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TomTom
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 Posted: Fri Oct 24, 2008 3:32 am Post subject: Re: The Thoughts of Chairman Peewee |
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peewee piddled:
| Quote: |
Almost a month later, the business world is starting to
be as honest as I was in being the first to describe how
when the Going gets tough,
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your head goes up your arse. |
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basho007
Guest
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| Posted: Fri Oct 24, 2008 3:39 am Post subject: Re: "The Future of Kapitalism" was Re: "... bank natio |
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"DVH" <dvh@vhvhvhvh.com> wrote in
news:4900e4eb$0$504$bed64819@news.gradwell.net:
| Quote: |
"fasgnadh" <fasgnadh@yahoo.com> wrote in message
news:4900d72c$0$31800$afc38c87@news.optusnet.com.au...
fasgnadh wrote:
"Bradford & Bingley bank facing nationalisation: report
- AFP 29/9/2008
"British bank Bradford & Bingley is on the verge of
being nationalised, media reports said Sunday,
as the global financial crisis appeared set to
claim another corporate scalp."
The Brits join the USSA and other Western nations in
resorting to Socialism to save them from the consequences
of the Failure of Market Capitalism.
Almost a month later, the business world is starting to
be as honest as I was in being the first to describe how
when the Going gets tough, the Capitalists get Socialism! B^D
On the cover of Business Week: "The future of Kapitalism?"
"With the recent financial crisis and government bailout,
experts speculate that capitalism has permanently lost
freedom from regulation." - CNN
LOL. As if capitalism wasn't regulated in the first place. Where do
they dig up these "experts"? The local mental asylum?
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do you think there is an either-or dichotomy here: "was regulated"
"wasn't regulated"?
there are some nuances, not that subtle, you are missing.
** social meaning versus literal meaning.
** what is natural or viable to say in a US context versus the UK
context.
** what most people will naturally read into a text, what others must
discover or told about.
you're missing a lot of "context", here, a whole lot. |
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TomTom
Guest
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| Posted: Fri Oct 24, 2008 3:41 am Post subject: Re: The Threadbare Nature of Peewee Fuckwittery |
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DVH wrote:
| Quote: | "peewee" <fasgnadh@yahoo.com> wrote in message
news:4900d72c$0$31800$afc38c87@news.optusnet.com.au...
peewee piddled:
"Bradford & Bingley bank facing nationalisation: report
- AFP 29/9/2008
"British bank Bradford & Bingley is on the verge of
being nationalised, media reports said Sunday,
as the global financial crisis appeared set to
claim another corporate scalp."
The Brits join the USSA and other Western nations in
resorting to Socialism to save them from the consequences
of the Failure of Market Capitalism.
Almost a month later, the business world is starting to
be as honest as I was in being the first to describe how
when the Going gets tough, the Capitalists get Socialism! B^D
On the cover of Business Week: "The future of Kapitalism?"
"With the recent financial crisis and government bailout,
experts speculate that capitalism has permanently lost
freedom from regulation." - CNN
LOL. As if capitalism wasn't regulated in the first place. Where do
they dig up these "experts"? The local mental asylum?
|
Peewee is an expert in piddling fuckwittery, based on years of the intense
study of the fuckwitisms of various versions of communist and socialist
theory from the bottom of innumerable bottles. I blame his kindergarten
teachers. |
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TomTom
Guest
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| Posted: Fri Oct 24, 2008 3:51 am Post subject: Re: The emerging Global New World Economic Order - What Doe |
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peewee piddled:
| Quote: | On Sep 28, 5:33 pm, peewee <peewee@yahoo.com> wrote:
It was as the Global Economic Crisis started to unravel
and the current failure of Capitalism became apparent,
while Rudd was in New York, originally intending to address
the UN on Climate Change, but changing his address to the
need for a global response to the crisis, that i initiated
discussion on what I referred to as "the emerging, global,
New World Economic Order."
And despite the wailing about such a New World Financial
Order emerging, or Rudd's part in it.. that is precisely what
is coming about, as I predicted, and Rudd is playing a central
role, as i described from the outset:
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I hope that Ooga Booga has been invited. You have arranged that? |
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Hunter01
Guest
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| Posted: Fri Oct 24, 2008 6:11 am Post subject: Re:Funds and payments frozen courtesy Labor? Try Centrelink! |
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fasgnadh wrote:
| Quote: | and Rudd is playing a central
role, as i described from the outset:
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And I'm sure the world leaders will really look forward to having the
following mess appear in their countries too:
From http://www.news.com.au/business/story/0,27753,24543505-462,00.html
'The frozen funds mean investors who receive on regular monthly payments
will now only get quarterly payments, or in some cases, no money at all.
Mr Swan urged investors who won't be getting their usual payments from
the funds to contact Centrelink for support.'
Hahahahahahhaa, good morning, Labor have fucked over your life-savings
with an ill-thoughtout kneejerk reaction to the global economic crisis.
Thank you for voting us in.
And what are those that've been royally arse-raped by the Rudd/Swan
"solution" saying this morning???? 10 out of 10 don't seem too happy at
all! :
Rudd and Swan's simplistic and populistic bank guarantee has placed
mortgage funds in a perilous position. They have no clue what they're
doing apart from trying to grab headlines. Our economy is in no position
for these two to keep jetting around the world, diverting public
attention by encouraging class war, and engaging in simplistic stunts
that will push our unstable economy over the edge of a cliff.
Posted by: Shane 8:28am today
Comment 10 of 10
As Australia has less than 5% of the world's wealth, Rudd will be the
little boy in the last row, cap in hand! Please sir, me!
Posted by: Rob 8:22am today
Comment 9 of 10
The "...and some poor countries..." is interesting in this article.
Thank you for inviting some of them too. Which ones? Those that will
suck up and approve whatever is suggested? What do you think - we are a
rich country? If Australia disappeared off the face of the Earth today
it would not cause a blip as big as the financial one caused by the US
sub-prime affair.
Posted by: me of here of syd 8:20am today
Comment 8 of 10
Well done Mr Swan. You imposed conditions on Westpac and St George that
were already part of the Merger Implementation Agreement anyhow. The
team of Rudd and Swan is an absolute embaressment to this nation. They
keep "reassuring" and "implementing" when there is no reassuring or
implementing to be done. It is all smoke and mirrors. Bring back Costello
Posted by: Ryan of Sydney 8:16am today
Comment 7 of 10
Swan has zero idea of economic management, he already had no control
over the banks and now he's voted to create a "super bank". Rudd will be
OK though, him and the wife have tones of cash after all!
Posted by: michael of engadine 8:14am today
Comment 6 of 10
Yeh, right! Rudd and Swan have the answer to the world¿s problem! Let
me see, that¿s right! We have a problem with infrastructure, housing
and the economy; Rudd/swan answer: lets increase immigration! The
economy and dollar is in free; Lets go overseas and tell the world what
the problem is. Who voted for these clowns? Well at least their antics
make for amusing viewing!
Posted by: Leroy of Sydney 8:12am today
Comment 5 of 10
As I understand it, the measure of the strength of a country's economy
is reflected in its currency. The Australian dollar has plummeted so we
still pay $1.50 a litre for fuel even though oil has also plummeted to
$65 per barrel. What the heck could Kev or Wayne possibly offer the rest
of the world based on these alarming figures? Australia is obviously
more vunerable than the the spin twins would have us believe.
