2010 horoscope for UK: capital flight, sovereign debt crisis

Posted on December 1, 2009 by stacyherbert| 55 Comments

Stacy Summary: @Mike/Liverpool – - I think you should start writing to Morgan Stanley now and asking about that Thing of Beauty!

Share this page via FacebookShare this page via Twitter
Buy Gold Online
This entry was posted in Headlines and tagged , , , . Bookmark the permalink.

55 Responses to 2010 horoscope for UK: capital flight, sovereign debt crisis

  3. Hawkeye | December 1, 2009 at 2:45 am |

    Excellent expose of the Fed’s ignorance of debt:

    http://www.debtdeflation.com/blogs/2009/12/01/debtwatch-no-41-december-2009-4-years-of-calling-the-gfc/

    “It’s the debt, stupid!”

  4. Mother Earth | December 1, 2009 at 2:54 am |

    Maybe knowing about gold really is rocket science :-)

  5. Bonn | December 1, 2009 at 3:00 am |

    I’d hate to be Iran now that’s the only route out left ,me thinks :-( Dont these CIA and Intelligence idiots have a brain dont they relize they are pawns ????

  6. harry koschorreck | December 1, 2009 at 3:02 am |

    very many of the countries share our exact dilemma at the same time!
    The other commonolity is Central banks.
    Strictly coincidence of course, otherwise it would be called a ..conspiracy!

  8. Fibon11235 | December 1, 2009 at 3:17 am |

    @Hawkeye some cuts and pasts that captured my eye, very good article by Steve Keen.

    The second decade of the 21st century promises to be a dramatic one, politically and economically.requiring the breaking of the hegemony of neoclassical economics over economic thinking, but I doubt that the academic profession, or economists in Central Banks and Treasuries, are up to the task of changing their spots

    As Michael Hudson argues, a simple dynamic is now being played out: debts that cannot be repaid, won’t be repaid. The only thing we have to do is work out how that should happen

    There are actually two ways to reduce your debt burden–by paying it down yourself, or by letting inflation do it for you.

    occur.http://www.debtdeflation.com/blogs/2009/12/01/debtwatch-no-41-december-2009-4-years-of-calling-the-gfc/

  9. stacyherbert | December 1, 2009 at 3:19 am |

    @Hawkeye – Steve Keen is guest on next week’s episode of the Keiser Report; (Matt Taibbi is on this week’s episode)

  10. Phil | December 1, 2009 at 3:21 am |

    @Hawkeye … Excellent expose of the Fed’s ignorance of debt:

    Thanks … excellent read .

  11. TJ | December 1, 2009 at 3:24 am |

    Lucky me! I’m buying 2k euros today for a trip to Madrid, ugh.

  12. Phil | December 1, 2009 at 3:32 am |

    @Stacy … great choice for the show
    @Hawkeye .. Steve Keen’s article

    The report was excellent … and although I’d like to cut/paste all of it here, I think the last paragraph is right on the nail :

    …
    There is nothing more dangerous than a bad theory

    The simple reason is: because they are neoclassical economists. You don’t get to be a Central Banker without a degree in economics, and the school of thought that dominates economics today is known as neoclassical economics. Though a lot of what it says appears to be superficially intelligent, almost all of it is intellectual drivel, as I outlined in my book Debunking Economics (which summarised a century of profound critiques of this theory which its practitioners have studiously ignored).

    Since critiques by economists and mathematicians of this theory have literally filled books, I won’t try to go into all of them here. Just three key neoclassical myths suffice to explain why they do not understand the dynamics of our credit driven society. They believe that:

    (1) The nominal money supply doesn’t affect real economic output;

    (2) The private sector is rational while the government sector is not; and

    (3) That they can model the economy as if it is in equilibrium.

    The first myth means that they ignore money and debt in their mathematical models: most neoclassical models are in “real” terms and completely omit both money and debt. So since debt doesn’t even turn up in their models, they are unaware of its influence (even though their statistical units do a very good job of recording the actual level of debt).

