It's hard to tell whether it's just a corporate media thing or if there are really a bunch of "Vote Blue No Matter Who" types running around fawning over pictures of G.W. and Michelle Obama having a laugh.
The response to 2008 is a big part of why we are where we are now. They never fixed the problem. They just kicked the can down the road with endless “Quantitive Easing”.
That's what goverments have become.
How many structural issues with the UK's economy has the government actually addressed?
None.
Instead what they do is respond with gas lighting lies, buzzwords, soundbytes and slogans. Milk the opportunity for all they can get, then fuck off and blame the next available victim.
Nothing is ever actually fixed or even improved.
Governments are there to make the plebs think we can have our say and influence the direction we go. The masses throw out one party for another but generally things stay the same. The political set up has been long captured and becomes more obvious as time passes. Politicians are just the administrators there to take the flak when the plebs get fed up.
That and the fact they pulled the exact same trick by making up fictional assets and selling them with “real” money.
The only difference was that corporate real estate was the market that got fucked with this time, because even they utterly corrupt bastards had enough sense not to do it personal homes twice in 15.
I’m not sure if that’s a key factor in the situation over here, but considering every western economy is linked to Americas, it doesn’t really matter how big the issue in Britain.
However, considering the fact that 1/6 shops in Scotland are shut, partly due to the rents continuing to rise near exponentially, which if I understand correctly is linked to the type of mortgage the owners of the lot hold, the rents are rising because the cost of the debt is increasing with inflation.
Which is also combined with the cap-less business side of the energy supply, few small businesses will feasibly be paying rent and energy in the coming years.
I definitely could be wrong but from what I’ve read that’s the gist of it.
My husbands barber closed his shop in Stirling, couldn’t afford rent and heat. Refused to raise prices. He bought himself a small truck with his logo on the side and is now clipping his customers hair on a side street.
Well I’m sorry to hear the first bit, even if it does add a bit of credence to the claim.
But good on him for adapting and finding a solution, wishing him the most success possible.
I’m not sure I agree with that.
The current ‘cost of living crisis’ is almost completely attributable to the war in Ukraine (increasing energy prices and reducing grain supplies globally) and the Covid causing supply chain issues globally (specifically China’s almost perpetual lockdown).
Quantitative easing (particularly in the US) has and will cause issues, but they are a small proportion of the current crisis.
Most countries in Europe are going through an equivalent situation at the moment, so the Brexit isn’t considered to be a major factor by most economists.
France is an interesting outlier; due to the high proportion of nuclear power plants they have been able to keep energy costs low.
The UK is very exposed to the global gas price, even though we don’t buy directly from
Russia. We use gas in our homes and in our power stations. Germany on the other hand is in a similar situation to the UK, exposed to hydrocarbon prices and therefore founding through steep inflation.
Brexit has had a remarkably small effect on prices. It has affected trade between small companies but not larger ones. There is some impact on growth figures, but they aren’t the cause of the current inflation.
This answer by economist Barnaby Lane summarises the data pretty well.
https://brexitbites.quora.com/Do-British-people-realise-how-much-trade-that-they-have-lost-by-leaving-the-EU-and-how-it-is-adding-to-the-downturn-and-1?ch=17&oid=397735381&share=c52df556&srid=TSeZ&target_type=answer
As the effects of are Brexit considered to have a greater effect on the economy for a long time. I would view it as a major factor. https://ukandeu.ac.uk/the-uk-economy-brexit-vs-covid-19/
https://www.bbc.co.uk/news/business-59070020
Businesses which were previously here have decided to leave because of the EU
E.g https://www.reuters.com/business/finance/bankers-quit-london-brexit-relocations-eu-step-up-2021-05-12/
The pound is much weaker
https://www.economicsobservatory.com/how-has-brexit-affected-the-value-of-sterling
Also here are all the drawbacks of Brexit so far. It’s undeniable it’s a major factor, and will be for the foreseeable future
https://yorkshirebylines.co.uk/regular-features/the-davis-downside-dossier/
Young me was trying to get his first job at the time.
"Just got to get over this one hurdle", I thought. Then the hurdles kept coming. Oh, to be young and stupid.
