Debtonation ¬ª Blog Archive ¬ª Osborne’s puppet-masters: Soci?©t?© G?©n?©rale..
Ann Pettifor notes the delightful style of Societe Generale who wrote last week:
Removing the stimulus will involve pain; lower growth, higher unemployment and political unpopularity. But policy-makers don't like lower growth, higher unemployment and political unpopularity. They enacted the stimulus in the first place to avoid it! At what point will they decide they do want lower growth, higher unemployment and political unpopularity?
Given the choice, they won't, ever. So it will be imposed on them (and therefore us) by a suddenly less generous bond market via a government funding crisis.
So there we have it: banker's attitude to democracy is stuff electorates, we'll get what we want by imposition.
Have no doubt about it - the fight with bankers is about who rules. And the antidemocratic elites of finance (for that is what they are - in banking, accountancy and the legal profession) want to rule. Democracy is not for them. And they'll precipitate a crisis in it to get what they want.
This still has the capacity to turn very nasty indeed.
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Richard,
A slight re-write with more of a ring of truth:
So there we have it: statists attitude to democracy is stuff electorates, we’ll get what we want by imposition.
Have no doubt about it – the fight with statists is about who rules. And the antidemocratic elites of statism (for that is what they are – in government, academia, NGOs and the media) want to rule. Democracy is not for them. And they’ll precipitate a crisis in it to get what they want.
This still has the capacity to turn very nasty indeed.
Far more accurate.
Georges
[…] The Masters of the Universe are clueless. All they know they want is the power to continue to purloin assets for their own benefit at cost to the rest of it. So long as they can do that, by capturing our savings, our pension funds, our bank accounts and our tax revenues for their own benefit, then they’re happy. If they can’t, they’ll impose their demands on us. […]
@Georges
Please compare for us the power of such as News International with an NGO, one of which I am proud to represent.
@Georges
those whom you call statists can only get their power from democracy
From where would you suggest power should come in the process of government?
You are anti-people, democrats like me pro-them
[…] of the big banks, lawyers and legal firms in our society, all of whom di in my opinion work to deliberately undermine the taxation revenue due to elected governments in a deliberate attempt to undermine their mandate […]
Richard,
The article you quote suggest that is the sovereign bond markets that will eventually fore the governement to cut the current unsustainable spending levels.
Bankers have little influence over the sovereign bond markets. Those are mainly driven by pension funds, insurance companies, some other institutional investors, and pockets of retail.
These ar ethe guys who, according to the article, will eventually bring the house of cards down.
Why are you having a go at bankers? Is it ignorance, political convenience, or both?
@Ted B
” Those are mainly driven by pension funds, insurance companies, some other institutional investors, and pockets of retail.”
And many are owned by banks and almost all are advised by banks
So please don’t duck the reality of the issue
Richard,
Pension funds are not owned by banks;
Insurance companies are not owned by banks;
University and other endowments are not owned by banks;
Foreign central banks are not owned by (private) banks;
All these institutions have their own independent governance schemes, which may be advised by banks but still operate independently.
I could go on and on, but is there a point?
I think you need a crash course into sovereing bond markets because you dont seem to know the beginning of a thing about them.
Richard;
Pension funds are not owned by banks, neither are insurance companies, nor are central banks (which Ted B forgot to include among large sovereign bond buyers).
In the UK, sovereign debt issues are not even arranged by banks, but are auctionned directly to investors (recently this has been a joke since all issues were back-stopped by the BoE).
As much as they would like to, bankers would be unable to engineer on their own the upcoming UK bond crash.
Given that bonds issued by western governments are largely purchased by far (and middle) east investors, is the truth not largely that the Chinese will determine how much governments may borrow and on what terms. And one thing is for certain: in any commercial transaction with the Chinese, the Chinese will come out on top.