Global economic collapse this summer?

[wjfox]

http://www.youtube.com/watch?v=KqO64-ipqAM

[Huguenot]

New World Order, 9/11, Pearl Harbour, Kennedy Assassination, Obama is an alien...

[wjfox]

Yeah, but you haven't actually addressed any of his points.

[Huguenot]

There's nothing really to address. He's taken some rather obvious points like natural diasters having an economic impact and blown them out of all proportion.

He's a little bit late to be talking about economic disaster anyway - we've just had one of those.

Sure productivity will be affected, but then conversely rebuidling efforts will help drive comnercial growth in the medium term.

25% of UK firms have recruited since the beginning of the year, the US has generated 500,000 jobs in the same period. Despite Mr. Ruppert's convctions, these (and the rest of the wordl) are not all reliant on Japanese components.

He's mainly obsessed with automotive because it's a US cultural meme.

[Loz]

He's been predicting 'the collapse of industrial civilisation' for ages now. I mean, when you run a site called CollabseNet then declaring that everything is hunky-dory might just be a little bad for business.

Apparently now a few component shortages in two industries is going to cause the end of the world as we know it. At least he's put a date on it and we can look forward to him being able to STFU in August.

[Loz]

And have a look at this from about a year ago:

http://www.youtube.com/watch?v=wCvl_kzjaj0&feature=related

FF to 4.22 where he confidently predicts that the gulf oil leak will destroy the entire region due to the whole reserve being allowed to leak. So his crystal ball is a little... erm... faulty.

I love how anyone who doesn't agree with his little doomsday prophecy is a 'zombie'. I think we are safely into nutter territory here.

[Huguenot]

"They will be able [to use my site] to search out other members who are building lifeboats within 10 kilometres of where they live..."

That one's a beauty.

[witsd]

*Wears turquoise*

[JohnL]

Will this mean the extension to the Overland line to Peckham Rye is cancelled.

[Townleygreen]

Almost certainly, JohnL. Also Omrith will have to close down too.

[Ridgley]

I take it there will be no lick lick this summer then:))

[wjfox]

Bump. :)

[Loz]

Why? Shares down, a little panic selling. Not like that's never happened before. The bargain hunters will be along soon.

Are you actually saying we should start building lifeboats, like he said. I'm not sure your soothsayer knows the difference between an economic collapse and a dam collapse.

Your little smiley suggests you seem to be actively hoping for a global economic collapse, just so you can be seen as correct. Slightly sick, really.

[Saila]

he got the timing of a 'collapse' (if you call a small correction relative to a doubling in the value of an index a 'collapse' bang on) - well done him

but the reason for the 'collapse' spectacularly wrong - so he's just a random who said the markets will fall in the summer... no sh1t

corporate earnings are the only thing positive about what's going on right now (except banks)

[????]

Maybe this summer. Personally as someone who was really pessimistic back in late 2007, I'm feeling as bad now.

A very possible scenario I think MOST western European countries are going to have some sort of debt crisis or default. I include the UK us in this - yeatesrday's news that PSBR had gone up despite the cuts just showed how over stretched governemnt spending is and the tories have completley lost their nerve on meningful reductions or tax rises as far as I can see (how many u-turns?). People don't want cuts BECAUSE THEY ARE 'ORRIBLE and are so myopic about the dire situation that western economies and governements are in that they just think that the money tree means we don't have to worry about any of this..just vote it away. Meanwhile global banks exposure to sovreighn debt means that the 2nd credit crunch is already grinding away and has a very big chance of happening anytime soon.

As far as I can see, Inflation is the only way out and that'll bring another set of huge problems.

Buy gold, head for the hills.

[david_carnell]

Cheery.

[uncleglen]

On the BBC news this evening it was said that the recession is deeper than was previously thought. Sounds like a precursor to something.

[New Nexus]

I got the answer:

Get a fifty pound note put it in your scanner and make as many copies of said note as you can, then deposit the copies in to your bank account.

The above information is a joke, but the above is what the bank of England is doing and will be doing until the house of cards does what all Ponzi scheme do ?collapse?

The Bank of England is a private central bank.

[Loz]

New Nexus Wrote:

-------------------------------------------------------

> The Bank of England is a private central bank.

Was private, but not since 1946. Your information is only 66 years out of date, so at least you are improving.

http://www.bankofengland.co.uk/about/Documents/legislation/1946act.pdf

[Huguenot]

And of course delightfully overlooks that controlled inflation (or quantitative easing) is the most exquisite and satisfying way of depriving the top 1% of the population who have acquired so much of our wealth of the right to enjoy it.

The biggest opponents of quantitative easing are those sitting on stuffed bank accounts.

If you're anti-QE and you're not in that gang then you're a mug.

[Carter]

Actually, the better half (her being a contract lawyer) thinks that nothing changed in regard to the ownership after reading the 1946 Act.

Provision 1 thus -:

(1) On the appointed day ?

(a) the whole of the existing capital stock of the Bank (hereinafter referred to as ?Bank

stock?) shall, by virtue of this section, be transferred, free of all trusts, liabilities and

incumbrances, to such person as the Treasury may by order nominate,(3) to be held by

that person on behalf of the Treasury;

...

However, further reading down reveals Provison 8 -:

8. The Government stock issued in substitution for any Bank stock shall be held in the

same rights and on the same trusts and subject to the same powers, privileges, provisions,

charges, restraints and liabilities as those in, on or subject to which the Bank stock was held

immediately before the appointed day, and so as to give effect to and not revoke any deed,

will, order, mandate, notice or other instrument or testamentary or other disposition

disposing of or affecting the Bank stock, and every such instrument or disposition shall take

effect with reference to the whole or a proportionate part, as the case may be, of the

substituted Government stock.

So, her take is this...if the owners of the private bank stock were then nominated by the Treasury after the 1946 Act then nothing changed, and it still remains a private bank. Especially if the original bank stock was held in trusts or wills etc.

I think purely on the 1946 Act the ownership of the BoE still remains a little murky, not that I want to give New Nexus any more ammunition.

[New Nexus]

How to get one self out of a very, very deep hole ? just keep digging.

In debt ?

Cannot pay your bills ?

Max out credit ?

Do what the BOE does borrow even more.

In for a penny in for a pound and soon your pound will be worth a penny or even less.

[Loz]

Carter Wrote:

-------------------------------------------------------

>

> So, her take is this...if the owners of the private bank stock were then nominated by the

> Treasury after the 1946 Act then nothing changed, and it still remains a private bank. Especially if

> the original bank stock was held in trusts or wills etc.

But deep in the BoE's charter, you'll find "By the Bank of England (Transfer of Stock) Order, 1946 (S.R. & O. 1946 No. 238) the person nominated was the Solicitor for the Affairs of H.M. Treasury (the Treasury Solicitor)."

So, either he retired a very rich man or the Bank of England was successfully nationalised.

[Carter]

So I am genuinely confused as to why not just write that into the original 1946 Act, or indeed any of the amemdments?

[????]

Huguenot Wrote:

-------------------------------------------------------

> And of course delightfully overlooks that

> controlled inflation (or quantitative easing) is

> the most exquisite and satisfying way of depriving

> the top 1% of the population who have acquired so

> much of our wealth of the right to enjoy it.

>

> The biggest opponents of quantitative easing are

> those sitting on stuffed bank accounts.

>

> If you're anti-QE and you're not in that gang then

> you're a mug.

Er, millions of pensioners on fixed annuities. Utter rot huge.