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I'm sure you've all heard the euphoria by now, Mark Carney is just the man the BoE needs.
Osborne speaking today told us that "Canada has weathered the storm of the global economic crisis better than any other economy and Canadian banks didn't need to be bailed out". Jeremy Warner over at the Telegraph is jizzing all over himself of what a great appointment this is, he calls it "a coup by the Chancellor". Robert Peston over at BBC is equally joyous and excited, calling him "the central banking equivalent of Sir Alex Ferguson or Pep Guardiola". Even the little guys are getting to mouth off. Ralph Silva, a banking analyst over at HFS Research stated emphatically in a very confident tone of voice, that "Mr Carney ran the Bank of Canada through the worst economic situation in living memory and none of the banks took money, none of their banks collapsed". Brilliant. Time to pop the cork on that bubbly and bring out the Siglo VIs.
Not so fast. Here's what they didn't tell you.
First let me say that I have met Mr Carney when he spoke in London earlier in the year and I find him quite down to earth, nicely spoken and an amiable chap. In fact, I think he is a very good choice, better than the choices available within the "old boys club" at the BoE. The government though IMO, hence his appointment, see him as a convenient tool to pacify the public's anger building up against the bankers. He doesn't carry the baggage that accompanies the MPC members who presided over this clusterfeck, so the public can be convinced that finally with someone fresh in there, we may see policies that benefit the public not just the banks. Good luck with that, it will be a long wait. Plain and simple, the public is now been bombarded with a co-ordinated propaganda campaign of massive proportions. Put in another way, the public is being fed bullsh1t. While on the surface the narrative has a ring of truth to it to the uninitiated, the details underneath tell a different story and are totally ignored.
Canadian banks received $114bn in cash and loan support between Sep. 2008 and Aug. 2010 from three separate programs designed specifically to rescue them. Several Canadian banks drew support at a level that EXCEEDED their market value (how is that NOT failing?). The Canadian government, in collaboration with the Bank Of Canada, had secretly (much the same way the BoE was propping the RBS behind the scenes unbeknownst to investors) made $200bn available to Canadian banks through a special bailout fund (it was called Extraordinary Financing Framework). The Canadian banks also received bailout from the FED. The myth of "strong Canadian banks" didn't hold water in the eyes of any credible bank analysts because it was clear it, given their leverage and low capitalization ratios, it wouldn't take much of an asset impairment to cause them to wobble. And wobble they did until Carney and Bernanke came to the rescue as well as FASB with the removal of mark to market accounting rules. If the Canadian banks were so sound as those who were conned clearly believed, why did they lobby to immediately receive the same accounting rules treatment as their American counterparts when clearly a transparent balance sheet (without mark to model) would have been a huge competitive advantage. It would have made the Canadian banks hugely attractive to investors looking for a safe place to put their money. It was all smoke and mirrors then, as it is a bunch of lies today.
But there's more.
The real bailout for the Canadian banks came through the Canadian Governments CMHC (Canadian Mortgage and Housing Corporation) which was providing direct cash infusions to Canadian banks by sponging up their toxic MBSs (same strategy as the US Agencies, Carney was reading from the Bernanke playbook) to the tune of $50bn, a practice that continues to this day. This was an irreversible bailout for the banks as the losses incurred from the devalued (and often totally worthless) paper would be absorbed by the Canadian taxpayer. The overall government support of Canadian banks works out to about 8pc of Canadian GDP and a gift to the banks of about $3,500 from every man, woman and child in Canada. Oh yeah, Mr Silva, I get it, none of them collapsed.
So much for the Carney myth. But again, it doesn't stop there.
Mr Carney's response to the global recessionary forces that were hitting Canada was………..drum roll please……….steal a page out of the central bankers playbook and lower interest rates. This created a massive real estate bubble in Canada that is in the process of bursting (Toronto and Vancouver prices have started a serious decent the last four moths). Mr Carney watched that bubble inflate right in front of his eyes, but limited his actions to simply warning Canadians, who are on a per capita basis more indebted than Americans, to just be careful with piling up debt, and speculating in an out of control real estate market. Yet, he steadfastly refused to raise rates. This is akin to making heroin widely available to a drug addict while at the same time telling him it might be bad for him.
