Jump to content
Cold?
Local
Radar
Snow?

World Economy


Recommended Posts

Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Sir Richard Branson and fellow leading businessmen will warn ministers this week that the world is running out of oil and faces an oil crunch within five years.

    The founder of the Virgin group, whose rail, airline and travel companies are sensitive to energy prices, will say that the coming crisis could be even more serious than the credit crunch.

    http://www.guardian....-peak-oil-close

    The head of the French company Total has also spoken out, and that makes the situation very interesting.

    Time for Gordon Brown to finally LISTEN and for as many politicians to go before the public and regard Peak Oil as the main concern. It is a much easier topic for the public to understand than climate change. Climate Change has been obfuscated too much by certain people (even though it is credible).

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Spotted a post you think may be an issue? Please help the team by reporting it.
    • Replies 1.4k
    • Created
    • Last Reply

    Top Posters In This Topic

    Top Posters In This Topic

    Popular Posts

    As harve has touched on, re inflation and interest rates, its a hell of complicated set up to understand correctly (nobody does imho), the news always presents it very clean, simplistically and wrong.

    Go Greek strikes Go.... It's not often I support strikes, but in this I do. They are absolutely right that Greece does not need more lending. It can't afford what it owes full stop, they still need t

    Afraid not, old bean; China has been a Communist People's Republic since, when, 1947? Just because it's a Tory government that's doing all the kow-towing makes not a jot of difference...But I bet that

    Posted Images

    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Who has the largest supply of rare earth metals?

    http://www.marketwat...-all-2009-09-24

    Is there a Peak Rare Earth Metals crisis?

    http://www.naturalne...nts_mining.html

    What did the head of BP recently say?

    http://www.guardian....es-dash-for-gas

    Now look where British and US-troops are encroaching near Central Asia (also don't forget Iraqi oil and gas) in a region of very high natural gas reserves and earth elements. This is madness, and our leaders are idiots.

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Stiglitz Says Crisis Exposed 'Major Flaws' in Economics Ideas

    The now-flawed premises include the ideas that economic participants behave rationally and that financial markets are competitive and efficient.

    http://www.bloomberg...id=a69Q211j7yV8

    "As is wholly natural for human beings, information is being withheld to further the goals of certain key stakeholders over others. As a result a vital element of free market economic theory, that of markets being able to make efficient & pertinent decisions on freely available information, is severely restricted." ~a comment by a Guardian reader today.

    The laissez-faire "free market" was always a utopian myth. The Federal Reserve is just a front for the biggest players in the market, and it is privately owned and NOT part of the US government (the American Monetary Institute points this out thoroughly). People in the financial industry could've refused to buy complex and unaudited assets or become part of the housing-bubble. Almost all of them leaped onto it and joined the ponzi-games. As former regulator William K.Black's book title said " The Best Way to Rob a Bank is to Own One". So its not some "government control" at all. The market failed, and then the government came in and made things MUCH worse with the bail-out bubble.

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    PP I really think you should stand for the next general election. I think you would make a good politician.

    Your ability to contribute to practically every thread in this section of the forum is a very credible skill rarely seeen outside of the politcal arena.

    It's so refreshing to hear such varied answers on such differing topics unlike some politicans who just endless bang the same old drum ad nauseaum. :):acute:

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    Just popped in to say that the GBP has now slipped 8c against the USD since Jan 19th that's 5% in 3 weeks. This maybe why the BOE decided not to put more QE money in this month as it would only fuel the situation and bring forward what looks to be inevitable UK and EuroZone interest rate rises. All is not well and the storm clouds are looming in Europe and it won't be helped by a US recovery :drinks:

    The Euro looks like it's going to take a right hammering.

    Investors Place The Biggest Short Bet ($7.6Bn) In The History Of The Euro

    The Chicago Mercantile Exchange has taken on more short bets on the Euro than ever before in the currency's history.

    http://www.digitaljournal.com/article/287277

    http://online.wsj.com/article/SB20001424052748703630404575052770058835594.html Wall Street Journal (limited viewing)

    I remember well watching the run on the Pound by currency speculators in the run up to, and on, Black Wednesday forcing the Tories to take Sterling out of the ERM. Most of todays traders would only have been in nappies then!

