Wednesday, 21 October 2009

A Money Music Interlude

Money so they say, is the root of all evil today. I'm in the hi-fidelity first-class travelling set, and I think I need a Learjet.
Experts say: The reality is we’re heading into a double dip or crash. Global recovery is but a Goldie Locks recovery propped up by bail-out money, and the push for consumer spending.
The financial collapse was due to investment, (especially hedge) consumer spending, lending, and (especially sub-prime) borrowing.

The UK government and G20 leaders want to cut banks' risks through regulation and making them hold more capital.
The Bank of England Governor Mervin King recently said it was a delusion.
He said: “government support for the banking sector had been "breathtaking" at close to £1 trillion. Never has so much money been owed by so few (the taxpayer) to so many. And, one might add, so far with “LITTLE REAL REFORM ……. measures taken by the government and world leaders had so far failed to tackle the key "moral hazard" that if banks and financial institutions knew that they were too big to fail, and that the taxpayer would help them out if they got into trouble.
The belief that appropriate regulation can ensure that speculative activities do not result in failures is a delusion."
You don’t have to be an economist; it’s as plain as the nose on your face. Once you have what they call Moral Hazard (a party insulated from risk may “behave differently” from the way it would behave if it would be fully exposed to the risk) you’ll never get a level playing ground. Sure isn’t that the very reason why western governments spell out the ills/evil (in some cases) of socialism. You can it seems only have socialism when it comes to wealthy, and middle-class citizens. They apparently behave more honest, and honorable. The working class will only lay about, and get lazy if they have too much comfort.
King went on to say: "Encouraging banks to take risks that result in large dividend and remuneration payouts when things go well, and losses for taxpayers when they don't, distorts the allocation of resources and management of risk," he said, adding it was "hard to see why" taxpayer support could not be limited to retail banking. (my point- stop paying off rich investors to do the same thing again)
Anyone who proposed giving government guarantees to retail depositors and other creditors, and then suggested that such funding could be used to finance highly risky and speculative activities, would be thought rather unworldly. But that is where we now are."
We live in a precarious time of no proper regulation, not only in the banking sector, we experience it in our health system, education, employment/unemployment, tax, law, right through we know it is unfair. Funny, in the third world the word corrupt is used whereas here we prefer/use the word “unfair.” I guess we feel to think it’s much worse (I’m glad I don’t live) over there; in fact I have been asked on numerous occasions, some friendly, and some not so: “if you’re not happy here why don’t you go back to from where you came?”
It’s time to really wake up, and smell the coffee.


  1. What infuriates me is having to wait for facebook to publish the music on my blog. It is immediately available on the actual blog, but it takes an age for facebook to get their finger out. Alan

  2. The only way through is to keep doing cash jobs, only give a receipt to those who ask, and for the love of christ... bury the money under a large rock. Never.. and I do mean never... let the bank manager know just how much money you actually have.

    My lot will get a £100 bonus each this giftmas, nothing like the £100,000,000 those greedy fuckers in their flannel suits will get.

    Bastards all.