Bankers: "can I haz more money plz"

The Outside Agency

Is there really a catastrophe around the corner if the Europeans don't agree to print $5 trillion in order to "stabalise the market" or is this yet another example of bankers thinking about christmas around the corner and their big year end bonuses at the expense of tax paying imbeciles?

The media would have us believe that the end of the world is upon us unless the ECB agree to print out trillions of euro to help "restore confidence" in the markets

Are these bankers genuinely concerned about the welfare of the general population or just looking for more free money to gamble with?

When has creating more debt solved a debt problem?

If the credit we create is not interest free debt and the banks get most of it and spend most it, are we not merely suspending the inevitable credit crunch while allowing bankers to continue gambling on the world stage making the problem worse?

See that new Intel facility everyone was happy about? That won't happen if the euro collapses. It is actually serious.

These aren't private banks we're talking about.. It's governments. You should really think about how destroyed Ireland will be if it goes up in smoke.

Chuck Stone

Does anyone else feel like were approaching the edge of a cliff sometimes?

Sometimes I
Fantasize
When the streets are cold and lonely
And the cars they burn below me
Don't these times
Fill your eyes

When the streets are cold and lonely
And the cars they burn below me
Are you all alone
Is anybody home

I'm standing warm against the cold
Now that the flames have taken hold
At least you left your life in style

And for as far as I can see
Tin twisted grills grin back at me
Bad money dies
I love the scene

http://www.youtube.com/watch?v=y5W1KQflz-o&feature=related

Crazy Horse 6

This is what happens when you don't get out and protest and stand up for yourselves the powerful elites just keep on buggering you. People are still under the illusion that the government run this country (or the world for that matter) they don't, it's the banks and finance companies that call the shots. It's like the whole president campaign we are hearing about at present 24/7 on the airwaves and on the TV it makes NO difference to the average Joe or Jane on the street yet it's all people are talking about whilst the real issues are hidden away from the worker bees glare.

listermint

Crazy Horse 6 wrote: »

This is what happens when you don't get out and protest and stand up for yourselves the powerful elites just keep on buggering you. People are still under the illusion that the government run this country (or the world for that matter) they don't, it's the banks and finance companies that call the shots. It's like the whole president campaign we are hearing about at present 24/7 on the airwaves and on the TV it makes NO difference to the average Joe or Jane on the street yet it's all people are talking about whilst the real issues are hidden away from the worker bees glare.

You appear to be under some insane illusion that this is an Irish issue. Every Country in the world is on the edge of the swaney. And unless some INTERNATIONAL hard and tough decisions are taken were all in the shiz.

Its ridiculous that they didnt resolve this 2 years ago but the ECB was quite happy to try let the markets stabilise and work it all out for them. That didnt happen and here we are now...

digme

http://www.bbc.co.uk/news/business-15059135

Crazy Horse 6

listermint wrote: »

You appear to be under some insane illusion that this is an Irish issue. Every Country in the world is on the edge of the swaney. And unless some INTERNATIONAL hard and tough decisions are taken were all in the shiz.

Its ridiculous that they didnt resolve this 2 years ago but the ECB was quite happy to try let the markets stabilise and work it all out for them. That didnt happen and here we are now...

Emm that's the reason i put "every country in the world" in my post. Please read posts before jumping to conclusion thanks.

ScumLord

I think more and more this is all just one big land/wealth grab by the top banks and was all orchestrated for that purpose.

I don't think economies really will collapse as it would be like a farmer going out and poisoning all his livestock.

I would prefer to see the lot collapse at this stage so that people would see how futile and anti-people our economies really are. It could be the dawn of a new age.

Monty Burnz

ScumLord wrote: »

I think more and more this is all just one big land/wealth grab by the top banks and was all orchestrated for that purpose.

I don't think economies really will collapse as it would be like a farmer going out and poisoning all his livestock.

