Off Topic Politics Thread

[Osvaldorama]

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.”

It it is a global problem. It’s caused by the Federal Reserve increasing interest rates at an unprecedented rate.

This bailout is a horrific thing in my opinion. Once again it’s socialising bankers losses whilst they still receive their bonuses and pay cheques.

Governments will argue that they had no choice and they had to save the system. But it is morally wrong.

 

[Osvaldorama]

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

You must log in or register to see images

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

Your problem is the dunning Kruger effect. You have done one Google search and now think you understand the global economic reality.

I have been studying it for years including at uni level and yet you dismiss me out of hand because you think you know everything

 

[San Tejón]

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.

From memory, a lot of governments followed the advice Brown gave, to come out of the crisis and made swifter recoveries than we did, because the Tories simply couldn’t follow what Brown said without having to acknowledge that he DID know what he was doing and wasn’t at fault for the GLOBAL crisis.
Many years after the collapse, Osborne’s chief financial advisor (can’t remember his name) heaped a lot of praise on Brown for what he came up with.

 

[Osvaldorama]

From memory, a lot of governments followed the advice Brown gave, to come out of the crisis and made swifter recoveries than we did, because the Tories simply couldn’t follow what Brown said without having to acknowledge that he DID know what he was doing and wasn’t at fault for the GLOBAL crisis.
Many years after the collapse, Osborne’s chief financial advisor (can’t remember his name) heaped a lot of praise on Brown for what he came up with.

Yep, there is a book about it. I can’t remember the name but it’s really good.

Labour get accused of handling the money badly by many people in this country; and whilst that may be true in the past at certain points, I would argue that they are no worse than the Tories if you look at everything as objectively as possible. Especially considering the recent shambles of a Tory Government

 

[StJabbo1]

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.

I'm aware of that and international recognition and plaudits his actions received. Not bad for someone with an IQ of 4 eh?

 

[Onionman]

Your problem is the dunning Kruger effect. You have done one Google search and now think you understand the global economic reality.

I have been studying it for years including at uni level and yet you dismiss me out of hand because you think you know everything

I haven't dismissed you out of hand. I pointed out that my explanation exactly matched what you asked me to look for. In response to my post on how banks may need support during a run you told me to look up something you wanted me to know. I did precisely what you asked me to do. What I found exactly reflected what I'd said. But it seems now that I haven't done enough research, the standard response of the conspiracist. And, as always, as is your habit, you make it a personal matter - I'm dismissing you out of hand. Can you see how foolish that looks given what I've said?

I pity you, Os. You live your life in fear of fiat currencies, drag artists in America, Ukraine defending itself, the biased left-wing media and political elites. You spend every day worrying that the sky is falling in. I genuinely find you pathetic (in the correct sense of the word: you evoke pity in me).

Honestly, take your phone and put it away. If you can't do that, delete all the cookies on there and look for balanced news, news that presents both sides of an argument. Stop frequenting whatever cesspit gives you your absurd conspiracies. Avoid QAnon. Stop mithering yourself about abortion laws in America or drag artists in Texas. If someone says "fiat currency", don't read another word. If you think voting Trump is a good idea, go and have a long-warm bath with a cup of tea and a good book and calm down. I promise that doing all this will make you happier, which is what I wish on everybody. As I've been clear, I have no belief that here's an afterlife yet I see people like you wasting the one life we actually know for certain that we do have worrying and working hard to be unhappy. Don't do it.

And, on that message, I genuinely feel worse for reading your posts so I'm going to follow my own advice and avoid you from now on in as I feel so bad for you that it's making me unhappy.

Vin

 

[StJabbo1]

Your problem is the dunning Kruger effect. You have done one Google search and now think you understand the global economic reality.

I have been studying it for years including at uni level and yet you dismiss me out of hand because you think you know everything

How is it then you come over as a petulant child who resents any scrutiny of their unchecked, mostly right wing conspiraloon postings? Your self regard (perfect Dunning Kruger symptom) and denigrating insults, as I said before, is a true measure of your mettle. How is it, with your Uni level education, you refuse to answer queries made about your posts and come back, if at all, with comments that have no bearing on the question?

 

[Archers Road]

It it is a global problem. It’s caused by the Federal Reserve increasing interest rates at an unprecedented rate.