Posted by: oldefellah of Bargara 7:51am today
Comment 4 of 10
His solution? what is that, shouldn't he solve it here first!
Posted by: hummingbird 7:51am today
Comment 3 of 10
I no longer have any confidence in you Mr Rudd or Mr Swan - simple as that.
Posted by: Norm of Numbugga 7:35am today
Comment 2 of 10
Thanks for dropping in Mr Rudd...Will you be running Australia from the
White House now?
Posted by: ERR 7:34am today
Comment 1 of 10
Sums the whole situation up nicely doesn't it....... |
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B J Foster
Guest
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| Posted: Fri Oct 24, 2008 5:49 pm Post subject: Re: Funds and payments frozen courtesy Labor? Try Centrelink |
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Hunter01 wrote:
| Quote: | fasgnadh wrote:
and Rudd is playing a central
role, as i described from the outset:
And I'm sure the world leaders will really look forward to having the
following mess appear in their countries too:
From http://www.news.com.au/business/story/0,27753,24543505-462,00.html
'The frozen funds mean investors who receive on regular monthly payments
will now only get quarterly payments, or in some cases, no money at all.
Mr Swan urged investors who won't be getting their usual payments from
the funds to contact Centrelink for support.'
Hahahahahahhaa, good morning, Labor have fucked over your life-savings
with an ill-thoughtout kneejerk reaction to the global economic crisis.
Thank you for voting us in.
|
Julie Bishop:
"Wayne Swan has failed to resolve the crisis in the investment fund
market, caused by the Rudd government's bungled implementation of an
unlimited guarantee for bank deposits"
"Mr Swan said the measures were recommended to the government by the
Council of Financial Regulators - which comprises the Treasury, Reserve
Bank, Australian Prudential Regulation Authority (APRA) and Australian
Security and Investment Commission (ASIC)".
Like hell they were.
Glenn Stevens:
"The lesson of past banking crises, moreover, is that when there are
really serious problems in private balance sheets, capital may be
available in sufficient quantity only from the public purse. This should
of course come with appropriate conditions private shareholders should
absorb the losses from past problems, governments that put in new
capital should share in the upside and GUARANTEES THAT ARE OFFERED
SHOULD BE PRICED. Governments should plan to divest their holdings in
banks in due course".
Will somebody read the CAPS part to Mr Swan please?
| Quote: |
And what are those that've been royally arse-raped by the Rudd/Swan
"solution" saying this morning???? 10 out of 10 don't seem too happy at
all! :
Rudd and Swan's simplistic and populistic bank guarantee has placed
mortgage funds in a perilous position. They have no clue what they're
doing apart from trying to grab headlines. Our economy is in no position
for these two to keep jetting around the world, diverting public
attention by encouraging class war, and engaging in simplistic stunts
that will push our unstable economy over the edge of a cliff.
Posted by: Shane 8:28am today
Comment 10 of 10
As Australia has less than 5% of the world's wealth, Rudd will be the
little boy in the last row, cap in hand! Please sir, me!
Posted by: Rob 8:22am today
Comment 9 of 10
The "...and some poor countries..." is interesting in this article.
Thank you for inviting some of them too. Which ones? Those that will
suck up and approve whatever is suggested? What do you think - we are a
rich country? If Australia disappeared off the face of the Earth today
it would not cause a blip as big as the financial one caused by the US
sub-prime affair.
Posted by: me of here of syd 8:20am today
Comment 8 of 10
Well done Mr Swan. You imposed conditions on Westpac and St George that
were already part of the Merger Implementation Agreement anyhow. The
team of Rudd and Swan is an absolute embaressment to this nation. They
keep "reassuring" and "implementing" when there is no reassuring or
implementing to be done. It is all smoke and mirrors. Bring back Costello
Posted by: Ryan of Sydney 8:16am today
Comment 7 of 10
Swan has zero idea of economic management, he already had no control
over the banks and now he's voted to create a "super bank". Rudd will be
OK though, him and the wife have tones of cash after all!
Posted by: michael of engadine 8:14am today
Comment 6 of 10
Yeh, right! Rudd and Swan have the answer to the world¿s problem! Let
me see, that¿s right! We have a problem with infrastructure, housing
and the economy; Rudd/swan answer: lets increase immigration! The
economy and dollar is in free; Lets go overseas and tell the world what
the problem is. Who voted for these clowns? Well at least their antics
make for amusing viewing!
Posted by: Leroy of Sydney 8:12am today
Comment 5 of 10
As I understand it, the measure of the strength of a country's economy
is reflected in its currency. The Australian dollar has plummeted so we
still pay $1.50 a litre for fuel even though oil has also plummeted to
$65 per barrel. What the heck could Kev or Wayne possibly offer the rest
of the world based on these alarming figures? Australia is obviously
more vunerable than the the spin twins would have us believe.
Posted by: oldefellah of Bargara 7:51am today
Comment 4 of 10
His solution? what is that, shouldn't he solve it here first!
Posted by: hummingbird 7:51am today
Comment 3 of 10
I no longer have any confidence in you Mr Rudd or Mr Swan - simple as that.
Posted by: Norm of Numbugga 7:35am today
Comment 2 of 10
Thanks for dropping in Mr Rudd...Will you be running Australia from the
White House now?
Posted by: ERR 7:34am today
Comment 1 of 10
Sums the whole situation up nicely doesn't it.......
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fasgnadh
Guest
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| Posted: Fri Oct 24, 2008 5:49 pm Post subject: Re: no Standards and Poor performance leaves Market Moody - |
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fasgnadh wrote:
| Quote: | fasgnadh wrote:
Australian Prime Minister Kevin Rudd said there had
been "obscene failures in corporate governance which
rewarded greed without any regard to the integrity
of the financial system."
"What we have seen is the comprehensive failure of
extreme capitalism -- extreme capitalism which now
turns to government to prevent systemic failure," Rudd said."
- The Age 15/10/2008
Who could argue with such an obvious truth?
We have a need, a need to curb greed.
...
Four Corners expose of the sub-prime scandal revealed the
degree of corruption at all levels of the US property
market. We have witnessed the shakeout at the level of
corporate financial institutions, and their crash has caused
the elimination of hedge funds, but the retailing of sub prime
loans was revealed as a giant, nationwide scam. Capitalism
rotten to the CORE, and infected in root and branch.
The common element was Greed.
|
Now the US Congressional hearings have heard evidence from
Executives of noStandards and Poorly regulated that greed,
and massive conflicts of interest in the ratings companies
caused a failure to detect and act upon the subprime debt and
dodgy derivative systemic market failure.
In other words, when the Financial WMD's went off, the
market systems of detection were so badly rorted that no
warning was given! 8^o
You can't get more total failure of Crony Capitalism than this
sorry tale....
| Quote: | "Money not morality is the principal of a commercial nation"
- Thomas Jefferson
"This is not just a question of fairness and perceived
fairness in the system. It goes to the absolute kernel
of the incentives around risk-taking."
....
Ah, I love the smell of the Sans Cullotes in the morning,
as they gather around Madame Guillotine for the days work! B^D
Diderot, writing in earlier times, said
"Men will never be free until the last king is strangled
with the entrails of the last priest".
