-
Posts
-
I can’t imagine this not being sorted out, but if anyone has savings it’s time to quietly think of how to safeguard them, as on October 17 the financial system will face a real danger of collapse..
US banks are putting large amounts of cash in their machines to soften a massive run on their banks after 17 October, when the US debt ceiling is reached – right-wing nutters in the US Congress are refusing to lift that ceiling unless Obamacare is delayed – and the effect on banks throughout the world will be pretty immediate..
People are starting to get seriously worried – Robert Peston of the BBC has already said this could be very scary, like 2008, and the IMF Director has warned of a major world catastrophe.
As the causes of this are so political I can’t imagine it not being ended – just expect things to bet a bit scary, as that may be the only way they have of putting pressure on the nutters to end the crisis.
My hope is that this story will end quickly, if not rather delightfully. It had better end that way!
I agree, but what is the answer? We need to build a proper economy, much more locally-based, with businesses supplying things of value. And more sustainable of course.
I don’t see that as any realistic answer at all…it’s a common daydream among very serious people, though, but daydreaming never put any bread on anyone’s table.
I’m actually quite concerned about how to safeguard savings if the banking system should collapse. I’ve never lived through something like that and I don’t wish to. The Americans did briefly in 1933 and the stories are quite scary. The BBC ran a drama a little while back about a cyber attack on a near-future Britain which gets close to what might happen in a couple of weeks time, with looting, riots (Gordon brown was talking of using the army on th streets back in 2008 before they resolved the crisis), ‘nice’ people reduced to killing someone for a packet of cereal to feed their kid. Was realistic., and I don’t like the idea.
Still, time to really worry if the crisis hasn’t been resolved by this time next week?
Anyone got any realistic ideas of how to safeguard small savings in a world banking collapse?
Let me stress that I’m quite concerned but I don’t think this will happen, because this will have nothing to do with the crisis of capitalism and all that – it’s the work of a bunch of nutters.
The likeliest outcome is a lot of harum-scarum over the next week followed by an agreement.
But some of them are real nutters, and it might possibly happen, which is why American banks are starting to panic.
As I said, not time to worry yet. But concern, yes.
My schoolboy economics won’t stretch to a detailed understanding of the ramifications of this malarkey, but I can’t see the tea party agitators hatred of Obamacare extending to the destruction of their beloved neo-conservative values. I’ve no idea what the American GDP is, but it can’t be that good – and they’ll have to increase borrowing to implement structrural elements to increase it, right? Or is that too Keynesian?
It’s pretty nasty posturing that has an immediate and direct impact on small people who happen to work within the state machinery – notably the military is an exception (a self-preservation clause of the military-industrial complex perhaps).
I’m not one of the anti-American folks that jump at every chance to criticise the country – in many respects I have a great admiration for the place – but I can’t help but thinking the lack of a willingness by right wing to accept the very simple precept of everyone deserving universal basic healthcare at the point of need is rather distasteful.
I can’t argue with Martin’s plea for a more sustainable economic system with suitable checks and balances, though. Again, too Keynesian?
That’s me lot, I’m afraid. Not very thought-provoking but the subject matter is way above my head. Someone start a Downton Abbey discussion thread please.
Well, I was mainly referring to a more local, greener economy. About 90% of profits made by companies go to the shareholders and these are remotely spread throughout the world. We need to keep more of the money local, to create real jobs and put money in people’s pocket. And local banks lending affordable loans to business is one way forward. Too much of our economy is based on finance and on gambling on the market. We do need banking, finance and insurance services; but more need to be spent on infrastructure and products that we actually need. And resources are finite, we rely so much on oil – not only for travel, but for most of the products we see in our homes. And of course in fertilisers and pesticides, which are so essential for our food supply.
http://www.youtube.com/watch?v=xSOp507HJMA
Because he said it better. RIP Gill Scott Heron
No need to worry about your economics, Rusty.
My concern wasn’t with the nature of the banks..
more homely..
what do any of us do if the whole thing collapses in a couple of weeks time???
Put it all under the pillows? (money, that is :oops: )
Go to church and pray a bit more???
* giving thanks that I don’t have any savings to worry about *
I should have said ‘military-industrial complex’ in my last post, so it probably makes less sense than i intended. But, hey, i’m a lazy boards participant.
Get involved in this discussion! Log in or register now to have your say!