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nautonier

Listed below are comments made by nautonier between Tuesday, 1st December 2009 and Friday, 4th December 2009.

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Flattening, not falling? 3:41pm on 04 Dec 2009 Stephanie

Well at least Alastair Campbell and No 10 Downing St will be pleased with your analysis.

But, ... strip out the government spending and QE 'funny money' and then see where GDP is and how much economic damage has been inflicted on the UK during the last 12 years?
Public servants on $20m a year 10:21am on 04 Dec 2009 Robert

The other route to tackling this damaging culture and system of hubris and excess in the UK and global banking systems - is, I think, through new/revised 'competition rules and structure' and this, I think, is very much unexplored and neglected.

Yes we already have 'competition' but doesn't this this favour the larger banks getting larger and larger and paying larger and larger executive bonuses?

Remember, that Gordon Brown must have said something like the following to City bankers in the years leading up to the credit crunch:

'There is no need to hide your transactions overseas to avoid UK taxes as the UK government will ensure trading environment will be favourable to the banks in terms of your leverage of risks and debt and so long as details of your trading activities are made readily available to HM Customs and Excise for payment of taxes.'

There had to be that dialogue occurring somewhere along Brown's 'Chancellorship'.

Brown does not understand 'competition' (as I have said before) - it does not appeal to his 'commie/fascist' mentality as he fancies himself as 'pseudo-dictator'. It is this lack of understanding or appeal for effective competition in the banking sector, that I think has caused so much damage to the UK and our personal and national finances.

This is where I think that the the debate needs to focus as 'effective new competition' can break up the banks but can also create many thousands of ordinary new banking jobs as well as losing some existing ones. This can allow the banks to swap hubris and executive extravagance for maintaining a larger number of smaller highly cost efficient new banks. This is a change of emphasis and not an attack on the many thousands of fairly ordinary, hard working decent bankers.

So Chancellor Gordon Brown and Blair knew exactly what they were doing when they bloated city trading to give Brown a tax cow and the bankers took this as the signal to ''go for it' and obviously did so.

The banks that pay excessive bonuses do so because their banks have operational advantages because of their history, size and tend to display monopolistic behaviour - more simply their market and trading advantages are built up because of the system of weak competition rules in the national and international financial system.

Appropriate new regulations reducing the size and exposure of banks would reduce their scale, operations and profits and thereby their ability for paying excessive bonuses to a select few and would, I believe, produce a more stable banking system with a larger number of smaller scale less complex banks.

Competition is the best remedy for the banks but this can only be achieved through regulation and the market would regulate the levels and frequency of bonus - I think that this is a better way forward for the banking and finance sector and could be implemented by the EU and it is only the EU that has enough clout to influence China, India, Russia - Oh, I nearly forgot to mention the USA.

We need faith in the EU's central banks as it has probably already saved the UK behind the scenes, as UK debt is today reported as £850b - but I think we all strongly suspect, rather than know, that the real figure is above £1 Trillion when the current 'tri-partite finance conspiracy' on UK national debt secrecy, is eventually revealed, after the next general election.

Remember that I said last December that the Treasury/BoE must be bailing out UK banks is secrecy behind the scenes - this is not guesswork - how can we trust these latest figures on the UK official debt level when there will be additional hidden and latent medium and long term debt which is obscured by the devil in the detail, regarding the funny money /QE and other related government contracts.

Brown/Darling/Treasury/BoE are doing their best to keep the debt figure below the ONE TRILLION POUND level - we know that the final figure with all that funny QE money is going to be above a goondog bloated trillion pounds - so does the EU and the rest of the world!

Don't tell me that the HM Treasury and BoE are not hiding this debt in the small print of QE and other debt contracts that have been signed - this is gambling with the nation's future financial prosperity in an attempt to enable Goondon Trillionaire to cling onto power.

A new regulatory system that enforces competition would mean smaller sized banks operating in defined sectors making lower levels of profits and paying lower levels of bonuses. There is a market solution for the entire banking system that can be justified on market economics - there is no real argument that suitable new regulation is anti-market or anything like that - so it can be done if there is political will.

The French and Germans know this and we should follow their lead in the absence of the UK having competent politicians, government, BoE and regulators.

Nothing else will work in a politically, economically, socially acceptable way that upholds moral values!

Reluctantly, I think this is the time that the UK needs to consider joining the Euro - we need a referendum and debate in time for the next general election. The UK joining the euro in 2010/2011 would force the next UK government to toe the line on spending as the UK is in a mess and needs the financial discipline of the Euro to constrain our corrupt political and financial systems.

