Sunday, 18 June 2017

The Magic Money Tree, A liitle Knowledge can go a long way or be a dangerous thing?

When they say 'pre-harvest application' they should really say, pre-harvest drenching' Its a heavy enough 'application' to kill the wheat plants so the whole crop is ready at the same moment and the plants respond to the poisoning by budding extra seeds. nice!
Looks as though UK ag doesn't want to consider the WHO conclusion that glyphosate's a probable carcinogen. Thank god for the Soil Association's call for a ban on pre-harvest applications of glyphosate. Organic flour only for me and my nearest and dearest!
The UK flour milling industry says food safety is paramount and customers have nothing to fear from pre-harvest applications of glyphosate on wheat.…
"One manager in his 40s at the Post Office was told that his projected pension at retirement will collapse from £38,000 a year to just £18,000."
This is the REAL BUT HIDDEN costs of baling out the banks for half a decade with ultra-low interest rates. MANY MORE pensions have huge holes in them, and with yet more QE and more low interest rates, no chance of closing those holes. Pensions have been calculated for years now with an expected return of up to 8%. Actual returns have been far below that. In the next financial blow out it will not be your mortgage but your pension that they will hold over you claiming that if you don't bail out the financial system AGAIN, then your pension will be lost. And more bali outs will mean MORE austerity.
This is the broken system simply must fix. The Green Party has to speak up about this.
Backlash expected over part closure of defined-benefit schemes, which companies say are unaffordable
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyMeanwhile of course Royal Mail profits are actually up and the CEO is taking home over a million a year. Ah...the free Market!
LikeShow more reactions
August 10, 2016 at 11:13pm
LikeShow more reactions
ReplyAugust 17, 2016 at 7:19pm
Stephen Owen Let's just hope you never get into power David ! Any bank that went under would take the whole system down with it which was narrowly avoided last time , you know that or you should brush up on your economics. I suppose it would be what your party wants , horse and carts, I'll grow carrots in my back garden and swop them for some of your potatoes . And get rid of TVs and cars . Youre obviously not aware of how close we were to cafastrophy.the government in power labour regulated and oversaw the whole shambles just happy to keep spending the money as it rolled in ,if a football team doesn't perform they sack the manager ,labour can't be trusted to look after an economy and neither are your lot
LikeShow more reactions
ReplyAugust 12, 2016 at 6:04pm
Andy Bo I think cafastrophy might be the best word ever... and it also describes your drivel...
LikeShow more reactions
ReplyAugust 12, 2016 at 11:34pm
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyMy economics is quite sound actually. Just rather different to yours. We will have to agree to disagree. But you are quite incorrect about any bank taking down the entire system. That statement is not based on any actual analysis. It is just something you have heard and repeat.
LikeShow more reactions
ReplyAugust 12, 2016 at 11:49pm
Stephen Owen I've been in financial world for 43 years , not many more experienced than me . Your money says on it " I promise to pay the bearer" a promise ! and the whole system is based on a promise , where were you when the people were waiting outside the banks to get their money out , the gvt went to extraordinary lengths to re store confidence or end of storey. Politicians should stay out of financial debates decisions and comments , just saying
LikeShow more reactions
ReplyAugust 13, 2016 at 12:22am
Andy Bo please reword your argument in English Stephen
LikeShow more reactions
ReplyAugust 13, 2016 at 12:36am
Stephen Owen Oh you've never made a type o ? You're having problems reading , should you be arguing politics on face book ? Or are you from overseas
LikeShow more reactions
ReplyAugust 13, 2016 at 9:05am
Stephen Owen Don't shoot the messenger . I'll just assume if the greens ever get in power they will let banks fail , and never offer facts again on Facebook
LikeShow more reactions
ReplyAugust 13, 2016 at 9:17am
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyStephen, You and I obviously don't agree on even the basic underlying assumptions. Nevertheless 'I promise to pay the bearer' is of course a promise. Much like those all the banks made to their customers when they sold securities or took on their own loans to finance their longer term lending. It was the BANKS who took on loans they could not pay. The banks who knowingly sold fraudulent securities that they knew would never pay those they sold them to. See the judgements against Citi, Deutsche, RBS, and endless others. The Banks ruined trust not the rest of us. The crisis was caused by banks losing confidence in each others collateral which meant they refused to lend or repo to each other. You know this. Those banks should have been allowed to go bankrupt. The Depostit scheme would have protected the vast majority of ordinary depositors. Shareholders and bond holders would have been sunk. AS THE LAW REQUIRES. New banks could have ben capitalised. The system would have not only survived but been healthier. And as you must also know, this is precisely the plan that has been put in place NOW by all the central banks and all the regulators. The present banking system is corrupt (mis-selling, Libor, commodities, money laundering... need I go on?) bloated with non-p;performing loans and bad debt, and has an overhang of trillions in derivatives trades which serve no useful social purpose. I know what derivatives are supposed to be used for but we both know that is not what they are sued for now. SO what is it you are so afraid of losing? A system which has lost its way? A system that cannot stand on its own without conical public bailing out and cripplingly stupidly artificial low interest rates that are killing the entire pension system?
