andyh wrote:
Some sort of deal has definitely been made but it involves massive and I mean huuuge 'haircuts' we're talking #1 all over
As WUB says, whatever is left is coming the hell out in a hurry and not just in Cyprus.
If/when this cash grab takes place at these large percentages, i think we will see global repercussions tbh.
Isnt the whole point of 'fixing the economy' to erm, fix the economy... how the eff is that going to happen when people lose trust in the system and take even more out of it?
I think Lynn Rothschild has a point in this article where she talks about the problems of economic pessimism and cynicism...
Evelyn and I worry that the resulting pessimism – even cynicism – about our economic system is undermining its very existence.
So clearly we arent alone here in these thoughts... the article goes on...
In an effort to bring the best to the system, I am co-chairing a new international group, the Henry Jackson Initiative For Inclusive Capitalism that is trying to showcase several immediate and permanent solutions from the private sector.
In our first working paper, available at
henryjacksoninitiative.org, we have highlighted several private sector efforts to improve education, support small and medium businesses and to bring back a bedrock sense of ethics and civics.
And from the same article...
In fact, from 1979 to 2010, the wealthiest one per cent of households in the US saw their share of total income increase by 117 per cent, and in the UK it increased by 134 per cent.
During the same time, the incomes of the US middle class grew by just under 40 per cent – and in the UK, earnings actually fell by almost ten per cent. The Harvard economist Larry Katz has likened our economies to a large block of flats.
The penthouse at the top keeps ‘getting larger and larger’, he says. ‘The apartments in the middle are feeling more and more squeezed and the basement has flooded.
To round it off, the elevator is no longer working.’
Whether they ever address these issues through these groups remains to be seen... the economic cynic and pessimist in me says they wont.
Note that lynn rothschild is also effectively saying that it does not bode well if the elevator does not work. Ive read articles from Paul Krugman saying similar.
If people dont trust the system anymore, if they dont have any incentive to participate, the system will be in trouble, no?
So if this savings grab does exactly that, what good will it bring in the longer term?
Source:
www.dailymail.co.uk/news/article-2180476...-American-Dream.html
Andy see #549 
