Off Topic Politics Thread

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Osvaldorama said:
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Janet Yellen admitting yesterday that the entire financial system was about to break, unless they backstopped all the depositors at the Silicon Valley bank.

This sets a new precedent for government intervention now. Bankers basically face zero risk as they know they will be bailed out by the Fed/Gov.

I am speechless watching this. There will be huge ramifications from this week.

(Side note; if they can this quickly and easily intervene in the banking system with tens of Billions, you guys still really think they don’t do it in the case of certain media stories etc.? V naive)
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......loading...... said:
(What are you on about????????)
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Fee fi fo fum I smell the blood of a snake oil bitcoin salesman.
Cory Klippsten - CEO - Swan Bitcoin
Cory Klippsten is the CEO of Bitcoin financial services firm Swan.com. He is a partner in Bitcoiner Ventures and El Zonte Capital, serves as an advisor to ...
 
StJabbo1 said:
Fee fi fo fum I smell the blood of a snake oil bitcoin salesman.
Cory Klippsten - CEO - Swan Bitcoin
Cory Klippsten is the CEO of Bitcoin financial services firm Swan.com. He is a partner in Bitcoiner Ventures and El Zonte Capital, serves as an advisor to ...
Click to expand...

Why does it matter who posted the video? It’s a video for ****s sake.

Stop playing the poster instead of the content.

The politicians are once again undermining the economic foundations of society in order bailout the rich.

They are literally directly stealing from the real Labour, time and life energy of the people in order to cover up the mistakes of the bankers. Yet again.

Everyone that blames capitalism for the problems in society is wrong. The problem is these greedy, pathetic, self serving politicians and bankers who happily steal from the poor to protect themselves.

As a direct result of these cowardly decisions we see the insane capital misallocation, price distortions and inflation that everyone is feeling the burden of.
 
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I hope none of you need a new passport anytime soon. Passport workers have rejected the 2% pay offer that they have been arguing about for 6 months and decided on a 5 week strike, starting 2nd April.
 
The other huge change now is that the Fed/US gov will only bailout large banks and not small banks.

In theory this could lead to a bank run from small to large banks. Imagine the mortgage interest rates when there are only 4 competing large banks?
Centralisation of the economy can only be bad for the consumer.

Plus if US banks are this bad, it’s a guarantee that EU/UK banks are just as bad, likely worse. How long can they kick the van down the road of this horrendous system?
 
Osvaldorama said:
Why does it matter who posted the video? It’s a video for ****s sake.

Stop playing the poster instead of the content.

The politicians are once again undermining the economic foundations of society in order bailout the rich.

They are literally directly stealing from the real Labour, time and life energy of the people in order to cover up the mistakes of the bankers. Yet again.

Everyone that blames capitalism for the problems in society is wrong. The problem is these greedy, pathetic, self serving politicians and bankers who happily steal from the poor to protect themselves.

As a direct result of these cowardly decisions we see the insane capital misallocation, price distortions and inflation that everyone is feeling the burden of.
Click to expand...
What are you on about? Of course it matters who posts something and what their motives are. The first tweet under this is the same guy pushing bitcoin

If you really don’t scrutinise the motives and biases of the sources of your information then it really does explain a hell of a lot. Explains pretty much everything about why you post what you do

As it turns out I don’t disagree with most of the rest of what you have written. Aside from the bewildering part at the start - “play the post not the poster” is fine for disagreements about football on a forum. Not for vetting your news information.

I was searching for some more on this because most of what I’d seen when this first happened was from right wingers (including some blaming the presence of women and lqbtq people in prominent positions for this). So as an example - the sources there clearly were trying to push an “anti woke” narrative.

I found a Jon Stewart video on YouTube where he discusses this with a couple of quests and what he was saying (and generally got them to agree on) was not too far out of line with what you are saying here

Although one of the guests did go into how this is a relatively unique situation given the nature of the deposits in this bank compared to others and that stuff like this Oklahoma guy being worried about smaller local banks is likely unfounded and scaremongering f (not least because there are clearer regulations on 50bn or less banks. It is the 50-250bn banks that are apparently a grey area)

It isn’t helped by Fox News anchors with no financial knowledge telling people to pull there money (which apparently happened). Or indeed people saying pull your money out all at once and put it into bitcoin. I know this guy isn’t directly saying that but some people might take it that way.