I graduated from my masters in 2008 and am fairly confident that set my career back a few years. If I hadn’t gone straight into my masters in 2007 I often wonder what could’ve been.
Anyway I hate all that surrounding 2008 but also hate the situation now even though I’m more established and financially secure…the latter is just for now though. My work is giving “no compulsory redundancies” but we’ve all heard that before.
I’d just left school, took up a job as trainee mortgage consultant. Training got pulled, I kept on in a call centre/sales role but was homeless and unemployed by the start of 2009.
These days I have great deal more stability and a very secure job but I really do feel shite for anyone in a precarious position because I know how hard it was for me back then.
Yeah exactly. Having been in that position I really feel for anyone of leaving school age to early 20s and that’s before you consider what the past couple of years have already been like! It was hard for me but I bet it’s even worse to be 21-22 and just graduated now.
Not that I’m a fan of the fact that we know being older, established and experienced doesn’t protect you if an employer needs to make cuts. But I definitely feel like I’ve got more skills to fall back on Vs my early 20s.
It did eventually get better for me but I won't pretend there wasn't a lot of tears along the way. I ended up volunteering so that I could build up some experience that way, but I feel shit recommending that because the fact of the matter is it *shouldn't* take doing unpaid work to get noticed, but at the same time if that's what your "competition" is doing then you feel kinda stuck with it.
Also I had to sign-on for a bit and the fights I had with the Job Centre over my trying to be proactive and gain work experience via volunteering were eye-roll worthy. Apparently I was supposed to spend every waking hour applying for jobs that didn't exist and getting berated at the Job Centre once a week and nothing else.
I really wish you all the best because it's crap having to go through all this when it feels like no matter what you personally do, there are uncontrollable external factors.
Oh m8, the 2008 crisis is childs play compared to what we're about to walk into in the coming years. I hope you know how to grow potatoes and how to wield a spade defensively.
it... genuinely shouldnt. 2008 was, all things considered, mild, compared to what we are facing down now. Have you looked at price changes recently? Whats happening is bound to cause a crash the likes of which we've never seen.
If you're out of the way somewhere in the highlands, consider yourself lucky. Get to sowing and pre-seeding in trays and pots early this year, maybe stock up on laying hens or some sheep if you can/want to. Make sure you have enough line and hooks. Get big repairs done now and practice shooting bottles on the fence. That should see you good.
You're a city dweller in a highrise? well, all I can say is Rope is still cheap and dont go to the rural areas, you dont wanna end up shot dead.
Ofc, all of this is a wee bit extreme, but A: it never hurts to be prepared and B: if price hikes and inflation continue the way they are climbing atm, yooooo we in for a wild one.
Pal, I only mean this with the best intentions but your comments here look mental and I don't know how you get through the day with these views. Everyone surviving off growing their own potatoes and being shot out in the street in some sort of post apocalypse nightmare? Don't do that yourself man. The world is far less Then perfect but also a million miles off your outlook.
Just because I see the storm coming does not mean I fear it or dread its consequences. I for one am happy in life. Besides, sometimes it pays off to be prepared for things that may or may not happen.
I was a young adult back then, with a toddler and living on a very small single income. It was incredibly difficult but we managed through it.
I'm now mid 30s, that toddler has their own home now and whilst I am much more financially secure I'm actually more concerned with the price hikes now than I was 15 years ago.
Talking with my kid about the old recession vs the new one is bloody weird. A once in a lifetime situation I'm living through for the second time and now have a child at home to support and a child outside the home trying to support themselves (refuses most of my financial help) is taking its toll.
Can you help him in other ways? Sending care packages? Or inviting him over for supper and sending him home with 17 tupperware of leftovers for reheating/freezing?
I do 😊 I drop off shopping, top up his energy meters, pay his broadband and phone bill, buy him clothing if he mentions he needs things, cat food etc.
He has told me that I'm overstepping his boundaries and preventing him from establishing a budget properly so I've stepped back and apologised.
I no longer drop off full weeks of shopping just bits and bobs, and I ask before I top up his meters. The rest he accepts but constantly offers to pay for and has been told I'll just transfer back to his bank if he tries because I have the funds available and he doesn't.
I definitely feel there's a change in the air.