    The second myth means that they are quite willing to obsess about government debt, but they implicitly believe that private debt has been incurred for sensible reasons so that it can’t cause any problems.

    The third myth means that they ignore evidence that indicates that the economy is very far removed from equilibrium, and they misunderstand the effect of crucial variables in the disequilibrium environment in which we actually live.

    I can give two instances of how this has affected attempts to get Central Bankers to realise that the debt to GDP ratio matters: Ben Bernanke’s discussion of Irving Fisher’s “Debt Deflation Theory of Great Depressions”, and a discussion I had with a Assistant Governor of Australia’s Reserve Bank on the topic.
    …
    …
    http://www.debtdeflation.com/blogs/2009/12/01/debtwatch-no-41-december-2009-4-years-of-calling-the-gfc/

  13. Supergeek | December 1, 2009 at 3:34 am |

    @maxkeiser.com
    All I’m saying (again) is, all that fuss all them months of ‘Bring Max Keiser To Your Town’… and then what… SILENCE…did Max decide he’s too busy for London… I mean I don’t expect Max to go on for 6 to 8 hours… you know like a david ick trip… but come on it was y’all’s idea in the first place… and I assumed we were still gonna have to pay to bask in Max’s golden glory… so what is it, is Max is to good for our £’s… back then they were better £’s than they are now… damn.. how much money did Max want…. anyway it’ wasn’t all about money… was it??????

  14. gonzomarx | December 1, 2009 at 3:42 am |

    great choice for the show this week.

    World Trade Organization Risks Financial ‘China Syndrome’
    Greg Palast on the WTO meeting in Geneva and Western plans to stop cheap green tech in 3rd world counties
    http://tinyurl.com/yds8d2r

    Fancy a laugh? meet “The FP Top 100 Global Thinkers”
    http://tinyurl.com/yjyjv7e

  15. Dan | December 1, 2009 at 3:58 am |

    Do you know what the government does? do ya!

    it goes to its computer and creates a guilt, bond, treasury, whatever it types in to its computer whatever sum it requires with the “promise” <keyword of the Tax payer to pay it back without going into too much detail it then essential has this bought off it via the fractional reserve system, but new ceedit can only be created when theres a promise behind it, otherwise its called quantiaive easing.

    Now this is what should happen!!

    The government goes to its computer it rights up some debt with the promise of the Tax payer to pay it back "IT" creates the credit "IT" needs why? because the people are the only source or real wealth and the government is the people so it always has this ability. This new credit is interest free its impossible for sovereign governments to be in debt because there should be nothing for them to be in debt too because they are the end of the line.

    If you look at the whole world the vast majority of it is in debt right? why? it must be in debt to another planet I assume? Mars maybe? If not then I can only assume that someone or a group of people have devised a scheme where by the create an infinite amount of somthing that they can proceed to loan out as long as there is a demand and promise to pay back and thus put all the individuals, business and governments of the world in debt to it when the whole time they could of created their own credit debt free.

    And thats it in a nutshell the government can create the money is need to pay its expenses debt free because it has tax payers to pay it back interest free, namely it can act as its own bank.

    Instead the owners of the fractional reserve system are like the drug dealer and the government is like a crackwhore selling everything is has for its next fix of credit.

  16. gonzomarx | December 1, 2009 at 3:59 am |

    Goldman Staff Packing Pistols to Defend Against Peasants
    http://tinyurl.com/yk89hqb

    What does GS fear? the peasants are to fat and dumb to know GS should be a target. They’ll just shoot up a workplace, cops or a politician.

  17. Phil | December 1, 2009 at 4:04 am |

    @Dan .. well said.

    i.e. as I have always said : The Govt. and Bankster are really a crime syndicate. Of course, they blind everyone with Keynsian science-fiction to legitimize the fraud.