Also worth noting that regulations on banks in the US were relaxed. In 2018. Under a Republican administration. I appreciate republicans are largely about lower regulations. Shouldn’t apply to banks though when they are such a vital pillar to the economy (Edit for clarification - the deregulation was backed by 17 democratic senators as well)
 
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Many people don't understand how bank runs start.

You deposit £100 in a bank. As do a million other people. Suddenly the bank has £100 million. So it lends it. Maybe to a thousand people in the form of £99,000 mortgages on their houses. All paying interest, some of which is paid to the depositors, the rest being profit for the bank.

All good. You get your interest, the borrower gets their mortgage, the bank gets the profit, and there's a million quid in the safe for the handful of depositors who change their mind and need their cash.

Then word gets out that the bank's in trouble and 20,000 investors get scared (Fox News misinformation, etc) and go to the bank for their money. The bank only has £1M, not £2M in the vault so they can't repay the cash. They can't call in the mortgages and you can't get your cash.

The bank's still solvent, the bank's still making a profit but it needs a bailout. That generally comes in the form of a loan from a reserve bank (with interest to be paid) and hey presto the investors get their cash back, the panic's over and everyone goes back to being happy. No money is lost. For an excellent, if oddly sourced, guide, see the bank run scene in "It's a Wonderful Life"

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Details may differ and this is clearly grossly simplified but the crypto-pushers and conspiracy-sucking-fiat-currency-is-****e-mongers are happy to mislead that money is being created or that the financial system is a house of cards. Nope. It's a way to keep a bank running, nothing more.

Vin
 
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Osvaldorama said:
Why does it matter who posted the video? It’s a video for ****s sake.

Stop playing the poster instead of the content.

The politicians are once again undermining the economic foundations of society in order bailout the rich.

They are literally directly stealing from the real Labour, time and life energy of the people in order to cover up the mistakes of the bankers. Yet again.

Everyone that blames capitalism for the problems in society is wrong. The problem is these greedy, pathetic, self serving politicians and bankers who happily steal from the poor to protect themselves.

As a direct result of these cowardly decisions we see the insane capital misallocation, price distortions and inflation that everyone is feeling the burden of.
Click to expand...

Gregm1988 said:
What are you on about? Of course it matters who posts something and what their motives are. The first tweet under this is the same guy pushing bitcoin

If you really don’t scrutinise the motives and biases of the sources of your information then it really does explain a hell of a lot. Explains pretty much everything about why you post what you do

As it turns out I don’t disagree with most of the rest of what you have written. Aside from the bewildering part at the start - “play the post not the poster” is fine for disagreements about football on a forum. Not for vetting your news information.

I was searching for some more on this because most of what I’d seen when this first happened was from right wingers (including some blaming the presence of women and lqbtq people in prominent positions for this). So as an example - the sources there clearly were trying to push an “anti woke” narrative.

I found a Jon Stewart video on YouTube where he discusses this with a couple of quests and what he was saying (and generally got them to agree on) was not too far out of line with what you are saying here

Although one of the guests did go into how this is a relatively unique situation given the nature of the deposits in this bank compared to others and that stuff like this Oklahoma guy being worried about smaller local banks is likely unfounded and scaremongering f (not least because there are clearer regulations on 50bn or less banks. It is the 50-250bn banks that are apparently a grey area)

It isn’t helped by Fox News anchors with no financial knowledge telling people to pull there money (which apparently happened). Or indeed people saying pull your money out all at once and put it into bitcoin. I know this guy isn’t directly saying that but some people might take it that way.

Also worth noting that regulations on banks in the US were relaxed. In 2018. Under a Republican administration. I appreciate republicans are largely about lower regulations. Shouldn’t apply to banks though when they are such a vital pillar to the economy (Edit for clarification - the deregulation was backed by 17 democratic senators as well)
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Onionman said:
Many people don't understand how bank runs start.

