Bulls, Bears & Bucks #53: Megaverlies Royal Bank of Scotland

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Re. your unauthorised overdraft





Dear Western banking establishment,



I notice that your unauthorised credit facility from international lenders of last resort now totals approximately $10 trillion. As a taxpayer and therefore your largest shareholder I would be grateful if you could repay this facility at your earliest convenience. I have charged you an additional £30 for this letter and a monthly unauthorised overdraft fee of £28. If you do not repay this facility shortly I will have no choice but to become further massively impoverished along with legions of fellow taxpayers for multiple generations to come.

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I used to be optimistic about the capacity of our political leaders and central bankers to avoid the policy mistakes that could turn the current global recession into a deep and lasting global depression. Now I’m not so sure.

I used to believe that the unavoidable protectionist and mercantilist rhetoric would not be matched by protectionist and mercantilist deeds. Protectionism was one of the factors that turned a US financial crisis into a global depression in the 1930s. Protectionism imposes large-scale structural sectoral dislocation, as exporters are ejected from their foreign markets and domestic producers that depend on cheap imported imports suddenly find themselves to no longer be competitive, on top of the global effective demand failure we are already suffering from.

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The odious US House of Representatives has tagged a Buy American clause onto the Obama administration’s $819 bn (or more) fiscal stimulus bill. If this were to become law, US federal spending would, wherever possible, be restricted to goods and services produced by US companies. The main promotor of this act of global economic vandalism was the US steel industry, but other import-competing industries have lobbied also. It is quite likely that the Buy American net will be cast even more widely when the Senate gets its turn at the fiscal stimulus act.

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Op maandag 2 februari 2009 17:42 schreef SFR08 het volgende:
Dryships.. drama
http://finance.google.com/finance?q=NASDAQ%3ADRYS

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He said that he did not want to pre-empt an announcement planned for "next week".

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Op maandag 2 februari 2009 19:47 schreef PietjePuk007 het volgende:
Obama predicts more bank failures
[..]

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Op maandag 2 februari 2009 @ 21:31 schreef pberends het volgende:

[..]

Don't Be Economic Girlie Men!

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Op donderdag 5 februari 2009 15:16 schreef pberends het volgende:
http://www.rtl.nl/compone(...)_japan.avi_plain.xml
Japan heeft zijn eigen Madoff-fraude

Dat filmpje .