Merry New Year and a Happy Christmas Past. Ive been busy trying to manage family affairs trying to co-ordinate one family member leaving this world and another arriving. A emotional complicated issue at the best of times, but we do have a photo of them together.
Much ado over at NatWest and Steve the managers bonus this year, as every year. Apparently I own this bank, I am told from both left and right that this is the case, so consensus prevails.
But do I? I have no share certificate, I did not vote for the Govt. to bail this company out or was I asked. I am not paying any tax this year, thus I am not a taxpayer this year apart from taxes paid at the till at the supermarket and petrol station ect. And so do many visitors to these isles pay these taxes, do they own RBS?
RBS as far as I can see is owned by the state. The state is the legal personality of the government. Am I part of the state? It does not really add up that "we" own RBS.
RBS is now a tool of the government and the political class, they own RBS not me or you. The best thing would be to cut "our" losses and either sell or close down this unloved orphaned psudo-company.
I am suprised Steve the manager stuck around so long to be truthful.
***New years Resolution.I am told its not good form not to take comments, so Ive switched them on and you can do your worse.
Saturday, 28 January 2012
Wednesday, 14 December 2011
A Little List
So at last it seems the public might get at least half a pound of flesh for the mess that they are being asked to pay for, Lets hope Flash Freddie dishes the dirt on his long lost mate Gordon Brun when in the dock.
In the Meantime, here is a list of Gordons other Knighted Bankers, I sure there is more.
George Mathewson Retired chair, RBS
Victor Blank former chairman, Lloyds TSB
Brian Pitman Former chairman and chief executive, Lloyds TSB
Tom McKillop Former chair, RBS
In the Meantime, here is a list of Gordons other Knighted Bankers, I sure there is more.
George Mathewson Retired chair, RBS
Victor Blank former chairman, Lloyds TSB
Brian Pitman Former chairman and chief executive, Lloyds TSB
Tom McKillop Former chair, RBS
Tuesday, 13 December 2011
Peter Higgs Finds His Boson?
Not seen the Press conference as yet, but if its true this really one of the greatest achievements of science. And Briton Peter Higgs born in 1929 is still with us to see it. I hope they rush him off to Oslo to collect his prize, along with a couple of others who came to the same conclusion at the same prize. And of course the knighthood.
Its all good at 83.You are in the history books, you are one of our greatest.Well done Sir.
Its all good at 83.You are in the history books, you are one of our greatest.Well done Sir.
Sunday, 11 December 2011
Dave Does Game Theory
Pinker on why its a good idea to be stubborn.
All the journos and talking heads especially on the left (pompous Steve Richards is upset on Sky as I write) are all running about like headless chickens. This is irrational! what powers were you giving up? there was no Veto! You are pandering to the extreme "right" blah blah.
Negotiation is an art not a science, you need to judge the game as it flows and change strategy as you go, in fact the best way might not to have a strategy at all.
We all know that France has its glory hole showing to the world. It has been using its banks as a political tool and in doing so has lent money it does not have to people as equally weak as they are. In a few months France goes to the polls and in that time the Eurocraps and the French Elite (if they have one) are going to have to ram through a major loss of political power without the French people noticing and setting the country on fire.
This is a country that has not run a budget surplus since 1976, That will soon be as prudent as the Germans, and even the French themselves, judged themselves before the 2008 crash to be bankrupt. They need cash now and will steal it if they can from where ever they can, they are desperate. They are the real loser in all this,60 years of French foreign policy designed to tie Germany down with silken chords is at an end with them pinned to the wall with the Frau ready to mount them with a black manba strap on.
Dave knows this, and knows that the next stage is to formulate how a institutionalised two speed EU might work, and a notice of intent is stage one of a very long process. Assuming the Euro and the EU survives and in what form.
I fancy despite everything Dave might be a better poker player than everyone thinks.
All the journos and talking heads especially on the left (pompous Steve Richards is upset on Sky as I write) are all running about like headless chickens. This is irrational! what powers were you giving up? there was no Veto! You are pandering to the extreme "right" blah blah.
Negotiation is an art not a science, you need to judge the game as it flows and change strategy as you go, in fact the best way might not to have a strategy at all.