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    A General Strike has begun in Greece. About time too.

    Can you believe Wall Street giving the acronym PIGS for Portugal Ireland Greece and Spain on account of their deficits? Never knew Orwell did Acronyms.

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    A General Strike has begun in Greece. About time too.

    Would you care to elaborate on that comment please, preferably in your own words rather than a dozen web links?

    Britain will have to cut it's bloated out of control public service spending and budget deficit too sooner rather than later... will strikes be appropriate then and what will they aim to achieve?

    In case you haven't heard the news, Birmingham Council has today announced up to 2000 job losses to control costs.

    Dave Prentis, the leader of one of Britain's biggest unions, Unison, described the job cuts as "massive", adding: "It is absolutely wrong to push local government workers on to the dole queues.

    What makes the public sector immune to the private sector where hundreds of thousands have already lost their jobs and/or taken pay cuts - myself included?

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Would you care to elaborate on that comment please, preferably in your own words rather than a dozen web links?

    Britain will have to cut it's bloated out of control public service spending and budget deficit too sooner rather than later... will strikes be appropriate then and what will they aim to achieve?

    In case you haven't heard the news, Birmingham Council has today announced up to 2000 job losses to control costs.

    Dave Prentis, the leader of one of Britain's biggest unions, Unison, described the job cuts as "massive", adding: "It is absolutely wrong to push local government workers on to the dole queues.

    What makes the public sector immune to the private sector where hundreds of thousands have already lost their jobs and/or taken pay cuts - myself included?

    I've given my own thoughts regarding our stupid monetary paradigm more than once on here.

    We need monetary reform. We don't have to cut public spending. You create new money to spend into crucial public programs without it being debt-based, tax-dependent or part of the fractional reserve system. The UK Money Reform Party (as well as the American Monetary Institute) advocates this.

    As for general strikes; well sometimes if the politicians don't listen you have to MAKE them listen.

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    Yes, I cant help but have noticed your endless posts on your views on monetary reform. An interstesting concept, but it's not going to happen overnight and it's not going to solve the immediate dire economic problems faced by Greece and other countries (including Britain) where the baliffs are knocking at their doors.

    As for strikes.... these people aren't striking because they are supporters of monetary reform policy. They are striking because of selfish NIMBYISM...

    A weekend newspaper poll showed that 70 percent of Greeks backed the prime minister's call to cut civil servants' pay and perks, but were against measures that could affect them individually

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: Christchurch, New Zealand
  • Location: Christchurch, New Zealand

    We don't have to cut public spending.

    Public spending does not need cutting ........ it needs slashing! Cuts of 20 - 25% are necessary.

    The state is doing too much and the UK can no longer afford to pay for it.

    It is time for 'little' government and tax cuts ...... only there is no money for tax cuts because of the high level of debt.

    I predict 2010 will be a turning point - it is going to be a very interesting year.

    Expect the unexpected!

    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    I am only passing on the seeds...you don't have to read it if you don't want to: -

    http://www.moneyreformparty.org.uk/

    And if this party won at the next election, my understanding is that new M0 base-money could be created straight away to help create jobs and new infrastructure. The fractional reserve system could be ended in an elegant fashion (as Stephen Zarlenga says in his monetary reform writings) via simple accounting-rule changes. Its about re-instating monetary sovereignty rather than continuing the system of private credit-based (debt-based) growth. Its rotten.

    If Labour had a backbone, they could implement these measures now.

    Edited by PersianPaladin
    Link to post
    Share on other sites
    Posted
  • Location: Chevening Kent
  • Location: Chevening Kent

    I am only passing on the seeds...you don't have to read it if you don't want to: -

    http://www.moneyreformparty.org.uk/

    And if this party won at the next election, my understanding is that new M0 base-money could be created straight away to help create jobs and new infrastructure. The fractional reserve system could be ended in an elegant fashion (as Stephen Zarlenga says in his monetary reform writings) via simple accounting-rule changes. Its about re-instating monetary sovereignty rather than continuing the system of private credit-based (debt-based) growth. Its rotten.