LikeShow more reactions
ReplyAugust 13, 2016 at 11:12am
Stephen Owen I know the banks are corrupt etc , that's not the argument . There was never enough money in the system to pay a run on the banks , that's what all the pale faces of shock on the politicians was about , that oh shxt look , so once the banks have gone , tell me how we go about our everyday lives
LikeShow more reactions
ReplyAugust 13, 2016 at 7:45pm
Stephen Owen It's been great swopping ideas with you , I might vote for you yet !
LikeShow more reactions
ReplyAugust 13, 2016 at 7:46pm
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyWell that's a surprise. But your last question. No one is saying there wouldn't be ANY banks. The argument surely is whether we have to have these present banks. Why not let those that are failing go, just like any other business in the market that f...See More
LikeShow more reactions
ReplyAugust 13, 2016 at 10:22pm
Andy Bo Stephen Owen.... not sure why it matters to you but I'm a Yorkshireman...
LikeShow more reactions
ReplyAugust 14, 2016 at 1:52pm
Andy Bo voted green in the past... but don't agree with David on this one... your typo was the best place to start after the veiled insults you typed
LikeShow more reactions
ReplyAugust 14, 2016 at 1:56pm
Roger Lewis This David Graeber video article in the guardian gives as concise a presntation of the modern money creation process and its inherent reliance on debt as any other I have seen. As david says Stephen, its not a question of no banks but of what those banks are empowered to do, and what happens when they screw up that is a very useful question to address. With respect to Being in the financial sector or business world, I found that for me that engendered its own particular selective blindness summed up very well by John Ruskin in unto this last thus. ´´Pardon me. Men of business do indeed know how they themselves
made their money, or how, on occasion, they lost it. Playing a
long-practised game, they are familiar with the chances of its
cards, and can rightly explain their losses and gains. But they
neither know who keeps the bank of the gambling-house, nor what
other games may be played with the same cards, nor what other
losses and gains, far away among the dark streets, are
essentially, though invisibly, dependent on theirs in the lighted
rooms. They have learned a few, and only a few, of the laws of
mercantile economy; but not one of those of political economy.'' When you say Stephen, ''Politicians should stay out of financial debates decisions and comments , just saying´´ this is what Ruskin is driving at, Political Economy is very important and divorcing Economics from Political or Ethical questions leads down a very assymetric path. Where there is assymetry in decisions of political economy you end up with bad decisions. How to avoid the pit falls of the current assymetry around moral hazard is addressed by many modern writers on Political Economy and Markets, I think ''Politicl Markets´might actually be a good way of addressing what MArkets are `Free Markets' is ill defined and I would be interested to see any Market that was free of Wider Political, Geo Political and indeed transnational Economic considereations. Nicolas Taleb is very good on these questions although I do not agree with his prescribed political choices, I do think he identifies the questions arising from the problems he identifies. I address these questions of Skin in the game in a series of blogs I did exploring Talebs Clain that the 2008 crisiis cost more than all previous banking profits added together. Its an interesting process, in some senses Talebs claim is correct but the main take away for me was the challenge made to the assumption that Banks have the same skin in the game as their Clients, Customers , account holders both savers and borrowers. The answers are counter to the regular accepted common sense assumptions made by Men of business and finance and joe public alike.