In the current age this may need to be updated to;
"Men will never be free until the last Friedmanite is
strangled with the entrails of the last Investment Banker".
|
The mob has armed themselves with pitchforks, tubs of tar
and pillow cases full of feathers ..and are roaming Wall St:
| Quote: |
"Hunt continues for financial crisis culprits"
ABC 23/10/2008
"As the finance markets continue to tumble around
the world, the pursuit of the culprits is intensifying.
The heads of the big ratings agencies have been the
latest to feel the political blowtorch.
Henry Waxman, the chairman of the House of Representatives
Oversight Committee is on the hunt for Wall Street's villains.
Having already publicly filleted the chief executive of failed
investment bank, Lehman Brothers, he is now sharpening his
knives in the direction of the big ratings agencies.
HENRY WAXMAN: "The story of the credit-rating agencies is
a story of a colossal failure."
Just one more facet of the Failure of the Market.
|
"Conflicts of interest were largely responsible for
the disastrous performance of credit rating agencies
in assessing the risks of mortgage-backed securities,
two former high-ranking officials at Moody’s Investors
Service and Standard & Poor’s said Wednesday in Congressional
testimony."
These corrupted and failed ratings wanks are not Government
Regulators, they are the markets own, COMMERCIAL pretense
of 'self regulation'... but as the testimony to Congress reveals,
they were as corrupt and compromised as the market itself! 8^o
"The securities issuers pay the agencies to issue ratings,
and the agencies’ interests can eclipse those of investors,'
No shit! What a classic example of market failure..
it has all he Friedmanite elements.. No Government
interference, let the Market sort itself out.. using it's
standard pricing mechanisms to match supply with demand...
only it FAILED UTTERLY because, Surprise! Surprise! if you
pay the right price you could get the Commercial Ratings
Wankers to rate the Commercial Imprudent Lenders, falsely
as solvent and safe!
Just like you can't trust a mercenary, or like PomPom, a 'friend'
you have had yo PAY FOR... you can't rely on a regulator who
clearly sells his ratings..and his integrity ..to the highest
bidders! B^p
"Jerome S. Fons, who was the managing director for credit
policy at Moody’s until 2007, told the House Committee on
Oversight and Government Reform.
“While the methods used to rate structured securities have
rightly come under fire, in my opinion the business model
prevented analysts from putting investor interests first,”
he said."
Like the mortgage risk derivatives, the 'business model'
was created by Greedy simians who tried to see how many
bananas they could hoard in their rectums.
"And Frank L. Raiter, who was the head of mortgage
ratings at Standard & Poor’s for 10 years, characterized
the failures at that company by saying simply: “Profits
were running the show.”
"Money is our god" - The First International Bank of the Golden Calf
"The hearings on the role played by the rating agencies
in the financial crisis were convened by Henry A. Waxman,
Democrat of California, who is chairman of the committee.
It was the panel’s third hearing on the crisis. Others
focused on the collapse of Lehman Brothers and the bailout
of the American International Group.
“The story of the credit rating agencies is a story of
colossal failure,” Mr. Waxman said. “The credit rating
agencies occupy a special place in our financial markets.
Millions of investors rely on them for independent,
objective assessments. The rating agencies broke this
bond of trust, and federal regulators ignored the warning
signs and did nothing to protect the public.”
Once again, market operatives, acting on the Friedmanite
Holy Grail of blatant self interest, betrayed their customers
and enriched their clients..... after all, their gouging is always
paid by Joe the Plumber.. or real workers.
"As mortgage delinquencies and defaults have skyrocketed
over the last 18 months, it has become clear that the
agencies that assigned high ratings to the securities
that contained these loans severely underestimated their
risks. Indeed, Mr. Waxman noted that S.& P. had downgraded
more than two-thirds of its investment-grade ratings and
Moody’s had reduced assigned ratings on more than 5,000
mortgage-backed securities."
A laughable record! Like all Friedmanite fanatics they
oppose regulation so they can rort the system for their
own benefit. Enriching themselves and their complicit cronies
at the expense of the public.
"Testifying after Mr. Fons and Mr. Raiter were top executives
of the three large rating agencies — Deven Sharma of Standard
& Poor’s, Raymond W. McDaniel of Moody’s and Stephen W. Joynt
of Fitch Ratings. Sean Egan, managing director of Egan-Jones
Ratings, an independent rating agency that does not receive
payment from issuers, also testified.
Among the documents uncovered by the committee was an internal
board presentation delivered by Mr. McDaniel to Moody’s directors
in October 2007. According to the presentation, he told his board:
Analysts and managing directors “are continually ‘pitched’ by bankers,
issuers, investors.” At times, he conceded, “we drink the Kool-Aid.”
The three current executives of the leading rating agencies
denied to lawmakers that conflicts of interest had impaired
their judgment on mortgage securities. Mr. Sharma of S.& P.
said his firm “was not alone” in being surprised by the decline
in housing markets. He cited 27 initiatives taken by the
firm to “enhance the integrity of our ratings process.”
To protect against conflicts, for example, S.& P. now
rotates analysts in their assignments and has established
an ombudsman office.
Mr. McDaniel also said that Moody’s had changed its
practices to strengthen its standards, including hiring
more surveillance analysts and compliance professionals.
And Mr. Joynt of Fitch Ratings said his firm was committed
to the highest standards of objectivity.
BWAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHAAHAHAHAHAHAAAA
Those incompetent twonks couldn't find their arse
in a bath with both hands ....
"Mr. Raiter, the former S.& P. executive who left the company
in 2005, said that a new and more detailed mortgage loan
performance model developed at the company in 2001 and
incorporating 2.5 million loans had not been adopted,
he said, “due to budgetary concerns.”
Mr. Raiter said that the residential mortgage rating
group at S.& P. had captured the largest market share
among its main competitors — 92 percent or better
— “and improving the model would not add to S.& P.’s revenues.”
S.& P. said that the detailed model mentioned by Mr. Raiter
had been tested by the company and found not to be as
reliable as he maintained."
With such MASSIVE, TOTAL INCOMPETENCE and MARKET
FAILURE, it is pathetic to see local tories trying to
MANUFACTURE blame aimed at the Secretary of treasury and
RBA for their swift and decisive action to curb the impact
of global failure of numerous market operations concurrently!
The Dodgy derivatives, the predatory lenders, the corrupted
and complicit commercial ratings agencies, a poor substitute
for independent regulators, and the politicians and apologists
like BJ, PomPom, Julie Bullship, who try and protect the
villains by creating spurious attacks on those trying to CLEAN
UP the mess left by MARKET FAILURE!
"Mr. Waxman’s committee also cited an internal e-mail
exchange between Mr. Raiter, who had been asked to rate
a collateralized debt obligation called “Pinstripe,”
and Richard Gugliada, an S.& P. managing director.
Mr. Raiter had requested highly detailed data about
each individual loan, known as loan level tapes, to
assess the creditworthiness of the loans in the
security, but Mr. Gugliada wrote: “Any request for
loan level tapes is totally unreasonable!!!
It is your responsibility to provide those credit
estimates and your responsibility to devise some
method for doing so.”
Mr. Raiter responded: “This is the most amazing memo
I have ever received in my business career.”
Asked what followed the exchange, Mr. Raiter said
he never rated the obligation.
Chris Atkins, an S.& P. spokesman, said: “It has long
been the practice of S.& P. to review loan level data
for new R.M.B.S. securities. The e-mail in question
reflects a discussion regarding the appropriate
analytical treatment for a C.D.O. rating of an
underlying asset that had been rated by another
credit rating agency.”
