Economy The US and European Economic crisis

[ElHorsto]

Less than you expect. The real problem of Cuba, also the rest of communist countries, was failure to produce. You need to produce to be able to exchange your goods for other country's goods, or simply produce things for your own citizens.

This reminds of the irony how communist China today is the worlds biggest product exporter while capitalist USA became the biggest importer. Admittedly, China is not truly communist anymore.

 

[LeBrok]

I am stunned, did you say that even Communism was not that bad? is it you Le brok? well in some areas was a must, a need, but when stays decades becomes an enemy, creates a nomen class, becomes an elite, same with bankgsters, they become elite, and they do not pay, they ask more tax, and more work, and more sacrifices from simple people, so they become a nomen class, and illegal immigration is a good tool-weapon to their hands, it works like that, about DDT if is as you say then why it is forbidenn in Europe, North America etc, DDT is a poison that act as sum, never reduced, only added, but is cheap, very cheap. that is why still in use, DDT even kills storks, by reducing their ability to absorve calcium for eggs, Toronto is considered as one the most ECO cities, a fantastic system of recycle and save money, and produce with low cost to enviroment, until today one of the best, how about spread that little DDT, how will you feel and how will you react? told you we are living the days of madness. in small quantities is good for Africa, but forbitten in Europe, N America etc? and what about some other not even searched chemicals, Αμιαντος (kind of asbestos) in 50's till 80's was in general use, it was a cheap matterial, with some special abilities like ant-iheat, no burning, light weight, most of houses had that matterial, bank and industry become rich, but today we know that Amiantos is no 1 reason for cancer of pneumons. from 1990's the usage of amiantos is forbiden as building matterials. but how many had cancer? did the bank or the industries that was supporting ever pay one 1 E for help of pneumons cancer? they earned unknown money, did they change that matterial from houses? answer is NO they sell a cheap, full of death matterial, they become rich, and they pay not even a penny, to remove that from houses or to help cancer cure. and finnaly comes the state, that 'eats' the deposits of health for the shake of Bankers, Salomi's dance. told you, days of madness,

I have a feeling that the "balance of things" didn't register with you, did it?When used in right way DDT and Asbestos are very beneficial, with minimum side effects. Asbestos is bed in loose form, like in insulation, but is harmless when stuck in concrete wall. It makes concrete stronger and less expensive, a good thing.Yes, I'm ok with spraying DDT around my house, if it is done in right quantity. I find mosquitoes and wasps very annoying during short summer here, and the bed bugs are coming back with vengeance in America. We almost eradicated bed bugs in 60s with help of DDT. DDT has power to save millions people just from malaria, not mentioning other parasitic infections by other bugs. It's just need to be used smart.Tell me Yetos, why don't we ban water too. After all water is very dangerous for human health. Water kills about 100,000 people every year only by drowning, pretty much same amount of people as estimated asbestos deaths. And yet you only want to ban asbestos but not the water. Let's ban knives too, they kill people and animals, they are bad for environment too. Plus, big corporations are making billions on selling water and knives. Why don't we ban water and knives, Yetos?

 

[LeBrok]

This reminds of the irony how communist China today is the worlds biggest product exporter while capitalist USA became the biggest importer. Admittedly, China is not truly communist anymore.

Yep, pretty much what is left of their communism is the dictatorship of one political party. I'll give them 5-10 years and they will quit like in Eastern Europe. Once party members become capitalists, and their income from ventures exceeds income from being polit bureau of china, then there is no force to keep them pretending, no reason.

 

[nordicwarrior]

Here's an interesting article that sums up the current American economy--"Outsource Yourself: The Online Way to Delegate Your Chores" by Patricia Marx in the New Yorker. Her article speaks to the joy of having literally hundreds of "taskmasters" (unemployed and under-employed Americans) out bid one another to fetch her cookies and summarize her novel for book club (I'm not making this up).Unfortunately, I don't think Ms. Marx pays healthcare or offers paid vacations for these "errands". But please give her some slack, she has a B.A. from Harvard so her utter disconnectedness from reality can be justified.

 

[nordicwarrior]

By the way, our true unemployment rate is slightly below 25%.