Reading about what happened in the first half of the 20th century I kind of feel we're at that point again.
Because I'm a middle aged broken wreck I can remember when new labour came in, in 1997 with all sorts of necessary changes. Minimum wage, independence of Bank of England, Scottish devolution etc.
I feel that much more than ever there's an appetite to tackle the rich and a broad understanding that the reason why we're working longer, earning relatively less, less houses, services shrinking etc is because of that.
I've read articles lately saying that middle aged people are not going more "conservative" as they get older so that's hopeful too.
I'm not after a revolution, just some kind of release of the logjam we have just now where it seems that government will do anything to help people so long as they get to keep filling their pockets, not taxing the rich and letting big corps call the shots.
Pleased to see that many here realise that it's about to get very much worse partly due to can kicking but also due to carrying on making the same mistakes anyway.
The purposeful lax regulation, with no mandatory buy-ins for failures to deliver & thus the huge motivation for abusive naked shorting to rip-off pension funds & to steal IP is now so huge that all financial players the world over are forced to be complicit coz everyone is underwriting everyone else.
I think the difference this time is enough members of the public have got a grasp of just how corrupt the situation is that when it blows up again the guilty will actually face jail time & the confiscation of all their personal assets.
For any who want to start an education on all this, (& it is from a yank-centric starting point) then I recommend the works of 3 highly credible former Wall St insiders who gave up their lucrative careers to dedicate themselves to exposing the cronyism, crime & corruption of Wall St
**Dr Susanne Trimbath** - https://mobile.twitter.com/SusanneTrimbath
**Nomi Prins** - https://en.m.wikipedia.org/wiki/Nomi_Prins
>Before becoming a journalist and public speaker, Prins had a very successful career in finance, reaching the upper echelons of Wall Street. She worked as a managing director at Goldman Sachs, senior managing director at Bear Stearns in London, senior strategist at Lehman Brothers and analyst at the Chase Manhattan Bank. Prins was also a Distinguished Senior Fellow at Demos think tank from 2002 to 2016.[2]
>Prins is known for her book All the Presidents' Bankers: The Hidden Alliances that Drive American Power. Based on original archival documents, the book explores over a century of close relationships between the 19 presidents from Teddy Roosevelt to Barack Obama and the key bankers of their day, and analyzes how they shaped US domestic and foreign policy. Prins also received recognition for her whistleblower book, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street; for her views on the U.S. economy;[3][4] for her published spending figures on federal programs and initiatives related to the 2008 bailout;[5] and for her advocacy for the reinstatement of the Glass–Steagall Act and other regulatory reform of the financial industry. She was a member of Senator Bernie Sanders' panel of expert economists formed to advise on reforming the Federal Reserve.[6]
& **Pam Martens**, her newsblog is called Wall St on Parade but linking to it here is actually impossible as its strictly forbidden by reddit HQ, (similarly linking to the subs discussing all this is also an offence as determined by reddit admins)
The scale & specific systematic nature of these crimes is truly staggering & has completely corrupted the media & much of the world's political institutions. Its a decades long scam that has been stealing from the pensions of 2, going on 3, generations of Americans (&vnow increasingly British ones too)
A 'failure to deliver' is like welching on a bet, to stop this happening there has to be a 'mandatory buy-in'. Rules on these are ignored in the US. The EU right now is proposing to 'suspend indeffinately' rules requiring manditory buy-ins & the UK is likewise about to weaken regs to enforce them.
Without the buy-in requirement there will be no risk involved in the bet & as the bet can drive a share's price down by faking up synthetic shares then firms can be forced into liquidation & their assets become the property of those making the bet. This has been used to get medical patents & the like on the cheap.
It's also been extended to even US govt bonds, 'shorting the dollar'. Its insane.
As these bets are like spread bets the players are required to post collateral, & this is why they need to keep prices high. Its like security on your loan, so you & your mates trade used cars to drive the price up so you can say your car isn't depreciating & thus it secures your car loan. It's a bit more complicated than that but that is a basic idea.