Nobody is orchestrating this, I can assure you. It couldn't be orchestrated if you tried: the world's most powerful governments have been trying to orchestrate a solution for 4 years or so at this stage, and you can see how well it has gone.

ScumLord wrote: »

I would prefer to see the lot collapse at this stage so that people would see how futile and anti-people our economies really are. It could be the dawn of a new age.

Yup. The new stone age.

4leto

ScumLord wrote: »

I think more and more this is all just one big land/wealth grab by the top banks and was all orchestrated for that purpose.

I don't think economies really will collapse as it would be like a farmer going out and poisoning all his livestock.

I would prefer to see the lot collapse at this stage so that people would see how futile and anti-people our economies really are. It could be the dawn of a new age.

Do you really believe that.

If our economy collapses you will see empty supermarkets and Irish people starving on the streets. There would be no fuel, no power and general chaos. That is how serious an economic collapse would be, think Zimbabwe.

Killer Pigeon

Deleted User wrote: »

See that new Intel facility everyone was happy about? That won't happen if the euro collapses. It is actually serious.

These aren't private banks we're talking about.. It's governments. You should really think about how destroyed Ireland will be if it goes up in smoke.

The €uro crash is inevitable at this stage. The best thing our government can do now is to pull out of the €uro, ECB and the European Monetary Union, introduce a Gold/Silver standard Punt that isn't control by a Central Bank and implement a free-market economy with reduced taxes so that multinationals like Intel will still be interested in Ireland.

4leto

Killer Pigeon wrote: »

The €uro crash is inevitable at this stage. The best thing our government can do now is to pull out of the €uro, ECB and the European Monetary Union, introduce a Gold/Silver standard Punt that isn't control by a Central Bank and implement a free-market economy with reduced taxes so that multinationals like Intel will still be interested in Ireland.

No
You make the massive assumption that the new punt would be worth the same as the Euro.

It wont be, it would be probably worth a third of what the Euro is. So with the massive inflation and the industrial unrest that that will cause Intel and the others would pull out.

Killer Pigeon

4leto wrote: »

No
You make the massive assumption that the new punt would be worth the same as the Euro.

Did I say anything to that effect? However you could say that my proposal for a new punt would actually incur less inflation and therefore be worth more that the €uro. Almost on par with the Pound Sterling.

4leto wrote: »

It wont be, it would be probably worth a third of what the Euro is. So with the massive inflation and the industrial unrest that that will cause Intel and the others would pull out.

You assume that there would be inflation but how?

ScumLord

Monty Burnz wrote: »

Nobody is orchestrating this, I can assure you. It couldn't be orchestrated if you tried: the world's most powerful governments have been trying to orchestrate a solution for 4 years or so at this stage, and you can see how well it has gone.

I'm sure it would be possible for the top banks/"the man" to orchestrate a collapse for their own benefit. Even if they didn't it is surely possible. There seems to be a big consolidation of assets by banks. Governments are fairly limp these days, their either in the pockets of large business or too obsessed with public image to do anything so it's not surprising they're failing.

Yup. The new stone age.

I don't see how? It would be impossible to forget everything we know and start living that way again.

No physical part of the world has changed, this is simply a database based problem. We haven't ran out of oil, food, water, the climate hasn't changed and people haven't forgotten how to work. This problem was manufactured and the only reason it continues is because it suits a minority for it to continue.

Mickey H

nivekd wrote: »

Is there really a catastrophe around the corner if the Europeans don't agree to print $5 trillion in order to "stabalise the market" or is this yet another example of bankers thinking about christmas around the corner and their big year end bonuses at the expense of tax paying imbeciles?

You can't just print more money to get you out of debt. That would make the money worthless.

4leto

Killer Pigeon wrote: »

Did I say anything to that effect? However you could say that my proposal for a new punt would actually incur less inflation and therefore be worth more that the €uro. Almost on par with the Pound Sterling.



You assume that there will be inflation but how?

There will definitely be massive inflation because you could not peg it to sterling.

