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Financial Alchemy by Ian R Thorpe.
For three decades it was alchemy. Banks and corporations pullede off the equivalent of turning lead to gold by turning liabilities to assets and then using those very dodgy assets to secure loans. It could not last of course, sooner or later someone was bound to work out how the illusion of turning debt to wealth was performed. Find out how here...

Financial Alchemy
by Ian R Thorpe.
2011-01-17
CREATIVE COMMONS: Attribute, non commercial, no derivs.
KEYWORDS: economics, economy, economists, politics, politicians, left, coalition, labour, conservative, banks, bankers, corporate, business, interest, debt, credit, crash, crisis

The phrase "credit crunch" ought to be self-explanatory, "Credit crash" however conjures a yet more graphic illustration of the state of affairs in the global economy. What should concern us given there is a mountain of evidence to back up these phrases is that there is so little political will to understand quite what went wrong in the global markets over the years leading up to an off-the-Richter-scale moneyquake that has since 2008 redefined the state of western society. The democratic world became addicted to the notion that the creation of debt – any old debt, not just, or even, boring, sound investment – was the creation of wealth. While we ordinary punters have gone cold turkey, paying down credit card balances, cutting back on spending, turning down the heating thermostat and wearing an extra sweater, governments are still hooked on spending money they do not have. The Obama administration is leading the world's biggest economy to ruin. The UK's governing coalition is at it with their student loans policy, merrily lending money to individuals, instead of investing it in the institutions that educate them, because in the future – the government hope – the Treasury will get their money back with interest. The problem the government have with student loans for Higher Education is during thirteen years of Labour's mismanagement of everything Higher Education was made into a sacred cow. New Universities were opened left, right and centre and the numbers of places available on degree courses in soft subjects increased exponentially. Thus the UK now has lots of people with degrees in media studies, journalism or drama and dance earning a meagre living as burger flippers and shelf stackers while employers recruit plumbers, electricians, mechanics and carpenters from among recently arrived immigrants. This has little or nothing to do with reducing the deficit now. The institutions get their money all the same, even though the risk being taken in lending it for interest rather than investing it for future boffinry remains with the government. All the institutions have to do is attract lots of students, in a "competitive market", and charge them as much as they can get away with, up to that £9,000 a year. The only difference is instead of going directly to Universities the money goes to the students in the form of a loan. Getting a degree will be like getting a mortgage. Safe as houses. Safe as countries that thought houses were a safe investment, countries such as Ireland, the USA and our own. Ireland, supposedly the beneficiary of a "bail out" by its generous European neighbours, it is actually being allowed to borrow money that it will be expected to pay back with interest sometime. As the Irish government got into trouble because it could not afford to pay the interest on what it had already borrowed, what chance is there of the bail out loans being repaid. So the bail out of Ireland and the one that saved Greece from total economic collapse and the ones currently being arranged for Portugal and Spain are more fine investments for the future. The justification for this profligacy clearly resides in the fact that Irish default would leave European banks exposed to Irish debt to the tune of £650bn, the UK and Germany featuring large in the reckoning. Well worth putting that off until the upswing comes, and the bailed-out banks can be sold again, at a profit. The fabled upswing. The recovery that borrowing for investment (stimulus) was going to produce. Fortunately our government, having learned on assuming power that Britain was just a few weeks away from having the International Monetary Fund step in to prevent the collapse of our economy (as it had done at the end of Labour's two previous periods in government, is doing the opposite, and "reducing the deficit". Though the public spending cuts are causing much wailing and gnashing of teeth among supporters of the spendthrift left who always seem to labour under the misapprehension that when governments run short of money all they have to do is print some more, deficit reduction was unavoidable and urgent. Over and over again people who delude themselves they are intelligent repeat that the deficit was created by the bailing out of the banks. WRONG!. The money spent on bailing out the banks is part of the UK national debt, the money the government owes the people – somewhere around £350tn. The deficit is the gap between what the government is spending each year and what it is earning. This is currently nearly £110bn, money that has to be borrowed at interest each year unless it is made to go away through a mix of cuts and tax increases. The way governments raise this money is by selling bonds. Many people would prefer to shift the emphasis to increasing tax revenues, even though Britain boasts no fewer than 30 million taxpayers, all handing over more than half their income in direct or indirect tax already. Sure, tax avoidance is an issue, but one that is difficult to solve without the unlikely advent of global governance and the abolition of currency in favour of electronic transactions for even the smallest purchases. Think of the implications of that and anyone who lives in the real world will understand why it is not going to happen any time soon. A surprisingly large number of people believe there is a yet more simple solution. Money must be wrung out of the very wealthy, who have multiplied their wealth so much in the last 30 years, in some other way. One suggested solution that showed an infantile failure to understand money was to clamp down on offshore tax havens. Unfortunately offshore tax havens though they are often tiny islands