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Crisis explained

Written By: - Date published: 3:49 pm, June 18th, 2011 - 28 comments
Categories: economy, International - Tags: ,

Hat tip to Penny Bright in comments:

28 comments on “Crisis explained ”

  1. Colonial Viper 1

    Screw the people, abrogate the sovereignty of nations, give to the banks.

    The large banks can access cash through the Fed window at less than 1% p.a. The big banks then take that cash and lend it to Greece at 28% p.a.

    EASY MONEY

    • KJT 1.1

      And to us at 7% for housing and 18% for business.

      Every time the OCR went up it was a windfall for banks who used it as an excuse for raising interest rates.

      Lately US banks have been bailed out at 0 interest. They were supposed to use it to fund a stimulus and recovery. Instead they just went back to their old habits.

      Much of the money given to the banks by the US treasury is being used to buy treasury bonds at 3% plus yields.

      USA now has more debt than any future production can possibly repay.

      • Colonial Viper 1.1.1

        USA now has more debt than any future production can possibly repay.

        And that is even without taking into account the oncoming energy crunch.

  2. Colonial Viper 2

    One more thing – interest is being charged on all those loans between countries.

    That means brand additional debt through “interest charges” is magicked into existence from nowhere. And the money to pay back that additional debt does not exist anywhere. Literally.

    They are trying to salvage an insolvent, overleveraged debt situation by, you guessed it: adding more debt.

    It’s all going down.

    • The Chairman 2.1

      Indeed, hence why exporting is so vital. Nations are required to continuously grow their offshore returns to enable them to repay the interest their external debt incurs.

  3. ZeeBop 3

    Some person makes $100 of real value. Now for that person to realize the $100 they need there to be other people with real value to exchange with them, how much is that worth to him? How much money would he give to the central government to insure that there is demand. Now does that government have the responsibility to insure that everyone who can create real value production gets enough exchange to cover their food, housing, health, and means to continue growing value – education. Now when we have poverty, or disease, or lack housing, etc, then government has failed and should be kicked to sort itself out.

    Just because a farmer happens to make lots of money selling food, and takes no responsibility for the starvation in the world, that means they are corrupt and unethical. Just because a banker makes lots of money trading money, that people don’t have enough money to live, make them corrupt and unethical. Its necessary for the government to step in and insure everyone has the minimum access to income, health, housing, education. And its not good enough for the proto-fascist to say they do have if only they devalue their $100 and put them into a state enforced slavery. Austerity.

    Now government can get too greedy for power, and how do we know this, well they stop
    doing their job and stop so many making a living wage with a sustainable safety net.

    • Colonial Viper 3.1

      A lot of the piles of $$$ being held by individuals at the moment (uselessly I might add, they aren’t helping people with it, just accumulating it) was generated by nothing resembling the creation of human value.

      Speculation and asset bubbles, clipping tickets and rentier extortion.

      Now government can get too greedy for power, and how do we know this, well they stop
      doing their job and stop so many making a living wage with a sustainable safety net.

      The issue is not governments greedy for power.

      It is governments co-opted from the inside out by banking and financial system insiders, who then use the machinery of government to help not the wellbeing of the citizens, but the balance sheets of the big money players.

      • ZeeBop 3.1.1

        Yes, poor government that got too close to industry and now says that’s all that matters. No regulation ACT. Balance government means listening to all stake holders. But even then if the MSM peddles ‘profit’ only then those stakeholders go into the meetings already with a distorted outlook. Government got greedy for power, they like being wined and dined, they like the nice pay and perks, the pensions, they like talking down to the poor, its makes them feel invincible.

        They have routinely chosen to ignore the fact that they serve the people, not the exporters. It means we produce an abundance of wealth and yet our kids don’t have swimming pools to learn to swim. We have abundance in food, soils, water, minerals, and energy, and we are running them down to fast. People are NOT demanding we stop speculators, or stop profits, they want obviously it to matter. That when they leave this mortal coil it is better, not some promise of some future energy, or some future peaceful oasis. We should not be seeing poverty by now, we should be using the oil much more efficiently to provide for the best in our schools, etc.