We all know that France has its glory hole showing to the world. It has been using its banks as a political tool and in doing so has lent money it does not have to people as equally weak as they are. In a few months France goes to the polls and in that time the Eurocraps and the French Elite (if they have one) are going to have to ram through a major loss of political power without the French people noticing and setting the country on fire.
This is a country that has not run a budget surplus since 1976, That will soon be as prudent as the Germans, and even the French themselves, judged themselves before the 2008 crash to be bankrupt. They need cash now and will steal it if they can from where ever they can, they are desperate. They are the real loser in all this,60 years of French foreign policy designed to tie Germany down with silken chords is at an end with them pinned to the wall with the Frau ready to mount them with a black manba strap on.
Dave knows this, and knows that the next stage is to formulate how a institutionalised two speed EU might work, and a notice of intent is stage one of a very long process. Assuming the Euro and the EU survives and in what form.
I fancy despite everything Dave might be a better poker player than everyone thinks.
Air France 447
In engineering we have something called "engineering safety philosophy" which should be forced feed/read to the economists and politicos of the world before breakfast every day of their lives.
Its all pretty simple, you look at a design of a system and work out the weak points and make sure that in the event of failure those weak points don't bring the system down. Its why planes very rarely fall out of the sky, and when they do it tends to be human error rather than engineering error.
I recommend you read this, and the link to the transcripts at the end.
The Solutions were simple, the systems had worked as one whole and given the pilots the extra controls that were needed, and still the plane was pretty much flown into the sea.
Its all pretty simple, you look at a design of a system and work out the weak points and make sure that in the event of failure those weak points don't bring the system down. Its why planes very rarely fall out of the sky, and when they do it tends to be human error rather than engineering error.
I recommend you read this, and the link to the transcripts at the end.
The Solutions were simple, the systems had worked as one whole and given the pilots the extra controls that were needed, and still the plane was pretty much flown into the sea.
Friday, 9 December 2011
Cometh the hour, Cometh the Dave
Yup i know it was not really a veto, but its a pretty good handbag moment anyways.
So this is the deal, in three months 26 nations are going to steamroll through the biggest transfer of powers over taxing, spending and borrowing in the history of the EU, and the complexity that brings. Without in most cases reference to parliaments, never mind the people. While they try and prevent the banking system collapsing and putting 300 billion up for Italy.
My guess is when they sit down and actually read it and think what all this implies, the lot of them will puke up their own Feces.
Its a hail Mary, always exciting to watch. Will this deal make Christmas?
So this is the deal, in three months 26 nations are going to steamroll through the biggest transfer of powers over taxing, spending and borrowing in the history of the EU, and the complexity that brings. Without in most cases reference to parliaments, never mind the people. While they try and prevent the banking system collapsing and putting 300 billion up for Italy.
My guess is when they sit down and actually read it and think what all this implies, the lot of them will puke up their own Feces.
Its a hail Mary, always exciting to watch. Will this deal make Christmas?
Thursday, 8 December 2011
In Defence of Dave.
Not something I usually would do, for me it a question of not being Mr Reckless Endangerment himself Mr G. Brown, so thats a big step forward, but I need much more, and much more starts today.
Its quite obvious that the EUros are setting up infideous Albion as the falls guys when everything goes tits up. First it was the dastardly short sellers in London, next it will be Dave not doing as he is told. They will blame everyone but themselves. The little guys will hold their tongues and let the UK do the talking and take the flack, and join in the condemnation when the shit hits the fan
Mr Euro himself Jean-Claude Juncker, from his bunker in deepest darkest Luxembourg has told the radio station France Info: "I don't want the United Kingdom setting aside entire pages to say the United Kingdom will not do what all the others have to do. I will not accept that" WTF is he going to do send a strong letter of protest, or is it the hit squads from European Securities and Markets Authority (ESMA) to give us a go over like they are doing to the credit rating agencies to stop them talking?
Maybe Dave should offer Junker his resignation so the EUros can install Peter Mandleson as governor?
Good luck to them if they wish to go down this adhoc EU state route, but it wont work. The Political economy is just that a marriage between politics and economics, and the vows are taken in the language of democracy, and the consent for democracy comes from the legal framework which is, has always been and will continue to be The nation state.
