Topic: Economist Warns Civil Unrest Rising Everywhere (Read 1423 times)

wtf? some of you here are wackos, blaming the downfall on socialism. yeah man, the poor minorities getting free shit is the reason why everything's all fucked up  

so·cial·ism  (ssh-lzm)
n.
1. Any of various theories or systems of social organization in which the means of producing and distributing goods is owned collectively or by a centralized government that often plans and controls the economy.

2008 is a classical example of bank run. They will keep reoccurring because of low reserve requirement and fractional nature of the banking system.

Did the economist warn about bank run happening around the world?

It depends on your country.  I suspect the reason why it happened in Bulgaria was due to its' infant banking laws.  They've only been capitalist for 25 or so years.  I wouldn't be surprised if the Bulgarian Banks had no banking holidays or withdrawal rules.

We remembered what happened when people tried to cause a bank run at the Bank of America during Occupy Wall Street - only took them hours to respond by shutting down banks, blaming 'technical errors', or limiting people to $200 withdrawals and no one revolted or rioted over it.

Bank runs simply don't happen anymore in the west as they've gone to all the lengths to put in limits and the law is on their side (courts rule it's constitutional to have limits since you're not forced to use the banks, they provide that service of keeping your money safe and you sign away your rights in all that paperwork).

Did the economist warn about bank run happening around the world?

Here's a good spot to post this: https://imgur.com/a/y0d33

"When Money Dies" is a truly great work, but it is not eerily similar to our current situation.  It had specific internal dynamics and they devolved over only a couple of years.  I could elaborate, if any one had an interest.

Last year account details where leaked for offshore accounts in the British Virgin Isles, it caused a brief scandal as many prominent European political figures featured in the list and the total amount was estimated to be in or around a trillion dollars. At the time there where many promises of a major clampdown yet strangely enough the press seem to have forgotten about it entirely.

Reading this at the moment:
http://www.goldonomic.com/When%20Money%20Dies.pdf

Its about the economic situation in and around Germany between the first and second world wars, quite long but the starting point is eerily similar to our current situation.

Not sure if you're being serious or not but you're saying America is a fascist state because of fasces?

...I'm especially pissed off when people have a rant about socialism and communism and don't even seem to be able to define our current system properly which is namely corporatism and has nothing to do with socialism or communism.

The greatest problem we have is misinformation. People simply do not comprehend why and how the economic policies of the post-war era are imploding. This whole agenda of socialism has sold a Utopian idea that the State is there for the people yet it is run by lawyers following their own self-interest. The pensions created for those in government drive the cost of government up exponentially with time. The political forces blame the rich and this merely creates a class warfare with no resolution for the future. Even confiscating all the wealth of the so-called rich will not sustain the system. Consequently, we just have to crash and burn and start all over again.

austerity measures can often lead to deflation which is much harder to control then inflation. Deflation often will lead to much less economic activity which is bad for an economy.   

Ironically cracking down on tax evasion would bring more harm than good.  It's been calculated a few times that there's over $32 trillion in offshore accounts, all that money coming home all at once would result in Weimar-styled hyperinflation and then the mob would lob off heads.  It would be like Satoshi's million Bitcoins coming back and being spent all at once (would kill BTC overnight).

Inflation is the key culprit here.  Governments are going bankrupt because the pension benefits are indexed to inflation, but taxation income remains static due to stagflation (where increase in salaries lags behind inflation - this hurts the government too).


The issue isn't necessarily big government or the rich being cheap bastards, a lot of these issues we face comes down to who controls the monetary supply and the inflation they are creating through fractional reserve banking.

The greatest problem we have is misinformation. People simply do not comprehend why and how the economic policies of the post-war era are imploding. This whole agenda of socialism has sold a Utopian idea that the State is there for the people yet it is run by lawyers following their own self-interest. The pensions created for those in government drive the cost of government up exponentially with time. The political forces blame the rich and this merely creates a class warfare with no resolution for the future. Even confiscating all the wealth of the so-called rich will not sustain the system. Consequently, we just have to crash and burn and start all over again.

The Guardian reported that some 50,000 people marched in London to protest against austerity. They cried: “Who is really responsible for the mess this country is in? Is it the Polish fruit pickers or the Nigerian nurses? Or is it the bankers who plunged it into economic disaster – or the tax avoiders? It is selective anger.”

The exploitation by the bankers has been really a disaster. They have been their own worst enemy and in the end, they have become the symbol that inspires class warfare if not revolution. They are not the representatives of those who produce jobs. They are merely those who wanted to trade with other people’s money for free. When they win, it is their’s, but any losses are passed to the taxpayers. Bankers should be bankers – not hedge fund managers who keep 100% of the profits using other people’s savings.