All we have to back a new currency is 121 pound of gold, fkuc/all really.

So to back the currency we would have to borrow hard currency like the dollar or sterling, BUT, even now, we are frozen out of the financial markets. Also we have a massive fiscal deficit.

So they would first peg the new currency to the old Euro it would be one for one, but when it floats it would collapse in value.

So things we import like petrol, oranges, Samsung teles, cornflakes, wheat would triple (or worse) in price, but our wages would not follow as quickly.

We really do not want the Euro to collapse.

Killer Pigeon

4leto wrote: »

There will definitely be massive inflation because you could not peg it to sterling.

All we have to back a new currency is 121 pound of gold, fkuc/all really.

So to back the currency we would have to borrow hard currency like the dollar or sterling, BUT, even now, we are frozen out of the financial markets. Also we have a massive fiscal deficit.

So they would first peg the new currency to the old Euro it would be one for one, but when it floats it would collapse in value.

So things we import like petrol, oranges, Samsung teles, cornflakes, wheat would triple (or worse) in price, but our wages would not follow as quickly.

We really do not want the Euro to collapse.

Fixing currencies to units of real value (like gold, though that restricted to gold) protects economies from high levels of inflation. The point is, I think that an economy should be consistent rather than employing central banks, who kick the can down the road.

Phill Ewinn

Killer Pigeon wrote: »

Did I say anything to that effect? However you could say that my proposal for a new punt would actually incur less inflation and therefore be worth more that the €uro. Almost on par with the Pound Sterling.



You assume that there would be inflation but how?

What would you base thee new punt on? We're broke. There's no money in the country. We don't have any gold reserve. Not enough natural resourses to base a currency on either.

We'd still have massive debts and litterally nothing to trade for them. No body would want a worthless punt.

I could be wrong. Seems to me we'd be begging England for sterling. Falling back on the punt would have worked if we hadn't blown everthing we had.

4leto

Then there is worse if the euro fails we would not be the only ones looking toward the IMF.

There would be Spain, Portugal, Italy and even France looking for a dig out. The IMF does not have that money. Then there is the knock on to the loss of these markets to places like Germany, USA and even China.

A Euro collapse would be unimaginatively bad, so bad, I am thinking it wont be allowed fail, but they don't seem to be doing anything about the problems it is having at the moment.

A Euro collapse would make 1929 look like a walk in the park. It would be a depression like the world has never seen.

fontanalis

Phill Ewinn wrote: »

What would you base thee new punt on? We're broke. There's no money in the country. We don't have any gold reserve. Not enough natural resourses to base a currency on either.

We'd still have massive debts and litterally nothing to trade for them. No body would want a worthless punt.

I could be wrong. Seems to me we'd be begging England for sterling. Falling back on the punt would have worked if we hadn't blown everthing we had.

Yeah but people seem to think: punt = no aftermath of property bubble and no debt, euro = aftermath of property bubble and debt so lets go back to the punt and it will all dissappear.

Killer Pigeon

Killer Pigeon wrote: »

The €uro crash is inevitable at this stage. The best thing our government can do now is to pull out of the €uro, ECB and the European Monetary Union, introduce a Gold/Silver standard Punt that isn't control by a Central Bank and implement a free-market economy with reduced taxes so that multinationals like Intel will still be interested in Ireland.

Who do their multinationals sell to then? We need access to Europe. Corporation tax means nothing compared to a free market. Once we have to pay import/export duties, the game's over. You can't argue that.

fontanalis

Killer Pigeon wrote: »

Did I say anything to that effect? However you could say that my proposal for a new punt would actually incur less inflation and therefore be worth more that the €uro. Almost on par with the Pound Sterling.



You assume that there would be inflation but how?

So the new punt will magically increase in value?

ScumLord

4leto wrote: »

Do you really believe that.

If our economy collapses you will see empty supermarkets and Irish people starving on the streets. There would be no fuel, no power and general chaos. That is how serious an economic collapse would be, think Zimbabwe.

