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Financial Madness
by Ian R Thorpe.

Was the credit crunch as the media called it really caused by the geed and incometence of the banks and the inabiliy of us ordinary punters to manage our affairs. Or was it all due to the financial madness of politicians who engineered a a system that depended on infinite growh in a world of finite resources.

Financial Madness
by Ian R Thorpe.
2011-02-24
CREATIVE COMMONS: Attribute, non commercial, no derivs.
KEYWORDS: credit, money, finance, credit crunch, global, markets, world, wealth, educate, education, investment, interest, university, defict, houses, property, borrowing, spending, government, taxes, tax, assets

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 that led 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 coalition is still at it with student loans, merrily lending money to individuals, instead of investing it in the institutions that educate them, because in the future they hope they'll get it 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. Like a lot of 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. He's the guy who ignored warnings, flew too near the sun, crashed and burned.

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February 2020

U.N. Chief Guterres Wants To Redistribute Power & Wealth and Fight ‘Gender Inequality’http://www.greenteethmm.com/equality-women-united-nations.shtml
That The United Nations Organisation has ambitions to become a world government is well known, this site and many others have reported it's moves and agendas for years. Now it seems the U.N. has become part of thatcabal of supra - national bureaucracies and, to borrow a line from a Paul Simon song, loose affiliations of millionaires and billionaires such as The Bilderberg Group and the World Economic Forum. Their latest move to impose cultural uniformity on the world however, is only going to lose them credibility

Physicists accidentally stumble upon mind-blowing new material
American physicists believe that they have discovered a strange state of matter entirely new to science. uSch unintentional breakthroughs never seem to happen anymore. Western university-industrial complexes are burdened with paperwork, and huge resources are devoted to ethical and health and safety requirements. These modern innovations have their benefits, of course, but they do have a major downside ...

Via TruePublica.org, 26 February, 2010

Google (corporate motto: don't be Evil, that's our job,)is planning a move that will force ir's British its British users to agree that their accounts be moved out of the regulatory jurisdiction of European Union privacy regulators, instead placing them under US jurisdiction instead, the company confirmed on 19 February. The move is intended to prevent the UK government from acting to protect UK internet users' data after the nation separates from the EU at the end of 2020.

A deadly sickness is sweeping across Ethiopia – and no one knows how or why it came to be

For most of this month the news has been full of the coronavirus outbreak in China, and the possibility this will turn into a pandemic like the Spanish flu' outbreak in 1919 which killed millions of people worldwide. First we need to allay freas spread by scaremongering propaganda aimed at diverting public scrutiny for several very unpleasant and undemocratic agendas currently being implemented by the ruling elites ...

VW Audi Suspends Electric Vehicle Production Due To Battery Shortage
Today in “news that affects all electric vehicle manufacturers”, Audi has announced that it has suspended production of its e-Tron electric SUV effective February 20 and won’t resume untilfurther notice. The suspension has been a resolve of “resolving production issues”, which are mainly attributed to bottlenecks in battery supply, according to Business Insider.

Worst polluting coal and wood fires banned in fight to cut emissions
Domestic coal and certain types of wood are to be banned from sale from next year in a bid to cut air pollution, ministers will announce on Friday.

Macron Vows to Fight ‘Islamist Separatism’ with New Reforms

French President Emmanuel Macron has declared his government will fight against “Islamist separatism” with reforms including ending residency for foreign imams.


Switzerland’s environmental agency announces national moratorium on 5G
This blog has warned about the health risks of 5G wireless technology before, almost from the moment it was announced people who understand this technology (and two out of the three of us do,) have been saying that while there is always a risk from electro – magnetic radiation, with earlier technologis it was easily manageable if a loittle common sense was deployed. The exponentially higher intensity of 5G frequencies however, takes the health risks to humans to a whole different level.

Criminal damage in Cambridge reveals the police soft peddaling on Extinction Rebellion crimes Nobody is allowed to walk on the grass outside Trinity College Cambridge. I suppose an exception might be made if you were a 365-year-old don who once lolled under the famous apple tree with Sir Isaac Newton (probably a couple of those old fellows still holed up in the port cellar).

Otherwise, set one foot on that sacred turf and you will soon find yourself experiencing the full force of Newtonian gravity; rugby-tackled to the ground by a puce-faced porter in a bowler hat.

Germany's ruling party split over how to respond to AfD
Germany's Christian Democrat party (CDU) is as deeply divided as Britain's Labour Party over how to respond to the upsurge of nationalism. Facing a serious challenge from the nationalist (but not far right please, they are not that,) Alternative for Germany party (AFD) the CDU seems pitifully unprepared for departure of the Chancellor Merkel at a point when Germany its facing most serious political and economic crisis for decades.