  18. Supergeek | December 1, 2009 at 4:12 am |

    @phil
    No they are just part of the ‘crime sydicate’ the foot soldiers… Hey read your last comment… I think you may have even provided a clue for yourself!!!

  19. Max Power | December 1, 2009 at 4:23 am |

    The US faces an equally large scale Sovereign Debt Default Risk as the UK does — and these coupled crises will completely wind down both the US and UK empires (well fragments of empire).

    I am totally shocked that large numbers of US states are not heading into default as a matter of course.

  20. gonzomarx | December 1, 2009 at 4:25 am |

    If your in the US
    Ben Bernanke’s confirmation hearing before the Senate Banking Committee for his reappointment as Fed chairman is scheduled for this Thursday.
    Please sign http://StopBailoutBen.com/

  21. Dan | December 1, 2009 at 4:34 am |

    Did anyone ever read the protocls of Zion, Remeber reading that thing when I was Kid, Hoax or not whoever write it knew a thing or two about what was going on, its at least 100 years old now but still.

    This has got to me favourite paragraph from it.

    36. How clear is the undeveloped power of thought of the purely brute brains of the GOYIM, as expressed in the fact that they have been borrowing from us with payment of interest without ever thinking that all the same these very moneys plus an addition for payment of interest must be got by them from their own State pockets in order to settle up with us. What could have been simpler than to take the money they wanted from their own people?

    http://www.aztlan.net/protocols.htm#protocol20

  22. Phil | December 1, 2009 at 4:35 am |

    CIA pulls SWIFT one to get peak at your bank records
    European Union governments have given in to the pressure and appear set to make a last-minute agreement with the United States to allow its intelligence agencies to monitor bank accounts and transactions across the bloc.

    Actually, the EU has been clandestinely allowing US intelligence agencies to have access to these financial records since 2001, allegedly to fight terrorism.

    However, EU citizens were outraged when this invasion of privacy was revealed in 2006.

    Now, however, interior ministers and security officials of the 27-member bloc are going to meet on November 30 to make a decision on legally allowing the United States to have access to bank data across the EU.

    According to Spiegel Online, the EU interior ministers gradually succumbed to the “massive” pressure exerted by US Secretary of State Hillary Clinton and US ambassadors in Europe, who pressed governments like door-to-door salespeople.
    …
    …
    http://www.presstv.ir/detail.aspx?id=112476&sectionid=351020605

    SEC official aided in Ponzi scheme, agency’s watchdog finds

    Employee received full benefits and buyout despite rules violations

    Washington Post Staff Writer
    Tuesday, December 1, 2009

    A Securities and Exchange Commission official received full retirement benefits and a $25,000 buyout package from the agency despite assisting a Ponzi scheme operator in Arizona who later was fined for defrauding investors, according to a new report by the agency’s watchdog.

    The report by the SEC’s inspector general says there was no evidence to suggest that the employee in the SEC’s Office of Administrative Services knew she was abetting a fraud. But the report claims that the employee, who wasn’t named, violated agency rules by allegedly using government equipment and her government e-mail account to help an outsider carry out his private-investment business.
    …
    …
    http://www.washingtonpost.com/wp-dyn/content/article/2009/11/30/AR2009113003972.html

  23. Max Power | December 1, 2009 at 4:36 am |

    That web feature about bringing MK to your metropolitan centre must have originated with the adult biz for strippers, blokes going from burg to burg knocking birds up — and birds wanting to be shagged by lots of blokes…

    I found the whole website concept strange — what ever happened to automated petitions with geographical counters?

    That said, with 2 x Radio and 2 x TV per week output — I don’t see any time window being available save for teleconferencing.

    =========
    How times have changed
    =========
    1980s : US transmits 3.2 mw of directed SW broadcasts into E Europe
    2010s : US sitcoms dubbed in CZ and RU are commonplace on YouTube

    Somehow in there the US Empire has beyond totally collapsed…

  24. Mike2liverpool | December 1, 2009 at 4:40 am |

    I want it!
    I need it!