This bailout is a horrific thing in my opinion. Once again it’s socialising bankers losses whilst they still receive their bonuses and pay cheques.

Governments will argue that they had no choice and they had to save the system. But it is morally wrong.

Privatise the profit, nationalise the risk, yup

 

[Schad]

The International Criminal Court has issued arrest warrants for Putin, and for the architect of their forced deportation of hundreds of thousands of Ukrainian children.

You must log in or register to see media

 

[Osvaldorama]

I haven't dismissed you out of hand. I pointed out that my explanation exactly matched what you asked me to look for. In response to my post on how banks may need support during a run you told me to look up something you wanted me to know. I did precisely what you asked me to do. What I found exactly reflected what I'd said. But it seems now that I haven't done enough research, the standard response of the conspiracist. And, as always, as is your habit, you make it a personal matter - I'm dismissing you out of hand. Can you see how foolish that looks given what I've said?

I pity you, Os. You live your life in fear of fiat currencies, drag artists in America, Ukraine defending itself, the biased left-wing media and political elites. You spend every day worrying that the sky is falling in. I genuinely find you pathetic (in the correct sense of the word: you evoke pity in me).

Honestly, take your phone and put it away. If you can't do that, delete all the cookies on there and look for balanced news, news that presents both sides of an argument. Stop frequenting whatever cesspit gives you your absurd conspiracies. Avoid QAnon. Stop mithering yourself about abortion laws in America or drag artists in Texas. If someone says "fiat currency", don't read another word. If you think voting Trump is a good idea, go and have a long-warm bath with a cup of tea and a good book and calm down. I promise that doing all this will make you happier, which is what I wish on everybody. As I've been clear, I have no belief that here's an afterlife yet I see people like you wasting the one life we actually know for certain that we do have worrying and working hard to be unhappy. Don't do it.

And, on that message, I genuinely feel worse for reading your posts so I'm going to follow my own advice and avoid you from now on in as I feel so bad for you that it's making me unhappy.

Vin

And I genuinely feel sorry for you, that you think you know everything and that you’re better than everyone else.

The fact you feel pity for me is genuinely hilarious to me. I have an absolutely amazing life (other than being a saints fan).

You accuse me of being blinkered etc. yet you don’t want to have a real debate about anything, you just want people to blindly agree with all of your points.

I also pity you. Because you never question anything you’re told. You just follow orders. You accept the mainstream narratives without questioning anything.

You are a non-player character in the game of life.

Anyone that dares challenge your view is immediately wrong; a conspiracy theorist; a loony. How could anyone know more than you? How could anyone understand societal power dynamics and the economy better than you, Vin?

The problem with the world is that there are too many people like you. You are the kind of person that follows orders unflinchingly; the kind of person that never wishes to rock the boat or discover new things. Happy to accept the status quo.

You can save your pity for someone that needs it and stop trying to patronise me.

 

[Schad]

You are a non-player character in the game of life.

For those unaware, this is a particularly noxious meme that has become popular on the right, which originated on 4chan and portrays most people as being effectively non-entities (robots following a script), while the people using the meme are the only truly real ones:

https://en.wikipedia.org/wiki/NPC_(meme)

As one might guess, convincing people that they are in the rarified stratum of free-thinkers and above the scarcely human 'NPCs' is a really good way to get them to buy your Hustler University course, or your dick pills or whatever.

 

[StJabbo1]

For those unaware, this is a particularly noxious meme that has become popular on the right, which originated on 4chan and portrays most people as being effectively non-entities (robots following a script), while the people using the meme are the only truly real ones:

https://en.wikipedia.org/wiki/NPC_(meme)

As one might guess, convincing people that they are in the rarified stratum of free-thinkers and above the scarcely human 'NPCs' is a really good way to get them to buy your Hustler University course, or your dick pills or whatever.

Not to difficult to guess at the origin of NPC given the ankle deep intellect demonstrated by right wing conspiraloon twatters.

 

[StJabbo1]

Time to move on. Robin Cook's resignation speech twenty years ago resonates with many, then and now.
https://www.theguardian.com/commentisfree/2023/mar/17/robin-cook-stop-iraq-war-speech

 

[San Tejón]

Yep, there is a book about it. I can’t remember the name but it’s really good.

