I'm of the opinion that the worst never happens to humanity, it merely gets bad. Economy down the shitter? Yeah, but it isn't going to fall apart completely, reducing us to a bartering system. Humans recover, humans survive. Call it hopeful and naive, but I reckon it's true for most things. Without wanting to de-rail the topic, Global Warming? Problem that needs to be addressed, but the entire planet isn't going to burn up. War? Well that sucks, but the world isn't going to be reduced to molten slag.
Trader tells BBC Economic collapse is a certainty, Goldman rules the world
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Oh no we didn't, if the Euro goes under we are so screwed. Who do you think most of our trade is with?Daystar Clarion said:
P.S.
commune secrry <- strangely appropriate captcha...me thinks it's learning...run for the hills people.
I never said we would be in a better position.x EvilErmine x said:
but definately a better position than if we joined the Euro.
I am very, very glad Norway vote no to the EU back in '94.
Either way, once Germany has had enough Greece, Ireland and some others are pretty much screwed.
Now for something completely different:
Sweden, Denmark and Iceland.
Kjære broderfolk.
I disse usikre tider, la oss danne en union.
En Skandinavisk union (selv om Island ikke er et skandinavisk land).
Tenk på det.
Either way, once Germany has had enough Greece, Ireland and some others are pretty much screwed.
Now for something completely different:
Sweden, Denmark and Iceland.
Kjære broderfolk.
I disse usikre tider, la oss danne en union.
En Skandinavisk union (selv om Island ikke er et skandinavisk land).
Tenk på det.
Yeah but it's like we dodged a bullet only to land in front of train speeding toward us.Daystar Clarion said:
Hmm i wonder how far we can push this metaphor?
D
Side note: there is some controversy over whether this guy is actually a legit trader or a hoaxer, I believe.
However, he's right, and I agree with
I don't know when the final bubble will burst - we in the West seem to be in a financial bubble inside at least 10 others at the moment given that the deadline of the US Debt Crisis ended up changing nothing - but let's just say it won't be pretty when it does.
However, he's right, and I agree with
that the main problem, the problem that causes people in the entertainment industry to earn millions while screwing us over and paying no tax is that humans were not designed to live in the billions. It gives the people on top an excuse to pay what they want rather than what they deserve.Cowabungaa said:
I don't know when the final bubble will burst - we in the West seem to be in a financial bubble inside at least 10 others at the moment given that the deadline of the US Debt Crisis ended up changing nothing - but let's just say it won't be pretty when it does.
I don't hate this guy. Know why?
Because he's telling us the blunt truth instead of a load of bullshit about how we'll never have to face the consequences of our own actions (anyone know someone who turned down the unsafe investments from banks, or didn't benefit from the boom?).
Because he's telling us the blunt truth instead of a load of bullshit about how we'll never have to face the consequences of our own actions (anyone know someone who turned down the unsafe investments from banks, or didn't benefit from the boom?).
Basic research people please.
http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html
Apparently not a trader. Nor someone with any extensive financial experience. In fact he is a failed hobby trader that works as some kind of a professional speaker.
Must say I am impressed he got interviewed on the BBC like that.
That being said it is true that human suffering is ignored in the pursuit of profits. Trading is a useless drain on society. Incredibly intelligent people are wasted in that business. Hopefully soon we can have a some financial reform.
http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.html
Apparently not a trader. Nor someone with any extensive financial experience. In fact he is a failed hobby trader that works as some kind of a professional speaker.
Must say I am impressed he got interviewed on the BBC like that.
That being said it is true that human suffering is ignored in the pursuit of profits. Trading is a useless drain on society. Incredibly intelligent people are wasted in that business. Hopefully soon we can have a some financial reform.
thaluikhain said:
Key part highlighted.
Anyway, I'm equally unqualified as this guy to talk about it, so I'm not gonna make a ridiculous comment.