    SOON??????
    Mike

  25. dan valley | December 1, 2009 at 4:48 am |

    Mike / liverpool sounds like a crackwhore…

    I want it!
    I need it!

    SOON??????
    Mike

  26. Supergeek | December 1, 2009 at 4:51 am |

    @GM
    yeah… but the trouble with all that shooting people for other people… bollox, is that it’s more about being on the winning side than being ‘RIGHT’… the worst thing you can discover when all the shooting and the lynching starts is there are more of them, than there are of you… just a thought!!!

  27. dan valley | December 1, 2009 at 4:52 am |

    14. Larry Summers

    for being the brains behind Obama’s economic policy.
    HAHAHAHA

  28. dan valley | December 1, 2009 at 4:53 am |

    13. Dick Cheney

    for his full-throated defense of American power.

    2min of silence please

  29. dan valley | December 1, 2009 at 5:02 am |

    6. Bill Clinton

    for redefining philanthropy in the modern era.

    philanthropy…you mean adultery

  30. Supergeek | December 1, 2009 at 5:04 am |

    @dan valley
    at least a crackhoe… has enuff command of the english language to hook people like mick/#2 in and take their money… when, when, when… aint a great sales pitch even for a whore…also they provide some kind of a service at least … where as mick is just a ‘knob’ man!!!

  31. dan valley | December 1, 2009 at 5:07 am |

    2. Barack Obama

    for reimagining America’s role in the world.

    or more appropriately reimagining marxism

  32. dan valley | December 1, 2009 at 5:08 am |

    1. Ben Bernanke

    for staving off a new Great Depression.

    ahhhh douche-nozzle ….nuff said

  33. dan valley | December 1, 2009 at 5:09 am |

    @SG…I dont know Sax and Macy seem to find his input valuable.

  34. dan valley | December 1, 2009 at 5:11 am |

    9. Zhou Xiaochuan

    for reminding the world that we can’t take the dollar for granted.

    dollar or china for granted?

  35. dan valley | December 1, 2009 at 5:14 am |

    17. Benedict XVI

    for showing that even the supposedly infallible can change.

    ….honorable mention…..?

  36. dan valley | December 1, 2009 at 5:15 am |

    19. Malcolm Gladwell

    for rethinking how we think about thinkers.

    ummmmm….wait a min Im thinking…Im thinking…ahhhhh lost it.

  37. dan valley | December 1, 2009 at 5:19 am |

    38. George Soros

    for showing us that billionaires can be thinkers, too.

    thinkers….more like sociopaths

  38. dan valley | December 1, 2009 at 5:21 am |

    55. Henry Kissinger

    for a half-century ruling the U.S. foreign-policy community.

    for half a century of vaudville style deadpan laughs

  39. dan valley | December 1, 2009 at 5:24 am |

    56. Niall Ferguson

    for his intelligent, incessant questioning of dogma.

    for letting eveyone know how much smarter harvard educated a$$holes are…like Larry Summers…need I say more?

  40. Supergeek | December 1, 2009 at 5:27 am |

    @dan
    I am really enjoying this… not in the least bit scared… honest… I really like a good rant.. express yourself… Dan… while it’s still legal and before it’s too late!!!

  41. dan valley | December 1, 2009 at 5:29 am |

    74. Gordon Brown

    for his leadership during the financial crisis.

    and his big brown bottom

  42. dan valley | December 1, 2009 at 5:32 am |

    WHAT!!!!!!

    Al Gore Didnt make the list…………Ill bet hes curled-up in the corner of the shower holding himself rocking back and forth telling himself it was an incovienient oversite.

  43. dan valley | December 1, 2009 at 5:34 am |

    ok all done :)

  45. frances snoot | December 1, 2009 at 5:45 am |

    9. Zhou Xiaochuan

    for reminding the world that we can’t take the dollar for granted.