 

[Yetos]

I have a feeling that the "balance of things" didn't register with you, did it?When used in right way DDT and Asbestos are very beneficial, with minimum side effects. Asbestos is bed in loose form, like in insulation, but is harmless when stuck in concrete wall. It makes concrete stronger and less expensive, a good thing.Yes, I'm ok with spraying DDT around my house, if it is done in right quantity. I find mosquitoes and wasps very annoying during short summer here, and the bed bugs are coming back with vengeance in America. We almost eradicated bed bugs in 60s with help of DDT. DDT has power to save millions people just from malaria, not mentioning other parasitic infections by other bugs. It's just need to be used smart.Tell me Yetos, why don't we ban water too. After all water is very dangerous for human health. Water kills about 100,000 people every year only by drowning, pretty much same amount of people as estimated asbestos deaths. And yet you only want to ban asbestos but not the water. Let's ban knives too, they kill people and animals, they are bad for environment too. Plus, big corporations are making billions on selling water and knives. Why don't we ban water and knives, Yetos?

that is the wrong amiantos (asbestos in buildings) is the no 1 in pneumons cancer, it is tottaly forbiden in building technology in my country, yet Greece has big deposits of amiantos so it is very cheap. I do not want to ban asbestos, I simply want the ones who profit from that to restore the health and the houses, damn I can not use underlive paragraphs etc. we don't ban water for the death of people, but we ban industries who polute water,

 

[nordicwarrior]

If Ms. Marx is going to tout the new labor market as hyper-efficient, I'm going to openly declare what it really is... a return to feudalism. On the surface her claim of a brave new job corps almost sounds plausible. However when you factor in the almost complete loss of the U.S. manufacturiing base, you suddenly have a big problem. Our economy now consists of one guy selling sugar-water to the next guy. (Well that and highly re-imbursed visits to the doctor.) Can Starbuck's support an empire? Our old manufacturing product--financial derivatives--isn't going to have many takers.

 

[nordicwarrior]

Yeah I'm bitter.

 

[Yetos]

If Ms. Marx is going to tout the new labor market as hyper-efficient, I'm going to openly declare what it really is... a return to feudalism. On the surface her claim of a brave new job corps almost sounds plausible. However when you factor in the almost complete loss of the U.S. manufacturiing base, you suddenly have a big problem. Our economy now consists of one guy selling sugar-water to the next guy. (Well that and highly re-imbursed visits to the doctor.) Can Starbuck's support an empire? Our old manufacturing product--financial derivatives--isn't going to have many takers.

Good point of view.

we have much more caffe and waitress than farmers and workers.

 

[Yetos]

one video that must make us all reconsider the news we hear on TV.

Where ever IMF went we had cases like Argentine Greece etc with booming the problem instead of help it.
wherever EU Central bank goes we have decdes of solving the problem like Hungary.
Where ever IMF and ECB did not went we see miracles

the video is the vivid truth.

sometimes I wonder if crisis is fixed, and not natural.
the truth is that Iceland still lives in the Free World, away from Bangsters IMF and ECB


for those who do not know or do not understand,
Greece under demands of Troika (IMF+ECB) raise taxes to almost killing limit on selling products, properties and income from 1rst Euro.
the developent stoped, unemployment is about to reach 30% to youth (18-32) from 14%.etc etc.
All these to save 2 'very bad' 3 'bad' Banks 3 'semi bad' and 4 almost 'healthy'

the last Helping dosage from ECB was 9,2 Billion E,
from these 6,8 Billion never reach people, neither will be used for progrees, neither relief state economy just go to save private Banks, from Bad to almost Healthy.
Besides for many decades now no minister went to prison,
I think corruption is synonyme with Banking system.

by leaving Banks to collapse or broke, the disaster lasts less and the damage is little, than to try to save them,
Free world must be a Justice world and not a Banksters dictatorship, where a common citizen must have the same rights with a Bank, and not create 2 kinds of citizenship,

 

[Templar]

Just let the banks fail just like all other businesses which don't succeed. If governments continue treating banks in a privileged manner like spoiled children, people will take matters into their own hands and start destroying/boycotting banks. Best case scenario is if people started creating their own public/state banks. The US state with the lowest unemployment rate (North Dakota) also happens to be the only one with a state-owned public bank. I think everyone should follow their example.

 

[LeBrok]

Just let the banks fail just like all other businesses which don't succeed. If governments continue treating banks in a privileged manner like spoiled children, people will take matters into their own hands and start destroying/boycotting banks. Best case scenario is if people started creating their own public/state banks. The US state with the lowest unemployment rate (North Dakota) also happens to be the only one with a state-owned public bank. I think everyone should follow their example.