And that is why I hate the EU. It was originally meant to be nothing more than a trading agreement between member states, then they decided to try and get all the political power as well and try to turn Europe into a democratic/bureaucratic equivalent of an empire. If I was in power I'd take us straight out of the EU completely. Switzerland does okay with the agreements it has with the EU and yet they're not members, we in the UK can do the same, especially when we have the advantage of US support and ties to prop us up when it comes to trading treaties.
Thank God we didn't join the Euro, for that matter. That's making the whole mess worse because the EU member states don't have the advantage of exchange rates to help boost their economies. That's why the EU is floundering, because countries like Germany are struggling and Greece are all but bankrupt, and it's dragging every member state down with them. Without the Euro, and without the EU, the link wouldn't be there and the problem would be nowhere near as bad as it is, in fact, maybe we'd be seeing a small recovery in the economy right now in Europe.
I know Black Wednesday was pretty bad at the time, but I can't help but think that the day in 1992 has saved the British economy. A blessing in disguise, since it's the main thing that stopped us from joining the Euro currency, almost twenty years ago, in the first place.
Oh, and you know who the UK government were at the time? The bloody Tories. Yeah. (LIB DEM TILL I DIE!)
Thank God we didn't join the Euro, for that matter. That's making the whole mess worse because the EU member states don't have the advantage of exchange rates to help boost their economies. That's why the EU is floundering, because countries like Germany are struggling and Greece are all but bankrupt, and it's dragging every member state down with them. Without the Euro, and without the EU, the link wouldn't be there and the problem would be nowhere near as bad as it is, in fact, maybe we'd be seeing a small recovery in the economy right now in Europe.
I know Black Wednesday was pretty bad at the time, but I can't help but think that the day in 1992 has saved the British economy. A blessing in disguise, since it's the main thing that stopped us from joining the Euro currency, almost twenty years ago, in the first place.
Oh, and you know who the UK government were at the time? The bloody Tories. Yeah. (LIB DEM TILL I DIE!)
May I direct your attention to NAFTA, while we're on the topic? The UK was actually invited to join this years ago but we refused, siding with the EU, if I recall correctly. Basically, it stands for the 'North American Free Trade Agreement' - a trade bloc between Canada, Mexico, and the USA. They have two factors - a trading bloc (the biggest in the world, and thus one of the best ones we could join in economic terms), and a defense agreement, which we already have anyway with them through NATO. The EU, on the other hand, shares these and countless other factors, including the single currency and effectively trying to link the economies of every country in the group - thus meaning if one country falls, everyone else does, like a house of cards. NAFTA, on the other hand, is much less controlling and beaurocratic. The USA is close to bankruptcy now, but have you heard the same from Mexico or Canada? They're nowhere near as bad as the USA. While in the EU, Greece is literally threatening to bring down the EU altogether, economically speaking, because we all have to pay money to keep them afloat, money we can't afford, while NAFTA has none of that. I know who I'd choose to trade more with if I was the PM or the Chancellor...x EvilErmine x said:Yeah but it's like we dodged a bullet only to land in front of train speeding toward us.Daystar Clarion said:
Hmm i wonder how far we can push this metaphor?
Eurosceptics were called many things for simply disagreeing with the Euro.
Right from the start, I knew this would happen. The Eurozone has too many wildly different economies for it to simply work without problems. This continent's full of slackers, not pulling their weight.
Colour me unsurprised that it's falling flat on its face. And, even though us in Britain are being unjustly fucked over because of it, I actually find it quite amusing, watching the unelected that are attempting to run our country (no, not Cameron and Clegg, although they do fall into the 'unelected' slot quite nicely!)desperately trying to plug the holes.
I'd say I hate to say 'I told you so' to all the pro-euros, but I don't hate to say it. Let everyone go back to their original currencies and have their own balanced economies. Forget this rapidly failing experiment.
I'm bored of living in a country that's fast becoming nothing more than Europes 'magic porrige pot' of funding.