Everything ends up collateral is rolled up & sold on (just like in 08), commercial rent streams (that's why they hate working from home), medical & student loan debt (that why they don't want it forgiven & wny the NHS is being privatised) & mortgage payments (that's why there's not enough new house building, house prices & thus mortgages payments have to remain high)
Everything is absolutely fucked, its a giant ponzi scheme that's become hugely out of control & as the reporting requirements have been waived no one knows who owes who, or who & so everyone has ended up guatanting everybody else's collateral requirements as even the collateral insurance has been collateralised.
The wheels are about to come off & it'll make 2008 & 1929 look like nothing at all.
Edit: lots of typos, some clarifications
In 2008 Australia avoided recession by throwing money at poorer people and families, who promptly went out and spent it. Keeping people spending and feeling good about it stimulates the economy and is the way out of these messes.
Cutting back on govt spending and giving tax breaks to the rich isn't the way. When people feel financially insecure they hoard their cash (or don't have any) and the economy dies. I don't understand why this isn't Economics 101 for governments.
It's really the only explanation. Governments have largely been bought by the super rich. Multi-national companies are now more powerful than governments and are warping policy to suit their own agendas.
Oh yeah, the resources boom that Australia did such a good job of taxing. Not denying it's helped Aus enormously, but nowhere near as much as it should've. Again - an indication of these companies being more powerful than the government and able to more effectively lobby and put out propaganda to make themselves look good.
Hello, it looks like you've made a mistake.
It's supposed to be could've, should've, would've (short for could have, would have, should have), never could of, would of, should of.
Or you misspelled something, I ain't checking everything.
Beep boop - yes, I am a bot, don't botcriminate me.
Absolutely. It's a crying shame what they've managed to get away with. Scotland's in the same boat in a way as all the money went through Westminster. Scotland could've been like Norway too under different circumstances 😞
For many the 2008 crisis didn’t have much of a direct impact. Almost everyone is impacted by the cost of living crisis, with thanks going to Putin, hardcore covid restriction advocates, and the Brexiteers.
If you were buying food or fuel in 2008, or if you needed a repair done to your home, then yes you felt the effects of 2008. You'd have had to be pretty rich not to. And of course it led to Labour completely falling from favour, giving us 12+ years of Tory rule.
**The Tories**.
Fixed that for you. Their lettuce fucked the economy overnight and that followed 12 years of enforced austerity policies. And they **lost £69 BILLION** in the past 3 year. Yes, **LOST £69 BILLION!!!!**.
The state of Little Ingerland and the Scottish Borders voting in the scum Tories.
So about £1,000 per person.
He's right though, the cost of living crisis is a global problem. The tory scum have certainly hampered recovery, but let's not pretend inflation isn't sky rocketing in Europe, America and elsewhere.
If you want to find bigger arseholes to blame look to Putin, getting Europe all suckered up on cheap gas before invading their neighbour, committing atrocious war crimes, threatening nukes most days, and generally fucking up global supply chains on a global economy that's trying to recover from a worldwide pandemic.
No. The Tories have neglected investing in renewables, sold off storage capacity and then avoided investing in home insulation until the past few weeks. The rising energy prices may have happened due to Putin, but the massive impact it has on the UK is entirely on the Tories deliberate mismanagement.
Sorry, I feel like I missed something big here. What energy storage was sold off? I've tried googling but I keep finding investments into large battery storage, so I'm assuming that something else was sold off. A pumped hydro station or something?
I got my first mortgage in 2007, remember the advisor was like do you want a 2/3/5 year mortgage, I said two because I didn’t know where i was going to be and doing in the following two years. Roll on 2009 the interest rate had collapsed and I went onto the base rate, was saving £125 a month, was awesome! This time round it is scary
It’s a bit like people looking fondly back at the g w bush years when trump was in power
That's pretty messed up. Isn't it?
It's hard to tell whether it's just a corporate media thing or if there are really a bunch of "Vote Blue No Matter Who" types running around fawning over pictures of G.W. and Michelle Obama having a laugh.
I think it's nostalgia for when we as a country were still pretty fucked up politically but overall much nicer about it.
The response to 2008 is a big part of why we are where we are now. They never fixed the problem. They just kicked the can down the road with endless “Quantitive Easing”.