They have somewhat different role than ordinary banks. They serve as State Treasurer in tax collection, in inter-banking lending (helping smaller banks), lending to startup businesses in Dakota, lending student loans to help education, help with budget shortfalls of the state. It is more like a state central bank, short of printing their own money.
http://www.motherjones.com/mojo/2009/03/how-nation’s-only-state-owned-bank-became-envy-wall-street

EH: The interesting thing about the bank is we understand that we walk a fine line between competing and partnering with the private sector. We were designed and set up to partner with them and not compete with them. So most of the lending that we do is participatory in nature. It’s originated by a local bank and we come in and participate in the loan and use some of our programs to share risk, buy down the interest rate. We even provide guarantees similar to SBA to encourage certain activity for entrepreneurial startups. Aside from that, we also act as a bankers’ bank or a wholesale bank. So we provide services to banks, whether it’s check clearing, liquidity, or bond accounting safekeeping. There’s probably 20 other bankers' banks across the country. So we act in that capacity as kind of a little mini-fed actually. And so we service 104 banks and provide liquidity to them and clear their checks and also we buy loans from them when they have a need to overline, whether it’s beyond their legal lending limit or they just want to share risk, we’ll do that. We’re a secondary market for residential loans, so we have a portfolio of $500 to $600 million of residential loans that we buy

Here is what the boss thinks about expending and current financial situation:

EH: So much of what is going on right now is a knee-jerk reaction to some things that have happened, where regulations and accounting practices weren’t where they should be. So my advice is everybody take a deep breath and we’re going to get through this and we are going to exit this as a stronger industry than when we went into it, with controls in places that are absolutely necessary, with banks understanding the risks they are taking. For all states to look at North Dakota’s model and say this would be the panacea to all those things, I don’t see that happening.

 

[Yetos]

Just let the banks fail just like all other businesses which don't succeed. If governments continue treating banks in a privileged manner like spoiled children, people will take matters into their own hands and start destroying/boycotting banks. Best case scenario is if people started creating their own public/state banks. The US state with the lowest unemployment rate (North Dakota) also happens to be the only one with a state-owned public bank. I think everyone should follow their example.

it has started already,
all midle class Greeks took back their deposits leaving banks with bubble money and almost non cush,

in 2009 banks were giving 10 and 20 E bill to the redrow of peoples' deposits,
official was 115 million E unoficial more than 260 E million in cush

I think that is why ECB is changing Eurobills,
the ability in cush in EU is reaching bottom,
yet fake Eurobills reach ceiling.

 

[Templar]

They have somewhat different role than ordinary banks. They serve as State Treasurer in tax collection, in inter-banking lending (helping smaller banks), lending to startup businesses in Dakota, lending student loans to help education, help with budget shortfalls of the state. It is more like a state central bank, short of printing their own money.

They are still useful. Their interest rates tend to be lower than that of private banks.

 

[oriental]

Ascent of Money

Professor Niall ferguson:

 

[oriental]

The Creature from Jekyll Island by G. Edward Griffin

The inception of the Federal Reserve System

This video explains how normal banks expand the money supply by 1:10 with bonds from U.S. Government.

The big banks (Wall Street) that own the Federal Reserve System follow the Net Capital Rule (which could change - it was the change to 1:33 ratio by chairman of Goldman Sachs at the time Henry Paulson later US Treasury secretary that brought the 2007 recession) with expansion ratio is 1:17 to get into exploration for resources for oil, minerals mergers and acquisitions. i.e. hedge funds.

 

[oriental]

It is funny that according to Mr. Griffin Socialism, Communism and fascism are all the same:

On further research Mr. Griffin is a Libertarian

http://en.wikipedia.org/wiki/G._Edward_Griffin

 

[oriental]

Fractional reserve banking:

 

[Aberdeen]

It is funny that according to Mr. Griffin Socialism, Communism and fascism are all the same:

On further research Mr. Griffin is a Libertarian

http://en.wikipedia.org/wiki/G._Edward_Griffin

The issue that these lunatics never address is the toxic power of large corporations. Does this fool really think it would be better to be under the direct governance of a handful of billionaires, or does he delude himself into thinking that isn't the purpose of "libertarianism" and the selling of pixie dust to useful idiots like himself?

 

[oriental]

Extremes of both are undesirable. The stock market as shown is quite unstable and collectivism leads to gradual decline or no growth economy. Mr. Griffin might be wrong on the 'isms' but he is right on the money on the Creature from Jekyll Island. Maybe the 'Dr. Jekyll and Mr. Hyde' was actually a warning. Wall Street is two-faced. There is the suave Dr. Jekyll and then there is the hideous Mr. Hyde as shown in the 1929 Stock Market Crash and the 2007 Recession (would have been a crash equal to 1929 if the U.S. Government didn't step in).