And last but not least. The Canadian economy is tied at the hip with the US economy (that's where 70pc of their exports go). The US sneezes and Canada (Ontario specifically, and also Quebec, that's where their manufacturing is concentrated) catches a cold. Their exports took a hit and this was causing the predictable job losses in the economy. What made matters worse is that the Canadian dollar was strengthening against the USD which deteriorated the competitiveness of Canadian products entering the US market. While every central bank of every mercantilist nation (that's what Canada is) was engaging in currency devaluation to protect their exports, Mt Carney sat idle watching Canadian jobs getting transferred to the US. Whose interest was Mr Carney serving?
The Canadian economy didn't suffer the collapse of other economies, not because of anything Mr Carney did as it seems everyone now seems to give him credit for, but because of two things, energy exports (natural gas & tar sand oil) and China (commodities like copper, potash, etc). Now that China is slowing down the Canadian economy is starting to show the cracks that were always there because of Mr Carney's "the banks always first" policies are stating to show. Private sector employment is Canada has been shedding jobs since the beginning of the crisis only to be hidden from public view by public (government) hiring. This dynamic is now changing which will only mean that a lot of pain for Canadians lies ahead.
The bottom line is, Mr Carney knows who he clients are, and it won't be different when he takes over the post at the BoE next May. He is getting out of Canada just in the nick of time when he policies are about to destroy lives again.
So now the question I have is this? Is Osborne, and King, and all the pundits who have erupted in orgasmic rapture over this appointment totally clueless and not aware of all these facts? Or, are they trying to deceive you? You be the judge.
SOURCES (I don't pull this sh1t out of my a$$)
http://www.scribd.com/doc/91831923/The-Big-Banks-Big-Secret-Canada-open-pdf
http://www2.macleans.ca/2012/05/24/the-real-canadian-bank-bailout/
http://www.theglobeandmail.com/report-on-business/top-business-stories/vancouver-home-prices-sink-34-from-peak-as-sales-plunge/article4860841/
http://business.financialpost.com/2012/11/02/employment-numbers-hide-the-fact-canada-is-bleeding-private-sector-jobs/
Osborne speaking today told us that "Canada has weathered the storm of the global economic crisis better than any other economy and Canadian banks didn't need to be bailed out". Jeremy Warner over at the Telegraph is jizzing all over himself of what a great appointment this is, he calls it "a coup by the Chancellor". Robert Peston over at BBC is equally joyous and excited, calling him "the central banking equivalent of Sir Alex Ferguson or Pep Guardiola". Even the little guys are getting to mouth off. Ralph Silva, a banking analyst over at HFS Research stated emphatically in a very confident tone of voice, that "Mr Carney ran the Bank of Canada through the worst economic situation in living memory and none of the banks took money, none of their banks collapsed". Brilliant. Time to pop the cork on that bubbly and bring out the Siglo VIs.
Not so fast. Here's what they didn't tell you.
First let me say that I have met Mr Carney when he spoke in London earlier in the year and I find him quite down to earth, nicely spoken and an amiable chap. In fact, I think he is a very good choice, better than the choices available within the "old boys club" at the BoE. The government though IMO, hence his appointment, see him as a convenient tool to pacify the public's anger building up against the bankers. He doesn't carry the baggage that accompanies the MPC members who presided over this clusterfeck, so the public can be convinced that finally with someone fresh in there, we may see policies that benefit the public not just the banks. Good luck with that, it will be a long wait. Plain and simple, the public is now been bombarded with a co-ordinated propaganda campaign of massive proportions. Put in another way, the public is being fed bullsh1t. While on the surface the narrative has a ring of truth to it to the uninitiated, the details underneath tell a different story and are totally ignored.