are sovereign nations. Heads of greedy, spendthrift administrations in large powerful states cannot just go sending in troops to tell these tiny sovereign nations (or autonomous provinces in the case of Hong Kong) how to order their affairs. If they did it might turn out that other large powerful nations find it suits them very well to have a tax haven just off their coast. Another way to squeeze the rich that has been suggested is asset taxes. Much of the wealth the left complains 'the evil rich' are not paying tax on is money is tied up in assets – property, pieces of art, antiques, jewellery, classic cars, stocks and shares. It is surprising how little liquid cash rich people have. Now the deluded left might have no difficulty believing that every rich person is sitting in their castle or fortified manor house, musket across their knees, pistols at their side and the hilt of a duelling sabre in their hand, waiting to repel the Revenue Men in tricorn hats who could burst in at any moment to seize the sack of gold doubloons on which all rich people habitually sit of an evening. It is not so of course, though the left love to talk of fairness but cannot see how it is unfair to tax the notional value of assets that have been bought with money on which tax has already ben paid, assets that are not earning income and may just as easily depreciate in value as appreciate. Could governments relieve the wealthy of these assets, confiscate them to be sold so their cash value can be realised? Just think that through. The first few, or few hundred sequestrations might raise moderately good sums but once it was seen the market was glutted with expensive houses, fancy cars, antiques etc. there would be few sales and revenue from those would be far below expectations. Many of these assets, like the houses people saw soar in "value", in the bubble economy would turn out to be of less value once they were on the market in quantity. That's bubbles for you.So 'squeezing the rich' So how do we finance restarting the stricken economies of the west. All the chatter on the left about shutting down the tax havens, squeezing the rich and borrowing to invest is big talk, but sounds rather silly coming as it does from small, envious people. In his book Beyond the Crash, former Prime Minister Gordon Brown talks of the economic crisis becoming visible when the dancing stopped. The dancing hasn't stopped yet, though it has settled into more of a They Shoot Horses, Don't They? shuffle. There is plenty more "deleveraging" to be done in the big consumer economies, and the wealthy will be, as ever, last in the queue for pain. So how do we start to tackle the problems which in fact are getting bigger rather than smaller. It would help if people, particularly leaders would be a bit more political and less ideological. For 30 years, government in many western nations (the UK in particular) has fled from infrastructural investment, waiting patiently for the market to provide. But the market has not provided a decent transport infrastructure, for example. Now investment in our railways will be provided by the poor sods having to pay exorbitant prices to commute on the dirty, unreliable local trains that shuttle workers to and from the cities each day. About the only reason so many people use trains to get to and from work is the urban and arterial roads are gridlocked. For the future we should be aiming to make commuting a cheap and pleasant experience so people currently using their cars. Whatever one's position on climate change, oil is not going to get any cheaper as competition for supplies from the huge populations of India, China, Indonesia, South East Asia and the rest of the developing world increases so an infrastructure investment in useable public transport would benefit society in generally by making life less stressful and the business community by increasing productivity (contented workers work harder and take less time off for sickness.) In education, after three decades of waiting around for the promised market solutions, there will now be more waiting for more market solutions. Labour's plans for state funded schools to be run as businesses, competing to attract pupils in the way universities have to compete to attract students crashed and burned before it go off the ground. The Coalition's academies programme, like Labour's, is about rewarding ideologically compliant with more money. Thus under the Coalition's education regime targets and statistics would still count for more than the actual quality of the product being delivered. Coaching to test will continue take precedence over educating for life. Labour were always quick to remind us investment in education has been increasing for years. Recently the Programme for International Student Assessment revealed that Britain has slipped from fourth in science, seventh in reading and eighth in maths in 2000, to 15th in science, 25th in reading and 28th in maths. Britain is "stagnating" while other countries are improving. Surely Estonia is not spending more on education than Britain is? The left's naive belief that the more money spent on the education system the better the education is undermined by complaints from employers hiring school leavers and recently from University administrators that school leavers with excellent paper qualifications are in need of remedial education in basic numeracy, reading and writing. Where will money for all this much needed investment be found? Ireland, Portugal, Greece? Student loan recovery? The sale of banks whose assets consist of overpriced homes and the mortgage payments they can wring from their deeply indebted owner-tenants, as long as they can stave off a price collapse. The economies of the west have run for decades on a kind of alchemy, not turning lead into gold but turning liabilities into assets. The culprits are not the general population who were encouraged to abandon prudence and caution in favour of being part of a global economy based on perpetual growth in a world of finite resources through the inifinite inflation of asset values, not with the banks because they were handed an opportunity by the economic alchemists, but government, big, centralising governments. It was madness, hubris. And as always hubris, contempt of the gods, leads to the most spectacular crash. Ask Icarus if you do not believe me. RELATED POSTS:

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When the unelected bureaucrats of the European Union Commission decided, without consulting member states, to comply with the wishes of the warmongering rent - boy in The White House and impose sanctions on Russia, after Vladimir Putin ordered the annexation of Crimea (to prevent the US backed neo - fascist government in Kiev carrying out a genocide of ethnic Russians in Crimea,) the idiotic goons were as usual duped into doing Washington's dirty work.

What Did Donald Trump Say To Earn a Liberal Lynch Mob On His Case
Over in the good ol’ US of A the ‘progressive liberals’ as that failed state’s authoritarian reactionaries like to label themselves, are getting their knickers in a right old twist about alleged ‘racist’ remarks made by the presumptive Republican presidential candidate Donald Trump who said something unforgivable about a Hispanic US federal judge. So what exactly was it he said about this bean – bandit judge that led intellectuals and academics to call for his murder?

Adolf Hitler, His Part In Our Downfall

.pdf dowload
A thirty five thousand word book on the authoroitarian, undemocratic, bureaucratic dictatorship that is the European Union. Following the outburst of left wing hate politics following Boris Johnson's reminder that the EU has its roots in Hitler's Naziism, which as any intelligent person is aware is both true and very well documented. My blog colleagues and I decided to assemble this collection of our articles (with some long extracts quoted from public domain and creative commons sources) to help people misled by the REMAIN campaign into thinking the arguments are solely economic.

US Senators Attack Attorney General Loretta Lynch For Sanctioning With Hunt On Climate Change
Lawyers for Exxon Mobile went to court in Texas last month seeking to block a subpoena issued earlier this year by the attorney general of the U.S. Virgin Islands, which, alleging that the oil and petroleum giant is deceiving the public about the effects of climate change, demanded the company open its records to Department of Justice lawyers. Exxon responded by claiming that the subpoena is an unwarranted phishing expedition into Exxon's confidential records and as such violates its constitutional rights;

b>US Missile Shield; Loved Up Obama And Cameron Laugh As Putin Warns Poland, Romania Now In The "Cross Hairs"
No surprise then that during a joint press conference with Alex Tsipras in Greece, Putin warned Romania and Poland they could find themselves in the sights of Russian rockets because they are hosting elements of a U.S. missile shield that Moscow considers a threat to its security. Under the malign influence of Washington and Brussels these country's leaders have now exposed their people to the threat they most feared.

UK Conservative Politician Says Referendum Is An Establishment Stitch Up
Britain will be unable to stop Turkey from becoming a member of the European Union (EU), the Minister of State for the Armed Forces, Penny Morduant, has said. Predicting that up to a million Turkish people could come to the UK unless Britain votes to leave the EU in June, declared that the EU referendum is an “establishment stitch-up”.