Asked how to fix the problem of potential conflicts
among rating agencies, Mr. Egan, of Egan-Jones,
said change would come only if institutional investors
no longer made investment decisions based on ratings
produced by agencies that take money from issuers.
“Institutional investors know darn well that ratings
are paid for by the issuers,” he said, “so why do
they have all their investment guidelines geared
to conflicted ratings?”
Because Fuckwittery on a scale of PomPoms is
clearly found at every level in the dysfunctional
Market! 8^o
| Quote: | "Mr Waxman's committee is investigating just why the likes
of Standard & Poor's and Moody's kept awarding gold stars
to the toxic mortgage-backed investments that have sent
markets everywhere into freefall.
|
If Rudd had stuffed up like that, or on a scale like
Malcolm Merchantbanker's role in the largest corporate
collapse, HIH, the ALP would have something to answer for.
| Quote: | HENRY WAXMAN: "The credit-rating agencies occupy a
special place in our financial markets. Millions of
investors rely on them for independent, objective
assessments. The rating agencies broke this bond of trust.
"The problem was the ratings agencies weren't as
independent as many investors thought. That was
because the issues of these dodgy mortgage securities
were paying the agencies for their sought-after seal of approval."
BWAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHAHAHAAHAHAAAAAA
Republican Congressman, Christopher Shays put it this way.
"When the referee is being paid by the players, no one should be
surprised when the game spins out of control."
And that is the fundamental weakness of the Market system,
information, truth, belongs only to the highest bidder.
"Among the evidence presented by the committee was an exchange
of emails between two Standard & Poor's employees about a
certain mortgage-backed investment.
"This deal is ridiculous," wrote the first employee.
"I know it definitely does not capture half the risk"
replied the other.
"We should not be rating it," declared the first.
"We rate every deal said the other employee," it could
be structured by cows and we would rate it".
Standard & Poor's president Deven Sharma insisted the
exchange did not reflect the agencies culture and he
said the company was moving to improve the way it
awards investment ratings."
BWAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAHAHAHAAHAHAAAA!
Did Investors even realise that these clearly
criminally INCOMPETENT ratings agencies are COMPANIES,
not independent government agencies.. it's another
clear example of Market self-regulation being a total FARCE!
DEVEN SHARMA: "Let me state up front that we recognise
that many of the forecasts we used in our ratings analysis
of certain structured finance securities have not borne up.
"There was also a mea culpa of sorts from Moody's chief
executive, Ray McDaniel who told the committee his agency
had known for some time, the mortgage market was in trouble."
So WHERE WERE THE WARNINGS!?????????
"We did not however anticipate the magnitude and speed
of deterioration in mortgage quality or the suddenness
of the transition to restrictive lending.
Many congressmen like Massachusetts Democrat Stephen
Lynch weren't swayed.
STEPHEN LYNCH: "I have a lot of people in my district
who feel that they have been defrauded and they are as
mad as hell and they think that in light of what has
happened to them, that someone ought to go to jail."
Looks like the Chinese model I described weeks ago
is becoming more popular!
# Date: Thu, 25 Sep 2008 11:19:56 +1000
# From: fasgnadh <fasgn...@yahoo.com
# Subject: Americans take my advice and adopt Chinese style regulation!
# - "FBI probes crash Fraud" B^D
# Re: The Role of Snake Oil in the current Global Economic Crisis
# Re: $800 Billion socialist bail-out for Big Banks
# Message-ID: <48dae735$0$28213$afc38c87@news.optusnet.com.au
#
# "I'm fond of the Chinese model of Capitalism at the moment.
# Consider the Milk contamination scandal.. (a tiny storm
# in a teacup compared to the MerchantBank Meltdown in the USSA).
# During the previous scandal, lead based paint on childrens toys,
# not only the manufacturer was put on trial, but the regulator,
# who had taken bribes, was taken out and shot! 8^o
#
# Captains of Capitalism who make multi million dollar fortunes
# each year for running large co-corporations, claim their high
# rewards accompany HIGH RISK.. so those responsible for the Dodgy
# Derivatives should perhaps be held accountable and made to cop the
# failed RISK, as well as the PROFIT..like the Chinese Regulator,
# rather than having the taxpayer absolve them of their 'risk'
# and cop the losses on their behalf! 
#
# Financial Regulation, Post-Meltdown: Take a few Investment
# bankers out and SHOOT THEM, along with their political mentors
# in the Bush Administration.. Compliance Follows!!! B^)
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---------
"Ohhhhh Say can you see
By the dawns early light
The markets in panic
and Republicans take flight! "
---------
"The Fundamentals of our Economy remain Strong" - John McSame,
Republican Candidate for the Presidency of the Derivative Ravaged,
Crisis torn, Economic Basket Case, The USSA!
http://www.geocities.com/townsville_taliban/endoscope.html
--------- |
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fasgnadh
Guest
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| Posted: Sun Oct 26, 2008 8:19 am Post subject: European and Asian nations call for greater Economic Regulat |
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Emerging from the recent international meeting
on the Global Economic Crisis held in Beijing,
the European and Asian nations were in agreement,
A global, co-ordinated response is required, and
Greater regulation will be required to prevent
a repeat failure of the market.
These are the positions Rudd took on the eve of the
crisis unfolding, when he addressed the UN, so he is
seen by G20 leaders as one of those with a great deal
to say at the coming meeting with Bush.
Bush's reaction to the Global viewpoint was typical,
he prefers more of what he just gave us, de-regulated
market chaos! He apparently likes Boom and Bust,
followed by massive Socialist intervention in attempts
to rescue the Market from it's own chaos, rather than
cheaper, and less dramatic, regulation to prevent
another train wreck of similar dimensions!
Apparently his strategy is 'avoid doing what has to be done
till the election, then leave it to the Democrats to fix his
mess!" Just like Iraq! B^P
We hang other terrorists, couldn't we just hang the economic
terrorist so the world can get on with what it needs to get done?
| Quote: | The Brits join the USSA and other Western nations in
resorting to Socialism to save them from the consequences
of the Failure of Market Capitalism.
Almost a month later, the business world is starting to
be as honest as I was in being the first to describe how
When the Going gets Tough, the Capitalists get Socialism! B^D
On the cover of Business Week: "The future of Kapitalism?"
"With the recent financial crisis and government bailout,
experts speculate that capitalism has permanently lost
freedom from regulation." - CNN
Experts 'speculate' ..I was confident in ASSERTING IT! B^D
...A MONTH late, CNN asks the question I have already
answered: "Is capitalism deteriorating?", and agrees
with my conclusion, The Free Market has had to resort
to Socialism to save itself.. it doesn't like it, it's
taken weeks to catch up with reality, but at least it's
ahead of the Friedmanites, who are still in denial. ;-)
[video: Is capitalism deteriorating?]
http://money.cnn.com/video/#/video/news/2008/10/21/news-romans-1021082.cnnmoney
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"Money not morality is the principal of a commercial nation"
- Thomas Jefferson
"Where there is no vision, the people perish." - Proverbs 29:18
--------
"Ohhhhh Say can you see
By the dawns early light
The markets in panic
and Republicans take flight! "
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"The Fundamentals of our Economy remain Strong" - John McSame,
Republican Candidate for the Presidency of the Derivative Ravaged,
Crisis torn, Economic Basket Case, The USSA!
http://www.geocities.com/townsville_taliban/endoscope.html
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fasgnadh
Guest
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| Posted: Mon Oct 27, 2008 4:58 am Post subject: PomPom and BJ get their wish: No intervention for Mortgage f |
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"How the Market Self Corrects - Brokers turn to God!" ;-)
PomPom wrote:
| Quote: | fasgnadh wrote:
fasgnadh wrote:
fasgnadh wrote:
fasgnadh wrote:
Consequences:
A shift of the economic focus from the USSA to Asia.
|
The Global Crisis meeting at which Europe and Asia agreed
on their co-ordinated response was in Beijing.