Ireland can feed 55 million people, there would be no need for people to starve. Ireland is full of intelligent able bodied people, if the economy did collapse and we all just sat around starving then we would really deserve to be wiped off the planet.

Phill Ewinn

fontanalis wrote: »

Yeah but people seem to think: punt = no aftermath of property bubble and no debt, euro = aftermath of property bubble and debt so lets go back to the punt and it will all dissappear.

Ah. A magic silver bullet for our worries. A silverless bullet more like.

Haelium

The time for moving to the punt passed a long time ago. If we went back now we would have a worthless currency that I for one, would have zero confidence in.

The Euro collapse is not inevitable, the only people who will gain from it are traders and speculators, so everybody will do what they can to prevent it from happening. People need to get a grip and stop going crazy about this.

Zebra3

Deleted User wrote: »

Corporation tax means nothing compared to a free market.

Probably cos free markets don't actually exist.

Son Of A Vidic

Monty Burnz wrote: »

Nobody is orchestrating this, I can assure you. It couldn't be orchestrated if you tried: the world's most powerful governments have been trying to orchestrate a solution for 4 years or so at this stage

Such naivety, but I suppose it's a blessing really. If you think governments have any control over this, then think again.

4leto

Absolutely not for the simple reason, traders have a **** lot more money.

But they could bolster confidence in the currency, by certain measures which will be hugely unpopular in the countries who are not indebted.

What I think we are looking at in Europe and it has to be the the US is a failure and inherent flaw in democracy.

No one wants to make the difficult unpopular decisions that need to be made promptly.

Ireland is another example, we know what needs to be done and its happening but to slowly. I think the government want the IMF to enforce the difficult decisions, and even then as in Greece that might not work either.

But on the grounds that a euro collapse would be to catastrophic to the world economy I think they wont allow it to happen.

Celly Smunt

lads,we should have ****ed off when iceland did,or even better bought sterling.

4leto

pmcmahon wrote: »

lads,we should have ****ed off when iceland did,or even better bought sterling.

In hindsight yes and just let the banks go bankrupt, it would have been hard, but not as hard as this could get.

The thing is Ireland is doing OK, if the rest of the world stays out of recession we will recover, better then Iceland.

But there is always unsurety in economics, its more astrology then a science.

I know this sounds weird but the only time economics can predict the future is after the event happens. Then we all know how it happened.

kincsem

Mickey H wrote: »

You can't just print more money to get you out of debt. That would make the money worthless.

If you have money assets you lose. If you have money debt you gain. Gold has been high for a while probably because printing money will be the way out of this crisis, and in a "money printing" era it is best to hold tangible assets.

Germany will be for a "no printing" policy. Greece, Portugal, Ireland, Spain will be happy with a bit of inflation as it will effectively write off their debt. Of course imports will become more expensive but exports will get a boost. But it might not be that simple as many industries might go under in price turmoil. Business works better when things are steady, lees boom and less bust.

Monty Burnz

Corvus Maximus wrote: »

Such naivety, but I suppose it's a blessing really. If you think governments have any control over this, then think again.

Patronising rubbish, but I guess it just demonstrates that you have no actual counter-argument. Your views would fit in much better in the Conspiracy Theory forum. You can also take the opportunity to expound your views about Queen Elizabeth and George Bush being lizards there.

Monty Burnz

ScumLord wrote: »

I'm sure it would be possible for the top banks/"the man" to orchestrate a collapse for their own benefit. Even if they didn't it is surely possible. There seems to be a big consolidation of assets by banks.

How do you mean, a consolidation of assets? And I'm not sure how you think the collapse of the banking system is in the interests of either the management or the owners of the banks.

ScumLord wrote: »

I don't see how? It would be impossible to forget everything we know and start living that way again.