Labour get accused of handling the money badly by many people in this country; and whilst that may be true in the past at certain points, I would argue that they are no worse than the Tories if you look at everything as objectively as possible. Especially considering the recent shambles of a Tory Government

I think Labour’s handling of money is often much maligned. I have used this analogy before but I always compare Tory governments and Labour governments as being bad homeowners and good homeowners.
The Tories spend as little as possible on maintenance, leading to the “house” rotting and falling apart from top to bottom.
When Labour takes over the “house” they are always left with a massive rebuild and have to spend so much more on repairing the entire building than it would have cost if the Tories had carried out due diligence during their reign.
The Tories always accuse Labour of overspending yet never have anything to show for the money they never spend on keeping the house in good order.
We already know that public buildings are falling into disrepair and little is being done, by the Tories to arrest the problem, so as soon as Labour start to rebuild, their money control will be questioned.

 

[EasyBreezer]

Not to difficult to guess at the origin of NPC given the ankle deep intellect demonstrated by right wing conspiraloon twatters.

NPC is a phrase from video games and has been used for decades by gamers.

There is a recent famous film, Free Guy that explores the notion. It's been a joke for years that most characters in games just walk in loops. The Truman Show being another example.

It is hardly an exclusively "right wing" thing and to suggest as such is just ridiculous identity politics at it's finest.

Os talks a lot of nonsense, but suggest an NPC reference is a definitive conclusion of Q like allegiance is just bizarre.

 

[Gregm1988]

NPC is a phrase from video games and has been used for decades by gamers.

There is a recent famous film, Free Guy that explores the notion. It's been a joke for years that most characters in games just walk in loops. The Truman Show being another example.

It is hardly an exclusively "right wing" thing and to suggest as such is just ridiculous identity politics at it's finest.

Os talks a lot of nonsense, but suggest an NPC reference is a definitive conclusion of Q like allegiance is just bizarre.

I don’t see any comment linking NPC to Q apart from your one here …

 

[EasyBreezer]

I don’t see any comment linking NPC to Q apart from your one here …

Check Onionman a few posts before me..?

 

[Gregm1988]

Check Onionman a few posts before me..?

Makes zero mention of “NPC” unless I have drunk too much. From what I can see unless there is a post missing Onionman told/advised Os to avoid QAnon conspiracy theories and then Os accused him of being an NPC.

Then it was raised that NPC is used as an insult in mostly right wing circles (by someone else and with no Q mention). Which, despite your correct assertion that it comes from video games, is still is true.

If you can find some outspoken left wingers calling people that don’t share their views “NPCs” then i’d be happy to reassess. But they tend to use “bigot” or some word ending in its, phobe or phobic. Or perhaps “incel” if the target is male. Not seen “NPC”

 

[EasyBreezer]

Makes zero mention of “NPC” unless I have drunk too much. From what I can see unless there is a post missing Onionman told/advised Os to avoid QAnon conspiracy theories and then Os accused him of being an NPC.

Then it was raised that NPC is used as an insult in mostly right wing circles (by someone else and with no Q mention). Which, despite your correct assertion that it comes from video games, is still is true.

If you can find some outspoken left wingers calling people that don’t share their views “NPCs” then i’d be happy to reassess. But they tend to use “bigot” or some word ending in its, phobe or phobic. Or perhaps “incel” if the target is male. Not seen “NPC”

You said there was no connection between them, then duly proceed to explain a connection... I wasn't quoting anyone with my initial comment with regards to Q, that was my own loose conclusion based on the comments that preceded it.

So, you reckon because a few right wing people have used the gaming term NPC, it will remain a trope that can help identify right wingers until a left wing person says it.

**** me identity politics is tedious.

It's a gaming term.

 

[Le Tissier's Laces]

You said there was no connection between them, then duly proceed to explain a connection... I wasn't quoting anyone with my initial comment with regards to Q, that was my own loose conclusion based on the comments that preceded it.

So, you reckon because a few right wing people have used the gaming term NPC, it will remain a trope that can help identify right wingers until a left wing person says it.

**** me identity politics is tedious.

It's a gaming term.

In fairness to Greg, it’s a gaming term that has been co-opted by people like Andrew Tate to describe people he thinks aren’t relevant. It’s certainly not *just* a gaming term these days. Sadly.