EU Vows To Use Powers To Block All Elected ‘Far Right’ Politicians From Power
... populist social conservatives are regularly topping the polls across the Europe, but have been victims of EU orchestrated stitch ups to keep them out of power and ddeny the democratic will, in France, Sweden, Holland, and now Austria – and anti-migrant populists are already in power in Hungary, Poland, and the Czech Republic. Mr. Junker’s definition of “far right” is somewhat broad, noted by him previously describing Hungary’s conservative president, Viktor Orbán, as a "fascist".

As Conservative Candidate Moves ahead In Austria, Left Wing Lie Machine Goes Into Overdrive
In spite of blatantly biased reporting from The BBC, while print and commercial broadcast media virtually ignore the story, a result from the presidential election in Austria looks set to send shockwaves through Europe. The candidate referred to by the BBC as 'extreme right wing' looks to be heading for victory. Firstly, the candidate in question, Norbert Hofer, is not extreme, he is ...

Latest From Project Fear On Brexit Is Complete Bollocks
George Osborne and David Cameron warn more than a thousand jobs will be lost every day if Britain votes for Brexit. It’s just another lie, there is not one valid reason for Britain to stay in the embryonic Nazi empire that the European Union is set to become. The EU destroys jobs by making hiring workers difficult and expensive because of minimum wage and maximum working hours rules, because EU free trade policies make it too easy to offshore jobs ...

De-Petrodollar-ization Esclates - China Imports Record Amount Of Russian Oil In April
We have telling the world for years (and a few thousand of you each day are listening now) that Russia and China have been gradulally executing a plan to replace the the US dollar as global reserve currency. The US of course,as ever too arrogant to care because Americasn exceptionalism, has continued to boost the Russia -China alliance by provoking both with its ill - considered meddling in regional politics and destabilisation of sovereign states. Recall that ...

Germany Involved in NATO War Games Near Russian Border
More than 5,000 soldiers from Germany, Estonia, USA, Netherlands, Great Britain, Lithuania and Latvia are currently engaged in the NATO war games, according to DWN,. Operation "Spring Storm" is taking place 30 kilometers away from the Russian border and will go on until May 20.

Can this woman possibly be a fit and proper person to serve as President Of The USA
While US mainstream media have been obsessing over transgender rights and whether chicks-with-dicks should be allowed to use the same toilet facilities as women and little girls, the American democratic process has been dragged further into the mud (if that was possible) and the candidacy of Hillary Clinton look to be in greater jeopardy than ever despite her having almost certainly won the primaries campaign by a big enough majority of delegate to secure the nomination ...

Hollande Survives Confidence Vote As France Slides Deeper Into Chaos French President Francois Hollande suvived a 'no - confidence' vote today but now faces deepening divisions within his own party as well as in the French population. Continuing mass protests by students and trade union members showed the battle of over his reforms to the country's labour laws are far from finished. Hollande has hardened opposition to his reforms after bypassing the French parliament to push them through.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong, in fact even the most cursory examination of history will show that Russia has seldom been an aggressor.

American GM Wheat Losing Out To Russian Organic Wheat In World Markets We've been trying to get the truth out on GM crops, loved by American corporate business, rent-a-quote scientists and politicians for several years. The massed ranks of big money and big politics are still ranged against us but it seems that one again we the New Media are winning. The more the 'experts', professors and politicians tell us genetically modified crops are good, the mor suspicious we become.

Former Equalities Chief Says ‘Superdiverse’ UK Will ‘Burn’
Unusually for a left wing figure and to his great credit, Mr. Phillips was admittting he had been wrong to argue in favour of mass immigration from theocratic Muslim nations, expressing his disgust at the racism, anti – semitism and wave of violent and sex crimes, and observing that he doubted Muslims can ever integrate into western society because of the difference in the mindset.

After Yugoslavia NATO changed from a mutual defence alliance to an organisation for military aggression.
After the break up of the Soviet Union, a point in history when many in the west mistakenly thought Russia had ceased to be a major power and the USA unilaterally declared victory in the cold war, people around the world looked forward to an era of peace and prosperity. They could not have been more wrong ...

