This is starting to get a little scary Page 372

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  • mcmonkeyplc 27 Jun 2013 09:59:54 39,384 posts
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    Mega Lolz

    The double dip recession never happened after the ONS played with it's numbers.

    Ironic as it's probably why we lost our meaningless AAA rating.

    Come and get it cumslingers!

  • Razz 23 Aug 2013 03:13:54 60,763 posts
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    Apparently this is the memo that sparked the recession:

    Analysis here:
    http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

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    Steam/PSN/XBOX: Razztafarai | 3DS: 1246-9674-8856
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  • Bremenacht 23 Aug 2013 11:02:22 17,601 posts
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    Reads like the guy saw 'end-game' and let his imagination take over. Every industry was trying to remove regulation and oversight in the '90s. Government is doing it now, to try to boost growth. If it all goes wrong, it'll be on someone else's watch, so that's alright then.
  • Deleted user 23 August 2013 11:34:49
    They aren't removing regulation and oversight now.
  • LeoliansBro 23 Aug 2013 11:47:20 43,227 posts
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    Absolutely sure the memo is true, and absolutely sure the Larry Summers post is a ridiculous overblown reaction to a part of the system which was seen as functional then and isn't now. This isn't 'evil'...

    LB, you really are a massive geek.

  • Khanivor 23 Aug 2013 11:50:31 40,380 posts
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    Absolutely sure this has everything to do with preventing Sumners from chairing the Fed.
  • mcmonkeyplc 23 Aug 2013 11:59:24 39,384 posts
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    Razz wrote:
    Apparently this is the memo that sparked the recession:

    Analysis here:
    http://www.vice.com/en_uk/read/larry-summers-and-the-secret-end-game-memo

    I'll wait for a real news org to verify this but shit has already hit the fan.

    Come and get it cumslingers!

  • Deleted user 23 August 2013 12:07:02
    I do like with these global conspiracy things that they think there's anyone in any of these organisations even have the ability to work out how to do this let alone get themselves then everyone else to agree to it.

    90% of that article is conspiracist bullshit.
  • Bremenacht 23 Aug 2013 12:14:33 17,601 posts
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    Aargh. wrote:
    They aren't removing regulation and oversight now.
    Not in financial services, no, but they're doing it in the market which got the banks into trouble in the first place - housing. Planning regs are being 'relaxed' everywhere.

    Will they tighten up these regs again when the housing/building market starts to bull forward? Probably not. The question then is whether another raft of ropey financial instruments are allowed to be created and sold to help drive sales, creating another foam of debt bubbles.
  • Wacko_AK 23 Aug 2013 12:55:04 178 posts
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    I'm more shocked that someone actually used the phrase "touch base" in a typed memo.
  • EMarkM 23 Aug 2013 21:23:04 3,173 posts
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    Wacko_AK wrote:
    I'm more shocked that someone actually used the phrase "touch base" in a typed memo.
    Now I feel dirty. And you should feel bad :(
  • Carlo 26 Sep 2013 09:51:38 17,948 posts
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    I find this utterly fascinating. Have I read this right?

    Insider infomation must have been known for the trades to be executed that quickly, however the law says they are not allowed to be acted on until after the official announcement.

    However, they were executed 3ms after the announcement, making it 'legal' even though no-one else would have known until 7ms after the news was released.

    PSN ID: Djini

  • Carlo 26 Sep 2013 10:01:19 17,948 posts
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    Oh and this: http://www.nanex.net/aqck2/4436.html

    PSN ID: Djini

  • mcmonkeyplc 26 Sep 2013 10:02:43 39,384 posts
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    There is a 4th option they didn't mention, their measurements were wrong.

    Come and get it cumslingers!

  • mcmonkeyplc 26 Sep 2013 10:04:25 39,384 posts
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    Also that is a really shit article.

    Hollywood is a waste of money too.

    Come and get it cumslingers!

  • imamazed 26 Sep 2013 10:05:19 5,520 posts
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    It were aliens
  • Deleted user 16 October 2013 08:46:04
    I found this article quite amusing:

    Bankers and Ethics


    The Reverend Green

    Another banker who has published books about his philosophy of life is Stephen Green (who happens to be an ordained minister of the Church of England) former Group Chairman of HSBC. In Good Value: Reflections on Money, Morality and an Uncertain World, he wrote: “As a matter of fact the ethics of the marketplace are almost by definition universal … Everyone knows about the importance of truth and honesty for a sustainable business.”

    It was while the Anglican minister was running things that HSBC undertook criminal actions that led to a fine of $1.9 billion. Despite this, Green felt no shame in writing: “Underlying all these events is a question about the culture and ethics of the industry. It is as if, too often, people had given up asking whether something was the right thing to do, and focused only whether it was legal and complied with the rules. The industry needs to recover a sense of what is right and suitable as a key impulse for doing business.”