China has decided not to use it's massive sovereign fund
to bailout failing western capitalism, quoting Confucius:
'why send good money after bad rubbish'! ;-)
| Quote: | The end of the Dollar as the international currency of settlement.
The complete repudiation of failed neo-liberal, neo-con and
economic rationalist ideologies.
Much more active role for regulators and government.
Much greater focus on GLOBAL regulation and financial
governance.
|
European and Asian leaders ended their world summit with
those points I made weeks ago as their central agenda!! 8^)
An accurate understanding of the global economy
enables predictive capacity! B^)
| Quote: | Investors around the world are now scrambling for safety.
|
And the two competing philosophies have had dramatic
shifts in their support with a global shift to Prudence:
Those favouring modern mixed economies, with market forces
providing the engine for growth, and intelligent, rational
planning and regulation providing the steering, systems
monitoring, feedback and brakes.. now has global support,
expressed from the outset by our PM, Kevin Rudd, and now
at the global summit just completed. China, India and Europe
are in agreement that the global economic crisis is proof of the
need for a more rational, less dangerously chaotic, NEW WORLD
ECONOMIC ORDER!!!
Only George bush, failed economic manager writ large, and his
blind acolytes, doctrinaire 'Free-to-Crash-and-Burn-us-all' Market
ideologues such as PomPom and BJ, continue to have faith in the
failed Friedmanite fantasy of the Self-Correcting Market, with
it's Mystical Invisible Hand! B^D
They cling to this belief, still chanting the discredited nostrums
of neo-nazis like Ayn Rand and social Darwinists like Milt Friedman,
and urging inaction.. as they sit and wait for Capitalist Armageddon!
To any outside observer the only thing the Invisible Hand is doing
is a decade of sub-prime Wanking and now it's FISTING THEM! B^D
Fortunately, none of the world leaders are, in practice, listening
to this outdated, discredited, 'Pure Capitalism', theoretical drivel..
NOT EVEN GEORGE BUSH, a die-hard Cowboy Capitalism supporter!!! 8^o
As the Going Got Tough, the National Leaders ALL got Socialist!! B^)
The problem is that as the intervention to relieve the credit
crisis began to work (the LIBOR has come down steadily) the
Friedmanites tended to ignore the steps taken, by GOVERNMENTS,
to unfreeze the credit market, restore liquidity and confidence,
and tried to claim "See the market is fixing itself" B^p
Well, few people believe that load of self-serving crap,
but now we have a chance to see the two approaches, rational
intervention, and 'hands off- the market will fix itself'
in a side-by side comparison!
When Ireland guaranteed their bank deposits, everyone
agreed it would be essential for other nations to do the
same, and quickly, or else there would be a run on their
banks, and other financial institutions, as depositors
and investors around the world, gripped by the irrational
fear that has grasped the Market.. moved their money to the
SAFEST place.
The Australian government quickly acted with the advice of the
regulators, and guaranteed Bank deposits!
The Australian Banking system was safe. The opposition agreed
and only Friedmanite fanatics stamped their widdle paws and
protested at 'Socialist Interference with the market".
Well, they can have their way with the non-bank financial
institutions, such as mortgage funds, and we will all
be able to see the OUTCOME OF LETTING THE MARKET's IRRATIONAL,
EMOTIVE **FEAR** destroy itself!
But guess what.. those institutions themselves don't want
Market Madness.. they want SOCIALIST INTERVENTION!
"Mortgage funds plead for help
They are no longer praying to the Invisible Hand to
help them, they want Big Brother to give them a cuddle!! B^D
"MORTGAGE funds will today ask Treasurer Wayne Swan to
guarantee them as he has guaranteed the banks, but they
are almost certain to be refused."
The government HAD to act to protect the nations banks,
even Malcolm Merchantbanker agreed on that (he just
got duped by an article in a paper into believing, incorrectly,
that the regulator, the RBA didn't support it! ;-)
But should we listen to the Free Market Hard noses when it comes
to bailing out those who sought High-return, and therefore HIGH RISK
investments, with taxpayer funded Socialism?
Its a puzzler! B^]
"Assistant Treasurer Chris Bowen said yesterday: "It's never
been the Government's intention to guarantee market-related
investments, because there is an element of risk there."
It's true, the Government has no obligation to act,
and it only gets criticism for doing so from the
Doctrinaire, Pure Capitalism, Uber-Free-Market Dogmatists!
Perfect opportunity for the Market to Self Correct!!! B^D
After all.. if they all sit tight, there will be no impact,
it's ONLY if they panic and create a run, that they will destroy
their own financial position.
The mortgage funds are solid, they are paying remittances, they
just want to maintain ORDERLY redeeming of capital.
That's their decision.. nothing to do with the Government. B^)
Lets see if the Market can act sensibly, and save itself,
or if it's just a Mad Dog, and is going to put itself Down! B^D
"The Investment and Financial Services Association (IFSA)
will argue in meetings today that the Government action
last Friday - making people pay a fee to guarantee deposits
above $1 million held by banks - will do little to stop
people moving their money to the banks."
The trouble with market bludgers is that if you give them
a little bit of a hand, they want your whole fucking arm.
These people are all about Capitalism giving high rewards
for taking High risk.. well they have enjoyed the high rewards!
This is a personal view of course, the pro-business ALP will
probably want to assist the risk-bludgers who have their
hands out for Socialist Rescue.. but hasn't the taxpayer
had enough of
PRIVATIZED PROFITS ..SOCIALIZED LOSSES! B^[
"Mr Swan, the regulators and mortgage fund representatives
today are urgently seeking ways to re inject confidence
into the mortgage fund sector so investors' capital can be
unfrozen."
"Let the Invisible Hand stroke them till they Calm"
- Milt Friedmans Ghost! BWAHAHAAHAHAHAHAHAAAA!
"The Government would consider extending the guarantee only
in extreme circumstances."
Look, the run on these institutions started BEFORE the
Government Guarantee on Bank Deposits came in.
The mortgage funds are as solid as any high return, high risk
investment can be expected to be.
I'm sure the Market will not eat it's own children. The market
is sensible, rational and kind! ;-)
"Perpetual, AXA Asia Pacific and Challenger last week froze
withdrawals across $8.3 billion of savings in mortgage funds
to stop a rush on withdrawals."
You won't find Socialist Banks freezing withdrawals like that!
Scratch those Private Enterprise Privateers and you
finds a Commercial Kommisar! 8^o
"Since the deposit guarantee program was announced two weeks
ago, about $11 billion has flowed out of mortgage funds,
mainly chasing the guarantee."
How much flowed out prior to that?