European Parliament President Says ‘Vast Majority Of Europeans Do Not Want Borders’
The Europhile German Social Democratic Party (SPD) politician stated that if the populist, anti-mass migration Norbert Hofer becomes president "this will change Europe’s character". Last month Hofer came top in the first round of the Austrian elections, and in two weeks voters will go to the polls for the second round, to choose between the right wing FPO figure and his Green rival Alexander Van der Bellen as the nation’s next head of state.

Armed Forces Minister: Obama ‘Woefully Ignorant’ of Threat EU Membership Poses
Referring to a statement Mr Obama made in the Telegraph on Friday in which he said: “The European Union doesn’t moderate British influence – it magnifies it,” she responded: “Unfortunately this opinion betrays a woeful ignorance of the practical reality of the EU’s impact on our security, and the interests of the U.K. and the US.”

Wall Street 'Whistleblower' Exposes Clinton Foundation Fraud

The woman is a phoney, a self interested, self aggrandizing elitist with a sense of entitlement the size of a galaxy. Whatever Hillary does, and whatever minority group the claims she is acting in the interests of, you can bet the main beneficiaries are Hillary Clinton, her family and her cronies.
No surprise then that a whistleblower has exposed Hillary's charity, 'The Clinton Foundation as a fraud.

De Dollarisation Accelerates As Russia Prepares To Launch Ruble-Priced Oil Trading Platform Russia is ready to take the next step towards killing the petro-dollar and dumping the US$ as global reserve currency, a move we reported last year. Vladimir Putin's ruble-based pricing of its domestically-produced oil is on the verge of realization. SPIMEX (The St. Petersburg International Mercantile Exchange) is actively courting international oil traders to join its emerging futures market ...

Google Now Has Access To Millions Of Patient's Health Records


A controversial deal between tech giant Google and the National Health Service (NHS) will allow artificial intelligence units access to 1.6 million confidential medical records. Since 2014, Google has partnered with several scientists in an attempt to understand human health, but a new report reveals the data gathering goes far beyond what was originally anticipated - well now there's a surprise.

How Facebook, Instagram, Google, and Twitter Use Censorship to Kill Free Speech
A new study by Onlinecensorship.org — a collaborative effort between the Electronic Frontier Foundation (EFF) and Visualizing Impact reveals that social media sites and search engine operators have been collaborating closely with government agencies to control the type of content we may see online. Most readers will know of people who have been kicked off the social networking site for designated periods of time for ‘violating community standards' ...

EU Commission Backs Turkey Visa-Free Travel Amid Terrorist Cautions
As if the EU does not have enough problems of its own, the Bureaucrats of Brussels seem determined to take on the middle's east's perpetual violent chaos by granting Turkey the right of visa - free movement throughout the Schengen zone for its 70million citizens and tens of thousands of jihadists

German Justice Minister Runs From Stage As Angry Audience Members Yell "TRAITOR!"
The peoples' pushback against European federalisation and genocide of Europe's white working classes by flooding nation states with third world immigrants continues to gather pace as, with the onset of warmer weather, the flow of illegal immigrants into Europe starts to increase towards last year's levels.

TTIP document leak - A preview of the corporate fascism treaty from War On Want
The Trans Atlantic Trade and Investment Partnership (TTIP) was teetering on the brink of failure before Greenpeace Netherlands obtained a massive swathe of leaked documents that prove the treaty is, as many people feared, a corporate power grab rather than a free trade arrangement. This exposure will not stop the fascist regimes of the European Union and the United States trying to push it through against massive public opposition. The ruling elites have only contempt for democracy and the people

The ‘Colossal Unmentionable’ of the Climate Fraud
An incisive analysis from The Wall Street Journal that shows who and what will benefit from the great climate change scam (clue, it will not be the climateor the environment and it will certainly not be people like you and me.)