Canadian banks received $114bn in cash and loan support between Sep. 2008 and Aug. 2010 from three separate programs designed specifically to rescue them. Several Canadian banks drew support at a level that EXCEEDED their market value (how is that NOT failing?). The Canadian government, in collaboration with the Bank Of Canada, had secretly (much the same way the BoE was propping the RBS behind the scenes unbeknownst to investors) made $200bn available to Canadian banks through a special bailout fund (it was called Extraordinary Financing Framework). The Canadian banks also received bailout from the FED. The myth of "strong Canadian banks" didn't hold water in the eyes of any credible bank analysts because it was clear it, given their leverage and low capitalization ratios, it wouldn't take much of an asset impairment to cause them to wobble. And wobble they did until Carney and Bernanke came to the rescue as well as FASB with the removal of mark to market accounting rules. If the Canadian banks were so sound as those who were conned clearly believed, why did they lobby to immediately receive the same accounting rules treatment as their American counterparts when clearly a transparent balance sheet (without mark to model) would have been a huge competitive advantage. It would have made the Canadian banks hugely attractive to investors looking for a safe place to put their money. It was all smoke and mirrors then, as it is a bunch of lies today.
But there's more.
The real bailout for the Canadian banks came through the Canadian Governments CMHC (Canadian Mortgage and Housing Corporation) which was providing direct cash infusions to Canadian banks by sponging up their toxic MBSs (same strategy as the US Agencies, Carney was reading from the Bernanke playbook) to the tune of $50bn, a practice that continues to this day. This was an irreversible bailout for the banks as the losses incurred from the devalued (and often totally worthless) paper would be absorbed by the Canadian taxpayer. The overall government support of Canadian banks works out to about 8pc of Canadian GDP and a gift to the banks of about $3,500 from every man, woman and child in Canada. Oh yeah, Mr Silva, I get it, none of them collapsed.
So much for the Carney myth. But again, it doesn't stop there.
Mr Carney's response to the global recessionary forces that were hitting Canada was………..drum roll please……….steal a page out of the central bankers playbook and lower interest rates. This created a massive real estate bubble in Canada that is in the process of bursting (Toronto and Vancouver prices have started a serious decent the last four moths). Mr Carney watched that bubble inflate right in front of his eyes, but limited his actions to simply warning Canadians, who are on a per capita basis more indebted than Americans, to just be careful with piling up debt, and speculating in an out of control real estate market. Yet, he steadfastly refused to raise rates. This is akin to making heroin widely available to a drug addict while at the same time telling him it might be bad for him.
And last but not least. The Canadian economy is tied at the hip with the US economy (that's where 70pc of their exports go). The US sneezes and Canada (Ontario specifically, and also Quebec, that's where their manufacturing is concentrated) catches a cold. Their exports took a hit and this was causing the predictable job losses in the economy. What made matters worse is that the Canadian dollar was strengthening against the USD which deteriorated the competitiveness of Canadian products entering the US market. While every central bank of every mercantilist nation (that's what Canada is) was engaging in currency devaluation to protect their exports, Mt Carney sat idle watching Canadian jobs getting transferred to the US. Whose interest was Mr Carney serving?
The Canadian economy didn't suffer the collapse of other economies, not because of anything Mr Carney did as it seems everyone now seems to give him credit for, but because of two things, energy exports (natural gas & tar sand oil) and China (commodities like copper, potash, etc). Now that China is slowing down the Canadian economy is starting to show the cracks that were always there because of Mr Carney's "the banks always first" policies are stating to show. Private sector employment is Canada has been shedding jobs since the beginning of the crisis only to be hidden from public view by public (government) hiring. This dynamic is now changing which will only mean that a lot of pain for Canadians lies ahead.
The bottom line is, Mr Carney knows who he clients are, and it won't be different when he takes over the post at the BoE next May. He is getting out of Canada just in the nick of time when he policies are about to destroy lives again.
So now the question I have is this? Is Osborne, and King, and all the pundits who have erupted in orgasmic rapture over this appointment totally clueless and not aware of all these facts? Or, are they trying to deceive you? You be the judge.
SOURCES (I don't pull this sh1t out of my a$$)
http://www.scribd.com/doc/91831923/The-Big-Banks-Big-Secret-Canada-open-pdf
http://www2.macleans.ca/2012/05/24/the-real-canadian-bank-bailout/
http://www.theglobeandmail.com/report-on-business/top-business-stories/vancouver-home-prices-sink-34-from-peak-as-sales-plunge/article4860841/
http://business.financialpost.com/2012/11/02/employment-numbers-hide-the-fact-canada-is-bleeding-private-sector-jobs/
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I'm sure there's a few who pop in to take a look here, but don't say much ( i'm one ), but that was an excellent read.