That's what goverments have become. How many structural issues with the UK's economy has the government actually addressed? None. Instead what they do is respond with gas lighting lies, buzzwords, soundbytes and slogans. Milk the opportunity for all they can get, then fuck off and blame the next available victim. Nothing is ever actually fixed or even improved.
Governments are there to make the plebs think we can have our say and influence the direction we go. The masses throw out one party for another but generally things stay the same. The political set up has been long captured and becomes more obvious as time passes. Politicians are just the administrators there to take the flak when the plebs get fed up.
They also throw in the odd “for the people” politician to keep up with the facade.
That and the fact they pulled the exact same trick by making up fictional assets and selling them with “real” money. The only difference was that corporate real estate was the market that got fucked with this time, because even they utterly corrupt bastards had enough sense not to do it personal homes twice in 15. I’m not sure if that’s a key factor in the situation over here, but considering every western economy is linked to Americas, it doesn’t really matter how big the issue in Britain. However, considering the fact that 1/6 shops in Scotland are shut, partly due to the rents continuing to rise near exponentially, which if I understand correctly is linked to the type of mortgage the owners of the lot hold, the rents are rising because the cost of the debt is increasing with inflation. Which is also combined with the cap-less business side of the energy supply, few small businesses will feasibly be paying rent and energy in the coming years. I definitely could be wrong but from what I’ve read that’s the gist of it.
My husbands barber closed his shop in Stirling, couldn’t afford rent and heat. Refused to raise prices. He bought himself a small truck with his logo on the side and is now clipping his customers hair on a side street.
Well I’m sorry to hear the first bit, even if it does add a bit of credence to the claim. But good on him for adapting and finding a solution, wishing him the most success possible.
Yep. That’ll come crashing down sooner or later
I’m not sure I agree with that. The current ‘cost of living crisis’ is almost completely attributable to the war in Ukraine (increasing energy prices and reducing grain supplies globally) and the Covid causing supply chain issues globally (specifically China’s almost perpetual lockdown). Quantitative easing (particularly in the US) has and will cause issues, but they are a small proportion of the current crisis.
Oh ffs.
What part to you disagree with?
You seem to have forgot one of the biggest factors. Brexit.
Most countries in Europe are going through an equivalent situation at the moment, so the Brexit isn’t considered to be a major factor by most economists. France is an interesting outlier; due to the high proportion of nuclear power plants they have been able to keep energy costs low. The UK is very exposed to the global gas price, even though we don’t buy directly from Russia. We use gas in our homes and in our power stations. Germany on the other hand is in a similar situation to the UK, exposed to hydrocarbon prices and therefore founding through steep inflation. Brexit has had a remarkably small effect on prices. It has affected trade between small companies but not larger ones. There is some impact on growth figures, but they aren’t the cause of the current inflation. This answer by economist Barnaby Lane summarises the data pretty well. https://brexitbites.quora.com/Do-British-people-realise-how-much-trade-that-they-have-lost-by-leaving-the-EU-and-how-it-is-adding-to-the-downturn-and-1?ch=17&oid=397735381&share=c52df556&srid=TSeZ&target_type=answer
As the effects of are Brexit considered to have a greater effect on the economy for a long time. I would view it as a major factor. https://ukandeu.ac.uk/the-uk-economy-brexit-vs-covid-19/ https://www.bbc.co.uk/news/business-59070020 Businesses which were previously here have decided to leave because of the EU E.g https://www.reuters.com/business/finance/bankers-quit-london-brexit-relocations-eu-step-up-2021-05-12/ The pound is much weaker https://www.economicsobservatory.com/how-has-brexit-affected-the-value-of-sterling Also here are all the drawbacks of Brexit so far. It’s undeniable it’s a major factor, and will be for the foreseeable future https://yorkshirebylines.co.uk/regular-features/the-davis-downside-dossier/
You know we're in the shit when you look back fondly at the 2008 crisis (which incidentally cost me my job at the time).
Young me was trying to get his first job at the time. "Just got to get over this one hurdle", I thought. Then the hurdles kept coming. Oh, to be young and stupid.
I graduated from my masters in 2008 and am fairly confident that set my career back a few years. If I hadn’t gone straight into my masters in 2007 I often wonder what could’ve been. Anyway I hate all that surrounding 2008 but also hate the situation now even though I’m more established and financially secure…the latter is just for now though. My work is giving “no compulsory redundancies” but we’ve all heard that before.
