Jul 09

The Greeks were probably not brilliant in their negotiations but equally most of the rhetoric on their incompetence etc comes from neo Liberals without any meat or facts. The problem is what Greece wants is not on the table – Debt relief. Europe wants more and more extend and pretend and misery in the periphery. The irony being the technocrat [neo Liberal banker pets] Govts of Italy, Spain, Finland and Ireland are concerned their populaces will want some too.

In reality few outside The Troika argue that Greece’s suggestions are anything but sane. Few would argue that an austerity George Osborne trumpets but makes sure he does not deliver (just an excuse to boot the poor IMO) that was imposed on Greece can or will work. Few would argue that taxing Greece’s oligarchs does not make sense – except the very amusing troll @Greek_Analyst. Yet that is the deal imposed if they do not default.

In some ways this illustrates the rhetoric games of neo Liberalism. You impose a choice like the prisoner’s dilemma and regardless of any other choices that could be available you ensure those are the only alternatives they can choose. You then morally browbeat them and blame if they try to break the confines of your sick game and choose the alternative that involves risk.

No winners here but Europe has shown itself as a petty stupid confederacy of dunces.

written by reaction \\ tags: , , , ,

Jun 05

In the run up to the 1997 Election with the economy stable the savant Brown decided to say he would follow Clarke’s policies. Which he did up until 2001. This he supposed would quieten the so called markets and the press and it was successful. Also whilst the Major boom might have been joyless it was working and certainly not as joy-less as the money/debt illusion boom of the new century.

This based on Balls appearances the other day would appear to be Labour’s policy again. Only this time they are accepting economics no one sane on the right or left would take seriously. A withering austerity that threatens to leave millions in poverty and a society of indentured servitude for graduates and mortgage holders. A society where free expression and thought will be sackable offences.

Why would Ed Balls who pushed massive stimulus 3 years ago, along with kicking out the immigrants, to be leader of the Labour Party now be in favour of austerity? Can we conclude that the master of failed City regulation and PFI fraud is a broken man? A cuckold of Miliband? Having to peddle a line drawn up by the moronic prejudice of  focus groups of floating voter flotsam?

Either way only a few technocrats imposed by Germany on Greece, Spain and Italy with Labour, Liberal and Tory parties in the world now support this economics of Austerity. Whilst I dislike Balls intently and think him a functioning moron nonetheless like Vince Cable you have to wonder if to his panoplia of faults being a gutless self first career creep may be added.

No wonder Osborne sponsored his marathon run. They agree on almost everything.

written by reaction \\ tags: , , , , , , , , , , , ,

May 09

Interesting how Germany deals with the Dutch given the shellacking the southern Europeans and Ireland got. Yes they’ve had cheap money and a housing bubble and now have debt!

The fact is, whatever Keynesian economists say, QE and or low interest rates = bubbles = zombie economies = gutless short term politicians who won’t take the hit. Continue reading »

written by reaction \\ tags: , , , , , , , , , , ,

May 06

https://twitter.com/auaurelija/status/331140296614240257/photo/1

Above link, in case it breaks, shows participation in the US Labour market has fallen to 63% from 67% and unemployment has fallen. So essentially less people are trying to work for some reason.

This is interesting so fewer and fewer %tage Americans working but unemployment falling. Now one could say ageing populace but this is dramatic. Regardless the incomes of those in work also fall even against official inflation rates. Continue reading »

written by reaction \\ tags: , , , , ,

Mar 28

I really can’t separate fact from fiction over Cyprus indeed most people seem to argue both ends against the middle. Like me many argued banks should go bust but now that seems unpalatable to people when they lose out. Instead of arguing Cyprus is better off without such banks before they lost any more money they hold pity parties for the victims of their preferred solution! The modern failure to crack eggs is the harbinger of terrible Govt – see 10% tax rate and covering up its repeal.

Cyprus without its main industry should maybe consider leaving the Euro. There are many advantages to an over valued currency but lower employment and growth are seeming by-products. Then again devaluation has just fed deflation in the UK but that is in the teeth of a Banker supporting monetary policy with the added twist of stupid Austerity.

Regardless. The message of Cyprus is never to put money in a bank. You are better off with it insured under your mattress. Scenarios where bank deposits become worthless may seem far fetched to anyone who cannot understand history. Yet what is the differences in holding currency at 0% or a 0.5% bank deposit in an institution which loses money hand over fist and engages in massive fraud?

Indeed without deposits banks will have to offer interest if the Govt would stop pumping them full of cash. Either way feeding the bottom feeders by putting money on deposit at 0.5% is hardly a thing to admit to.

written by reaction \\ tags: , , , ,

Mar 21

Ask a Man United fan why they support the team and they will cite many true things about United. United fans may have a point but those who support political parties don’t. Football fandom may have more differences than the current Punch and Punch show in the Commons. Continue reading »

written by reaction \\ tags: , , , , , , ,

Jul 11

So I read today that QE toting villain Mervyn King is only half a scumbag. Continue reading »

written by reaction \\ tags: , , , , ,

Jun 18

I guess if someone came along and said my dad or brother owed them money I might pay. If someone said my boss’ boss’ boss did the answer would be good luck. This would be my view if I was Greek or Spanish to German demands to re-enact something like the Treaty of Versailles on them. Continue reading »

written by reaction \\ tags: , , , , ,

May 07

Was chatting with someone the other day and they gave praise to Bill Clinton or Clair as we call him for copying Tony Blair. OK OK Blinton was Blair and the tedious what actually came first Clinton or Blair ruins a bad pun. In fact as it’s worked out so badly let’s call “The 3rd Way” [T3W] Clintonomics and blame the US as usual. Continue reading »

written by reaction \\ tags: , , , , , , , , , ,

Nov 25

Someone was explaining why the cuts were having a disproportionate effect on social services. The explanation was clear with so many long term contracts councils (and PFI bound NHS, Education and central Govt) could only cut the soft stuff they still ran.  Continue reading »

written by reaction \\ tags: , , , , , ,