You've brought balance to tomorrow's bullsheet, cheers M.
You've brought balance to tomorrow's bullsheet, cheers M.
Not so fast Bongo. Whilst I agree with the analysis about Carney's efforts in Canada and the veiled reference to Goldman Sachs it rather begs the question why Melly thinks he is a very good choice in his view?
The important point is not that you agree or disagree about what I posted regarding Mr Carney's record in Canada, the important point is that you didn't know.
There was no direct or implied reference to Goldman Sachs. That's talk for the fringe intellectuals who don't know the details so they fall back to the "evil Goldmanites" generalities they read in the press. Yes, the very same press who manipulates their perceptions and feeds them bullsh1t because they can't think for themselves.
I's be more than happy to tell why I think Mr Carney is a very good choice after all, but you have to use your tongue. Sniffing alone won't do it.
Continuing to school you on here from now on will come at a price. Say PLEASE.
There was no direct or implied reference to Goldman Sachs. That's talk for the fringe intellectuals who don't know the details so they fall back to the "evil Goldmanites" generalities they read in the press. Yes, the very same press who manipulates their perceptions and feeds them bullsh1t because they can't think for themselves.
I's be more than happy to tell why I think Mr Carney is a very good choice after all, but you have to use your tongue. Sniffing alone won't do it.
Continuing to school you on here from now on will come at a price. Say PLEASE.
bongo & Muqbil
You are both welcome.
I keep putting stuff up despite the concerted efforts by the usual suspects to bury my posts under drivel (although I am must admit it was encouraging that Froggy left this thread alone; may be he finally found religion, or something
) because I know some people enjoy reading this material that you won't typically find reported in MSM.
Cheers.
You are both welcome.
I keep putting stuff up despite the concerted efforts by the usual suspects to bury my posts under drivel (although I am must admit it was encouraging that Froggy left this thread alone; may be he finally found religion, or something
) because I know some people enjoy reading this material that you won't typically find reported in MSM.Cheers.
Melly
I don't need to. You are the one who has posted an opinion which runs contrary to the explanation which followed it. You remain a confused individual.
By the way I am familar with Carney's record in Canada and looked into him when he was first mooted as the person the bank had approached months ago.
I don't need to. You are the one who has posted an opinion which runs contrary to the explanation which followed it. You remain a confused individual.
By the way I am familar with Carney's record in Canada and looked into him when he was first mooted as the person the bank had approached months ago.
Do I sense a smidgen of frustration in your voice, perhaps even some anger?
What can I say poor chap, that's what happens when you keep insisting in sticking your minuscule intellectual pecker in a meat grinder and expecting a different outcome.
I think they have a word for that....
What can I say poor chap, that's what happens when you keep insisting in sticking your minuscule intellectual pecker in a meat grinder and expecting a different outcome.
I think they have a word for that....
Tell you what, just to show you I'm above all this, instead of you having to say please to give you the answer, I'd be satisfied with you reciting a Byron poem for me.
Byron isn't my thing but here's part of a poem which reminds me of you for some reason:
What are life's joys and gains?
What pleasures crowd its ways,
That man should take such pains
To seek them all his days?
Sift this untoward strife
On which thy mind is bent,
See if this chaff of life
Is worth the trouble spent.
Is pride thy heart's desire?
Is power thy climbing aim?
Is love thy folly's fire?
Is wealth thy restless game?
Pride, power, love, wealth and all,
Time's touchstone shall destroy,
And, like base coin, prove all
Vain substitutes for joy.
Dost think that pride exalts
Thyself in other's eyes,
And hides thy folly's faults,
Which reason will despise?
Dost strut, and turn, and stride,
Like walking weathercocks?
The shadow by thy side
Becomes thy ape, and mocks.
Dost think that power's disguise
Can make thee mighty seem?
It may in folly's eyes,
But not in worth's esteem:
When all that thou canst ask,
And all that she can give,
Is but a paltry mask
Which tyants wear and live.