Afer EU Engineered Hiatus Italy Heading For New Elections?
Matteo Salvini's Lega are by far the most popular political party in Italy and have been for some time, only a stitch up engineered by the Brussels bureaucracy has kept them out of power. But Brussels determination to prevent any Eurosceptic party becoming part of a governing coalition in any member state reveals the true, authoritarian nature of the European Union.

Sweden dystopia omnibusSwedish Communist Party: The Left Has Abandoned the Working Class For Migrants & LGBT issues
Are the left getting it at last? Is the message sinking in that the grass roots movements have been infiltrated and hijacked by middle class intellectuals. Are they starting to realise that the obsession with identity politics has supplanted income inequality, housing availability, jobs and the cost of living ... ?

Is the World Health Organization involved in biological warfare research?
Dr. Francis Boyle, a professor of international law, talked in a recent interview with about the Wuhan coronavirus now sweeping through the far east, laboratory in Wuhan, China, where the genetically modified virus appears to have originated, and the World Health Organization’s (WHO) clandestine involvement in biological warfare research ...Continue reading

13-year-old fights school policy allowing ‘trans girls’ into girls’ changing room February 7, 2020 (Paul Smeaton, LifeSiteNews) – A 13-year-old UK girl is taking her local council to court after it issued guidance that would allow boys who identify as “transgender girls” to access girls’ bathrooms, changing rooms, and dormitory rooms on student trips.
The guidance was issued last year as part of the Oxfordshire County Council’s “Trans Inclusion Toolkit for School 2019” project.

RACIST BRITAIN: ‘Black Studies’ Professor Says British Empire Was Worse Than Nazi GermanyBritain’s first professor of “Black Studies”, (yes you can get a Mickey Mouse degree from Toytown University in Black Studies,) who is aquiring quite a reputation for uttering ‘hate speech’ against Britain and white people in general, has now opined the British Empire did “far more harm” than Hitler’s Germany, and branded “whiteness” a “... Continue reading”.

Big Pharma billionaire charged with conspiracy and bribery of doctors
Not long ago it would have been inconceivable that one day a Big Pharma company founder and owner would be arrested for running a criminal drug cartel, but that is exactly what happened a few days ago. “Federal authorities arrested the billionaire founder and owner of Insys Therapeutics Thursday on charges of bribing doctors and pain clinics into prescribing the company’s fentanyl product to their patients ...

Coronavirus Contains “HIV Insertions”: Claim Stokes Fears Over Genetically Modified BioweaponFor the past two weeks mainstream media reporting of the epidemic of a new strain of coronavirus in China has been getting more and more hysterical. However, reports have pushed back against one "conspiracy theory" about the origins of the virus that has now infected as many as 70,000+ people in the central China city of Wuhan alone (depending on whom you believe).

Corona Virus: Should We Worry
The official data coming out of China and from other sources including the World Health Organisation (WHO) on the spread of the Wuhan coronavirus continues to suggest an exponential growth rate. With more and more infectious disease experts are now openly calling the virus a full-blown global pandemic, many people are asking should we in the west be worried and how bad might things get?

The Islamic Republic Of France
France’s left-wing elite are accused of cowardice for failing to support 16-year-old girl facing death threats after she insulted Islam online, the ruling class have been also accused of cowardice for failing to support a 16-year-old girl who has faced death threats after she allegedly insulted Islam online.

Clinton Kill List To Determine Who Will Be US 2020 Presidential Candidate?
And then, in accordance with Murphy’s law, which states just when you think things can’t get any worse, they do, Hillary Clinton has emerged, having found what she obviously thinks is a sure – fire route to the presidency, to offer her services as vice presidential candidate to whoever wins the nomination. And just to show how far The Democrats are removed from reality, many leading figures in the party and the left leaning media think it’s a good idea.

January 2020

Coronavirus Contains “HIV Insertions”: Claim Stokes Fears Over Genetically Modified Bioweapon
The theory that China obtained the coronavirus via a Canadian research program, and started molding it into a bioweapon at the Institute of Virology in Wuhan before it somehow escaped could be an attempt by the establishment (the Davosocracy,) to spread fear and panic as they see resurgent nationalism across the developed world and growing scepticism about

Italy most likely member to quit the EU and demand independence after Brexit -shock poll 23:01 (11 pm) 31 January, the United Kingdom is no longer part of the European Union.

Throughout the day, the last on which the UK will be a member of the European Union, more than 7,000 people took part in an online, and completely meaningless except as a gesture, poll which asked which nation they thought would be next to leave the 27 member bloc ...