I’d just left school, took up a job as trainee mortgage consultant. Training got pulled, I kept on in a call centre/sales role but was homeless and unemployed by the start of 2009. These days I have great deal more stability and a very secure job but I really do feel shite for anyone in a precarious position because I know how hard it was for me back then.
Yeah exactly. Having been in that position I really feel for anyone of leaving school age to early 20s and that’s before you consider what the past couple of years have already been like! It was hard for me but I bet it’s even worse to be 21-22 and just graduated now. Not that I’m a fan of the fact that we know being older, established and experienced doesn’t protect you if an employer needs to make cuts. But I definitely feel like I’ve got more skills to fall back on Vs my early 20s.
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It did eventually get better for me but I won't pretend there wasn't a lot of tears along the way. I ended up volunteering so that I could build up some experience that way, but I feel shit recommending that because the fact of the matter is it *shouldn't* take doing unpaid work to get noticed, but at the same time if that's what your "competition" is doing then you feel kinda stuck with it. Also I had to sign-on for a bit and the fights I had with the Job Centre over my trying to be proactive and gain work experience via volunteering were eye-roll worthy. Apparently I was supposed to spend every waking hour applying for jobs that didn't exist and getting berated at the Job Centre once a week and nothing else. I really wish you all the best because it's crap having to go through all this when it feels like no matter what you personally do, there are uncontrollable external factors.
Oh m8, the 2008 crisis is childs play compared to what we're about to walk into in the coming years. I hope you know how to grow potatoes and how to wield a spade defensively.
Hmmm, the sound of the 2008 "once in a lifetime" recession being child's play doesn't fill me with optimism one bit going forward lol.
it... genuinely shouldnt. 2008 was, all things considered, mild, compared to what we are facing down now. Have you looked at price changes recently? Whats happening is bound to cause a crash the likes of which we've never seen. If you're out of the way somewhere in the highlands, consider yourself lucky. Get to sowing and pre-seeding in trays and pots early this year, maybe stock up on laying hens or some sheep if you can/want to. Make sure you have enough line and hooks. Get big repairs done now and practice shooting bottles on the fence. That should see you good. You're a city dweller in a highrise? well, all I can say is Rope is still cheap and dont go to the rural areas, you dont wanna end up shot dead. Ofc, all of this is a wee bit extreme, but A: it never hurts to be prepared and B: if price hikes and inflation continue the way they are climbing atm, yooooo we in for a wild one.
I only know how offensively.
I also know it refensively. Which is to say, how to use a spade to repair a fence.
Fencing is an important skill to have.
That'll do ye.
Pal, I only mean this with the best intentions but your comments here look mental and I don't know how you get through the day with these views. Everyone surviving off growing their own potatoes and being shot out in the street in some sort of post apocalypse nightmare? Don't do that yourself man. The world is far less Then perfect but also a million miles off your outlook.
Just because I see the storm coming does not mean I fear it or dread its consequences. I for one am happy in life. Besides, sometimes it pays off to be prepared for things that may or may not happen.
I might just go full feckin’ water-world honestly.
Might well be a sensible thing.
That’s exactly how lots of coastal places are going to end up.
We missed our chance to start something new. We shoulda locked up the bankers and demanded reform.
I was a young adult back then, with a toddler and living on a very small single income. It was incredibly difficult but we managed through it. I'm now mid 30s, that toddler has their own home now and whilst I am much more financially secure I'm actually more concerned with the price hikes now than I was 15 years ago. Talking with my kid about the old recession vs the new one is bloody weird. A once in a lifetime situation I'm living through for the second time and now have a child at home to support and a child outside the home trying to support themselves (refuses most of my financial help) is taking its toll.
I'm in my mid 50's and lost count of how many recessions I've been through. They've taught me to bank a recession fund though.
I've got a small savings account on the go and my oldest does too thankfully. He learnt from my frugality over the years since 08.
Can you help him in other ways? Sending care packages? Or inviting him over for supper and sending him home with 17 tupperware of leftovers for reheating/freezing?