What you will find is that the smart money had already
begun to shift into safer haven, the Bank Guarantee,
FORCED ON GOVERNMENT to prevent a BIGGER, MORE WIDESPREAD
RUN, simply made people in High risk investments think
about their exposure.. this is what Free Marketers Want! 8^o
But i know the ALP is softer hearted than us Friedmanites: ;-)
"Finance Minister Lindsay Tanner, asked if the Government
would consider extending the guarantee if the action already
taken did not work, said: "We believe these measures will
work." He stressed that people in the frozen mortgage funds
were not losing their money. But it was not possible to know
when individual funds would be unfrozen because there were
many factors at play, he said."
Yes.. very complex and unpredictable, these markets,
so much secrecy, so little transparency.. we should fix that!
"Perpetual allows withdrawals only quarterly. AXA has deferred
withdrawals for up to six months. Challenger will match redemptions
against funds."
Sounds like the Invisible Hand is acting.. it just Chokes it's
victims! 8^o
"Some fear the run will spread to other non-protected areas,
such as cash management trusts, which will seek the guarantee
today. If it did, the entire industry would suffer."
Dang.. they ALL want some of that Soothing Socialism! B^)
"We want to restore confidence in the retail money markets
and work a way through to give mortgage trusts liquidity,"
IFSA chief executive officer Richard Gilbert said."
Is Socialist guarantee the only thing that can restore
confidence in a failed market gripped by PANIC!? Seems so!
At the heart of concerns was the $1 million threshold had
been set too high, as most mortgage fund investors are retirees.
One fund executive described banks engaging in a "dash for cash" in
recent weeks, using the guarantee to aggressively compete for funds no
matter where the source."
What have I said about GREED infecting the Market!!!
No sooner is their bleeding gut-wound staunched, but they
are out sinking their teeth into other cold blooded critters!
Capitalism - Red of Tooth and Claw.. ideologically it grows straight
out of this:
http://rlv.zazzle.com/social_darwinism_shirt-p235615443592902080804_400.jpg
" Locally, some fund managers have privately expressed
concern that the Federal Government could direct the
Australian Securities and Investments Commission to
use its "modification powers" to force funds with a
freeze to pay out some investors claiming hardship."
Ooooh, be careful, that could cause more people to
experience 'hardship' ;-)
Given all the kicking the government has taken from
doctrinaire free market purists, I suggest they stop
trying to fix every greedy bastards problem, let them
wear the risks they took and see what happens when
the market gets it's way.. then they will appreciate
intelligent Socialism more. B^)
Well, I think BJ will now be in stage four apoplectic rage...
..my work here is done! B^)
"Despite the lockdown on redemptions across mortgage trusts,
fund managers, including AXA, Challenger and Perpetual,
continue to generate income for investors.
Supports the Government's wait and see attitude.
Now, for the Big Picture, as I sketched it out weeks ago:
"At the weekend, the leaders of more than 40 Asian and
European countries emerged from two days of talks pledging to
comprehensively reshape the world's financial system."
New World Financial Order *TM Fasgnadh 8^)
"Leaders pledged to undertake effective and comprehensive
reform of the international monetary and financial systems,"
a statement said.
An emergency Washington summit on November 15 will gather
the Group of 20 largest industrial countries and developing
economies to look at ways to end the worst financial meltdown
since the Great Depression. - AFP, AAP
| Quote: |
Latest Market indices:
http://images.icanhascheezburger.com/completestore/2008/9/25/128668498196609430.jpg
How the Market Self Corrects:
http://home.new.rr.com/inglixthemad/sig/ohnoes.gif
How society Self Corrects:
http://img246.imageshack.us/img246/5756/jumpyoufackersuo1.jpg
The Bottom is in sight! 8^D
http://img407.imageshack.us/img407/6804/sui00js7.jpg
Brokers pray for salvation "O Lord, save us from Capitalism!"
http://i29.photobucket.com/albums/c281/joegekko/farking%20around/BAYLEOUT.jpg
Brokers prayers are answered: "Socialism will SAAAAAAVE us" BWAAHAHAha!
http://farm4.static.flickr.com/3266/2899100357_b0f9d35b9e_o.jpg
Next time you opt for Socialism, in desperate straits, make sure
you don't have an IDIOT in Guvmint!
Ask the Scandinavians how it's done properly. ;-)
http://images.theage.com.au/ftage/ffximage/2008/10/05/svCARTOON_OCT6_gallery__566x400.jpg
So, the deeper question is:
What is Wealth?
That Gold I bought at $350 an oz is looking very very good
right about now!
But the farm is looking even better!!!!! B^D
St Michael de Leunig, patron Saint of gyroscopic ducks,
a necessary tool for navigating Stormy Waters, shares
my understanding of genuine value...
Rainbow Ridge:
http://www.geocities.com/che_guava_fanclub/images/mansfieldrainbowridge.jpg
Meeting of the Board of Directors:
http://www.geocities.com/che_guava_fanclub/images/boardmeetingatmansfield.jpg
From the commanding heights, northeast across the river flat
http://www.geocities.com/che_guava_fanclub/images/mansfieldfromtheridge.jpg
The saddle and the pines on the western ridge:
http://www.geocities.com/che_guava_fanclub/images/mansfieldthesaddle.jpg
The house IN the hill:
http://www.geocities.com/che_guava_fanclub/images/mansfieldthehouseinthehill.jpg
Rich Riverland:
http://www.geocities.com/che_guava_fanclub/images/mansfieldrichriverland.jpg
Organic farming on the river flat:
http://www.geocities.com/che_guava_fanclub/images/mansfieldorganicfarmingontheriverflat.jpg
Kids gather under the almond and walnut trees to audit the assets:
http://www.geocities.com/che_guava_fanclub/images/mansfieldshareholdersmeetingauditstheassets.jpg
Skinnydipping in the Delatite, straight out of the Mountains:
http://www.geocities.com/che_guava_fanclub/images/mansfieldtheolswimminhole.jpg
Kids cubbyhouse:
http://www.geocities.com/che_guava_fanclub/images/mansfieldkidscubby.jpg
Grownups cubby:
http://www.geocities.com/che_guava_fanclub/images/mansfieldhousehammock.jpg
Many Fish bites if you got good bait:
http://www.geocities.com/che_guava_fanclub/images/mansfieldmanyfishbites.jpg
Middle Valley dam:
http://www.geocities.com/che_guava_fanclub/images/mansfieldmiddlevalleydam.jpg
Liz, Ree and China, workin the land: B^D
http://www.geocities.com/che_guava_fanclub/images/lizreeandchina.jpg
The Summer of 87 - weathering the last global financial storm
http://www.geocities.com/che_guava_fanclub/images/mansfieldsummer87.jpg
http://images.theage.com.au/ftage/ffximage/2008/10/09/101008CARTOON_gallery__566x400,0.jpg
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"Where there is no vision, the people perish." - Proverbs 29:18
---------
"Ohhhhh Say can you see
By the dawns early light
The markets in panic
and Republicans take flight! "
---------
"The Fundamentals of our Economy remain Strong" - John McSame,
Republican Candidate for the Presidency of the Derivative Ravaged,
Crisis torn, Economic Basket Case, The USSA!
http://www.geocities.com/townsville_taliban/endoscope.html
---------
http://money.cnn.com/video/#/video/news/2008/10/21/news-romans-1021082.cnnmoney |
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TomTom
Guest
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| Posted: Mon Oct 27, 2008 6:57 am Post subject: Re: The Threadbare Nature of Peewee Fuckwittery |
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Harry Heidelberg, the incorrigible Onanist, groveller and snivelling
sycophant, dribbled:
| Quote: | Read in and replied to via aus.politics but also seen propagated to
uk.politics.misc,alt.politics.republicans,aus.invest,alt.politics.socialism
On Fri, 24 Oct 2008 09:41:13 +1100, TomTom set FU to alt.fuckwits and
wrote
DVH wrote:
"peewee" <fasgnadh@yahoo.com> wrote in message
news:4900d72c$0$31800$afc38c87@news.optusnet.com.au...
peewee piddled:
"Bradford & Bingley bank facing nationalisation: report
- AFP 29/9/2008
"British bank Bradford & Bingley is on the verge of
being nationalised, media reports said Sunday,
as the global financial crisis appeared set to
claim another corporate scalp."
