Tag Archives: Failure

Bail-ins for everyone

17 Jun

Satan TrappedIt could only happen in Cyprus?

Think again. The latest thinking coming out of the Federal Reserve is that the entire world is going to be subject to ‘bail-ins’ to save all of the banks which own the Fed:

Here’s a quote:

“Perhaps more to the point for TBTF, if a SIFI does fail I have little doubt that private investors will in fact bear the losses.”

You have been warned.

And note the inability to call TBTFs (Too-Big-To-Fails) and SIFIs (Systemically-Important-Financial-Institutions) what they are, which is ZBs (Zombie-Banks), and the use of these obfuscatory acronyms perhaps designed by neurolinguistic programming gurus to make their unfailability ‘inevitable’ in our minds.

Perhaps, Jeremy, we might let the free market work? It’s an idea which gave us western civilisation. It’s a shame we started letting go of this idea in 1913, when the Federal Reserve was created by the big banks of New York to eventually get us into this mess.

Never put your trust in conservative political parties

14 Mar

Odious Imp

One of the great myths of democracy is that ‘you have a choice’. Yes, I suppose you can either choose the Gambinos, the Bonannos, or even possibly the outer party, the Corleones, but it’s hardly a choice in the sense of ‘I would like to choose my ruler, and I would like it to be myself’. Alas, with democracy, you usually get to choose one of two alternatives, one of a pair of duplicitous angels dancing together on the head of a pin. One of these angels will usually be slightly pink, and one of these angels will usually be slightly blue, but essentially, aside from a change of tie colour, these angels will be indistinguishable from one another, at least in terms of substantive issues.

They’ll both believe in government ownership of roads, schools, hospitals, security services, welfare services, and you. They may occasionally disagree on which corporate queens to pay welfare to, but they’ll almost certainly agree with each other that all banks need to be bailed out, along with all other state ‘enterprises’.

Take the odious George Osborne, the current ‘conservative’ Chancellor of the Exchequer (a.k.a. the top tax man), here in the unsceptred isle of Britain.

Libertarians in particular, and believers in freedom in general, are often under the unfortunate impression that ‘conservatives’ or ‘right-party’ hacks, are somehow in some way ‘on our side’. Indeed, when out of office, the rhetoric of such people is always that of freedom, choice, and the destruction of bureaucracy. And yet, whenever these appalling hypocrites achieve their greasy teenage dreams of power – to make up for all the girls and boys they failed to impress as teenagers – they always swallow their promises, and revert to type as revolting and destructive statists.

In George Osborne’s case, this has involved raising all manner of taxes and increasing the powers of his obnoxious legions of tax men, borrowing more money on the souls of unborn children than has ever been borrowed by any former chancellor before him, and wasting all of it on endless wasteful government boondoggles to keep his non-tax-paying government clientelle happy, or at least, less than foaming at the mouth.

What Britain needs, indeed what every country in the western world needs, is for government to simply disappear, to get out of the way, and to sack all of the tens of millions of useless (and worse than useless) apparatchiks, who do nothing but waste endless billions and spend their days trying to ruin the lives of others through the exploitation of destructive paper fiat regulations to grow their stupid little obfuscatory empires, all funded through the robbery of others.

Everything should be privatised. And yet these fools, these conservatives, these revolting pampered wearers of old Etonian ties, spin out the messages of socialism, as preached by John Maynard Keynes, including all of the hilarious nonsense about the Phillips Curve, the Marginal Propensity to Consume, and the really completely stupid Keynesian Cross, which contains so many ridiculous assumptions that it even makes a Shakespearean comedy look well crafted.

When these ‘conservative’ malcontents preach ‘austerity’, what they should be talking about – as Peter Schiff has so rightly said – is austerity for government. It is obscene government spending, borrowing, and money printing, to the gills, that has taken the western world into its current precipitous mess, and so it should be government spending and all of its nostrums that should be slashed to the bone to get us back to a world of economic sanity. (I would like government spending to be slashed to nothing, ideally. However, I’ll take a fifty percent cut in the interim as a halfway house.)

Alas, when these ‘right-wing’ conservative stooges declare austerity, they mean austerity for the people, for society, and not for the partying millions of dangerous parasites who labour under the name ‘civil servants’, when secretly, beneath contempt, they all like to think that they are our ‘civil masters’ and better than the rest of us, those who are forced to pay their wages at gunpoint.

They forget, at least in historical terms, that they are supposed to be working for us. And yet it turns out that we are supposed to deny ourselves our own lives, our own pleasures, and our own happiness, so that we can support them. And all of this absolute nonsense is cloaked in the mysterious magic of socialist Keynesianism, an economic and laughable religion of voodoo which should have died under the depleted uranium weight of stagflation in the 1970s.

It would be alright, I suppose, if it was only the socialist fools who tried to pump this drivel into our children and into our benighted economics professors at our ‘leading’ universities. As then it would be totally obvious how nonsensical it all is, that ‘printing paper’ can save us and induce a permanent increase in production – instead of the inevitable boom and bust cycle driven by mistaken and ultimately liquidated malinvestments – much in the same way that the Golgrafrinchams tried to save themselves in the Hitchhiker’s Guide to the Galaxy by using tree leaves as currency before they started burning down all of the Earth’s forests.

So as a former deluded conservative party member, I say to all those out there still under the misguided impression that supporting ‘right-wing’ parties can do any of us any good (except the politicians who get elected), to please stop helping these dangerous self-obsessed people. They are nothing but socialists in blue shirts. At least the pink-shirt-wearing socialists are honest fools. The blue-shirt-wearing kind are much worse and can barely look at themselves in the mirror, such is their horror at their own chicanery. Yet some of them, the worst, actually believe¬†that they are promoters of freedom – even as they raise taxes and increase government spending – when all they are is nothing but dishonest toilers for Karl Marx and the tall poppy socialist nostrums of envy and chimpanzee hatred for all who would dare better themselves.

So, please. I implore you. Stop following politics. And in particular, stop following ‘right-wing’ politics. It really is nothing but an addictive sport of following the chess game of power amongst different mafia families, the Bushes, the Blairs, the Clintons, the Obamas, and the Camerons. It is a complete and absolute waste of time. Indeed, it is worse than that. Because it has only been invented to help you waste your energy. In the words of the deeply-misguided Margaret Thatcher, the creator of the efficient British tax-taking state, starve these people of the oxygen of your attention. They are beneath contempt. Ignore them.

Stop working for the lizard of your choice to stop the other lizard getting in. Just say no to the lizards. Take that energy and start using it to work for someone else instead.

You.