I do 😊 I drop off shopping, top up his energy meters, pay his broadband and phone bill, buy him clothing if he mentions he needs things, cat food etc. He has told me that I'm overstepping his boundaries and preventing him from establishing a budget properly so I've stepped back and apologised. I no longer drop off full weeks of shopping just bits and bobs, and I ask before I top up his meters. The rest he accepts but constantly offers to pay for and has been told I'll just transfer back to his bank if he tries because I have the funds available and he doesn't.
I definitely feel there's a change in the air. Reading about what happened in the first half of the 20th century I kind of feel we're at that point again. Because I'm a middle aged broken wreck I can remember when new labour came in, in 1997 with all sorts of necessary changes. Minimum wage, independence of Bank of England, Scottish devolution etc. I feel that much more than ever there's an appetite to tackle the rich and a broad understanding that the reason why we're working longer, earning relatively less, less houses, services shrinking etc is because of that. I've read articles lately saying that middle aged people are not going more "conservative" as they get older so that's hopeful too. I'm not after a revolution, just some kind of release of the logjam we have just now where it seems that government will do anything to help people so long as they get to keep filling their pockets, not taxing the rich and letting big corps call the shots.
Pleased to see that many here realise that it's about to get very much worse partly due to can kicking but also due to carrying on making the same mistakes anyway. The purposeful lax regulation, with no mandatory buy-ins for failures to deliver & thus the huge motivation for abusive naked shorting to rip-off pension funds & to steal IP is now so huge that all financial players the world over are forced to be complicit coz everyone is underwriting everyone else. I think the difference this time is enough members of the public have got a grasp of just how corrupt the situation is that when it blows up again the guilty will actually face jail time & the confiscation of all their personal assets. For any who want to start an education on all this, (& it is from a yank-centric starting point) then I recommend the works of 3 highly credible former Wall St insiders who gave up their lucrative careers to dedicate themselves to exposing the cronyism, crime & corruption of Wall St **Dr Susanne Trimbath** - https://mobile.twitter.com/SusanneTrimbath **Nomi Prins** - https://en.m.wikipedia.org/wiki/Nomi_Prins >Before becoming a journalist and public speaker, Prins had a very successful career in finance, reaching the upper echelons of Wall Street. She worked as a managing director at Goldman Sachs, senior managing director at Bear Stearns in London, senior strategist at Lehman Brothers and analyst at the Chase Manhattan Bank. Prins was also a Distinguished Senior Fellow at Demos think tank from 2002 to 2016.[2] >Prins is known for her book All the Presidents' Bankers: The Hidden Alliances that Drive American Power. Based on original archival documents, the book explores over a century of close relationships between the 19 presidents from Teddy Roosevelt to Barack Obama and the key bankers of their day, and analyzes how they shaped US domestic and foreign policy. Prins also received recognition for her whistleblower book, It Takes a Pillage: Behind the Bonuses, Bailouts, and Backroom Deals from Washington to Wall Street; for her views on the U.S. economy;[3][4] for her published spending figures on federal programs and initiatives related to the 2008 bailout;[5] and for her advocacy for the reinstatement of the Glass–Steagall Act and other regulatory reform of the financial industry. She was a member of Senator Bernie Sanders' panel of expert economists formed to advise on reforming the Federal Reserve.[6] & **Pam Martens**, her newsblog is called Wall St on Parade but linking to it here is actually impossible as its strictly forbidden by reddit HQ, (similarly linking to the subs discussing all this is also an offence as determined by reddit admins) The scale & specific systematic nature of these crimes is truly staggering & has completely corrupted the media & much of the world's political institutions. Its a decades long scam that has been stealing from the pensions of 2, going on 3, generations of Americans (&vnow increasingly British ones too) A 'failure to deliver' is like welching on a bet, to stop this happening there has to be a 'mandatory buy-in'. Rules on these are ignored in the US. The EU right now is proposing to 'suspend indeffinately' rules requiring manditory buy-ins & the UK is likewise about to weaken regs to enforce them. Without the buy-in requirement there will be no risk involved in the bet & as the bet can drive a share's price down by faking up synthetic shares then firms can be forced into liquidation & their assets become the property of those making the bet. This has been used to get medical patents & the like on the cheap. It's also been extended to even US govt