'm sure it's been covered before, but I'll ask again. Why is so much importance attached to large groups of (mostly) men with lots of screens in front of them acting like sheep?

It indicates how much porfit they think the big companies will be earning over the coming couple of years. There are always a lot of contradictory opinions and reasons for those opinions, but when a significant number of people think those profits will be lower then many people take that to mean their will be less jobs and harder times for all.

 

[bendeus]

Elbows:
Is the Malthusian perspective ugly because it sees things far too clearly for comfort - that population and resource consumption have overshot any feasible level of sustainability? Yes, there are a lot of crazy folk out there, wanking over the price of precious metals and stocking up on ammo and freeze-dried food. Until we can accept the need to reduce population to sustainable levels and live within our means, things are never going to get any better.

I know that this thread isn't the place for it, but do you have any suggestions of how 'reducing population to sustainable levels' can be achieved in a manner that is equitable and meets the demands of social justice, can be delivered without authoritarianism and doesn't drift dangerously towards eugenics?

 

[Bernie Gunther]

I know that this thread isn't the place for it, but do you have any suggestions of how 'reducing population to sustainable levels' can be achieved in a manner that is equitable and meets the demands of social justice, can be delivered without authoritarianism and doesn't drift dangerously towards eugenics?

This has come up in a whole bunch of other threads. Busy now but I'll try to find some to avoid derailing this one.

 

[bendeus]

This has come up in a whole bunch of other threads. Busy now but I'll try to find some to avoid derailing this one.

Thanks, Bernie

 

[lopsidedbunny]

You could do what Stalin did... and that why he did it among other reasonings

 

[Divisive Cotton]

John Prescott on Twitter is asking if all the government is on holiday then is Larry in charge:

 

[Dr Jon]

Stephen Hester of RBS put his finger on it this morning - the "banking crisis" was not just an issue of bad practice on behalf of the banks - it was a symptom of capitalism in crisis (he didn't quite say it in these terms - he said "imbalances in the way we organise our economy" but the meaning was clear). These imbalances aren't self correcting - the next crisis is a matter of when not if. It may be upon us already, but if not it's only delaying the inevitable.

This is how capitalism, with its abandonment of responsibility to the smash 'n' grab of the free market was always going to end.

 

[Dr Jon]

I know that this thread isn't the place for it, but do you have any suggestions of how 'reducing population to sustainable levels' can be achieved in a manner that is equitable and meets the demands of social justice, can be delivered without authoritarianism and doesn't drift dangerously towards eugenics?

This is a difficult subject with no easy answers. Like Bernie, I'm busy at the mo, but will be happy to start / contribute to a new thread on this subject without derailing this one.

 

[Kaka Tim]

Dr Jon is in the forced sterialisation camp.

 

[Dr Jon]

Dr Jon is in the forced sterialisation camp.

Please reserve your slanderous accusations for the new thread.
Ta.

 

[ferrelhadley]

Looks like we wont need to be as worried about inflation now....

 

[Kanda]

 

[gosub]

re not having to worry about inflation, you arethinking this presumably:

bit of a pisser, as have boat on the market at mo.

 

[Badgers]

John Prescott on Twitter is asking if all the government is on holiday then is Larry in charge:

On a serious note you have to question how a recess is allowed to continue with the fuckupcountry at the moment

 

[gosub]

not really a lot of point on bringing them back unless emergency legislation is forthcoming. Though thought they might have had more to say before they went on holiday rather than banging on about media hacking, which being subject to an on going police inquiry, they couldn't really talk about. Eire changing the terms of the loan we made them they could have talked about for example

 

[ferrelhadley]

re not having to worry about inflation, you arethinking this presumably:

It is my view that this is not 2008 when everyone had to liquify everything to meet chainreacting credit events. What I was meaning is that a weak pound and very high energy costs had been a big part of inflation, the pound is strengthening and oil is down quite a bit.
This looks to me like the stocks are just having a correction to "price in" a quarter of contraction and slow growth afterwards.
The permabulls are getting burned. No doubt there will be a week or so of ups and downs over the various fixes offered.


But then again I am just some bugger on an internet forum. Others clearly will have their own views.

 

[treelover]

the guy in the old photograph, did most rich people lose absolutely everything in the 1929 crash, what happened to them? I bet they didn't remain that way, social capital, etc...