No physical part of the world has changed, this is simply a database based problem. We haven't ran out of oil, food, water, the climate hasn't changed and people haven't forgotten how to work. This problem was manufactured and the only reason it continues is because it suits a minority for it to continue.

The problem is that society as a whole and fiat currency operate on faith alone. How are you going to do any sort of business without currency? We'd be back to a barter economy. Not too bad if you're a carpenter and want to work for potatoes, but not great if you're not producing physical goods (which is 90% of us).

ScumLord

Monty Burnz wrote: »

How do you mean, a consolidation of assets? And I'm not sure how you think the collapse of the banking system is in the interests of either the management or the owners of the banks.

As far as I can see a lot of assets are falling into fewer and fewer hands even if it's not a big conspiracy it's what is effectively happening. Given that this isn't the first recession, we've gone through a good few of varying sizes there has to be groups that are set up to profit from recessions.

The problem is that society as a whole and fiat currency operate on faith alone. How are you going to do any sort of business without currency? We'd be back to a barter economy. Not too bad if you're a carpenter and want to work for potatoes, but not great if you're not producing physical goods (which is 90% of us).

Are 90% of us producing physical goods? I thought manufacturing was dead in Ireland?

There's no need to think of some things as a business and we probably shouldn't as businesses are fragile. Take the banking system for example, if it's so fundamental to our way of life it shouldn't be so fragile. One of the many things that makes it so fragile is that a minority want to use it to generate cash at the expense of others misfortune.

The capitalist system while it's served us well up to now is a very crude system, I don't see why people are so opposed to anything that might undermine it.

Feisar

4leto wrote: »

Do you really believe that.

If our economy collapses you will see empty supermarkets and Irish people starving on the streets. There would be no fuel, no power and general chaos. That is how serious an economic collapse would be, think Zimbabwe.

Starve? Seriously? A drill of spuds a pig or two, chickens, veg patch and a bit of poaching deer/trout/eel etc. We'll hardly starve.

Killer Pigeon

Phill Ewinn wrote: »

What would you base thee new punt on? We're broke. There's no money in the country. We don't have any gold reserve. Not enough natural resourses to base a currency on either.

We'd still have massive debts and litterally nothing to trade for them. No body would want a worthless punt.

I could be wrong. Seems to me we'd be begging England for sterling. Falling back on the punt would have worked if we hadn't blown everthing we had.

True but I think in the future a currency based upon real units of value makes a lot more sense than the current system.

Absurdum

anyone fancy a pint?

Killer Pigeon

fontanalis wrote: »

Yeah but people seem to think: punt = no aftermath of property bubble and no debt, euro = aftermath of property bubble and debt so lets go back to the punt and it will all dissappear.

The thing is, the €uro will collapse. I don't see any hope for it. Therefore our only contingency plan is the Punt. And I'm not going to put aside a potential Irish default either because that's probably done the line too. So inevitably, we will be left with both the Punt and less debt due to a default.

Deleted User wrote: »

Who do their multinationals sell to then? We need access to Europe. Corporation tax means nothing compared to a free market. Once we have to pay import/export duties, the game's over. You can't argue that.

And you are of the opinion that I'd like to see Ireland removed from the Common Market? The UK is in the Common Market and still has its own currency. Multinationals would still be drawn to Ireland as, if we left the €uro currency and ECB jurisdiction, we would still have access to the Common Market, or "Access to Europe" as you put it. Due to this, other European countries would not impose import/export duties on Irish goods.

fontanalis wrote: »

So the new punt will magically increase in value?

Not increase in value per se but probably more stable in terms of inflation if a currency of real value was employed.

deirdremf

nivekd wrote: »

Is there really a catastrophe around the corner if the Europeans don't agree to print $5 trillion in order to "stabalise the market" or is this yet another example of bankers thinking about christmas around the corner and their big year end bonuses at the expense of tax paying imbeciles?

The media would have us believe that the end of the world is upon us unless the ECB agree to print out trillions of euro to help "restore confidence" in the markets

As far as I am concerned, the more money they pump into the banks, the LESS confidence I have in the markets.
And in the politicians.

