“In case you hadn’t already worked it out – the entire global financial system is predicated on the assumption that you’re an idiot.”
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While I like the sentiment, I have to disagree. The global financial system is predicated on the notion that you can’t do anything about it, idiot or not. They’re thieves, not con-artists.
Right, there`s definitely something weird about this whole business. If you were to play follow-the-money, you`d have to ask why the markets have been rising/spiking before any of these whale-choking billions have been unleashed (as happened in the States when Paulson announced the 700bn dollar splurge-out) – so, where did that money come from? Y`know, someone took their money and bought great wads of stocks etc causing the market to leap upwards. But then the original Paulson plan had a stake driven thru its heart in Congress and the market fell – so, where did that money go? And since the market has continued to fall, where is all that money going, and who has it?
Wow, this follow-the-money game is a headf**k! And here`s another one – Brown & Darling have just announced this big save-duh-banks package worth 50billion with another 250bn coming from the Bank of England (and another 200bn or so also on hand); now, we`re told that this money is being injected into the ‘banking system’, for banks who come forward cos they need it. Loans and mortgages need to be made, liquidity has to be ‘freed up’, confidence has to rise. My question is – do the banks actually have money but they`re not lending it because they lack confidence in other borrowing banks, or…are they actually broke and actually got NOTHING to lend to anyone.
I`ve yet to see this clearly explained by any org of the mainstream media – the BBC is especially at fault here.
Also, ya gotta wonder just where this massive injection of cash will go; is it basically being spent on the fairygold debts amassed by bank execs (behaving like teenagers hooked on crack), or is it going to end up being funnelled to foreign banks and investors? Again, something else we need to know, have a right to know.
And just what oversight will there be?
do the banks actually have money but they`re not lending it because they lack confidence in other borrowing banks, or…are they actually broke and actually got NOTHING to lend to anyone.
The latter. The banking system in the US, and most likely in the UK, is insolvent.