The great thing about all this on going euro drama is that British public, both old and young, left or right have had a good long look at the real face of the EU and now they well and truly know what it is, and this time no conjecture or argument, its all in the history books. and it says "Euro Superstate, we lied"
So I wish Dave well. It would sicken me to sit at the same table with the majority of these people. he has my sympathy. It really is time to leave.
Its quite obvious that the EUros are setting up infideous Albion as the falls guys when everything goes tits up. First it was the dastardly short sellers in London, next it will be Dave not doing as he is told. They will blame everyone but themselves. The little guys will hold their tongues and let the UK do the talking and take the flack, and join in the condemnation when the shit hits the fan
Mr Euro himself Jean-Claude Juncker, from his bunker in deepest darkest Luxembourg has told the radio station France Info: "I don't want the United Kingdom setting aside entire pages to say the United Kingdom will not do what all the others have to do. I will not accept that" WTF is he going to do send a strong letter of protest, or is it the hit squads from European Securities and Markets Authority (ESMA) to give us a go over like they are doing to the credit rating agencies to stop them talking?
Maybe Dave should offer Junker his resignation so the EUros can install Peter Mandleson as governor?
Good luck to them if they wish to go down this adhoc EU state route, but it wont work. The Political economy is just that a marriage between politics and economics, and the vows are taken in the language of democracy, and the consent for democracy comes from the legal framework which is, has always been and will continue to be The nation state.
The great thing about all this on going euro drama is that British public, both old and young, left or right have had a good long look at the real face of the EU and now they well and truly know what it is, and this time no conjecture or argument, its all in the history books. and it says "Euro Superstate, we lied"
So I wish Dave well. It would sicken me to sit at the same table with the majority of these people. he has my sympathy. It really is time to leave.
Monday, 5 December 2011
Gordon, Fondly Remembered at the BBC
Pesto is really scraping the bottom of the barrel when he uses former BBC insider Will Hutton (a psudo economist speaking psudo science) on numerous occasions to try and salavage the train wreck that his Gorgon Brun's reputation.
Terry Smith who from the UKs pov was on the case from the mid noughties got one shot, the apparent free market ideological nexus that was Maggie and Ronnie was given top billing, with walk on parts for Blair and one sitting down shot for dear Gordon, all par for the BBC. No mention that bailing out the banks was not an act of captialism it was an act of goverment. Which was odd as Gorgon and co had 13 months from the fall of Northern Wreck to the bailout to come up with something else.
No mention of Bretton woods and the gold standard (gold is the devil for the Brownites, thats why they sold it off) or the fiat Banking sytem which is one that is built on money creation through credit. Or Fractional reserve banking which used to be built on people saving money not interbank lending fueled by the Asian wall of money, something the authorities are supposed to understand and act upon, if they are acting with a duty of care. All that tax payers cash buying the top brains at the Treasury was off nothing.
Nor indeed the fact that most of the debt, just over half was built from 2000 onwards, and went into building the biggest property bubble in UK history which was pointed out to Dear Gordon by the IMF in 2004. And a repeat of the bubble following the mid eighties bubble that was still fresh in everyone's except Gordon s mind. Not to mention the governance of the banks and reckless govt. spending from 2000, and of course not making the changes needed in the good times on welfare and pensions...but to be fair Pesto is talking about the global economy.
And a central theme, Real wage growth. surely the link is with prices, you cant just read the wage numbers on their own, if today I can buy more big macs for the same money then the money is worth more. Pesto addresses both points but not together.
Debt in itself is not the problem, the problem is excessive debt that is unsustainable. The interesting point made in the Documentary is why the Chinese save, which skirted around the answer. They have to save to insure themselves as the state does not reward fecklessnes. Which is an interesting thing, one which the Brown/Pesto/Hutton axis fail to see in their distain for the uncaring ideological free market Maggie. She actually pointed out a smaller state would foster better individual moral decisions, such as saving for your future. Well I fancy that is what is going to happen in the future, I am sure we will have Hutton's and the Guardians support.
And finaly but not least the usual blah blah about British Manufacturing, as was pointed out by Evan Davis the other month, we acutally make quite a lot of stuff. The simple point is that it was easier to go off into the city and make a pile of cash than make stuff.Which brings us back to dear Gordo' who was too interested in the 80 billion plus the city was throwing him to pish up the wall than keep the economy in balance by watching the deficits.
