Originally posted by brian ashtonAh yes, inflation and deflation at the same time. we have the same thing here in the states. The bankers are giving themselves big bonuses here also. I don't know how long the US dollar will remain stronger than other currencies but I don't expect it to last forever.
Food is rising in price but consumer durables are dropping fast as credit is almost impossible so the rate of inflation has remained steady at about 5%. The pound has dropped about a third over the last year. Printing extra money can only make a bad situation worse especially as the bankers who are receiving the money are still paying themselves obscene ...[text shortened]... be banned altogether no matter what their contracts state at least until things start to recover
Banks won't lend money here either, and it is our money. That makes us want to hang some bankers. Time to buy some rope while people can still afford it.
Originally posted by brian ashtonIt IS high risk, and must be done only if necessary. Europe and the United States are in the same boat regarding this. Frankly I don't envy the leaders of any of these countries considering the non stop wave of economic bad news these days. 😏
The British Government is now starting to print an extra amount of money to buy bonds in an attempt to get the banks lending and so cure the credit crunch does anyone think this will work? Is the American government doing the same? Bearing in mind the disasters of Germany in the early thirties following the wall street crash it seems a very high risk strategy to me
Originally posted by brian ashtonIt appears Mr. Brown and Mr. Obama will press to continue “print & spend” following F.D. Roosevelt model, while other nations see continueing this route as un-wise and seem determined not to join in.
The British Government is now starting to print an extra amount of money to buy bonds in an attempt to get the banks lending and so cure the credit crunch does anyone think this will work? Is the American government doing the same? Bearing in mind the disasters of Germany in the early thirties following the wall street crash it seems a very high risk strategy to me
Divisions cloud G20 gathering
http://www.timesonline.co.uk/tol/news/politics/article5906815.ece
“Chancellor Alistair Darling urged world's leaders at the G20 gathering to implement further fiscal stimulus measures if they prove necessary, despite opposition from countries such as France and Germany.”
“Today's G20 gathering in Horsham, West Sussex, is intended to lay the foundations for a concerted approach before the same countries' heads of government meet in London next month, but Darling's comments stood at odds with those of Germany and France, who believe focus should be turned on regulatory reform, not further spending.”
“Prime Minister Gordon Brown, who will chair the London Summit, has his sights set on a "global new deal" to get the world economy back to growth and prevent similar crises in future.”
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All the western nations printed money like drunken sailors on shore leave thruout WWII to get their economies to build war material, Afterward for 30 years with the economy in high gear we had the biggest growth in the history of the world (rebuilt the former axis powers and raised living standards everywhere) and we taxed the rich at a 90% rate and paid off all the debt. Look around, unless you're in a very old country (and even in those countries if you look closely) most of the infrastructure you see around you (roads, bridges, buildings) came from that period. For 30 years we have starved our countries for investment (in both people and capital improvements) while the wealthy amassed fortunes that even their spoiled offspring couldn't piss away and labor wages went nowhere in real terms. It is simple. "If you build it, they will come." If you had ran the company you inherited 30 years ago the way we all have run our countries then you would have some drunken nights in Antigua to look back on (as I'm sure Standford and his congress critters do) but you wouldn't have a company and if we don't wake up and start investing in our children's future then they won't even have the means to pay off the money that people like Standford and Madoff stole out of the system let alone the debts we have incurred thru ill-conceived foreign adventures.
Originally posted by brian ashtonhttp://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Agreed. Unfortunately when our government ploughed billions of pounds into the system they also took shares in exchange the theory being that when the economy recovered they (the government) would sell the shares and the taxpayer would get their money back. This is fine if it wasnt for the old pals act, as it seems that the bankers are still paying them ...[text shortened]... ent to the same high class schools and unis while the rest of us gnash our teeth in frustration.
Insurance giant AIG to pay $165 million in bonuses
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Sun Mar 15, 7:55 am ET
WASHINGTON – American International Group is giving its executives tens of millions of dollars in new bonuses even though it received a taxpayer bailout of more than $170 billion dollars.
AIG is paying out the executive bonuses to meet a Sunday deadline, but the troubled insurance giant has agreed to administration requests to restrain future payments.
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Originally posted by zeeblebotThey should get bonuses. If I got someone to invest 170 billion dollars in a failing company, I would expect a bonus.
http://news.yahoo.com/s/ap/20090315/ap_on_bi_ge/aig_bonuses
Insurance giant AIG to pay $165 million in bonuses
By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – Sun Mar 15, 7:55 am ET
WASHINGTON – American International Group is giving its executives tens of millions of dollars in new bonuses even though it receive ...[text shortened]... oubled insurance giant has agreed to administration requests to restrain future payments.
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Yep, Zimbabwe is a great example if you posit that the thieving politicians that ran that country into the ground are the equivalent of the thieving rich that have run the world economy into the ditch by skimming off all the profits in the system for their bank accounts and neglecting to invest in the future.