Thread: bankers bonuses
21st February 2010 #1
I have just read that RSB(which apparently is 84% owned by us whether we like it or not) dispite making a loss of 5bn,is going to payout 1.3bn in bonuses,i thought the justification was that banks(us) had to pay these huge sums in order to attract and keep the best!!!.
I once heard the floor of the stock exchange described as the "biggest betting shop in the world " How would you guys like to place your wagers under the above terms?.
23rd February 2010 #2
Under those terms I reckon I must be owed a few quid but
I was trying to think of where £1.3bn could be better spent - maybe a few schools or hospitals but really it would be like sticking a plaster on a broken leg, a mere short-term, quick fix that ain't no long-term solution...
The very next thing that came into my inbox - I really must change my subscriptions, most depressing - was a stark reminder, I really don't think it matters where they put it - a drop in the ocean as they say...
'Er, this should come with a warning: DO NOT READ IF YOU'RE IN A GOOD MOOD - SAVE IT TILL YOU'RE DEPRESSED!
Debt Dynamite Dominoes: The Coming Financial Catastrophe
Assessing the Illusion of Recovery
By Andrew Gavin Marshall
Global Research, February 22, 2010
Understanding the Nature of the Global Economic Crisis
The people have been lulled into a false sense of safety under the rouse of a perceived economic recovery. Unfortunately, what the majority of people think does not make it so, especially when the people making the key decisions think and act to the contrary. The sovereign debt crises that have been unfolding in the past couple years and more recently in Greece, are canaries in the coal mine for the rest of Western civilization. The crisis threatens to spread to Spain, Portugal and Ireland; like dominoes, one country after another will collapse into a debt and currency crisis, all the way to America.
In October 2008, the mainstream media and politicians of the Western world were warning of an impending depression if actions were not taken to quickly prevent this. The problem was that this crisis had been a long-time coming, and whats worse, is that the actions governments took did not address any of the core, systemic issues and problems with the global economy; they merely set out to save the banking industry from collapse. To do this, governments around the world implemented massive stimulus and bailout packages, plunging their countries deeper into debt to save the banks from themselves, while charging it to people of the world.
Then an uproar of stock market speculation followed, as money was pumped into the stocks, but not the real economy. This recovery has been nothing but a complete and utter illusion, and within the next two years, the illusion will likely come to a complete collapse.
The governments gave the banks a blank check, charged it to the public, and now its time to pay; through drastic tax increases, social spending cuts, privatization of state industries and services, dismantling of any protective tariffs and trade regulations, and raising interest rates. The effect that this will have is to rapidly accelerate, both in the speed and volume, the unemployment rate, globally. The stock market would crash to record lows, where governments would be forced to freeze them altogether.
When the crisis is over, the middle classes of the western world will have been liquidated of their economic, political and social status. The global economy will have gone through the greatest consolidation of industry and banking in world history leading to a system in which only a few corporations and banks control the global economy and its resources; governments will have lost that right. The people of the western world will be treated by the financial oligarchs as they have treated the global South and in particular, Africa; they will remove our social structures and foundations so that we become entirely subservient to their dominance over the economic and political structures of our society.
This is where we stand today, and is the road on which we travel.
The western world has been plundered into poverty, a process long underway, but with the unfolding of the crisis, will be rapidly accelerated. As our societies collapse in on themselves, the governments will protect the banks and multinationals. When the people go out into the streets, as they invariably do and will, the government will not come to their aid, but will come with police and military forces to crush the protests and oppress the people. The social foundations will collapse with the economy, and the state will clamp down to prevent the people from constructing a new one.
The road to recovery is far from here. When the crisis has come to an end, the world we know will have changed dramatically. No one ever grows up in the world they were born into; everything is always changing. Now is no exception. The only difference is, that we are about to go through the most rapid changes the world has seen thus far.
[& he goes on, that is just the introduction, & on:
If a man will begin with certainties, he shall end in doubts;
but if he be content to begin with doubts, he shall end in certainties.
Francis Bacon (1605)
PS: GS can now be followed on Twitter as @themastarata
23rd February 2010 #3
Wow GS having read your above(and to be fair you did include a warning)i am wishing i had not started the thread.I have never been a great one for buying the conspiracy theories but what you have posted is frighting because it is unfortunately a realistic scenario.
I am always sadden to read of the suffering of the innocent peoples in other countries but my main concern is always for our own country and its people,if in the hierarchy of the banking world there are a minute minority who actually expect and even welcome the unfolding of these events then the results will be horrendous,
I have always felt that on balance British people are tolerant and that is to our credit but see this as a weakness push us to far and we become totally ruthless and should the above try to implement such an occurrence ,then i dont belive even the army or police assuming that they where prepared to would be able to protect those responsible from natural justice.Although of course many innocents will pay a price along the way.
Any way let us hope and yes pray that all of the above remains hypothetical,now i am going back to my form books!.
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