    Bloomberg Markets magazine reported that HSBC was facilitating money laundering by drug dealers and state sponsors of terrorism. Green said at the time that: “This was a singular and wholly irresponsible attack on the bank’s international compliance procedures”. Subsequent investigations, however, confirmed that money laundering, mainly for the Sinaloa Cartel, did take place for several years throughout Green’s tenure. Green’s salary was well over 25 million pounds per year at the time.

    He stepped down as Group Chairman of HSBC on 3 December 2010. He is now Baron Green of Hurstpierpoint and is the current Conservative Minister of State for Trade and Investment.
    It reminds me why Paul Lafargue called capitalist ethics a pitiful parody of the Christian version.
  • askew 16 Oct 2013 08:53:21 12,025 posts
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    Why is that memo dated 1997? :s
  • mcmonkeyplc 16 Oct 2013 09:32:56 39,384 posts
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    Fuck that article if the US doesn't sort it's self out in the next 24 hours we're in for another recession.

    Come and get it cumslingers!

  • LeoliansBro 16 Oct 2013 09:34:32 43,227 posts
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    Crunch date is the 31st really McMonkey, that's when the first $5.9bn interest payment falls due.

    LB, you really are a massive geek.

  • Grax 16 Oct 2013 09:37:33 1,732 posts
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    The idiotic thing is they are putting together a stop gap plan to last until January

    What is the point?? Surely they should have been spending since the last time they had to raise it sorting out a way to reduce debt and maybe create a debt ceiling that will actually be a ceiling rather then be about as much use as a leaf in the wind
  • mcmonkeyplc 16 Oct 2013 09:40:24 39,384 posts
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    LeoliansBro wrote:
    Crunch date is the 31st really McMonkey, that's when the first $5.9bn interest payment falls due.
    Shit starts hitting the fan tomorrow though doesn't it? That's when the markets will begin to panic.

    Come and get it cumslingers!

  • mcmonkeyplc 16 Oct 2013 09:41:39 39,384 posts
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    Grax wrote:
    The idiotic thing is they are putting together a stop gap plan to last until January

    What is the point?? Surely they should have been spending since the last time they had to raise it sorting out a way to reduce debt and maybe create a debt ceiling that will actually be a ceiling rather then be about as much use as a leaf in the wind
    They are? That IS idiotic. Fucking American politicians. We should just reclaim it and run it as a colony.

    They had the audacity to laugh at us when the Eurozone was fucking up.

    Peasants!

    :p

    Edited by mcmonkeyplc at 09:42:34 16-10-2013

    Come and get it cumslingers!

  • LeoliansBro 16 Oct 2013 09:46:07 43,227 posts
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    mcmonkeyplc wrote:
    LeoliansBro wrote:
    Crunch date is the 31st really McMonkey, that's when the first $5.9bn interest payment falls due.
    Shit starts hitting the fan tomorrow though doesn't it? That's when the markets will begin to panic.
    Nope, that's the deadline for the debt ceiling to be raised, after which the government cannot borrow any more. It's an important date but not immediately catastrophic. Markets are working towards the end of the month, when the US defaults on its interest payments.

    LB, you really are a massive geek.

  • Grax 16 Oct 2013 09:47:41 1,732 posts
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    @LeoliansBro

    I Ike the use of when instead of if
  • mcmonkeyplc 16 Oct 2013 09:56:00 39,384 posts
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    Ah in that case I will unclench my arse.

    Come and get it cumslingers!

  • LeoliansBro 16 Oct 2013 09:56:36 43,227 posts
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    Hah, genuine slip :)

    I can't see it going over the edge this time, not really. This will definitely be how the last and the original superpowers goes out though, collapsing under its own democratic weight, inward looking and not with a bang but a whimper.

    LB, you really are a massive geek.

  • mcmonkeyplc 16 Oct 2013 10:00:16 39,384 posts
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    I can't believe that they're that stupid. They can't be...can they?

    Well yeah they probably can. ALL HAIL CHINA!

    INDIA please :)

    Come and get it cumslingers!

  • LeoliansBro 16 Oct 2013 10:02:38 43,227 posts
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    India have their own problems, chiefly that they're a corrupt and unwieldy conglomerate who cannot possibly reflect the needs of all of their people coherently (which at least they're trying to do, unlike China who solved the problem by ignoring 99% of their population).

    LB, you really are a massive geek.

  • glaeken 16 Oct 2013 10:05:50 11,094 posts
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    It's not about stupid it's about fanaticism. You have people now that would damage their own country to further their own ends. Except of course they would never see it like that because everything they do is absolutely right.

    If you actually look at it American democracy is actually totally fucked. I mean what choice do you have when voting if you don't happen to be insane? I wonder how they can ever break out of their current death spiral. It's really difficult to see how they could.

    Edited by glaeken at 10:06:48 16-10-2013
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