who's going to pay the bill

[calorific]

Very funny.

oops

I ain't no farmer though.

but you're the closest to being one out of all of us

Farming as we know it would cease to exist without oil.

It may well revert to something better. People working the land may well make them more appreciative of it.

I suspect that alcohol induced cloud cuckoo land is affecting my brain though

 

[Harbourwoodwork]

Very funny. I ain't no glorified lavatory attendant though.
Farming as we know it would cease to exist without oil.
It would create huge employment though as thousands of new jobs would begin. Millions would starve to death so less food needed.

I don't suppose bankers would be much use as farm laboures

 

[calorific]

Very funny. I ain't no glorified lavatory attendant though.
Farming as we know it would cease to exist without oil.
It would create huge employment though as thousands of new jobs would begin. Millions would starve to death so less food needed.

I don't suppose bankers would be much use as farm laboures

I'm not so sure. The change for talking it to shovelling it is only one word.

 

[Mikefromlondon]

I have a theory and i am not sure if it could solve the world's financial problems overnight.

based on algebric principle of solving equations, where if you multiply left side then you also multiply the right side by the same amount to balance the equation, so if assuming USA needs a 1 trillion dollars, then let them be able to print 1 trillion dollars and then pay the same to all other nations as well, so in other words, every nation on earth will get a trillion dollar given towards their budget, this way the world's financial balance will start shifting, poor governments will all have plenty in their kitty to purchase goods from other countries, including from USA, so a new financial flow will swipe the world, where that would lead no one knows, but at least it is a start.

It will start rolling stalled businesses, give life to new businesses, flourish new wealth, countries with manufacturing will grow faster due to more demand. Create jobs in every sector, all over the world, then after a few years those who spent wisely will be powerful and rich and those who spent carelessly will become poor again in debt.

If I am not wrong, the money is no longer tied to gold, so printing hundreds of trillions of dollars and distributing to all countries the same and equal amount, and USA dollar would dominate the world currency.

I am sure this theory could work, it is like when you are playing the Monopoly game , all players start with the same kitty in their bank.


The only snag is, it can't happen overnight, because there are practical limits as to how many dollars can be printed in 1 day, and distribution could take a year! so let us start now, and by next year the world will be a different place.

 

[chapeau]

If I am not wrong, the money is no longer tied to gold, so printing hundreds of trillions of dollars and distributing to all countries the same and equal amount, and USA dollar would dominate the world currency.

Isn't that similar to what's already happened and helps to explain what got the USA in such a mess?

(And for the picky pedants, I did say 'similar')

 

[Mikefromlondon]

I am not so sure really as I have never studied economics, but what I can tell is that money needs to circulate from one's hands to another's, the gap between wages of some people and others need to equalize, there shouldn't be rich fat bankers, or rich fat solicitors, lawyers etc, they should all grind their arse and sweat to the same degree as any other qualified personnel,

so the new world economics should be based on average salaries with no bloody bonuses, this is where all the money has gone out of circulation, it has ended up being stashed away in savings accounts, in foreign banks, instead of circulating widely, among the population of the whole earth as opposed to between the rich of the society.

Nationalise everything, allow people to only own 1 property, and the governments should provide free health care, and pensions, remove other benefits as they are being abused. Lawyers and doctors and bankers etc should all be Government employees, no one gets a big fat bonus or commission, Yup bring back communism if that is what this equates to, at least the gap between the poor and rich will average out and every one will have a fair chance of getting a job, own one house, one car, two children max, and so on.

Isn't China doing fairly well, yes but at the expense of the rest of the world, now that all manufacturing has gone to China, he is getting richer and more powerful, is there any wonder? so why not start opening our own factories and start manufacturing our own goods for our own use, start the engine of economy.

Our Politicians have no clue and they can't do sod all about bankers fat bonuses! the rich getting richer and powerful and the poor getting poor and weaker!

 

[joe-90]

Why can't you people see that the West was rich whilst the East was poor.

It ain't like that no more is it? If the East is rich - then guess where we are heading.

 

[AronSearle]

Apparently there's not enough money in the world to pay the debt of the world, the bankers win then

Not if you follow the Icelandic economic solution...

The problem is a huge proportion of the US debt is internal, even china only owns about 10% of US debt, 60% is held by the domestic market in bonds and pensions.

Iceland basically refused to bail out it's private banks.




Also LOL at the people saying "the death of capitalism".


Governments spend far to much money on socialist policies, THIS PROVES CAPITALISM IS A FAILURE herp derp duuuuurrrrr.

 

[AronSearle]

Isn't China doing fairly well

Not really, just well in terms of China.



They have had their industrial revolution, shifting massive employment from the fields to the factories, but they still have MASSIVE amounts of poverty.

The problem they have is now going from a manufacturing to a service based economy.

Most manufacturing provides mass low paid employment, but still no where near enough to employ more than a fraction of chinas population.



The problem with a service based economy is that it is basically a technical (creative) and service based industry. The top down Chinese structure works well when you are slapping together items others have designed, but for china to elevate the next stage it needs to do more than that.

It needs to start inventing widgets for it's factories to make, not just making widgets for foreigners, the problem is that top down systems have always been historically cataclysmically poor at any kind of creativity or fostering creative industries.

And I can't see a silicone valley type place ever happening in the current Chinese regime, such innovation requires many specialised and intelligent individuals working to make and invent widgets, and such people seldom wish to see the fruits of their creation essentially stolen by the government.

So for the foreseeable future I don't see china becoming more than an i-pad factory rather than an i-pad creator.

 

[joe-90]

There was a James Dyson lecture on the TV a year or two ago. He said that whilst Britain was churning out 3000 engineers a year, China was churning out 30,000. So I guess you are wrong then Aron (and not for the first time).

 

[Mikefromlondon]

We should have listened to our forefathers, when they saw the first robot taking over their job, they cried, protested and no one listened to them, they said don't worry, we will train you to become a gas engineer, or an electrician, or a plumber, and a technician so that you could repair robots!

and that is where we are today, no one needs man's skills any more, it is all made by robots, no one repairs tvs any more because they are so cheap as they are mass produced in China at fraction of the cost, so you just bin your faulty telly and get a new one.......what about all that energy and raw materials went into making that item......its gone down the pan so are we.

I feel sorry for the future generation, times will be far more tougher, all these robots and automation and computerisation and outsourcing works against us, this isn't going to help us recover, or allow everyone to put food in their plate.Only the very highly skilled and talented will be able to earn a living, what about those who unfortunately cannot simply acquire skills because of their genetic make up! where will they go? If everyone acquires degrees and diplomas, and if all were graduates, that does not mean eaveryone will get a job opportunity! Is there any wonder many such talented people end up working in McDonalds and Pizza hut!

if I could turn the clock back, I would much rather live in Britain of the 60s and 70s.

 

[chapeau]

If it wasn't for globalization few of could afford widescreen teles.

 

[joe-90]

Don't forget the Reform Act Riots - of 1831. What's new?

 

[Norcon]

if I could turn the clock back

I'd go back to the Victorian times. Best time ever.
And get a job working for Isambard Kingdom Brunel.

 

[ellal]

Iceland basically refused to bail out it's private banks.

Bingo!

And it doesn't matter if the debt is internal/external/extraterrestrial...

It's debt that is based on assets that don't really exist - and as such should be written off...

The IMF described the Icelandic solution as 'impessive', but 'unusual'..

Too right it was 'unusual' - and that is what the IMF hates to admit!

They want us 'in hock' for generations to come - but at least one country had the balls to stand up and say 'f*ck you'!