Saturday, 8 October 2011

Mister King, what took you so long?

A mere three years later seems our professed intelligent leaders finally understand what they might be up to, just three years after Lehmann and well 20 years into what is an unregulated bonanza of Globalism run into the ground by Mr. Neo and Mrs. Lib! What we all are up to, they still have no clue! Some examples?

So the Governor believes in more debts will quantitatively ease the banksters problems, well done Mr. King! Just picking out one sentence ...

In addition to countries like ourselves, like the United States, like some countries in Europe we need to re-balance our economy; we need to slow the amount of domestic spending and boost our trade position to see our exports be the source of growth so that we are relying less on borrowing from abroad than we have been.

This tastes like a 50 year old soda. Apart from the strange construction of the sentence where an introduction like in addition to... ourselves... we need to ... obviously sees him badly prepared and/or terribly nervous the rest is pure rubbish; wishfull thinking, daydreaming in a world that has definitely moved much faster than Mr. King's enlightenment will ever keep up with. His is closely followed by Mr. Osborne's...

... the bank of England has made an independent judgement, [>QE 2] is... a response to the deterioration in the international economy and it is also a response to the severe strains in the Eurozone... will keep interest rates down, it will help boost demand, and that will be a help for British families..."

The most peculiar sentence of Mr. Osborne you will hear is "...the British Government has earned credibility with plans to deal with Government debts...". Media, journalists, bloggers, wake up?

Yesterday, the theguardian explained QE, Quantitative Easing:

QE involves electronically creating money, which the Bank uses to buy assets – mainly government bonds, known as gilts – from investors in financial markets. That pushes down long-term interest rates – a bonus for the economy – and gives the banks more money to lend out. The Bank doesn't actually print banknotes, it just credits investors' accounts. Its governor, Mervyn King, hates the phrase "quantitative easing" and prefers to call it credit easing.

Well, give me a break! QE 1 in 2009 was limited to £200 billion with hardly a penny of that reaching Mr. Osborne's families. If it did anything it retarded the race into depression by a fraction which now three years later a ludicrous 1/3 of QE 1 won't, rather can't do!

Here is a totally different judgement:

Much closer to reality, to the truth, to what we are up to and how banks and banksters are interconnected. The really frightening fact - as you hear - is: we do not even have a plan!

But back to the Governor whose mainstream sauce got me started on this subject again; how can one get away with talking pure nonsense and at the same time being three years, more likely 20 years late?
What kind of miraculous ingredients will he and his friends have to come up with when cuts into domestic spending, among others severe cuts into education, teaching, training, health and general infrastructure shall boost a trading position that is long gone anyway? Gone to China and it is China that invests in education big style!

Export: something all the countries in debt spirals are fancying, they all pray for the export miracle to happen: but in an unsound parallel it is regarded a clever free-market must and a share-holder-value's boost to export all those jobs that are regarded as cheap, dirty, stupid and/or not lucrative enough. So who was it that now makes all the toys, PCs, shoes, T-shirts, phones, stereos, suits, all the china, many cars, soon more trains and airplanes and then all and anything? The answer is China!!

Export: that is why they all take part in the race for a weak currency. Obama would love to see a strong Euro, so downgrading anything in Europe is based on his and his mates' hope this might get the Europeans sorted and the Dollar finally down. And it's China again...piggybacked on the greenback while spending its mountains of  green paper on buying itself into all kinds of resources, from land to energy and beyond.

He who laughs last laughs best; he will definitely be a king.

And mainstream takes it all!

Carpe diem!


From Daniel Hannan's telegraph comment:


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