You deposit £100 in a bank. As do a million other people. Suddenly the bank has £100 million. So it lends it. Maybe to a thousand people in the form of £99,000 mortgages on their houses. All paying interest, some of which is paid to the depositors, the rest being profit for the bank.

All good. You get your interest, the borrower gets their mortgage, the bank gets the profit, and there's a million quid in the safe for the handful of depositors who change their mind and need their cash.

Then word gets out that the bank's in trouble and 20,000 investors get scared and go to the bank for their money. The bank only has £1M, not £2M in the vault so they can't repay the cash. They can't call in the mortgages and you can't get your cash.

The bank's still solvent, the bank's still making a profit but it needs a bailout. That generally comes in the form of a loan from a reserve bank (with interest to be paid) and hey presto the investors get their cash back, the panic's over and everyone goes back to being happy. No money is lost. For an excellent, if oddly sourced, guide, see the bank run scene in "It's a Wonderful Life"

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Details may differ and this is clearly grossly simplified but the crypto-pushers and conspiracy-sucking-fiat-currency-is-****e-mongers are happy to mislead that money is being created or that the financial system is a house of cards. Nope. It's a way to keep a bank running, nothing more.

Vin
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Have a word with yourself. There's very little that you post that stands up to even the most rudimentary scrutiny. The highlighted text from Greg's post is right on point. But what would I know having an IQ (allegedly) of 4. If all you can do is insult and denigrate those that question the bollocks you post then that indeed is the measure of you.

I don't know if you can see Vin's post but it does give a simple but clear description of bank runs and ends with:-
"Details may differ and this is clearly grossly simplified but the crypto-pushers and conspiracy-sucking-fiat-currency-is-****e-mongers are happy to mislead that money is being created or that the financial system is a house of cards. Nope."
 
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Onionman said:
Many people don't understand how bank runs start.

You deposit £100 in a bank. As do a million other people. Suddenly the bank has £100 million. So it lends it. Maybe to a thousand people in the form of £99,000 mortgages on their houses. All paying interest, some of which is paid to the depositors, the rest being profit for the bank.

All good. You get your interest, the borrower gets their mortgage, the bank gets the profit, and there's a million quid in the safe for the handful of depositors who change their mind and need their cash.

Then word gets out that the bank's in trouble and 20,000 investors get scared (Fox News misinformation, etc) and go to the bank for their money. The bank only has £1M, not £2M in the vault so they can't repay the cash. They can't call in the mortgages and you can't get your cash.

The bank's still solvent, the bank's still making a profit but it needs a bailout. That generally comes in the form of a loan from a reserve bank (with interest to be paid) and hey presto the investors get their cash back, the panic's over and everyone goes back to being happy. No money is lost. For an excellent, if oddly sourced, guide, see the bank run scene in "It's a Wonderful Life"

You must log in or register to see media

Details may differ and this is clearly grossly simplified but the crypto-pushers and conspiracy-sucking-fiat-currency-is-****e-mongers are happy to mislead that money is being created or that the financial system is a house of cards. Nope. It's a way to keep a bank running, nothing more.

Vin
Click to expand...
There is a nod to bank runs in Mary Poppins where the father is trying to get the kids to invest. The little boy wants his money to feed the birds and has a tantrum that to all outside listeners makes it sound like the bank is refusing to give him his money back and they panic triggering a bank run. Which certainly explains why they are intent on dismissing him. Not something I understood at all as a child. Obviously it has a happy resolution but in reality if anyone was seriously blamed for single handedly causing a bank run they wouldn’t be re-hired and probably would be out of the sector (although I’m less sure of that in the modern world)
 
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Gregm1988 said:
There is a nod to bank runs in Mary Poppins where the father is trying to get the kids to invest. The little boy wants his money to feed the birds and has a tantrum that to all outside listeners makes it sound like the bank is refusing to give him his money back and they panic triggering a bank run. Which certainly explains why they are intent on dismissing him. Not something I understood at all as a child. Obviously it has a happy resolution but in reality if anyone was seriously blamed for single handedly causing a bank run they wouldn’t be re-hired and probably would be out of the sector (although I’m less sure of that in the modern world)
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Although the run on the bank in Mary Poppins did lead directly to an increase in kite flying
 
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Gregm1988 said:
What are you on about? Of course it matters who posts something and what their motives are. The first tweet under this is the same guy pushing bitcoin

If you really don’t scrutinise the motives and biases of the sources of your information then it really does explain a hell of a lot. Explains pretty much everything about why you post what you do

As it turns out I don’t disagree with most of the rest of what you have written. Aside from the bewildering part at the start - “play the post not the poster” is fine for disagreements about football on a forum. Not for vetting your news information.