Killer Pigeon

4leto wrote: »

But there is always unsurety in economics, its more astrology then a science.

Uncertainty exists in all sciences.

4leto

Make absolutely no doubt about it, you want to be living in cloud cuckoo land to think a new Punt wont be very inflationary.

There would no options to peg its value, the inter-national money markets would set its value. By demanding it,

Now I ask anyone here, if you were an international banker, would you invest your funds in a new punt.

Also you have to bear in mind, if there is going to be a Euro collapse or a return to the punt, the flight of capital from this country would be enormous. I mean every red cent.

k.p.h

4leto wrote: »

A Euro collapse would be unimaginatively bad, so bad, I am thinking it wont be allowed fail,

Who wont allow it to fail..? The governments ..? Or the bankers/traders ..? Who has the most to loose if it fails ..? Who has the most to gain (or can make money off a collapse) ..?
And who has the most influence on what actually happens.. If you join the dots some holes appear in your theory/prediction..

I hope it fails, but the timing is not convenient for me. My dad is just retiring after a hard working life and TBH I really wanted him to have some comfort and security as he deserves it. Personally I want it all to go arse up as I believe the current system is inherently corrupt and cancerous and going to fail anyway.

4leto wrote: »

.
I know this sounds weird but the only time economics can predict the future is after the event happens. Then we all know how it happened.

Thats completely untrue..! People have been predicting this for the past 20+ years :rolleyes: Probably best not to be coming out with sweeping statements unless you know the facts. If your trying to say that in general the people who made money from the system didn't predict this because it suited them you would be correct..

k.p.h

Killer Pigeon wrote: »

Uncertainty exists in all sciences.

It's even debatable if economics is a science in my opinion..

deirdremf

4leto wrote: »

Then there is worse if the euro fails we would not be the only ones looking toward the IMF.

There would be Spain, Portugal, Italy and even France looking for a dig out. The IMF does not have that money. Then there is the knock on to the loss of these markets to places like Germany, USA and even China..

You seem to think the IMF are some sort of panacea. In fact they ruined the economies of much of the 3rd world in the 70s, 80s and 90s. They are now persona non grata in the 3rd world. So they have come to the 1st world - the bits with financial difficulties - as the only place left they can do business.
Then again, maybe you for the IMF, or your job somehow depends on it. Otherwise I can't understand your "thoughts".

A Euro collapse would be unimaginatively bad, so bad, I am thinking it wont be allowed fail, but they don't seem to be doing anything about the problems it is having at the moment.

A Euro collapse would make 1929 look like a walk in the park. It would be a depression like the world has never seen.

4leto wrote: »

Make absolutely no doubt about it, you want to be living in cloud cuckoo land to think a new Punt wont be very inflationary.

There would no options to peg its value, the inter-national money markets would set its value. By demanding it,

Now I ask anyone here, if you were an international banker, would you invest your funds in a new punt.

Also you have to bear in mind, if there is going to be a Euro collapse or a return to the punt, the flight of capital from this country would be enormous. I mean every red cent.

If there is a Euro collapse, the money won't be leaving Ireland (most of it already has!), but it will be leaving the whole Euro zone; except it has nowhere to go, as the dollar is stiffed already, and there is nowhere else obvious for money to go to. Except commodities, which are already the object of speculative buying, and have been for the last couple of years.

k.p.h

ScumLord wrote: »

As far as I can see a lot of assets are falling into fewer and fewer hands even if it's not a big conspiracy it's what is effectively happening. Given that this isn't the first recession, we've gone through a good few of varying sizes there has to be groups that are set up to profit from recessions.


Are 90% of us producing physical goods? I thought manufacturing was dead in Ireland?

There's no need to think of some things as a business and we probably shouldn't as businesses are fragile. Take the banking system for example, if it's so fundamental to our way of life it shouldn't be so fragile. One of the many things that makes it so fragile is that a minority want to use it to generate cash at the expense of others misfortune.

