The global economy

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#21

It has begun. Yesterday my brother told me they fired 25 people from his work. One of them they fired was the Egyptian guy who worked with him and who only came to this country a year ago. Poor Egyptian guy, he’s got a pregnant wife as well. This Egyptian guy was almost in tears when he went to shake my brother’s hand, this is after he was told. It’s heart breaking.

BTW, my brother deals in a stock market program that automatically plots curves. I’m not going to tell you his company, but I will say that the last couple of weeks have been very quiet.

#22

My boyfriend works in a small factory, and they just announced that they were going to shift to a 32-hour work week due to decreased demand. Which means a 25% pay cut for everyone, since they’re all paid hourly.

And my employer has had a “temporary, voluntary time reduction” program in place for several months now… to last at least until 2010.

I don’t know whether the unemployment statistics reflect these sorts of changes, but I’m guessing they don’t; for decades, these numbers have been “tweaked” to make things look better than they are, depending on the priorities of the administration in power at the time…

#23

Some of the aerospace workers in my town has had reduced work. But not because of the economy, it’s because of a strike in Washington state by people who are almost never happy with what they get while working:spin:

#24

Steven42 - we need more folks with your attitude. Too many folks are moaning about the possible bad of the situation ie civil war etc. Let’s use your post and get to the good of it all - there is an abundance of opportunity out here. Some good calibre folks are looking for jobs. Now there are loads of time for these folks to get ideas as to where to go rather than wait for the phone to ring. The environment needs fixin’, rubbish needs to be picked up, and so on. Use this downtime to help someone else on your way to the foodbank. Come on - our mates in China are glad to work for a day on what we’d only consider for an hours pay, lets do somethin’ constructive with the resource at our disposal. India’s set off a rocket to the moon, maybe for a national pride a bit, maybe for research, maybe for the downturn in the global economy gave the Indians an advantage ? And all of this in a smaller budget then what NASA would have spent the christmas bash. The American boat is sinking to a more equal level than the rest of the world. Sure some of yous are stressed because of future prospects, but take this time to think on what you could done better, and I don’t mean the robbery downtown. Now don’t let Afganistan be the first to use fusion for their energy needs . . . at the moment the folks there whom some of the big wigs threatened bomb back to the stone age have more chance to make a major difference than ever before.

#25

Are the Chinese finally getting a clue? Stay tuned …

#26

And here we go again.

#27

I think the whole stuff called money is so abstract… abstract, powerful and dangerous for human minds.

#28

I think that the most disgusting thing about the current situation is that so much of it is the result of high crime. Committed by hundreds of people who are sitting at top positions in government and knowingly manipulating their power – not for the public good, but for themselves.

They swindled a lot of investors, again at the very highest levels, and diverted public spending away from social welfare and onto things, specifically war, which profited themselves. When one of the swindlers walks by, it’s customary to refer to them by honorifics: “Senator,” “Your Honor,” “Mister President.”

Having been in business for so many years, I’ve developed a keen sense of “bounce” that I know will carry me through these times as they have so many other times. But I don’t like to know that horrific economic turmoil is the result of intentional crime. When you swear that oath-of-office and are handed those enormously powerful keys, you’re supposed to be doing it for the public.

#29

Scary article from Marketwatch.com:

The real tragedy of this financial crisis is that people will die

#30

I appoligize for the actions of my country the last few years. I really do… I was indoctrinated by the propoganda myself, until recently. What we’re doing isn’t right. We don’t have the moral authority or financial capability to support our empire overseas. (Yes, it’s an empire. I used to scoff when people spoke in these terms, but when you look at the facts… the evidence is damning. To quote System of a Down, “Manufacturing consent is the name of the game. The bottom line is money, nobody gives a ****”.

Many of you may be angry at us (the American people.) What you have to realize is how ignorant the average American is.This isn’t an insult, or meant to anger or offend any fellow citizens on this board, it’s just the cold, hard, truth. It’s kind of like when a doctor tells a patient he/she is clinically obese. It’s a real problem and it’s time someone talked about it.

I’m in my sophomore year of college. I haven’t met a single person (friend/acquaintence/roomate, whatever) that has the slightest idea what I’m talking about when I reference the “bailout”. My economics professor is equally ignorant, having nothing but praise for the Speaker Pelosi DECLARING MARTIAL LAW IN THE HOUSE OF REPARSENTATIVES to pass a bill that neither the public or most legislators wanted.

The problem will be blamed on personal and corporate freedom, and be used as leverage to take it away. Go look up the Federal Reserve. No one will do a damn thing about this though. I fear even if we could, it may be too late…

I can see the writing on the wall. I have lost ALL CONFIDENCE in this corrupt circus that we call the United States government. The dollar is going to collapse within a matter of weeks. Martial law (not the kind in the House, the kind with riot police busting down our doors) thereafter. If you think I’m joking or being hyperbolic, go do some research.