I was searching for some more on this because most of what I’d seen when this first happened was from right wingers (including some blaming the presence of women and lqbtq people in prominent positions for this). So as an example - the sources there clearly were trying to push an “anti woke” narrative.

I found a Jon Stewart video on YouTube where he discusses this with a couple of quests and what he was saying (and generally got them to agree on) was not too far out of line with what you are saying here

Although one of the guests did go into how this is a relatively unique situation given the nature of the deposits in this bank compared to others and that stuff like this Oklahoma guy being worried about smaller local banks is likely unfounded and scaremongering f (not least because there are clearer regulations on 50bn or less banks. It is the 50-250bn banks that are apparently a grey area)

It isn’t helped by Fox News anchors with no financial knowledge telling people to pull there money (which apparently happened). Or indeed people saying pull your money out all at once and put it into bitcoin. I know this guy isn’t directly saying that but some people might take it that way.

Also worth noting that regulations on banks in the US were relaxed. In 2018. Under a Republican administration. I appreciate republicans are largely about lower regulations. Shouldn’t apply to banks though when they are such a vital pillar to the economy (Edit for clarification - the deregulation was backed by 17 democratic senators as well)
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The source is literally the senate. Who posted the video doesn’t matter.

I have been saying that both parties are two wings of the same bird.

The political parties aren’t even in the correct ball park when trying to fix systemic issues in society.

Everything starts and ends with the money. Whether you choose to fix it with bitcoin, like I have, or some alternative, doesn’t matter.

But everyone needs to be aware of what the root cause of society’s problems are. And the root cause is the broken money.
 
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Onionman said:
Many people don't understand how bank runs start.

You deposit £100 in a bank. As do a million other people. Suddenly the bank has £100 million. So it lends it. Maybe to a thousand people in the form of £99,000 mortgages on their houses. All paying interest, some of which is paid to the depositors, the rest being profit for the bank.

All good. You get your interest, the borrower gets their mortgage, the bank gets the profit, and there's a million quid in the safe for the handful of depositors who change their mind and need their cash.

Then word gets out that the bank's in trouble and 20,000 investors get scared (Fox News misinformation, etc) and go to the bank for their money. The bank only has £1M, not £2M in the vault so they can't repay the cash. They can't call in the mortgages and you can't get your cash.

The bank's still solvent, the bank's still making a profit but it needs a bailout. That generally comes in the form of a loan from a reserve bank (with interest to be paid) and hey presto the investors get their cash back, the panic's over and everyone goes back to being happy. No money is lost. For an excellent, if oddly sourced, guide, see the bank run scene in "It's a Wonderful Life"

You must log in or register to see media

Details may differ and this is clearly grossly simplified but the crypto-pushers and conspiracy-sucking-fiat-currency-is-****e-mongers are happy to mislead that money is being created or that the financial system is a house of cards. Nope. It's a way to keep a bank running, nothing more.

Vin
Click to expand...

Honestly this shows how little you know.

Look into fractional reserve banking. The banks literally don’t have the deposits.

They are lying when they say this wasn’t a bailout. It 100% was, just through a hidden mechanism.

They have agreed to accept collateral from the large banks at “par” value for their bond portfolios, and loan them money at that rate.

It effectively isolates the big banks from the effect of the interest rate rises. And passes the losses onto the taxpayer.

The system is a house of cards. Janet Yellen literally said “the system would have collapsed this week”. Watch the video.
 
I know nowt about banking but this appeared in the press this morning.
Concerns are that we might have another financial crisis.
If we do, will the Tories acknowledge that it is a global problem or will they and their media friends pour all the blame onto the government, as they did in 2008. I think we know the answer to that.