    If Labour had a backbone, they could implement these measures now.

    OK: PP, having read the money reform idea is it not close to what used to be called the 'Gold Standard' and has that not failed constantly during the 20th century? Now that's not to say I am a big fan of the present system but doesn't yours lead to hindered growth meaning people stay poorer for longer?
    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    OK: PP, having read the money reform idea is it not close to what used to be called the 'Gold Standard' and has that not failed constantly during the 20th century? Now that's not to say I am a big fan of the present system but doesn't yours lead to hindered growth meaning people stay poorer for longer?

    It certainly isn't the gold standard. The gold standard is money that is a creature of the wealthy, rather than money that is a creature of the law (as Aristotle put it).

    Stephen Zarlenga explains what monetary reform should be: -

    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    And if this party won at the next election, my understanding is that new M0 base-money could be created straight away to help create jobs and new infrastructure. The fractional reserve system could be ended in an elegant fashion (as Stephen Zarlenga says in his monetary reform writings) via simple accounting-rule changes. Its about re-instating monetary sovereignty rather than continuing the system of private credit-based (debt-based) growth. Its rotten.

    If Labour had a backbone, they could implement these measures now.

    That party isn't going to win the next election and the words labouur and backbone just dont ever go to together!

    The current global economic model has its flaws and so did communism.

    Maybe you should start a topis to discuss monetary reform as I'm sure it wouls stimulate healthy debate. Clogging up the World and UK economy and other threads with posts about it is somewhat fruitless because it's not going to happen ...not today, or tomorrow or any time soon.... but never say never, but maybe that could be your first post in your shiny new thread... When? :)

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: Christchurch, New Zealand
  • Location: Christchurch, New Zealand

    I am only passing on the seeds...you don't have to read it if you don't want to: -

    It is too late for reform .... the debt is out of control. i used to think that the state should be an enabler to help people help themselves but after having left the UK I now believe the state should do as little as possible. People need to start fending for themselves ... it will happen in the next few months as governments start imploding.

    Edited by Scarf-Carrot-Coal
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    People need to start fending for themselves ... it will happen in the next few months as governments start imploding.

    The problem with Greece is that the Euro is a single currency without a single government to control it.

    There was an interesting interview with Norman Lamont on the radio this morning who discussed that very concept. The EU cant bail out Greece as it is illegal under the Mastericht Treaty to bail out member states. They will find a fudge no doubt.

    The problem is that bailing out Greece, by some means or other, will only move the focus only the other "PIGS", notably Spain, where the debt problem is even bigger.

    I can't see that PP's concept of monetary reform is going to solve the problem, whether you believe it's credibility or not. The issues are immediate, and as always knee jerk immediate fixes, rather than long term policy changes, will be used as sticking plasters.

    The Eurozone problem is going to be interesting to watch over the coming days and weeks. Look out for some Teutonic and Gallic intervention.

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: Christchurch, New Zealand
  • Location: Christchurch, New Zealand

    The EU cant bail out Greece as it is illegal under the Mastericht Treaty to bail out member states.

    If Greece is bailed out, the wheels will come off the Euro as the banks will see an opportunity to screw yet more money out of the governments - the rest of the PIIGS will expect the same treatment. I expect Germany leave the euro instead!

    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    If Greece is bailed out, the wheels will come off the Euro as the banks will see an opportunity to screw yet more money out of the governments - the rest of the PIIGS will expect the same treatment. I expect Germany leave the euro instead!

    If the EU doesn't bail Greece out the IMF will probably have to. That then sends out the message that the EU is too weak and cant sort its own affairs out.

    Basically they're damned if they do and damned if they don't!