And so to the future, are we going to be more self suffienct? are we going to get the BoE to set interest rates with one eye on our defecits? are we going to get out of the Eu and trade with the people that matter int East? Pesto and Co will take a bullet first.
Terry Smith who from the UKs pov was on the case from the mid noughties got one shot, the apparent free market ideological nexus that was Maggie and Ronnie was given top billing, with walk on parts for Blair and one sitting down shot for dear Gordon, all par for the BBC. No mention that bailing out the banks was not an act of captialism it was an act of goverment. Which was odd as Gorgon and co had 13 months from the fall of Northern Wreck to the bailout to come up with something else.
No mention of Bretton woods and the gold standard (gold is the devil for the Brownites, thats why they sold it off) or the fiat Banking sytem which is one that is built on money creation through credit. Or Fractional reserve banking which used to be built on people saving money not interbank lending fueled by the Asian wall of money, something the authorities are supposed to understand and act upon, if they are acting with a duty of care. All that tax payers cash buying the top brains at the Treasury was off nothing.
Nor indeed the fact that most of the debt, just over half was built from 2000 onwards, and went into building the biggest property bubble in UK history which was pointed out to Dear Gordon by the IMF in 2004. And a repeat of the bubble following the mid eighties bubble that was still fresh in everyone's except Gordon s mind. Not to mention the governance of the banks and reckless govt. spending from 2000, and of course not making the changes needed in the good times on welfare and pensions...but to be fair Pesto is talking about the global economy.
And a central theme, Real wage growth. surely the link is with prices, you cant just read the wage numbers on their own, if today I can buy more big macs for the same money then the money is worth more. Pesto addresses both points but not together.
Debt in itself is not the problem, the problem is excessive debt that is unsustainable. The interesting point made in the Documentary is why the Chinese save, which skirted around the answer. They have to save to insure themselves as the state does not reward fecklessnes. Which is an interesting thing, one which the Brown/Pesto/Hutton axis fail to see in their distain for the uncaring ideological free market Maggie. She actually pointed out a smaller state would foster better individual moral decisions, such as saving for your future. Well I fancy that is what is going to happen in the future, I am sure we will have Hutton's and the Guardians support.
And finaly but not least the usual blah blah about British Manufacturing, as was pointed out by Evan Davis the other month, we acutally make quite a lot of stuff. The simple point is that it was easier to go off into the city and make a pile of cash than make stuff.Which brings us back to dear Gordo' who was too interested in the 80 billion plus the city was throwing him to pish up the wall than keep the economy in balance by watching the deficits.
And so to the future, are we going to be more self suffienct? are we going to get the BoE to set interest rates with one eye on our defecits? are we going to get out of the Eu and trade with the people that matter int East? Pesto and Co will take a bullet first.
Pot. Kettle. Black. (Riot update)
The Guardian have cracked the problem, "The Yoof of today" were mad at the police, in fact they were more than mad the kids were suffering "injustice"
Not surprising really that they felt this way, all the poverty of not having a plasma in your bedroom and in general having a previous criminal conviction.....
Does the Groan, give their previous reporting a mention?
"The sentences handed down to convicted rioters by the courts have been more draconian than previously thought but nearly three-quarters of those appearing in court had criminal records"
How about this for none sensationalist opinion?
The kids saw on TV that the riots on the Saturday night were going unanswered by the police and "decided to have some of it" and used social networks to organise it quickly. As for gangs, one major city was spared, that has recently had a very serious gang problem, Sheffield.
I wonder why Sheffield was spared, is it because it had nothing to do with gangs or is the fact South Yorkshire police are all over them 24/7? delete according to your political viewpoint.
Not surprising really that they felt this way, all the poverty of not having a plasma in your bedroom and in general having a previous criminal conviction.....
Does the Groan, give their previous reporting a mention?
"The sentences handed down to convicted rioters by the courts have been more draconian than previously thought but nearly three-quarters of those appearing in court had criminal records"
How about this for none sensationalist opinion?
The kids saw on TV that the riots on the Saturday night were going unanswered by the police and "decided to have some of it" and used social networks to organise it quickly. As for gangs, one major city was spared, that has recently had a very serious gang problem, Sheffield.
I wonder why Sheffield was spared, is it because it had nothing to do with gangs or is the fact South Yorkshire police are all over them 24/7? delete according to your political viewpoint.
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