 

[gosub]

no they went bust in 31, having got out early ahead of the oct 29 crash, then piled back in to pick up what they thought were bargins

eta: poor people got hurt in 29, having borrowed to invest

 

[ferrelhadley]

AAA

Well thats gone

 

[ferrelhadley]

Markets gonna drop like a brick tomorrow, but then again they were 'pricing in' unrealistic optimism on the economy (or as the wags on the net are calling it Hopium)

A long over due correction. Still markets being markets there is a small chance they will finish up.

 

[free spirit]

those are pretty shocking graphs.

 

[gosub]

Markets gonna drop like a brick tomorrow, but then again they were 'pricing in' unrealistic optimism on the economy (or as the wags on the net are calling it Hopium)

A long over due correction. Still markets being markets there is a small chance they will finish up.

Don't forget the high frequecy traders, their models will be buying on volume of traffic, will take a couple of days to show if its like 2008

 

[Dr Jon]

Who Killed Economic Growth? (ABCs of Dow Jones Implosion)

http://www.growthbusters.org

 

[Crispy]

oooooo k

 

[Barking_Mad]

ALDWEN is not following you.

Thanks god for that

 

[teqniq]

Meanwhile....

Madoff trustee sues Abu Dhabi fund

By Brooke Masters and Kara Scannell in New York​

The trustee representing Bernard Madoff’s victims has sued the Abu Dhabi Investment Authority seeking the return of $300m that the sovereign wealth fund withdrew from the giant Ponzi scheme.
The claim filed in federal bankruptcy court in New York marks the first time Irving Picard has targeted a sovereign wealth fund in the scandal.

More

ON THIS STORY

• In depth Madoff scandal
• Madoff’s yacht is the talk of Monaco
• Madoff trustee submits $44m bill
• Signals on Madoff ‘ignored at JPMorgan’
• Comment Madoff spreads blame to banks in jail interview

Unlike many of the lawsuits that Mr Picard has filed in the past year, the claim against ADIA does not allege that the sovereign wealth fund’s managers knew or should have known that Mr Madoff was a fraud.​

Rather, the lawsuit alleges that ADIA invested in Mr Madoff through the Fairfield Sentry hedge funds and withdrew $300m in 2005 and 2006. Under US bankruptcy law, a trustee can seek the return of money withdrawn in the six years before a business collapses.

http://www.ft.com/cms/s/0/dc7fa008-c454-11e0-ad9a-00144feabdc0.html#axzz1UlX60ozh

 

[deke t lefel]

three trillion or whatever wiped off the markets, so where has it gone?

some to gold, some to derivatives maybe, however, it seems that the vast majority has nowhere to go except return to its maker

 

[yield]

http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817
Is the SEC Covering Up Wall Street Crimes?

For the past two decades, according to a whistle-blower at the SEC who recently came forward to Congress, the agency has been systematically destroying records of its preliminary investigations once they are closed. By whitewashing the files of some of the nation's worst financial criminals, the SEC has kept an entire generation of federal investigators in the dark about past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG. With a few strokes of the keyboard, the evidence gathered during thousands of investigations – "18,000 ... including Madoff," as one high-ranking SEC official put it during a panicked meeting about the destruction – has apparently disappeared forever into the wormhole of history.

 

[teqniq]

8.52am:Gold has broken through $1,865 an ounce as investors scramble for safe haven assets. Gilt futures reversed early losses and extended yesterday's gains, with the September gilt future rising 26 basis points to 130.66, although it trailed German bunds ahead of the latest British government borrowing figures.
They are expected to show that George Osborne will miss his target this year.
Marc Ostwald at Monument Securities says:

Our fear is that reports of HMRC running out of paper to send out tax demands, HMRC staff layoffs (and resultant demoralization) and problems with the implementation of new technology could result in a much worse than expected outturn, with some talk also doing the rounds that some corporate entities are being treated with "kid gloves" for fear that they will relocate headquarters to other national jurisdictions. Throw in the likelihood that the cost of the policing efforts to quell last week's riots, and some slippage in spending cuts in associated areas, not to mention the likelihood of weak revenue growth (outside of VAT) due to weak growth, and the much praised Osborne budget consolidation plan could look a forlorn hope, and thus thrust the UK where it belongs namely into the debt crisis camp.....​

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http://www.guardian.co.uk/business/2011/aug/19/world-markets-turmoil-live-blog

 

[Kaka Tim]

When does this offcially become a second great depression then?

Or do we all need to start wearing flat caps and listening to George Formby first?