        If they can get wealth to their mates, or wealth to foreigners and make fees, then they will and
        they will totally ignore their responsibilities. There’s a reason Holmes and Henry are back after their disgraces, because they serve to frame the debate to the right so we all end up with a false and distort outlook.

        Oil will run out, pollution will cost more to fix, climate change will flush pollution out faster, and crops will grow faster. And there will be more dislocation, more food riots, and disease, etc, but there doesn’t need to be. We can solve the problems, it doesn’t costs too much!
        Why! Because the same argument that the neo-liberals apply, that markets will solve the problems should also solve the other problems if its directed to them. And therein lies the
        problem, the neo-liberals want to jump in and get out in front of the market, claim the market solves all problems ( their problems). And really we need to them to be sacked and others to talk about the market providing for its citizens, all its citizens.

        If the market is so good, then surely it should be directed to do away with poverty.

  4. ChrisH 4

    Where does he get the name Roger? Not from here by any chance? http://www.speakerlink.co.nz/PresentersProfileView.asp?pid=240

  5. John D 5

    A large part of this crisis can be blamed on the EU and the ECB.

    This vile creature, the EU, a “transnational socialist” parasite that cares nothing for people and cares everything for lining its own pockets.

    • Colonial Viper 5.1

      No, private sector banks led the way.

      There is no way that Greece could have gained or hidden so much debt for so long without Goldman Sachs.

      These EU organisations you mention have been usurped from the inside out by the private financial system.

      BTW its a bit silly to call an organisation “socialist” and then claim it is not interested in helping “society”.

      • John D 5.1.1

        BTW its a bit silly to call an organisation “socialist”

        DSK, the disgraced head of the IMF, is a former communist. (as is Jose Manuel Barraso, president of the EU)

        The EU has been sucking money out of member states for years, yet its books remain unaudited.

        These people are pure vermin, yet they describe themselves as “socialist”. Maybe a problem of nomenclature for you?

        • Colonial Viper 5.1.1.1

          Perhaps you should look beyond the branding.

          Just like Roger Douglas wasn’t a Labour Minister of Finance, despite the title, he was an ACT Minister of Finance.

  6. prism 6

    Too true CV. “BTW its a bit silly to call an organisation “socialist” and then claim it is not interested in helping “society”

    Where does all the bile against “this vile creature the EU” come from John D? If you look at the USA and the trillions its in debt, wouldn’t that gaggle of states cop your criticism? After all they have had a money-melting fiasco every 10 or 20 years in the later 1900s. Maybe the EU was affected by their bad methods – the USA seems to have infected the world through being a leading currency and trying to control the world’s financial methods with their neo liberalism picked up from an Austrian, no less.

    • John D 6.1

      I often have problems explaining to NZers how much I despise the EU.

      So let’s use an analogy.

      Imagine that John Key (or Phil Goff, or whoever) decided that it would be in NZ’s best interests to join a “pan-pacific” group of nations.

      Sounds great at the start. We get a bunch of trade agreements.
      A few years down the track, the pan-pacific organisation proposed a single currency, and a president and a government to preside over us. This will be based in Singapore.

      After a while, this “Singapore government” is making decisions for NZers that are not in our best interests. We find ourselves paying money to poorer nations to support their economies.
      Furthermore, we find ourselves taking in people from these “member nations” who are automatically given immigrant status and can immediately sign on the dole.

      Anyone who disagrees with this, of course, is labelled a “racist shitsack” or a “right wing nut job”

      The “Singapore government”, in the meantime, spends our money on executive jets to get to international conventions, in which to dream up the next “crisis” in which to keep us in penury and debt slavery.

      Just think about it, for a minute, please.

      • lprent 6.1.1

        Oh so you have heard of the TPP then?

        John Key likes it.

        • John D 6.1.1.1

          I hadn’t, but thanks for the link.I am no fanboy of any political party. If our so-called leaders plan to sell off our assets/rights/whatever to some amorphous trans-national organisation, then we should be very very wary, regardless of whether they badge themselves as “caring socialists” or whatever.

