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Date Posted: 12:59:46 04/30/10 Fri
Author: Jeffman
Subject: Re: Scottish analyst for Royal Bank
In reply to: Paul Davis 's message, "Scottish analyst for Royal Bank" on 18:23:20 04/27/10 Tue

WOW.. a powerful editorial!

>He's realized you can't leave the same criminals in
>the bank vault with no supervision and expect them not
>to continue to steal and lie about it.
>
>He does go on to say he thinks things will go up in
>the short term, but he means if Greece is bailed out
>and perhaps Portugal and we are a bit lucky.
>
> >href="http://ftalphaville.ft.com/blog/2010/04/26/211896
>/some-horrendous-keynesianmonetarist-nightmare/">http:/
>/ftalphaville.ft.com/blog/2010/04/26/211896/some-horren
>dous-keynesianmonetarist-nightmare/
>
>"Maybe its the return of sunshine, maybe its because I
>have moved back into my lovely ‘new’ home after 6mths
>of renting & refurbishment, it may even be because I
>have accepted that my beloved Liverpool FC now needs
>some dramatic and radical ’surgery’ if it is ever to
>be a real force again. Whatever it is, the net effect
>is that I have spent an awful lot of time
>‘reflecting’, just thinking abt the world, watching
>the world ‘get on with it’, and listening to our
>policymakers and their buddies in the media, in the
>lobby groups and in the financial sector. My
>conclusion? Well, I am fast coming round to the idea
>that (A) I am an idiot (cue the applause!) and that
>(B) Kevin G may have been right all along [that
>politicians and investors would continue to act
>recklessly].
>
>I had assumed, after doing what it took in late 08 and
>early 09 to avoid global depression and systemic
>financial system collapse, that policymakers & their
>buddies would see the light and realise that the only
>path to long term success for the problem economies
>(US, UK, most of Europe, Japan, etc) would be a period
>of Austerity, Balance Sheet repair, Deflation, Real
>Structural Economic reform and Serious Financial
>System/Accounting regulation/reform. This path is NOT
>the easy path near term, but it is the ONLY path for
>ensuring the long term health and success of the
>problem economies, as well as ultimately the ONLY path
>which will both successfully iron out the grotesque
>global imbalances and help ensure the long term
>success of the global economy.
>
>SADLY, during my period of reflection, I have come
>round to the view that we have missed this golden
>opportunity. What instead I am seeing is a desperate
>attempt to re-write history (‘there was no bubble’,
>‘rates too low for too long had nothing to do with
>it’, ‘it’s all just the fault of a bunch of greedy
>traders’, etc etc) AND at the same time it is clear
>global policymakers and their buddies, whilst
>jaw-boning us abt ‘exit’ and ‘austerity/fiscal
>repair’, simply do NOT mean what they are saying – in
>other worlds, they are talking ‘responsibly’ but are
>acting IMHO in a reckless and irresponsible manner.
>And in my book actions ALWAYS speaker far more clearly
>and far louder than (cheap) talk.
>
>The Greece bail-out, the goings on at the IMF
>involving the huge build-up of ‘new bail-out’
>reserves, and all the talk in the UK abt fiscal repair
>based on fantasyland ‘efficiency gains’ are the latest
>evidence that policymakers EVERYWHERE have no appetite
>to be brave, to be strong and to do the right thing.
>It seems that it is clearly too painful to do anything
>else. Instead, policymakers EVERYWHERE seem to have
>decided that the only way out of the hole is MORE
>DEBT, MORE DEBASEMENT, MORE BAILOUTS, ugly INFLATION
>and/or even uglier STAGFLATION, FAKE AUSTERITY, ZERO
>STRUCTURAL ECONOMIC REFORM, & MINIMAL REGULATORY
>REFORM.
>
>We are trapped in some horrendous Keynesian/monetarist
>nightmare, where policymakers, aided/abetted/advised
>by their buddies in the media, in the lobbyist cabal
>and in financial system, have YET AGAIN decided to go
>down the route which merely delays the problem/pushes
>it down the road, but which virtually guarantees that
>when the NEXT bubble collapses (I assume it will be
>the Global Government Debt/Bond Bubble and/or the
>Global Fiat Money/Paper Money/FX Bubble), there is NO
>pleasant way back."

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