    @DanValley:
    I can’t understand why all and sundry rely on rumours circulating the blogosphere or msm regarding China and the dollar when Zhou had written that essay which explicitly details China’s thrust for the sdr:

    http://www.bis.org/review/r090402c.pdf

    The central bank deals have been in compliance with Zhou’s vision: this is the impetus behind the ‘gold’ sales.

    It is almost as though there is a ‘conspiracy’ to ignore the obvious.
    And the power to obfuscate is derived from a multiplicity of ridiculous stories masquerading as news: like the Fisk rumour of a gold-inclusion or backing ot the gulf regional currency.

    Men want to believe what men want to believe irregardless of events.

    Even here, the ‘let’s glean the truth’ site, the obvious is chastised and relegated to a tea-room somewhere where it is called “mysdrs” or “gossip lady chat”.

    Quite pathetic if you ask me.

  46. frances snoot | December 1, 2009 at 5:49 am |

    “dollar or china for granted?”

    No, not really here, Dan. What people do is ignore the entire G20 political structure with the finance ministers sitting as governors on the IMF board voting for their bank and the BIS currency cartel: in sync.

    China is not operating independently of the G20. The Chinese are delighted that Obama ignores their human rights violations and encourages the castration of Afghanistan through the UN security council.

  47. Dedo | December 1, 2009 at 5:50 am |

    @Frances,…..So,..what do you think about the persistent ignorance of sdr’s on this site, just thought I’d ask! ; )

  48. dan valley | December 1, 2009 at 5:50 am |

    Hey frank….what are you rambling on about…..my comment was one of jest involving this list……

    The FP Top 100 Global Thinkers
    http://www.foreignpolicy.com/articles/2009/11/30/the_fp_top_100_global_thinkers?page=full

  49. Dedo | December 1, 2009 at 5:53 am |

    @Frances,…I don’t know why you seem to get irrate,..
    http://www.youtube.com/watch?v=kwmk4n6vLlk

  50. frances snoot | December 1, 2009 at 6:06 am |

    @Dedo:
    I’m like a bee buzzing around the site telling them to eat the honey, but like men they think gold equals storable wealth and have not read the old stories of gold/wars/famine/decay/death and prefer to write new stories based on valor, exploits, balls, and brawn. Sdrs? That’s not HAPPENING, Dedo! It is not spoken of, not thought about, and only considered if one is ‘within the fence’ so to say.

    I listened daily to Patriot News Hour for a year, because they had a good commentary. Last night the broadcaster said, ‘lies,lies, all lies’ and ‘sovereign wealth fund’. But unfortunately not in the same sentence: cue words for pool.

    And it’s not just Americans who are obsessed with currency. Good Lordy, I’ve noticed a bit of an obsession about currency here as well and about gain.

    Bloody stupid scapegoating the only hide to cover one’s ass through the long winter. Send it out of the camp, and you might not get another one.

  51. frances snoot | December 1, 2009 at 6:07 am |

    @DanValley:
    Frank’s a rambling kind of man.

  52. dan valley | December 1, 2009 at 6:10 am |

    @ snoots….ahh as you see and know all during your buzzing around then you know that my view on gold is one of an easy way to double ones cash to then turn around and grab-up some all ready selected farm land on the cheap and hunker down for the apocalypse.

  53. frances snoot | December 1, 2009 at 6:11 am |

    @Dedo:
    Just call me Mrs. Carter. go on. I dare you.

  54. frances snoot | December 1, 2009 at 6:13 am |

    @DanValley:
    Goodonya, Dan! Hope it works for ya! That’s a good story of valor alright, and me buzzing about ain’t a makin honey nor hay.

    sorry I dabbled in your listy….some things to tempt one

  55. doomandbloom | December 1, 2009 at 9:30 am |

    GOLD !! GOLD !! GOLD!!