The capitalist system while it's served us well up to now is a very crude system, I don't see why people are so opposed to anything that might undermine it.

This is spot on fair play.

Killer Pigeon

4leto wrote: »

Make absolutely no doubt about it, you want to be living in cloud cuckoo land to think a new Punt wont be very inflationary.

There would no options to peg its value, the inter-national money markets would set its value. By demanding it,

Now I ask anyone here, if you were an international banker, would you invest your funds in a new punt.

Also you have to bear in mind, if there is going to be a Euro collapse or a return to the punt, the flight of capital from this country would be enormous. I mean every red cent.

This all really depends. In the end, there will be many difficult years after both the inevitable PIIGS default & €uro collapse. The thing is, how did Ireland grow so much during the 1990's using the Punt which wasn't pegged against the GB£ since the 70's.

4leto

k.p.h wrote: »

Who wont allow it to fail..? The governments ..? Or the bankers/traders ..? Who has the most to loose if it fails ..? Who has the most to gain (or can make money off a collapse) ..?
And who has the most influence on what actually happens.. If you join the dots some holes appear in your theory/prediction..

I hope it fails, but the timing is not convenient for me. My dad is just retiring after a hard working life and TBH I really wanted him to have some comfort and security as he deserves it. Personally I want it all to go arse up as I believe the current system is inherently corrupt and cancerous and going to fail anyway.




Thats completely untrue..! People have been predicting this for the past 20+ years :rolleyes: Probably best not to be coming out with sweeping statements unless you know the facts. If your trying to say that in general the people who made money from the system didn't predict this because it suited them you would be correct..

That's rubbish nobody from the best economic schools in the world predicted the 2008 crash, a few did, but they were the mavericks. 55 trillion worth of wealth wiped out and the near collapse of economic system

All those banker who came from Oxbridge and the ivy league bewildered by the shear scale of it.

Also who gains and who loses, the markets are ran on fear and if the Euro collapses all lose. It will be very recessionary.

So less of the sweeping statements:rolleyes:

Killer Pigeon

k.p.h wrote: »

It's even debatable if economics is a science in my opinion..

Well yeah, it's more of ideology but I suppose you could make some deep philosophical argument as to whether some sciences are influences by ideology too.

https://www.youtube.com/watch?v=15xpd2QhyVQ

Killer Pigeon

4leto wrote: »

That's rubbish nobody from the best economic schools in the world predicted the 2008 crash, a few did, but they were the mavericks. 55 trillion worth of wealth wiped out and the near collapse of economic system

All those banker who came from Oxbridge and the ivy league bewildered by the shear scale of it.

Also who gains and who loses, the markets are ran on fear and if the Euro collapses all lose. It will be very recessionary.

So less of the sweeping statements:rolleyes:

It depends on what economics schools of thought you're looking at. The Austrians has some pretty good predictions. They don't seem to be too fond of the Austrians in the Oxbridges and Ivy Leagues though - Keynes is all the rave apparently.

The thing is, the system was so unnecessarily complex anyway meaning that the likelihood of errors was so great that a collapse was just bound to happen.

Killer Pigeon

ScumLord wrote: »

The capitalist system while it's served us well up to now is a very crude system, I don't see why people are so opposed to anything that might undermine it.

I'd argue that the monetarist policies that many so-called "capitalist" countries have employed aren't reflective of true capitalism.

k.p.h

Killer Pigeon wrote: »

It depends on what economics schools of thought you're looking at. The Austrians has some pretty good predictions. They don't seem to be too found of the Austrians in the Oxbridges and Ivy Leagues though - Keynes is all the rave apparently.

The thing is, the system was so unnecessarily complex anyway meaning that the likelihood of errors was so great that a collapse was just bound to happen.

Austrian Economics .... Nail on the head ... Much more than just a few mavericks 4leto ..