Bank Shares Rallied Yesterday After Crisis-hit Credit Suisse Bagged A £45billion Lifeline


News Reporter

BANK shares rallied yesterday after crisis-hit Credit Suisse bagged a £45billion lifeline.

But fears remain that the world could still be headed for a repeat of the 2008 global financial crisis.

The Swiss giant, founded in 1856, went cap-in-hand to the country’s central bank to shore up its stricken finances.

Experts called it a vital intervention to stem mounting fears about the state of the world’s banking system.

Russ Mould, investment director at stockbroker AJ Bell, said investors could now “breathe a sigh of relief”.

But the spectre of the 2008 crisis remains. It was sparked by a US housing bubble and failure of Lehman Brothers bank, led by Richard Fuld.

Credit Suisse’s near-failure came after the collapse of US tech lender Silicon Valley Bank a week ago.

The UK’s FTSE 100 has plummeted in recent days, with £75bn wiped off firms’ total value. It staged a partial recovery yesterday after the Swiss rescue mission.

Susannah Streeter, of investment firm Hargreaves Lansdown, said Credit Suisse is the first bank deemed “too big to fail” to take up the offer of an emergency lifeline.

She added: “The announcement that it will draw on central emergency funds underlines just how fragile the lender had become.”
 
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San Tejón said:
I know nowt about banking but this appeared in the press this morning.
Concerns are that we might have another financial crisis.
If we do, will the Tories acknowledge that it is a global problem or will they and their media friends pour all the blame onto the government, as they did in 2008. I think we know the answer to that.


Bank Shares Rallied Yesterday After Crisis-hit Credit Suisse Bagged A £45billion Lifeline


News Reporter

BANK shares rallied yesterday after crisis-hit Credit Suisse bagged a £45billion lifeline.

But fears remain that the world could still be headed for a repeat of the 2008 global financial crisis.

The Swiss giant, founded in 1856, went cap-in-hand to the country’s central bank to shore up its stricken finances.

Experts called it a vital intervention to stem mounting fears about the state of the world’s banking system.

Russ Mould, investment director at stockbroker AJ Bell, said investors could now “breathe a sigh of relief”.

But the spectre of the 2008 crisis remains. It was sparked by a US housing bubble and failure of Lehman Brothers bank, led by Richard Fuld.

Credit Suisse’s near-failure came after the collapse of US tech lender Silicon Valley Bank a week ago.

The UK’s FTSE 100 has plummeted in recent days, with £75bn wiped off firms’ total value. It staged a partial recovery yesterday after the Swiss rescue mission.

Susannah Streeter, of investment firm Hargreaves Lansdown, said Credit Suisse is the first bank deemed “too big to fail” to take up the offer of an emergency lifeline.

She added: “The announcement that it will draw on central emergency funds underlines just how fragile the lender had become.”
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Tadge, you know it's all down to Gordon Brown, Jeremy Corbyn and the woke lefty lawyers living in Islington oh don't forget those traitorous judges stuck their oar in too.
 
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StJabbo1 said:
Tadge, you know it's all down to Gordon Brown, Jeremy Corbyn and the woke lefty lawyers living in Islington oh don't those traitorous judges stuck their oar in too.
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Gordon brown did a good job in the last financial crisis actually. He made one massive mistake which was selling off a lot of the UK’s gold, but aside from that he made some good decisions.
 
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Osvaldorama said:
Honestly this shows how little you know.

Look into fractional reserve banking. The banks literally don’t have the deposits.
Click to expand...

I swore I wouldn't deal with you again but here we are again...


I googled "Fractional Reserve Banking". Here's what came up first: https://www.investopedia.com/terms/f/fractionalreservebanking.asp

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It literally describes, almost word for word, the explanation I posted. The post to which you responded "this shows you how little you know". It's identical. Compare and contrast the two. Identical explanations. Might be an idea to read the posts to which you respond rather than rage-post against what you think people might have said.

Now, I strongly suspect that, because of the right-wing conspiraloon sources you prefer for news, you get entirely biased search results that tell it differently but that's not my problem. You asked me to look; I did. And I found nothing to note.

Vin
 
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