US Democratic Party Orders Google To Spread Globalist Propaganda
The U.S. House of Representatives Select Committee on the Climate Crisis has demanded, in a letter to Google CEO Sudar Pichai that the Internet Search giant demonetize climate skeptics, and provide 'education' to millions of people who have been exposed to “dangerous misinformation”. Key actions demanded of Google by The Democrats are:

Time is NOT real: Physicists show EVERYTHING happens at the same time

The concept of time is simply an illusion made up of human memories, everything that has ever been and ever will be is happening RIGHT NOW. That is the theory according to a group of esteemed physicists who aim to solve one of the universe’s mysteries.
Most people do not even consider the concept of time but there is nothing in the laws of physics to state that it should move in the forward direction that we know. The laws of physics are symmetric ultimately meaning that time could have easily moved in a backward direction as it does forward. Indeed some adherents to the ‘big crunch’ theory say time WILL run backwards when the universe stops expanding and starts contracting back in on itself.

The BBC is panicking at the public’s rejection of its arrogant Left-liberal worldview
This is nearly over – this weird disconnect between what most of us understand as reality and the world as seen through the eyes of an all pervasive Authority that was apparently appointed (although we never knew by whom) to establish the limits of public discourse. The crisis of confidence at the BBC – and make no mistake, it is a full blown, all alarm bells ringing, catastrophic crisis ...

The grooming gang cover-up is Britain’s real racism scandal

Forget pathetic 'Princess Pushy' Megan Markle petulantly playing the race card when she found life in the goldfish bowl occupied by Britain's Royal Family was not to her liking, the grooming gang cover up is Britain's racist scandal - and it is far worse than the trivialities that get American libtards screaming about "White Privilege ..."

John McCain’s Widow Comments on Jeffrey Epstein’s Sex Trafficking ChargesJohn McCain’s Widow Comments on Jeffrey Epstein’s Sex Trafficking Charges


Speaking at a human trafficking event in Florida, McCain revealed that her family was quite familiar with Epstein’s wrongdoings as one girl from her daughter’s high school was actually among the financier’s underage victims, then suddenly acknowledging that she “knew” about his crimes.
More posts:

French Intellectual Jailed for Calling Mass Immigration an “Invasion”
French intellectual Renaud Camus (above) has been conditionally sentenced to 2 months imprisonment for arguing that mass immigration in Europe represents an “invasion.” Summit.news reports: The writer, who is the author of Le Grand Remplacement (The Great Replacement), was charged with “public incitement to hate or violence on the basis of origin, ethnicity, nationality, race or religion.”

“Hard” Of Hearing? PornHub Being Sued By Deaf Man For Lack Of Subtitles
We read today that sex supermaket site PornHub is being sued by Yaroslav Suris, who has filed a lawsuit claiming that its lack of PornHub’s lack of subtitles for the hard of hearing is discriminatory. Suris’ bone of contention is that the website violates his rights under the Americans With Disabilities Act, according to showbiz gossip site TMZ, which broke the story ...

Quitaly Back On As Salvini Prepares To Take On The EU
While the bureaucraps of Brussels were still congratuating themselves on forcing Matteo Salvini’s Lega party out of Italy’s governernment, mainstream media barely bothered to cover the news that Lega won the state elections in Umbria towards the end of October 2019. Thus the story that should have had Europhiles like Emmanuel Macron and Guy Verhofshit crapping themselves was barely noticed.

Police Failed To Act Against Muslim Grooming Gang Due To Fears Over "Community Tensions" A new report based on the evidence of former Grester Manchester Police Detective Constable Maggie Oliver acknowledges that the force failed to stop dozens of girls being groomed and sexually exploited by a network of Pakistani men despite being fully aware of what was happening due to fears over creating “community tensions.” The report notes that the instruction to avoid prosecuting came "right from the top ..."

Asian grooming gang given free pass to rape; police officers told ‘find other ethnicities’ to investigate – detective.
A report published today, authored by child protection specialist Malcolm Newsam CBE and former senior police officer Gary Ridgway, comes following the reopening of an investigation into the death of 15-year-old Victoria Agoglia, who – after years of abuse and days after she was injected with heroin by a 50-year-old man – died in hospital of an overdose in 2003.

Greta Thunberg Slams Australia for Coal Industry, Expands List of Climate Demands
Little Greta Thunberg, who was elected by nobody apparently now speaks for us all on matters relating to climate change. The Swedish climate change hustler who is making a fortune for her handlers from donations to her campaign, again castigated Australia for continuing to mine and export coal despite her previous complaints, adding a call for an end worldwide to the actibity to her list of climate demands to be delivered at the upcoming World Economic Forum in Davos ...

Macron Digs In Against The General Strike, But Could It Finish Him?
As the French braces itself for the latest wave of protests and strikes across the country, as attitudes harden against President Emmanuel Macron's pension and retirement system reforms. Karel Vereycken, vice-president of France's Solidarity and Progress Party, has given his version what's behind the recent wave of strikes and why Macron's efforts to calm the situation down are backfiring.