The Brits join the USSA and other Western nations in
resorting to Socialism to save them from the consequences
of the Failure of Market Capitalism.
Almost a month later, the business world is starting to
be as honest as I was in being the first to describe how
when the Going gets tough, the Capitalists get Socialism! B^D
On the cover of Business Week: "The future of Kapitalism?"
"With the recent financial crisis and government bailout,
experts speculate that capitalism has permanently lost
freedom from regulation." - CNN
LOL. As if capitalism wasn't regulated in the first place. Where do
they dig up these "experts"? The local mental asylum?
Peewee is an expert in piddling fuckwittery, based on years of the
intense study of the fuckwitisms of various versions of communist
and socialist theory from the bottom of innumerable bottles. I
blame his kindergarten teachers.
Whereas TomTom is a Usenet poster expert in modifying others' text
without acknowledgement or attribution.
I blame his parents for not practising adequately safe sex.
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Maybe, but you did not dispute in the slightest my factual statement about
Peewee and his piddling fuckwittery. |
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TomTom
Guest
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| Posted: Mon Oct 27, 2008 7:04 am Post subject: Re: We get to see How the Market Reacts when a governments |
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peewee piddled:
| Quote: |
This is a personal view of course,
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Conditioned upon the optic nerve connection between your anus and that
solitary brain cell bouncing around aimlessly in your head. |
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fasgnadh
Guest
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| Posted: Fri Nov 14, 2008 9:09 am Post subject: Re: The emerging Global New World Economic Order ;-) Key |
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TomTom wrote:
| Quote: | fasgnadh wrote:
fasgnadh wrote:
On Sep 28, 5:33 pm, fasgnadh <fasgn...@yahoo.com> wrote:
It was as the Global Economic Crisis started to unravel
and the current failure of Capitalism became apparent,
while PM Rudd was in New York, originally intending to address
the UN on Climate Change, but changing his address to the
need for a global response to the crisis, that i initiated
discussion on what I referred to as "the emerging, global,
New World Economic Order."
And despite the wailing about such a New World Financial
Order emerging, or Rudd's part in it.. that is precisely what
is coming about, as I predicted, and Rudd is playing a central
role, as i described from the outset:
"Bush invites world leaders to crisis summit"
- CNN 22/10/2008
"Post-election meeting to gather heads of G20 to
find ways to reform regulation of markets."
"Bretton Woods II
- five key points on the road to a new global financial deal"
- The Guardian, Friday November 14 2008
http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2008/11/13/keynes460x276.jpg
- John Maynard Keynes in 1944 at the UN International Monetary
Conference in Bretton Woods, New Hampshire.
The summit's agreement shaped with postwar economic effort.
Photograph: Hulton Archive
International institutions
==========================
"While the summit is almost certain not to create a
new "Bretton Woods" system overnight, countries led by
Britain and France want an enhanced role for the International
Monetary Fund, to improve surveillance of complex financial
markets and help prevent such excesses building up in future.
They also favour increased funding for the IMF.
Gordon Brown made well-publicised efforts to persuade
Gulf states to make large contributions to its coffers, while
there is also pressure on China, and Japan has pledged $100bn
of reserves.
The additional money would enable the IMF to finance more
bail-outs to countries suffering runs on their currencies and banks.
The US is less keen on this because new streams of funding would
dilute its voting rights within the Washington-based institution.
Similarly, the keenness of oil-rich Gulf states to contribute will be
tested now that oil prices have more than halved from their summer peaks.
Global regulation
=================
There is a widespread recognition that regulation of financial markets
has been far too weak in recent years. Authorities have been
increasingly aware of the excesses building up in such markets, like
those for mortgage-backed securities, but have failed to increase
regulation.
There is also, though, a recognition that too hasty regulation in
response to a crisis, like that of the Sarbanes-Oxley Act brought in by
the US Congress in 2002 in response to the Enron scandal (and designed
to improve corporate responsibility and combat corporate and accounting
fraud), could be counter-productive.
So, there will be discussion of a new global regulator that can force
banks and hedge funds to be more transparent about their borrowings and
their investment positions.
Such an organisation would force banks to hold greater capital cushions
or make them pay bonuses in shares that would have to be held in a
company for, say, five years, to make sure it was the longer-term
interests of the shareholders that was the focus rather than the
bankers' own short-term interests.
There is also discussion of a temporary suspension of "mark to market"
accounting rules under which banks are required to report the current
value of their assets at times when pricing those assets - such as
sub-prime mortgages - is virtually impossible.
Recapitalisation of banks
=========================
This is already happening around the world, with most countries
following the British model. The US government announced changes to its
$700bn bail-out for its banking system on Wednesday, under which it will
buy fewer toxic mortgage-backed securities from banks and instead
recapitalise banks by buying shares.
This weekend's G20 meeting will discuss a possible response to the
problem of banks running out of capital - which probably would be based
on a Spanish-style system whereby banks have to hold a bigger capital
cushion in good times, which they can draw upon in bad times.
Building such a system will not happen overnight but G20 leaders will
probably commit themselves to such action. There is also likely to be
discussion of new rules to simplify derivatives products and improve the
transparency of the markets in which they are traded.
Fiscal/monetary policy
======================
One aim of the G20 summit is to coordinate global action on interest
rates in an effort to pump some life back into the world economy and
avoid deflation, or falling prices.
Most governments have already begun to cut and many are also either
embarking on, or considering, tax cuts or spending increases to help
reflate countries' economies - especially as the impact of interest rate
cuts in many economies is being hampered now by the poor availability of
credit.
Brown is trying to lead globally coordinated tax cuts. But public
deficits in Britain have grown so large in recent years that the country
is one of the worst-placed of the main economies to afford a big fiscal
giveaway.
New world order
===============
Recent decades have been dominated by western industrialised nations
grouped together under the banner of the Group of Seven, but the summit,
this weekend, billed as G20, marks a significant shift.
Large-scale economies such as China, India and Brazil now have a place
at the table and are demanding a much greater say in global economic
oversight because they consider the old "Anglo-Saxon" free-market dogma
to be dead.
Reflecting this shift, Brown has indicated that it could be possible to
get an agreement on the Doha round of trade talks, which collapsed in
Geneva earlier this year amid bitter recriminations between the US and
India.
The French president, Nicolas Sarkozy, for his part, will use the summit
to suggest that the days of the dollar as the world's reserve currency
are over."