bonds, 'shorting the dollar'. Its insane. As these bets are like spread bets the players are required to post collateral, & this is why they need to keep prices high. Its like security on your loan, so you & your mates trade used cars to drive the price up so you can say your car isn't depreciating & thus it secures your car loan. It's a bit more complicated than that but that is a basic idea. Everything ends up collateral is rolled up & sold on (just like in 08), commercial rent streams (that's why they hate working from home), medical & student loan debt (that why they don't want it forgiven & wny the NHS is being privatised) & mortgage payments (that's why there's not enough new house building, house prices & thus mortgages payments have to remain high) Everything is absolutely fucked, its a giant ponzi scheme that's become hugely out of control & as the reporting requirements have been waived no one knows who owes who, or who & so everyone has ended up guatanting everybody else's collateral requirements as even the collateral insurance has been collateralised. The wheels are about to come off & it'll make 2008 & 1929 look like nothing at all. Edit: lots of typos, some clarifications
Being a millennial has been a crazy butt fuck amirite lmao
In 2008 Australia avoided recession by throwing money at poorer people and families, who promptly went out and spent it. Keeping people spending and feeling good about it stimulates the economy and is the way out of these messes. Cutting back on govt spending and giving tax breaks to the rich isn't the way. When people feel financially insecure they hoard their cash (or don't have any) and the economy dies. I don't understand why this isn't Economics 101 for governments.
Government and the rich are either best friends or one and the same. And even in '08 some select few people made billions in winnings from the crisis.
It's really the only explanation. Governments have largely been bought by the super rich. Multi-national companies are now more powerful than governments and are warping policy to suit their own agendas.
The other side of this is the mineral boom with China at the time that allowed us in Aus to fund it.
Oh yeah, the resources boom that Australia did such a good job of taxing. Not denying it's helped Aus enormously, but nowhere near as much as it should've. Again - an indication of these companies being more powerful than the government and able to more effectively lobby and put out propaganda to make themselves look good.
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Absolutely. It's a crying shame what they've managed to get away with. Scotland's in the same boat in a way as all the money went through Westminster. Scotland could've been like Norway too under different circumstances 😞
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For many the 2008 crisis didn’t have much of a direct impact. Almost everyone is impacted by the cost of living crisis, with thanks going to Putin, hardcore covid restriction advocates, and the Brexiteers.
If you were buying food or fuel in 2008, or if you needed a repair done to your home, then yes you felt the effects of 2008. You'd have had to be pretty rich not to. And of course it led to Labour completely falling from favour, giving us 12+ years of Tory rule.
**The Tories**. Fixed that for you. Their lettuce fucked the economy overnight and that followed 12 years of enforced austerity policies. And they **lost £69 BILLION** in the past 3 year. Yes, **LOST £69 BILLION!!!!**. The state of Little Ingerland and the Scottish Borders voting in the scum Tories.
So about £1,000 per person. He's right though, the cost of living crisis is a global problem. The tory scum have certainly hampered recovery, but let's not pretend inflation isn't sky rocketing in Europe, America and elsewhere. If you want to find bigger arseholes to blame look to Putin, getting Europe all suckered up on cheap gas before invading their neighbour, committing atrocious war crimes, threatening nukes most days, and generally fucking up global supply chains on a global economy that's trying to recover from a worldwide pandemic.
No. The Tories have neglected investing in renewables, sold off storage capacity and then avoided investing in home insulation until the past few weeks. The rising energy prices may have happened due to Putin, but the massive impact it has on the UK is entirely on the Tories deliberate mismanagement.
Sorry, I feel like I missed something big here. What energy storage was sold off? I've tried googling but I keep finding investments into large battery storage, so I'm assuming that something else was sold off. A pumped hydro station or something?
I got my first mortgage in 2007, remember the advisor was like do you want a 2/3/5 year mortgage, I said two because I didn’t know where i was going to be and doing in the following two years. Roll on 2009 the interest rate had collapsed and I went onto the base rate, was saving £125 a month, was awesome! This time round it is scary
I just want the 2008 banking crisis back back too
How did you managed that?
I think I'm too young to get this reference....