Right from the start, I knew this would happen. The Eurozone has too many wildly different economies for it to simply work without problems. This continent's full of slackers, not pulling their weight.
Colour me unsurprised that it's falling flat on its face. And, even though us in Britain are being unjustly fucked over because of it, I actually find it quite amusing, watching the unelected that are attempting to run our country (no, not Cameron and Clegg, although they do fall into the 'unelected' slot quite nicely!)desperately trying to plug the holes.
I'd say I hate to say 'I told you so' to all the pro-euros, but I don't hate to say it. Let everyone go back to their original currencies and have their own balanced economies. Forget this rapidly failing experiment.
I'm bored of living in a country that's fast becoming nothing more than Europes 'magic porrige pot' of funding.
Speaking as someone who has studied Economy at a top 50 university (world ranked), has a degree in the field of Economics, and is working towards his next one, let me tell you that the prime goal most economists seem to have, is to make Economy seem like something which is so hard to understand and thoroughly complex, that no layman should ever attempt to unravel its mysteries. Truth of the matter is, however, that Economy on a macro scale for a country (or the world) is no more esoteric than that of a household. What is saved has to equal what is spent in a traditional money-based economy.Slackboy2007 said:
Now I do not personally advocate money based Economics, as it is part of an old paradigm in the field. Intelligent resource management is where we hopefully will end up some day, but until then we'll have to make do with the current system.
What can you do in the face of what will be an inevitable collapse? I'd advice you to invest all your savings into something tangible which is a valuable resources. Buy precious metals (Gold, Silver, etc.), but make sure you have the actual metals, and not just claims on paper. Land is good as well. The best investment you can make for yourself though, is being self-sustaining, because when you're not able to buy food at a grocery store, what then?
If you'd like to get a great primer in Economics, and where we're headed, you could check out the Crash course in Economics [http://www.chrismartenson.com/crashcourse]. It's a free set of videos laying out in simple terms what the state of the world is, and where we're headed, as well as explaining some useful fundamentals in Economy.
uh bored.
My uni has big pointless flatscreen TVs up on the wall in almost every building, they all constantly show BBC news 24
for over three years now they?ve been telling me the economy is GOING to collapse, the economy HAS collapsed, the economy HAS collapsed but in a collapsier way than originally thought, the economy is going to collapse AGAIN in a "double dip" recession(tasty...? No).
Am I supposed to be digging a fallout shelter in my back garden and stocking up on canned food or something?
Exactly how many times can "the" economy collapse before everyone totally stops giving a shit?
isn?t the economy just a complex system of terrified rich twatsickles allowing their fear over their own investment status to determine exactly how poor and fucked all the poor and fucked people are?
financial institutions supposedly employ fuckloads of mathematicians, statisticians and economists but it seems to make no bloody difference, they either blankfacedly ignore advice from these people, do the exact opposite of everything they suggest OR the whole system is a fundamentally chaotic unpredictable load of bollocks.
Its like throwing all your money on a roulette wheel, the only exception being when you inevitably loose someone else gets to foot the fucking bill, someone who wasn?t playing roulette, or was in the casino, or understands the concept of gambling.
My uni has big pointless flatscreen TVs up on the wall in almost every building, they all constantly show BBC news 24
for over three years now they?ve been telling me the economy is GOING to collapse, the economy HAS collapsed, the economy HAS collapsed but in a collapsier way than originally thought, the economy is going to collapse AGAIN in a "double dip" recession(tasty...? No).
Am I supposed to be digging a fallout shelter in my back garden and stocking up on canned food or something?
Exactly how many times can "the" economy collapse before everyone totally stops giving a shit?
isn?t the economy just a complex system of terrified rich twatsickles allowing their fear over their own investment status to determine exactly how poor and fucked all the poor and fucked people are?
financial institutions supposedly employ fuckloads of mathematicians, statisticians and economists but it seems to make no bloody difference, they either blankfacedly ignore advice from these people, do the exact opposite of everything they suggest OR the whole system is a fundamentally chaotic unpredictable load of bollocks.
