Home | About | Donate

Sticky Wicket, Chaps!


#1

Sticky Wicket, Chaps!

Eric Margolis

Britain just shot itself in both feet by voting to quit the European Union. After this tragedy comes the farce.

London’s ruling class Tory toffs are now making even bigger fools of themselves by indulging in an ugly, backstabbing power struggle worthy of the TV drama, ‘Game of Thrones.’


#2

I love the prose in this article. A few statements stand out:

"Britannia no longer rules the waves. London spends far too much on ego-boosting military power and overly big government. Whitehall still appears proudly imperial, but the north of England, where tourists never go, looks grim and shabby."

(Another former empire must "de-tox" from Mars Rules).

"But money, as in most divorces, is at the heart of things."

And:

"The Brits simply picked the wrong target for their ire in good part thanks to London’s rabid gutter press which promotes xenophobia and Islamophobia. The right target should have been the still poisonous class system and medieval political parties."

Likely, the metaphors, subtlety, and intelligence presented in this essay will be lost upon those who view the world through a bifurcated lens that only allows them to recognize "this or that," "with us or against us," "team A or team B," etc.


#3

I do not see how keeping interest rates low hurts the middle class, savers or anyone other than bankers. Historically high interest rates are considered to be immoral.

Low interest rates make car, home, and may other consumer loans much less expensive for the middle class.

Savers can always purchase bond funds or equity funds which provide a good rate of return.


#4

I would suggest you read Jonathan Cook's "Brexit and the diseased liberal mind" posted on Monday 27th on CD.


#6

What is the establishment position on Brexit?

Establishment sez: "Brexit is a disaster for Britain and its supporters are ignorant bigots."

What is your position on Brexit?

Oh.

Do you often agree with the establishment?


#7

Meanwhile In Italy , the Government bailed out another bank with taxpayer money. That same Government now suggests they will strip The Italian taxpayers pension funds to bail out more banks in the future.

The media WANTS us all to believe that this desire to leave the EU is all about immigrants and racism. It far deeper than that. The people realize they are being robbed and are little more then slaves to the 1 percent.

There a move in Countries right across Europe to get out of the EU .

http://www.zerohedge.com/news/2016-07-01/italy-just-bailed-out-another-failed-bank-may-use-pension-funds-future-bank-rescues


#8

I already have. Seldom do I not read EVERY article posted.


#9

Why do you think pension funds are in trouble all over America? There are no longer any safe investments that pay anything close to historical returns for such instruments. Therefore, pension funds are investing in exotic, rigged derivatives that seem to favor the bankers that write them when all is said and done, and which fail to replace the lost income. And if they pile into those "bond funds or equity funds which provide a good rate of return," they will be wiped out in the next crash (such funds crashed badly in 2008, many never recovering).

As for hurting bankers. the big banks themselves no longer depend on old fashioned simple interest income. They're out there borrowing money for roughly zero interest, and reinvesting it through their investment banks to get their money. They're also writing those derivative scams that the pension funds are buying.

In other words, since the repeal of Glass-Steagal, low interest rates help the investment banks. They only leave the smaller banks, insurance companies, and savers/retirees short of income. This is one reason insurance premiums are skyrocketing since the crash. Insurance companies used to be able to make a side income from safely investing temporary surpluses, but not now.

To top it all off, those "low interest rates" are rarely passed on to consumers. They're usually reserved for the Wall Streeters on the favored side of what Max Keiser calls, "The interest rate apartheid wall." The rest of us pay through the nose, or are simply told we don't qualify for the low rates.

You might think that housing would be an exception on rates, since low mortgage rates often do get passed on to borrowers. However, the Wall Street crowd used their cheap money supply to rush in and buy all the cheap housing after the crash, and that left housing prices so high, that the average buyer is worse off even there, because the loan's principal is now so inflated. But fear not, that also makes all those remaining leftover stockpiles of housing based CDO's and such on the books of the big banks look sound again, rather than threatening them with insolvency. That was exactly what the Fed wanted to see.

So no, low interest rates aren't helping the 99% in most cases, at least not when they're this low ...


#11

Aren't there like tiny communities that have created their own 'bit coin' type money and are successful? Wasn't the "Bank of England", which I think stood on its own, like a 'big deal'? Why do they need the European Union exactly?

It seems like a really heated issue for people. I can imagine if a state actually succeeded from the US Union might compare. Except that we were a union to start with and its been a couple hundred years here. The EU is relatively new- what's with all the tears? If it's that big of a deal and they miss they EU, I bet they can always go back!

I think the UK will be quite all right. The corrupt EU banksters, not so much. I'm sure they will miss screwing with England's finances along with the rest of Europe's. After all Ceasar should have control of the whole world right?

Here's hoping for Bank reform in the US


#12

Added to that a good many millions of Americans are considered high risk where banks are concerned. They are forced into using payday loan companies which have " low interest rates,," of 300 percent , or credit cards charging 20 percent and more.

The guy suggesting low interest rates good for the consumer is very much like Marie Antoinette when she suggested peasants eat cake if the cost of bread too high.

If one already has lots of money and can borrow more to invest in those equities and Bonds than yeah , things look good.

At the same time those investors buying those equities and bonds demand the Governments bail them out and guarantee their investment when it goes bad.

See Puerto Rico. See Greece. See the bank bailout. the


#13

It's one thing to deplore the victory of the 'leave' side for legitimate reasons but this article fails to present any such reasons. There were many, and the MSM was their voice, that used demagoguery and racist xenophobia to support a Brexit but there was also principled and progressive opposition to remaining in the austerity-based EU. They were simply not heard. Margolis seems to have been one of those who did not hear since he shows no indication that such exist.

There is little substantive analysis in this article. Why is it here?