BBC Blog Network

User Profile

papanca

Listed below are comments made by papanca between Friday, 23rd January 2009 and Thursday, 26th March 2009.

«Newer
Older»

Gilts and innocence 1:32pm on 26 Mar 2009 Though Canadian, I used to follow this informative blog religiously. But Mr. Peston has re-cast himself almost exclusively as the BBC's Banking Editor.

A recent review of comments posted on the blog reveals that many (though certainly not all) of the most interesting and informed posters have given up on it.

Those, like GRIMUPNORTH77, who have posted comments pleading with Mr. Peston to talk about what's going on in the the real economy have my sympathy. There are so many issues that need probing and discussion, of which banking is only one.

Cheers, and good luck!
Time to hug a banker? 2:12pm on 17 Mar 2009 Mr. Peston,

You wrote:

"But here's the terrible truth: we need banks and bankers, to secure our own future prosperity."

Could you please tell us clearly what you mean by "prosperity?" Only then can we know whether or not to agree with your "truth."
Will China be strengthened by adversity? 3:35pm on 02 Mar 2009 @ #'s 70, 75,79,85, 92 and 100 writingsonthewall

IMO this is the best series of posts on Peston's blog for a long time!

I'm not well-informed about British history, and only slightly better about American, but from what I do know, the "West" shouldn't be lecturing anyone else about human rights abuses! It's utter hypocrisy.

As for the Chinese, they too have a lot to answer for regarding their actions in Tibet (and no doubt elsewhere), and I'm not sure their leaders' concern for their own people is as compassionate as you suggest, BUT before we see the mote in our neighbor's eye, we ought to attend to the beam in our own!
Brown's cautious bank reforms 8:49pm on 22 Feb 2009 @ #182 thomas_paine

"Nationalise the money supply, create an honest money system and get the private banks to buy money from the people through their government.

Freedom from debt slavery.

This is an issue about liberty not just credit."

I agree 100%! When will we stop blaming individual leaders (however disgusting their behaviour), and realize that the largley hidden powers of banking cartel(s) have turned us all into slaves? Maybe people like Rahere have known for a long time that the power behind so-called "government" has almost always been the banker, but isn't the truth of this now obvious to us all every day?

Anyone who thinks Obama and Geitner are any more prepared than Brown and Darling to fundamentally alter the relationship of government to banking and to concern themselves with real liberty, as opposed to mere credit, are, I fear, sadly mistaken.
Rio, China and British investors 4:19pm on 12 Feb 2009 @ # 49 Borisnorris:

"Unfortunately in this capitalist country the public is not educated in a how a capitalist system works. It should be part of every schools curriculum."

There are few things I can agree with 100% --but this is one of them! Absolutely.

The same thing is woefully true in North America, and I can't believe it's accidental neglect.

If citizens were well-educated, would they be as willing to accept the gross inequality in benefits for the average human being in exchange for so much wealth and power concentrated in the hands of a very few?

No, I believe someone has a vested interest, now more than ever, in keeping our children ignorant. Unfortunately, our children may soon be too busy trying to survive, to take much interest in how a system betrayed them.
Rio, China and British investors 3:49pm on 12 Feb 2009 @ #38 guycroft

Always enjoy your posts, but this one really made me laugh. I needed that -- thanks!
Davos and trust 6:59pm on 28 Jan 2009 #48 rahere wrote:

'...Rahere has decided to withdraw from this blog because of the impossibility of posting anything serious thanks to the abusive moderation.'

#100 BobRocket wrote:

'Rahere - it is important that you keep posting.
AlexanderCurzon - WHERE ARE YOU'

Agree with BobRocket! I don't always understand or agree with your posts, but please don't give up! Has AC withdrawn too, without notice?

I've never understood the BBC's moderation policy, and think too much is left up to individual moderators, but keep trying to get through! Without voices like yours RPs blog would be much diminished!
Davos and trust 6:09pm on 28 Jan 2009 #122 bearmarket2_0

(replying to # 56 and #92)

"Actually, #56 is correct. Look it up, it is a standard result in economics textbooks.
. . .
This is the fundamental PURPOSE behind the fractional reserve system. Otherwise, you have the feudal system, where there is no NET way of deploying capital to generate new value. The aristocrats stay exactly as rich as they were, century after century, employing rat-catchers.

So it is actually NECESSARY that we have some value system that values assets as much greater than their intrinsic value."

Thanks for further clarifying -- I found your comment helpful.

But is feudalism the only alternative to fractional reserve banking? People have posted links to other interesting possibilities, for example:

http://www.wfhummel.net/reformplan.html

(It's a very dry article, but worth plowing through I think.)
Davos and trust 5:00pm on 28 Jan 2009 I have a question related to “Where has all the money gone?” (Which has launched another debate as to how bank credit creates money -- as debt -- but I don’t want to go there.)

Most of us feel that the people attending the Davos meeting (RP excepted, of course), are among those largely responsible for the current world financial crisis. We assume that many of them have received huge bonuses during the bubble expansion. Both things are probably true, or so it seems to me.

But my question is: are those attending Davos (and those like the Barclay executives, who I assume would normally have attended) the real “movers and shakers” of the banking and finance industry? Or are they simply the field generals who fight the annual battles for profit in good times and bad? This doesn’t excuse them from being held responsible for their actions, but are they really the ones who have profited most from the credit bubble? Surely bonuses are not the only way private wealth has been augmented! How much has been created by trading in each other's shares and moved to offshore accounts?

I really don’t mean to launch a debate about conspiracies, but I can’t help thinking that there may be some sort of “inner circle” of the truly super-rich, who have profited even more than the bank (and other finance) executives, from the bubble, and who will suffer very little from its collapse. I personally doubt that this (I assume relatively tiny) group has “engineered” the crisis -- the world financial system seems too big and complex for any one group to really control it. And I have no basis in fact for thinking that this same “group” is bent on creating a “new world order” with one government and/or currency system as their objective.

But having tried to qualify my suspicion to exclude conspiracy theories, would anyone care to comment?
The writing on the wall 1:23pm on 23 Jan 2009 Ms. Flanders,

I'm as new to the business of understanding economics as you appear to be experienced.

I've learned a lot by following comments on Robert Peston's blog in recent months. But I've found that his focus is on details which I often have trouble understanding because I lack a background in finance and/or economics.

I'm really looking forward to any articles you post which address things in the broader context of how the economy works. Not that you should provide an introductory on-line course "for dummies", but could you please, please respond to such comments as

# 5 AvensisTom, who mentioned the "Austrian School",

and (on your first article)

# 1 benhimself who mentioned Chris Martenson's "Crash Course"

http://bit.ly/38hGmo

Unlike some other posters I won't insult you by assuming you know nothing about what appear to be "alternative" economic ideas. However, if you could at some point take time to comment on why so many knowledgable people have predicted the current financial crisis, and why they seem to be thinking "outside the box", I, for one, would greatly appreciate it.

All the best with your new blog!

«Newer
Older»

^ Back to top

BBC MMVI

The BBC is not responsible for the content of external internet sites

BBC.co.uk

BBC Blog Network

Find and talk to the BBC's bloggers.

User Profile

papanca