Germans tell Greeks - sell your stuff

http://www.reuters.c...90:b31331112:z0

it started with Thatcher's privatizations - companies had met an end to easy oversized growth, so the deal to privatize all profitable assets of the state, which means all assets owned in common by the taxpayers and citizens.

now, all the easy -not sacred - stuff was privatized, so our current crisis allows the banks to socialize the failed, non-productive enterprises - many which failed simply because to the mis-allocation of capital from productive assets to ponzi schemes entitled financial engineered products.

after that, this idea for greece will be demanded of the other countries and the states as a demand to pay off the debts that they would neverr have had except for the persuation of these financial engineers - CA has to sell old faithful, etc etc...

China will not have this problem, it has the death penalty for shady bankers, we dont even preosecute ours.

The path of Argentina, over and over again. First borrow the debt, then default on the debt, then sell your assets at already devalued currency, then increase the unemployment with the productivity lies, then finally go totally bankrupt. In the mean time a group of bankers and govt officials would make millions, if not billions... In the mean time, most of the people who got used to the free govt giveaways are now clueless how to self sustain, be competitive... Those who do will be punished with higher and higher taxes... Yep! The story will repeat all over the world one country at a time until people will revolt as if they can change anything for the better... These things do not happen overnight, they happen after decades and decades of abuse from top down, people who realize about it are already in their own illusion that they can actually fix it. But make no mistake about it, the politicians and govt workers are the worst consumers of the world, they don't produce usually anything... In US, more than half of the population now works for the govt including the state, city and county workers... This is completely a self destructive path and it is unfortunately irreversible, SAVE YOURSELVES!

China will not have this problem, it has the death penalty for shady bankers, we dont even preosecute ours.

Exactly, I thought US would actually remove the heads of the major banks and get them prosecuted to strip them from their ill gains. Nothing like that happened, in fact US Congress got completely insulted for even mentioning to mildly regulate them, everyone involved in dealing with the banks and making them better got suckered into their game...

Edited by arbman, 05 March 2010 - 01:51 PM.

Those Germans are soooooo clever.

http://www.reuters.c...90:b31331112:z0

it started with Thatcher's privatizations - companies had met an end to easy oversized growth, so the deal to privatize all profitable assets of the state, which means all assets owned in common by the taxpayers and citizens.

now, all the easy -not sacred - stuff was privatized, so our current crisis allows the banks to socialize the failed, non-productive enterprises - many which failed simply because to the mis-allocation of capital from productive assets to ponzi schemes entitled financial engineered products.

after that, this idea for greece will be demanded of the other countries and the states as a demand to pay off the debts that they would neverr have had except for the persuation of these financial engineers - CA has to sell old faithful, etc etc...

China will not have this problem, it has the death penalty for shady bankers, we dont even preosecute ours.

arbman

Exactly, I thought US would actually remove the heads of the major banks and get them prosecuted to strip them from their ill gains. Nothing like that happened, in fact US Congress got completely insulted for even mentioning to mildly regulate them, everyone involved in dealing with the banks and making them better got suckered into their game...

I won't say the Congress was suckered in. I believe they are bed partners with the banks. Just take the recent news about the Consumer Protection to oversee lending practices, etc. of the banks. It won't be independent, but, part of the Federal Reserve!!!!!!!! Who owns the Federal Reserve?????? The banks!!!!!!!!!! Fox guarding the hen house. http://www.washingto...0030204176.html

Well I didn't want to say publicly that Congress is essentially bribed by the bankers, but it is what it is... They are corrupt.

Well I didn't want to say publicly that Congress is essentially bribed by the bankers, but it is what it is... They are corrupt.

arbman, we are usually in sync in our views, but your numbers are a bit off. We do not have that many employees working for govt just yet...the number is just north of 20 million, so unless our unemployment situation is much worse than I think - it's not quite half.

Don't forget to count all the construction workers - myself included - who have no choice (other than retool to another industry (RIGHT!!!!) than to "work for the government", since borrowed local monies for school improvement projects, borrowed monies for infrastructure, and borrowed monies for DOD construction are the ONLY construction projects of any size left out there. If it were not for government construction, virtually (never say all) of the construction industry would be better off going broke by fishing.....

Well I didn't want to say publicly that Congress is essentially bribed by the bankers, but it is what it is... They are corrupt.

Not to make to fine a point of it but, saying that "Congress is essentially bribed by the bankers" implies that they were pure to begin with. Most of those who are in Congress got in due to the fact that they were, via campaign PACs, already owned by the banks by the time they got there.

Don't forget to count all the construction workers - myself included - who have no choice (other than retool to another industry (RIGHT!!!!) than to "work for the government", since borrowed local monies for school improvement projects, borrowed monies for infrastructure, and borrowed monies for DOD construction are the ONLY construction projects of any size left out there.

If it were not for government construction, virtually (never say all) of the construction industry would be better off going broke by fishing.....

When I worked for an agency funded by the US Dept. of Energy, a large percentage were contract employees, not counted as
federal employees. That is how president Clinton could claim that government work force was shrinking.

Edited by pdx5, 05 March 2010 - 11:35 PM.

Well I didn't want to say publicly that Congress is essentially bribed by the bankers, but it is what it is... They are corrupt.

arbman, we are usually in sync in our views, but your numbers are a bit off. We do not have that many employees working for govt just yet...the number is just north of 20 million, so unless our unemployment situation is much worse than I think - it's not quite half.

I think if you add federal Government employees, State employees, Municipal employees, everybody in the army and the industries that supply the military + FNM, Freddie Mac, AIG, GM, and then you divide that by the number of truly employed people without the birth/death crap and the part time 1hr/week temp workers, the percentage of "government" employees will be very close to 50% ....that's why the deficits are in a spiraling out of control growth. Governments are already eating ther tails at this rate.

GS.