    Interesting article from Professor Copeland published by the Institute of Economic Affairs:

    What happens next? I suspect that brotherly feelings are no more prevalent inside the EU than anywhere else. As voters in surplus countries realise they face years of paying taxes to support their less responsible euro brethren, I expect them to react in either or both of two ways: with new political movements which may well turn ugly, and with increasing demands on their politicians for more spending. After all, if they cant beat em, they may as well join em in what I previously called the euro zones poverty trapThe medium-term outcome will be a flood of euros as member governments debts are monetised, with obvious consequences for the currency.

    There is one very important caveat to this conclusion, however. In the last decade, both Britain and the U.S. have followed fiscal policies every bit as irresponsible as Greece, and while neither is likely to default formally, both will ultimately inflate away their debts, so the prospects for the pound and dollar are every bit as grim as for the euro.

    Reuters

    Edited by kar999
    Link to post
    Share on other sites
    Posted
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'
  • Location: Sth Staffs/Shrops 105m/345' & NW Snowdonia 219m/719'

    Further bad news for the EU..... (and the UK)

    Q4 Growth slow down.... Double-dip recession is the fear. That cannot help UK exporters who sell more than half their goods and services in other EU economies......

    "Germany's recovery from recession faltered in the final quarter of 2009, according to preliminary figures released on Friday.

    The German economy failed to grow at all in the last three months of the year, with GDP unchanged compared with the previous quarter.

    Figures also showed the eurozone economy grew 0.1% in the same quarter.

    This represents a slowdown in the economies of the 16-nation zone, which grew by 0.4% between July and September last year."

    http://news.bbc.co.uk/1/hi/business/8511954.stm

    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Contraction should be expected for the forseeable future. Any new money created could be done via monetary reform but only for important targeted public infrastructure and that includes sustainable energy programs. This debt-based continuous growth-paradigm is absurd, as the impossible hamster in this very short advertisement demonstrates: -

    Link to post
    Share on other sites
    Posted
  • Location: Dorset
  • Location: Dorset

    Contraction should be expected for the forseeable future. Any new money created could be done via monetary reform but only for important targeted public infrastructure and that includes sustainable energy programs. This debt-based continuous growth-paradigm is absurd, as the impossible hamster in this very short advertisement demonstrates: -

    Just a question PP, how much money have the UK Banks lent, which they don't have deposits to cover ? How much has it come down in the last 2 years ?.

    I know the answer but I think the figure might surprise a few people, but I was wondering if you do.....

    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City

    Just a question PP, how much money have the UK Banks lent, which they don't have deposits to cover ? How much has it come down in the last 2 years ?.

    I know the answer but I think the figure might surprise a few people, but I was wondering if you do.....

    Was the last figure touted at something like 700 billion? I have reservations about exact figures because quite frankly I don't trust a lot of banking institutions when they value assets. Just look at the case in America with all those bad loans mixed-in with triple A loans. Its a cancer that has affected the global system.

    Link to post
    Share on other sites
    Posted
  • Location: 4 miles north of Durham City
  • Location: 4 miles north of Durham City
    Link to post
    Share on other sites
    Posted
  • Location: Kingsteignton, Devon
  • Weather Preferences: Cold in winter, snow, frost but warm summers please
  • Location: Kingsteignton, Devon

    Like Soc Gen's top analyst (Albert Edwards) said, expect the break up of the Eurozone.

    Feb. 12 (Bloomberg) -- Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will lead to the break-up of the euro bloc, according to Societe Generale SA’s top-ranked strategist Albert Edwards.

    The problem for countries including Portugal, Spain and Greece “is that years of inappropriately low interest rates resulted in overheating and rapid inflation,” London-based Edwards wrote in a report today. Even if governments “could slash their fiscal deficits, the lack of competitiveness within the euro zone needs years of relative (and probably given the outlook elsewhere, absolute) deflation. Any help given to Greece merely delays the inevitable break-up of the euro zone.”

    Source: Business Week

    Link to post
    Share on other sites

    Create an account or sign in to comment

    You need to be a member in order to leave a comment

    Create an account

    Sign up for a new account in our community. It's easy!

    Register a new account

    Sign in

    Already have an account? Sign in here.

    Sign In Now
    ×
    ×
    • Create New...