I, unlike many of my peers, have studied history. I know what happened in Germany in the 30’s. God help us. Ron Paul may have been our last chance.

I never thought I’d have to be afraid to say anything, as an American. But as I type this, I realize that I may well be dooming myself to prison in the effort to suppress a civiil war. But something must be said.

I hope I’m wrong. I hope I’m overlooking something. I hope the leeked reports I heard of the secret meeting of the House are false, but if they aren’t… I ask the global community to recognize who is to blame for this TREASON and have mercy and understanding for American citizens. It’s been a while since we had any say in our government.

#31

ok your apology is accepted. stop smoking weed, have a bath at least twice a day, don’t wear bandana’s or badges, stop protesting about the vietnam war (it ended some decades ago) . . . and you should be ok. Oh and get a part-time job too - anything that will get you to interact with “normal” people so you are rehabitated smoothly into society.

#32

Insult me all you like, it doesn’t support your position or make you look any smarter. If you’d like to debate, fine, but back your opinions up with facts, please. The current Federal Reserve system is unsustainable. It’s been “patched up” for the last hundred years, and it can’t be perpetuated much longer.

I don’t think it takes too much imagination to picture what would happen if the dollar became immediately worthless.

#33

don’t want to start a flame war, but dark ages were for a part of europe … europe had always a “dual” power, and that meant for a period of time the power sat in east, then passed on west side, then moved back to east, then east fell and power moved back to west … it depends what sources you read … if western side they talk about “west’s ups and down” (roman empire, dark ages, holly roman empire, etc.), if eastern you see ancient greece, you see byzantium, etc. … it all depends … but in truth (or at least what I fully believe) is that today we’re seeing a new world order emerging, one that is overwriting the bretton woods treaty … this “brave new world” is going to be different then the cold war era, as more players get into the game and no one will be much powerful than others … you talk about us, eu+ russia, china, brazil,and india … it is going to be a more “balanced” world, though tougher to survive … one strange thing is that you should look at the spatial programs: nasa, esa (http://en.wikipedia.org/wiki/Space_program) and see who is working together with who, then you will conclude some things … spatial programs are projecting political things well …a

#34

It’s all around banks…
since 1997 banks uses a system called ‘distribution of the risk’ that allow them to give credits almost to everyone. example on how it work: You are poor, and go to the bank asking for $100.000 to buy your home, you represent a ‘risk’, because the bank is not sure that you can settle your debt, but they will give you credit anyway, because your risk is distributed between anyone has its money there. if you can’t settle the debt, the bank goes in negative.
when the bank has an high percentage of negative it’s near to fail. when a bank fail all the financial supports that gives goes to b**ch - here’s the economy crisis.
why is it global?
since ‘you’, U.S. banker, can’t build your own bank somewhere else (eg. in russia), becouse of law regulations, all you can do is to become an affiliate of the russian bank by buying its actions, the problem is that if your bank in the U.S. fail the russian bank will fail with you, as it have a lack of funds.

people are afraid of this and loss trust in banks so basically the situation will fall down till someone build a new system that works.

Ps. ah if i could spell a better english…

#35

I’m a forum pundit.

There, I thought of saving myself a lot of typing.

J.

#36

Because foreign banks were stupid enough to “invest” in toxic US debt.

#37


#38

Right on Eye208, I agree with these video. Peter Schiff is right. And like Max Keiser said what can possibly go wrong with free money. Answer: Inflation.

Fed has now reduced rates to one percent. Which means it’s cheaper to borrow free money to buy shares and houses. As a result of free money house prices go up, creating an asset bubble. Eventually the bubble will burst. Boom and Bust!

#39

Hey guys simply stop spending money you don’t have for things you don’t need to impress people you shouldn’t care about.
It has happened before and trust me it will happen again so relax and do the best you can. And I wish you all good luck during the coming years with your jobs and the like.

On a side note I just wish we could have spend those billions on something meaningfull. Just think how many people could have been educated with it. And on another side node the German government just announced that they will spend 4million euros to help fugitives in Africa. That is 4million to help people vs. 500 billion to save the bankers from a crisis they have brought upon us. Weird priorities I’d say.

#40

Well you’re right Musk, to prop up these Banks is insane. Like the zeitgeist movie said our whole economy relies on someone losing each year so we may live. And now it’s the bankers turn to lose, but instead they get bailed out with Billions of the tax payer slaves’ money. It’s insane, the whole system is going to collapse now.

Gridley, there’s a bit more to it than that. This Subprime thing is a Terrorist weapon made by Wall St. That means all the Banksters in Wall St should be jailed for ever under the Patriot Act. Plus these Banksters should have all their assets repossessed, so they can’t do any further harm.