US-Created System In Iraq Is Collapsing: Protesters Storm Parliament
Less than two years ago, the US set up a puppet government in the mid-east state of Iraq when, following US pressure, on August 14, 2014 then prime minister al-Maliki agreed to stepped down and be replaced with Haider al-Abadi. Today, the regime is in chaos and the system set up by the US is collapsing. Yesterday protesters loyal to popular Shiite cleric Muqtada al-Sadr broke through a security cordon into the Green Zone, home to government buildings

So Long, Schengen: Six EU States to Resurrect National Borders in Mid-May

The governments of six European state have announced they will reinstate border controls as the immigration crisis starts to gather momentum once more with the onset of warmer weather. The authorities of Germany, France, Austria, Belgium, Denmark and Sweden are in favor of extending the temporary border controls within the European Union, which are due to expire in May, in the framework of the Schengen Borders Code rules, German media reported Saturday.

Obama Admin Denies Saying “No Boots on the Ground” in Syria After Saying It 16 Times This is our second report today that catches Barack Obama and his administration of 'homies' in a blatant lie. The first related to the TTIP trade treaty, this one concerns the decision to deploy American ground troops in Syria, after Obama had repeatedly stated there would never be any US soldiers on the ground in Syria

The Oligarchy Is Tottering - Trump Tramples The Neocons' "False Song Of Globalism"
Donald Trump scares the global establishment as do the anti Federalisation parties in the EU. We take a long and detailed look at why, and exactly what the globalist agenda would have meant for freedom and democracy had people not wonken up and opposed it in vast numbers. Kudos to the Islamic Jihad too, medievalist religious nuts they may be, but they resisted American attempt to impose western consumer culture on them.

The Pretensions Of Pop Culture And The Death Of Intellect

... It’s part of a distressing pattern these days of overwrought commentary about popular culture. As well as Beyoncé thinkpieces there are the Stars Wars thinkpieces, of course, and the Lana Del Rey thinkpieces or, God help us, even Kanye West thinkpieces. Don’t get me started on the fact that “thinkpiece” is now treated as if it were a single word...

FBI Drops Hints They Are Ready to INDICT Hillary Clinton
Sources close to the FBI investigation into Democratic Party presidential candidate Hillary Clinton's offences relating to national security when she was Secretary of State say the Feds are ready to indict the frontrunner in the nomination process on charges relating to classified information.

Europe Rejects Obama Doctrine - US Exceptionalism Is Not Acceptable
With a backlash against his efforts to bully Britons into voting to remain in the EU pushing the leave campaign into a narrow lead in opinion polls Obama's vistit to Europe last week could hardly be described as a success. And now he has been told a foreign policy based on 'American Exceptionalism' is not acceptable and the USA must abide by the same international law as the rest of the world

Illegal Immigrants, Bogus Refugees and Jihadist Asylum Seekers - Europes Self Engineered Crisis For a UK based libertarian site dedicated to promoting the traditional values of personal and national liberty, freedom of speech and thought and democratic rule accoring to the will of the majority, the social and economic disaster that is the consequence of the European Union's 'borderless world' project is a big news topic that will run for years. Here are the Greeneeth team's posts on Europe's Immigrant Crisis and The Islamification Of Europe

US Threat to Businesses Scares EU Members As Summit On Continued Sanctions Nears
Although the US and EU economic santions on Russia in retaliation for Moscow's annexation of Crimea to prevent a genocide of the ethnic Russian majority by the neo Nazi government installed in Kiev after a US engineered coup deposed the elected government, weaker European nations are spooked at the possibility of US retaliation if they do not obey Washington's diktat

Weather Channel Founder Slams Global Warming Fraud
The climate change lobby have been on the back foot for a long time as eminent scientists queued to be next to point out that when real world observations repeatedly contradict data produced by mathematical models run on university computer systems, any credible research team would take a long critical look at their models rather than adjusting the empirical data so it gives the required answer.

Lifelong Feminist Carmen Paglia Slams Hypocrite Hillary Clinton And Her 'Liberal' Supporters
As strong evidence emerges that the New York Democratic Primary election between Hillary Clinton and Bernie Sanders was rigged by the Democratic Party Nominations Committee in favour of their preferred candidate Clinton, America's hectoring on other nations on democracy are making it a laughing stock around the world.

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