What are life's joys and gains?
What pleasures crowd its ways,
That man should take such pains
To seek them all his days?
Sift this untoward strife
On which thy mind is bent,
See if this chaff of life
Is worth the trouble spent.
Is pride thy heart's desire?
Is power thy climbing aim?
Is love thy folly's fire?
Is wealth thy restless game?
Pride, power, love, wealth and all,
Time's touchstone shall destroy,
And, like base coin, prove all
Vain substitutes for joy.
Dost think that pride exalts
Thyself in other's eyes,
And hides thy folly's faults,
Which reason will despise?
Dost strut, and turn, and stride,
Like walking weathercocks?
The shadow by thy side
Becomes thy ape, and mocks.
Dost think that power's disguise
Can make thee mighty seem?
It may in folly's eyes,
But not in worth's esteem:
When all that thou canst ask,
And all that she can give,
Is but a paltry mask
Which tyants wear and live.
Good boy, I knew you were good for something, just not commenting on finance and economics.
You need to read that because it is about you.
People reveal themselves on here in ways that they don't even know or understand themselves. Sometimes by the substance of what they say, other times by the lack of it. They become as easy to read as an open book, if you have some skill in this area. You are no different.
You're trying too hard to impress with your half-knowledge and marginal intellectualism and keep getting caught. And you hate me for it. Because if you really understood the life and poetry on John Clare, you'd know you'd be better served by posting something else to impress……..and take a shot at someone.
It's not surprising, in fact quite predictable, that you enjoy and empathize with the poetry of John Clare…………he too suffered from chronic psychosis and depression. The decision to openly reveal this on here was made by you at a subconscious level. In other words, you couldn't help it.
Clare suffered from psychosis and depression most of his adult life and in 1837 at age 44 was admitted to High Beach Asylum suffering from…….silence please……..DELUSIONS. He was confined there for an entire four years, until one day he decided to walk out and proceeded to travel on foot a good 80 miles back home eating nothing but roadside grass to feed himself. At the end of 1841 he was committed to the Northampton General Lunatic Asylum and stayed there for the last 23 years of his life.
Next time you need to be more careful how you hang yourself.
You're trying too hard to impress with your half-knowledge and marginal intellectualism and keep getting caught. And you hate me for it. Because if you really understood the life and poetry on John Clare, you'd know you'd be better served by posting something else to impress……..and take a shot at someone.
It's not surprising, in fact quite predictable, that you enjoy and empathize with the poetry of John Clare…………he too suffered from chronic psychosis and depression. The decision to openly reveal this on here was made by you at a subconscious level. In other words, you couldn't help it.
Clare suffered from psychosis and depression most of his adult life and in 1837 at age 44 was admitted to High Beach Asylum suffering from…….silence please……..DELUSIONS. He was confined there for an entire four years, until one day he decided to walk out and proceeded to travel on foot a good 80 miles back home eating nothing but roadside grass to feed himself. At the end of 1841 he was committed to the Northampton General Lunatic Asylum and stayed there for the last 23 years of his life.
Next time you need to be more careful how you hang yourself.
I don't know whether to be flattered or alarmed at the amount of research you are putting in. Given how you have revealed yourself I edge carefully to the latter.
I couldn't give a toss if you are a flattered or alarmed to be honest. They are both illusions, fake constructs that you create in your very disturbed mind as a way of dealing with your psychosis and depression. Any first year medical student can tell you that, it's basic text book stuff.
It would be nothing short of cruel to continue to beat you up on here. It only detracts from what this forum is about......and it's not about poetry.
You are a very sick man and you need to get some help.
It would be nothing short of cruel to continue to beat you up on here. It only detracts from what this forum is about......and it's not about poetry.
You are a very sick man and you need to get some help.
I'm not the one abusing anybody who has the temerity to disagree with your opinions. Take the beam out of your own eye.
Remember that Menelaus has a very clear brain, albeit very aggressive,
but I like him anyway.
but I like him anyway.
Good post Menelaus, I enjoy reading your posts, always worthwhile. Don't always understand agree with them but usually it gives an alternative view to the usual carp that is peddled by the media.
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