Not something that I would put in the positive room, though!.........
Europe needs to grow a pair. It needs to refuse to bail out financial institutions that can no longer stand on their own two feet without bail outs to prop them up. It then needs to demand full discovery of any and all assets in the bank vaults. It can offer temporary support to those banks that remain viable as going concerns once all their paper has been marked to market, insure any and all deposits from citizens and businesses, and subsequently close the doors on those banks that are going concerns no more.
.................
Oh, and one other thing that must stop something urgent: stop talking about economic growth. There ain't none, and we need to wonder hard and loud why we still and always unquestioningly assume and accept that we need it. No, the Greek economy will not grow its way out of its misery. Neither will Italy's, or France's or America's. There's too much debt to grow out of.
.........
The Growth Paradigm Has Become An Embarrasment
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The Growth Paradigm Has Become An Embarrasment
This article from Automatic Earth tells it like it is and will be.
Action is the antidote to despair - Joan Baez
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- biffvernon
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Easier said than done....insure any and all deposits from citizens and businesses
Once you "mark to market" no bank on the planet is solvent, and no government on the planet can possibly pay out the insurance claims.
When the banks go down, government wont be presented with a £400mn bill (Northern Rock so far), nor a £650mn bill (NR in the near future) nor even a £20bn bill (the crap the government couldnt convince Virgin to buy) nor even £36bn (Total possible losses form Northern Rock, which not, is more than the police budget). When the really big banks fail, governments will face deposit insurance bills of hundreds of billions PER BANK. When the Lloyds disaster goes down, it will present a bill for AT LEAST a years government spending, it could easily hit over 100% of GDP.
To demand instant resolution and expect a functioning tomorrow is to misunderstand the scale of the problem on a biblical level.
I'm a realist, not a hippie
For once I agree wholeheartedly with Dominic.
Before demanding revenge, consider what the consequences of that revenge will be for you.
Sometimes the world has you by the balls and you just have to accept it.
Before demanding revenge, consider what the consequences of that revenge will be for you.
Sometimes the world has you by the balls and you just have to accept it.
"We're just waiting, looking skyward as the days go down / Someone promised there'd be answers if we stayed around."
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And the consequences of accepting the world as it is? Is that the future you prefer?
Anyway, it's a superb piece; it needs to be syndicated.
Anyway, it's a superb piece; it needs to be syndicated.
Well said, totally agree.I guess what irks me most when I read all the "return to growth" stories, whether they address the US or Greece or any other nation, is that it's such a one-dimensional notion.
Last edited by emordnilap on 18 Nov 2011, 10:50, edited 2 times in total.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
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No but I don't understand the assumption that one can change the world.emordnilap wrote:And the consequences of accepting the world as it is? Is that the future you prefer?
It's not enough to have a vision of the kind of world you want to live in - you also need a vision of how to win round the people who don't care and are just out for themselves and have money and weapons and power.
And guess what - you can't win them round. They always win. Remember Vortex recounting how he tried to sue a corporation for some kind of unethical behaviour, and just gave up? That was just one corporation, and Vortex - not someone lacking in self-belief from what I could tell - concluded that he couldn't win.
The way of dealing with this is something that people under the Soviets called "internal exile". You retreat into your imagination and, as far as possible, personal ties, and engage with reality the bare minimum.
Aside from this, I have a kind of mystical view of history as ending with an apocalypse, as almost all religions prophesy. I'm not saying I think religions' prophesies are accurate as such, but rather that they represent interpretations of profound intuitions about human destiny through the filter of the limited empirical knowledge and understanding available to people in times gone by.
I also believe that there is such a thing as the collective guilt of humanity and that it can only be worked through by suffering.
And I believe that there is a realm beyond the material; whether it incorporates individual afterlives or not I'm not sure; I suspect that the concept of an afterlife may be missing the point because it assumes that time is fundamentally linear, which I have come to doubt.
What, you may ask, does all this have to do with coping with the real-world problems we face? Quite a lot actually. Through most of history people dealt with hardship and lack of control of life through the idea of transcendence. Does this mean that transcendence is just a comforting delusion? Well, I used to think so, but I've changed my mind.
Believing that the only way of dealing with the hardships of life is to eradicate them completely leads ultimately to despair, once you find that you can't eradicate them.
"We're just waiting, looking skyward as the days go down / Someone promised there'd be answers if we stayed around."
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You can't eradicate them you just have to work round them. Any way, life would be boring if there weren't a few hardships - it just depends how hard you let them be.Ludwig wrote:Believing that the only way of dealing with the hardships of life is to eradicate them completely leads ultimately to despair, once you find that you can't eradicate them.
Action is the antidote to despair - Joan Baez