WASHINGTON (CNN) -- President Bush will host world
leaders November 15 for a summit to confront the
world financial crisis.."to discuss the financial
markets and the global economy," White House spokeswoman
Dana Perino said.
The leaders will try to "agree on a common set of principles" for
reforming regulation of the markets"
Bush said the summit will include developed and
developing nations from around the world and
suggested it could be the first of a series of
high-level meetings.
The G20 countries are Argentina, Australia, Brazil,
Canada, China, France, Germany, India, Indonesia,
Italy, Japan, Mexico, Russia, Saudi Arabia,
South Africa, South Korea, Turkey, the United Kingdom,
the United States and the European Union.
The managing director of the International Monetary Fund,
the president of the World Bank, the United Nations
secretary-general, and the chairman of the Financial
Stability Forum also have been invited to participate".
[video: Is capitalism deteriorating?]
http://money.cnn.com/video/#/video/news/2008/10/21/news-romans-1021082.cnnmoney
fasgnadh wrote:
"The truth is that Rudd was exactly where Australia's
Prime Minister should have been in a week when the
global financial crisis was the dominant issue."
- Laurie Oakes Herald Sun 27/9/2008
"Australia has a big stake in all this."
....
Anything that helps put the Australian Government in
a position to influence US decisions that could have
a serious impact here is important."
...
"leaders of the world's major economies were all there
in New York, attending the United Nations but devoting
most of their attention to the meltdown and the kind of
regulatory reforms and international action required to
deal with it."
.....
And the US Bankers who created this mess are NOT the people
who are going to shape NEW OPTIONS....they are the past.. the
rest of the WORLD is going to make changes!!!! B^)
Rudd and the other world leaders will look to Europe, China,
India and Russia to play a much more active role in a much more
DISTRIBUTED Global financial system, probably trading in Euros.
On CNN, during the Presidential debate four out of five ads
were for GLOBAL, NON-US, emerging Financial Giants such as
Doha Bank, Malaysia International Islamic Financial Centre,
and Dubai International Financial Centre!
A more diverse INTERDEPENDENT New World Economic Order.
You will see a lot of that phrase over coming years, but you
heard it first in the context of this Global Economic Crisis,
from me, in Usenet, ...because while the Friedmanites are
still trying to come to terms with the FAILURE which has just
occurred, others, who had anticipated it, were looking to the
future, and the emergence of the modern analogue to the
Bretton Woods Agreement of 1944.
Next: What will the New World Economic Order look like?
---------
"A Spiritual Solution to Economic Problems"
- http://www.uhj.net/bahaiprinciples/economics.html
"There is no cut and dried system of economics.
Baha''u'lla'h establishes certain principles and
leaves it to us to build the structure.
There is a danger of the popular term "new world order"
conjuring up a picture of something for nothing,
of state supported individuals enjoying all the
advantages of prosperity without any adequate
contribution of hard work or service.
Baha''u'lla'h requires every-one to work,
no idle rich and no idle poor.
"The most despised of men before God is he who
sits and begs. ...
The best men are they that earn a livelihood by their
calling and spend upon themselves and upon their
kindred for the love of God, the Lord of all worlds."
- Baha'u'llah
---------
|
# Date: Tue, 14 Oct 2008 17:27:23 +1100
# From: fasgnadh <fasgnadh@yahoo.com>
# Subject: "We Are ALL Keynesians Now!!!"
# - Malcolm Turnbull agrees with Richard Nixon B^D
# was Re: "Pensioners big winners in $10.4b stimulus"
# - Keynesian economics to the rescue!
# Message-ID: <48f43bc5$0$18429$afc38c87@news.optusnet.com.au>
#
#
# fasgnadh wrote:
# >
# > "Pensioners big winners in $10.4b stimulus"
# >
# > - ABC 14/10/2008
# >
# > Keynesian economics to the rescue!
# >
#
# > "Opposition Leader Malcolm Turnbull says he will seek a
# > briefing from the Government on the package but has welcomed
# > it and says it has bipartisan support."
# >
# > "It will provide a stimulus to the economy
# >
# > "we're not going to argue about the composition of the package."
#
# "President Richard Nixon famously said in 1971
# that "We are all Keynesians now!"
# - The CATO Institute 14/10/2008 B^D
#
| Quote: |
Absolutely NFI. Not the slightest.
|
# > If only PomPom and BlowJob Fosterchild could show such
# > a capacity to learn from reality! B^) |
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| Back to top |
TomTom
Guest
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| Posted: Fri Nov 14, 2008 9:09 am Post subject: Re: The emerging Global New World Economic Order ;-) Key |
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peewee piddled:
Absolutely NFI. Not the slightest. |
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| Back to top |
fasgnadh
Guest
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| Posted: Fri Nov 14, 2008 9:09 am Post subject: The emerging Global New World Economic Order ;-) Keynes |
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fasgnadh wrote:
| Quote: | On Sep 28, 5:33 pm, fasgnadh <fasgn...@yahoo.com> wrote:
It was as the Global Economic Crisis started to unravel
and the current failure of Capitalism became apparent,
while PM Rudd was in New York, originally intending to address
the UN on Climate Change, but changing his address to the
need for a global response to the crisis, that i initiated
discussion on what I referred to as "the emerging, global,
New World Economic Order."
And despite the wailing about such a New World Financial
Order emerging, or Rudd's part in it.. that is precisely what
is coming about, as I predicted, and Rudd is playing a central
role, as i described from the outset:
"Bush invites world leaders to crisis summit"
- CNN 22/10/2008
"Post-election meeting to gather heads of G20 to
find ways to reform regulation of markets."
|
"Bretton Woods II
- five key points on the road to a new global financial deal"
- The Guardian, Friday November 14 2008
http://static.guim.co.uk/sys-images/Guardian/Pix/pictures/2008/11/13/keynes460x276.jpg
- John Maynard Keynes in 1944 at the UN International Monetary
Conference in Bretton Woods, New Hampshire.
The summit's agreement shaped with postwar economic effort.
Photograph: Hulton Archive
International institutions
==========================
"While the summit is almost certain not to create a
new "Bretton Woods" system overnight, countries led by
Britain and France want an enhanced role for the International
Monetary Fund, to improve surveillance of complex financial
markets and help prevent such excesses building up in future.
They also favour increased funding for the IMF.
Gordon Brown made well-publicised efforts to persuade
Gulf states to make large contributions to its coffers, while
there is also pressure on China, and Japan has pledged $100bn
of reserves.
The additional money would enable the IMF to finance more
bail-outs to countries suffering runs on their currencies and banks.
The US is less keen on this because new streams of funding would
dilute its voting rights within the Washington-based institution.
Similarly, the keenness of oil-rich Gulf states to contribute will be
tested now that oil prices have more than halved from their summer peaks.
Global regulation
=================
There is a widespread recognition that regulation of financial markets
has been far too weak in recent years. Authorities have been
increasingly aware of the excesses building up in such markets, like
those for mortgage-backed securities, but have failed to increase
regulation.
There is also, though, a recognition that too hasty regulation in
response to a crisis, like that of the Sarbanes-Oxley Act brought in by
the US Congress in 2002 in response to the Enron scandal (and designed
to improve corporate responsibility and combat corporate and accounting
fraud), could be counter-productive.
So, there will be discussion of a new global regulator that can force
banks and hedge funds to be more transparent about their borrowings and
their investment position | |
