The Stock market roared up today on the back of the Fed reducing the costs of dollar swaps to European banks thus ensuring they could access the dollar funding they need. The Fed could do this as they control the US currency and Bernanke can act as he sees fit. In the Eurozone the EU crats continue to squabble, no one is in charge and no one really owns the bastard currency. Whilst this persists there will be no lasting solution to the Eurozone's problems.
I did a Q&A session today for www.the-eu-nit.com website. It was pretty wide ranging and I tried to explain a number of the Eurozone money problems in everyday language. This interview should appear on the web site in due course.
Meanwhile our day of action has come and gone. I have lost out on my pension by the change from RPI indexation, which is what I agreed to, to CPI indexation which was introduced as the governments preferred inflation measure by Gordon Brown for short term political expediency. Like his sale of our gold and his robbery of private sector pension funds in 1997 it was a very bad decision for the UK but it was politically easy. Says it all about our politicos. The more they talk about tough decisions you know they mean the easy politically expedient decisions. Similarly hard working families means benefit claimants who don't work and have no intention of ever working.
The difference between what the Con Lib coalition is doing and what Labour proposed doing is tiny compared with the huge problems facing our country.They choose to fight over this square metre of mud to avoid talking about the real issues. Its the same approach they use to avoid talking about the dire effect the EU has on our country. This has to be put on the agenda very soon or we will face huge civil unrest as people lose their remaining confidence in our devalued democracy.
2 comments:
They choose to fight over this square metre of mud to avoid talking about the real issues.
Well put. :)
(It looks more like a square yard to me, but what do I know.)
Um. Where's this money coming from? Trees? Thin air? Santa Claus? This is just more of the same; ramped up another level. Tell me - what is the NEXT level up?
"There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved" - Ludwig von Mises, Human Action
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