          • Draco T Bastard 6.1.1.1.1

            That’s something I can agree with. The TPPA is very bad for everyone except the US who have essentially managed to take over the negotiations even though they were one of the last to join. If we sign it it’s going to end up costing us huge amounts of cash and a serious loss of our sovereignty.

            Haven’t seen a party yet say that they will repeal it if it’s signed.

          • Colonial Viper 6.1.1.1.2

            then we should be very very wary, regardless of whether they badge themselves as “caring socialists” or whatever.

            Interesting you would say that…

            when it’s the Right Wing Free Market Rules NACT Government bending over in the negotiations.

            You really are an astroturfer.

      • Colonial Viper 6.1.2

        The “Singapore government”, in the meantime, spends our money on executive jets to get to international conventions, in which to dream up the next “crisis” in which to keep us in penury and debt slavery.

        Hmmm Key bought new Beamers, got a nice state paid trip to a Royal Wedding, and is now looking at weakening and cutting the minimum wage.

        All without any help from a “Singapore Government”.

        PS the real Singapore Government has done a pretty job of turning their country from a swamp 60 years ago to a leading centre of finance, trade and technology today.

        In the mean time, we managed to get more cows to drive our economy.

  7. steve 7

    You do realise that this clip with John Clark is over 12 months old?
    Jolly good show for being on top of things

    • Colonial Viper 7.1

      But I thought a year ago all those nice finance types were helping Greece out 😯

    • lprent 7.2

      They get put up whenever a author feels like it and sometime after they turn up on youtube.

      This is a blog site and has no intention of being a news / current affairs site. Hell on Friday I put up a music clip from a year or so ago of a track that was released quite some time ago simply because I liked the lyrics when it came up on the playlist at work.

      However if you want to be bored with being totally up to date then you should tune into the boredom of CNN or one of the continuous news shows. But if you want to be able to comment here, then read the last section of the about. I’m really don’t care for fools, and when I’m in moderator mode I just tend to ban them for stupidity.

      • John D 7.2.1

        Fair call lprent. The clip is dated but the crisis isn’t. It has been simmering away for ages and looks like it might pop.

        By the way, this quote from a commenter on the BBC website caught my eye

        But some of the blame must also be laid at the door of the EU. How can the EU make demands of us when it lacks a coherent economic and political strategy?
        http://www.bbc.co.uk/news/world-europe-13782544

        This is going to get really bad, I fear.

    • The Chairman 7.3

      So is this (link below) but it helps explain where the money comes from.

      Australia’s Needless Foreign Borrowing:
      http://michael-hudson.com/2010/05/australia%e2%80%99s-needless-foreign-borrowing/

  8. Thanks but the ‘hat tip’ really belongs to ‘You be the Judge Radio Show’ who sent out the You Tube clip.

    I just passed it on………..
    _____________________________________________________________________________
    Brenda Kara
    http://www.facebook.com/l.php?u=http%3A%2F%2F

    http://www.youtube.com%2Fwatch%3Fv%3DLyePCRkq620&h=3f53f

    World Economy Collapse explained in 3 minutes
    http://www.youtube.com
    John Clarke and Bryan Dawe calculate the cost of the European debt crisis – A comedy routine. It may seemed hilarious but this is actually what’s happening.
    ______________________________________________________________________________

    Would be EXCELLENT to update those debt figures!

    Anyone know if that exercise has been carried out recently?

    Cheers!

    Penny Bright
    http://waterpresure.wordpress.com

  9. Now this ‘You Tube’ clip is old – (18 January 2008) – but it is BRILLIANT – if you want to try and get your head around the ‘subprime crisis’.

    If you missed this ‘Subprime crisis explanation by the ‘Long Johns’
    (John Bird and John Fortune) – I recommend you have a look, and if you like it – pass it on………..

    (About 8 minutes long)

    Cheers!

    Penny Bright
    http://waterpressure.wordpress.com

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