LikeShow more reactions
ReplyRemove PreviewAugust 15, 2016 at 7:25am
Stephen Owen Very interesting , my main comment really was that it would be wrong in my opinion to let the banks fail , mainly because no one knows what that would look like , a bit like using our nuclear deterant . The result would be catastrophic . I know the banks are corrupt , they weren't regulated and left to do as they wished , for me the labour gvt let that happen and we are still picking up the pieces and having to makes monetary decision like quantative easing cut interest rates etc etc , it's no use people keep bringing up the same sound bites ," we can't afford the nhs, oh but we bailed out the banks " or the pensioners etc etc , it happened and we are still sorting it out ! The alternative in my opinion would have been one hundred times worse .
LikeShow more reactions
ReplyAugust 15, 2016 at 9:47am
Roger Lewis Stephen Owen Big Bang in the CIty was in 1986 by Margaret Thathcer similar deregulation continued uder all later PM's regardless of party, the same is true of the US and wall Street, Clinton struck huge blows in that Country also, as well as bioth bushes. It all dates back though Stephen to the Nixon shock. The Nixon shock was provoked by the initial impotece of Charles De Gaullecalling for an end to the US's exhorbitant privelidge.
LikeShow more reactions
ReplyRemove PreviewAugust 17, 2016 at 9:09pm
Andy Bo I would think that 18,000 a year is a pretty good pension....
LikeShow more reactions
ReplyAugust 10, 2016 at 11:47pm
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyTrue. But if his cut in pension is any indication - 38 down to 18 then someone expecting 18 would actually get 9 is. Its the scale of the cut that's the point surely.
LikeShow more reactions
August 11, 2016 at 12:04am
Eddie Robinson You wouldn't if your contract used to state 38. 
How much do you earn a yr Andy?
LikeShow more reactions
ReplyAugust 11, 2016 at 12:06am
Andy Bo 22
LikeShow more reactions
ReplyAugust 11, 2016 at 12:10am
Andy Bo thanks for asking...
LikeShow more reactions
ReplyAugust 11, 2016 at 12:11am
Andy Bo to have a pension of 38000 you need a pot of over 3 quarters of a million... just saying...
LikeShow more reactions
ReplyAugust 11, 2016 at 12:15am
Oliver Tooley If I had paid for Mercedes E-Class and was told I would be getting a Vauxhall Astra, I'd be pretty miffed.
Wouldn't you?
LikeShow more reactions
ReplyAugust 12, 2016 at 9:57am
Andy Bo be thankful for having a car
LikeShow more reactions
ReplyAugust 12, 2016 at 1:11pm
Andy Bo Oliver Tooley how very green of you... are you in the right place?
LikeShow more reactions
ReplyAugust 12, 2016 at 1:33pm
Stephen Owen Are you suggesting we shouldn't have bailed out the banks , and could you enlighten us as to what the world would look like without an economy ?
LikeShow more reactions
ReplyAugust 12, 2016 at 8:51am
David Malone Green Party Parliamentary Candidate for Scarborough and WhitbyI am indeed suggesting we should not have bailed out the banks. Why do you assume not bailing out the banks would lead to a world without an economy? We need banks. But not necessarily those banks. And certainly not insolvent banks which have needed and STILL need constant bailing out. We could very easily have allowed those banks to go under. Allowed the usual and legal course of events to taking money first from the shareholders and then from the bond holders starting from unsecured up to secured senior - AS PER THE LAW. As it says in the legal agreement when you buy a stock or a bond. And then we could have taken a small fraction of the money we have stuffed into the insolvent banks and instead used it to capitalise new banks. Those banks would have had a clean book and a modest leverage of 10-1 allowing far greater lending into the real economy than we have had. In short we would have had far MORE of a working economy than we have had.
LikeShow more reactions
ReplyAugust 13, 2016 at 12:30amEdited
Philip Duval Will I have a pension?
LikeShow more reactions
August 11, 2016 at 12:18am
Sarah Ruth Dyson The problem is only going to get worse for DB schemes with BOE interest rates, and thus gilt yields, falling further
LikeShow more reactions
ReplyAugust 12, 2016 at 12:40am
Andy Bo just going to leave this here... poor posties.....
LikeShow more reactions
ReplyAugust 29, 2016 at 10:55am
Oliver Tooley But they got SHARES 
LikeShow more reactions
ReplyAugust 12, 2016 at 9:55am