Its like throwing all your money on a roulette wheel, the only exception being when you inevitably loose someone else gets to foot the fucking bill, someone who wasn?t playing roulette, or was in the casino, or understands the concept of gambling.
... you have severely over simplified a lot of things there.Daystar Clarion said:
Its more to do with proportionate wealth per regions of the sovereign territory they belong to and the autonomy or lack of it of local bodies.
If Europe were unified by a sole Government then it would still be pretty fucked if the current economic climates existed in their respective regions.
Local problems would still affect local regions and if there was a federal system and States still had some taxing and spending powers... Greece, Ireland... still fucked.
The largest problem in Greece was first... only stupid people paid taxes. To pay taxes was actually seen to be a weakness socially. They are now paying lots of taxes. Secondly the typical economy when in trouble lowers the value of their currency in order to sell a higher quantity of their exports abroad and in their circumstance bring in tourism with cheaper prices. This would bring themselves out of recession. They can't as there is a sole currency.
You have Gordon Brown to thank for us not having a unified currency. There were 2 main factions in the government at the time; The Blairites and the Brownites. There were more supporters for Blair than Brown but only just. Gordon refused to go into the euro and all the Brownites were ready to vote against it. With the help of the Conservative party they could easily block it in the commons. So they came to a compromise. The United Kingdom would join the Euro! Once 6 impossible economic factors were reached xD Brown effectively shelved the issue.
Oh! We're still economically tied to the hip with Europe, doing 60% of our trade with them, and weirdly America exporting 60% of all their Goods to the European Area.
The Euro crashes and... America crash. Hell even China may be at risk...
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It is actually nice to hear someone tell the truth... however blunt, nasty or brutal that truth be... its still the truth... a fleeting thing to hear...
@Slackboy2007
Depends where you're from mate. If you live in the UK, the best thing you can do if you really are worried and unsure is this:
Find a bank which is regulated by the FSA (financial services authority) which isn't difficult, most of the banks on the high street are, and it really is a case of going on the website and looking at savings accounts, or going into a branch and asking.
Put your savings upto a value of £80,000 (think its about that much) into that account, if you are blessed enough to have more savings, FIND ANOTHER BANK and do the same again, rinse repeat etc.
The FSA guarantees to protect your savings, upto a set value at regulated institutions should they go under. The value they set is per institution, not per individual which is why you need to spread your money out.
As for the rest of the world, i'm not sure, i think the FSA in the UK will guarantee your savings even if you live abroad so longs it is in a regulated bank but how you would set that up i honestly dont know as i have never done it.
Hope this helps
Depends where you're from mate. If you live in the UK, the best thing you can do if you really are worried and unsure is this:
Find a bank which is regulated by the FSA (financial services authority) which isn't difficult, most of the banks on the high street are, and it really is a case of going on the website and looking at savings accounts, or going into a branch and asking.
Put your savings upto a value of £80,000 (think its about that much) into that account, if you are blessed enough to have more savings, FIND ANOTHER BANK and do the same again, rinse repeat etc.
The FSA guarantees to protect your savings, upto a set value at regulated institutions should they go under. The value they set is per institution, not per individual which is why you need to spread your money out.
As for the rest of the world, i'm not sure, i think the FSA in the UK will guarantee your savings even if you live abroad so longs it is in a regulated bank but how you would set that up i honestly dont know as i have never done it.
Hope this helps
http://www.telegraph.co.uk/finance/economics/8792829/BBC-financial-expert-Alessio-Rastani-Im-an-attention-seeker-not-a-trader.htmlHero in a half shell said:
http://www.finextra.com/News/Fullstory.aspx?newsitemid=23005
He ain't a trader, he's a public speaker and he don't even own his house. He took the interview for fun, although they say many a true word spoken in jest...