The smashing bashing of the banks with a new and fierec comeptition structure must get started quickly or, reluctantly, I think that the UK must now join the Euro currency ASAP.

How could this be done - by strengthening/expanding the building society operations to take functions/ trade off the largest UK banks?

This could include taking all residential and some commercial mortgage lending away from the main UK banks?

But why is it a taboo subject for nearly all UK politicians - unable to discuss reality because of toxic opposition spin doctors like A. Campbell?

Roll on the Euro! We're in such a mess!

Eurocrats, please come and save the UK taxpayer!
Bad in Japan 10:20pm on 02 Dec 2009 Stephanie

An interesting piece which has a very strong underlying issue (which I will come onto later) but it just goes to show how different analysts can show different perspectives from the same/similar set of data:

http://www.cobdencentre.org/2009/11/corrigan-on-japan/

This I think is how the UK's governments' national economic position should be shown in the same style and format as in the above links as masterfully set out by Sean Corrigan.

As I have been saying in one form or another for nearly a year now - the 'devil is in the detail' and strip out the Government/QE and then see where GDP and the economy really are.

I don't think that anyone has done this for the UK yet but in relation to Japan, Cobden says:

'It shows that the current GDP recovery that has been reported widely in the press for this country, when you strip out the Government part of the economy, has actually gone backwards for 6 successive quarters.'

That is getting the real big picture!

When Gordon Brown accuses other politicians of talking down Britain - the talking has not even started yet and as I have been saying strip out the government and GDP and then see how the country is doing - probably on the same course as Japan as having some underlying similarities as relying heavily for fuel and other imports.

The other issue, when this kind of analysis shows that despite of all the bail outs, debts, QE, fiscal and other stimuli for the economy - after all this the underlying economy is still falling - Where does the UK go from here?

An urgent reality check and reliable statistical analyses of what is happening in the UK are desperately needed now to see what the devil is in the detail as the true economic position of the UK is still shrouded in spin, toxicomic, taxonomist megalomaniac New Labour rhetoric.

We've a right to know and the government/BoE/ Treasury have all this information (having paid millions and millions in fees on rolling contracts to City analysts, to provide this at taxpayers’ expense) in abundance and the tri-partite conspiracists deliberately hide this all from the British public.

This is another major scandal which rivals the MP's expenses fiasco and is more expensive and is just as damaging to the UK.
RBS board to quit if chancellor vetoes £1.5bn in bonuses 6:19pm on 02 Dec 2009 RBS board to quit if chancellor vetoes £1.5bn in bonuses

>>>>>>>>>>>>>>>>>>>>>>>>>

The other angle on this is that the whole thing is being carefully staged and if the bankers are really only after 0.75 of a billion £'s in bonuses - then its a win win situation for the bankers, Darling and Goondog Trillionaire in terms of news media stories.

Again, 'the devil is in the detail' because we don't know how much for how many and what they have or have not been doing?

The key is is in what we are being told and whether e.g. the bonus pool is for RBS UK, a sector of the RBS etc - I smell a rat here!
RBS board to quit if chancellor vetoes £1.5bn in bonuses 5:05pm on 02 Dec 2009 Robert

I wonder how much if any of this intiative is coming from the EU?

I believe that 'Goondog Trillionaire' did not save the world - he was told to save the world by Germany/France/EU and to make sure that Brown's toxicomics did not spread any further.

also, your quote:

'I also find it ironic that if RBS becomes sucessful again then the government stand to make a huge fortune which will result more money for public service/ lower taxes. Leave the board to their job which will have the knock on effect of saving Brown (or probally now Cameron) and co's asses'

Well! It's about time that some of the senior bankers started to 'get it' - funny how a bit more gets done as we get closer to the general election?
Appetite for fat cat taxes? 5:00pm on 01 Dec 2009 178. At 4:19pm on 01 Dec 2009, WolfiePeters wrote:

I was recently told of a town in Italy that, probably with the excuse of efficiency, contracted out its local tax collection activity to a private organisation. The cost of collection exceeded the amount collected and the local community received zilch.

>>>>>>>>>>>>>>>>

Shhh! Gordon might get to hear about this and get some ideas!
Appetite for fat cat taxes? 4:46pm on 01 Dec 2009 The research suggests that 2.1 million households – nearly one in ten across the country – is now struggling so much that they can not pay this burden.'

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How many millions is this not paying the wretched council tax?

UK population 61 million? 21 million pay the council tax? More than half of the UK adult population pay zero council tax!

Just do the maths and see how much could be raised with an effective poll tax - making those who are not legally entitled to UK benefits and services pay for those services instead of stealing, which is government sponsored theft.

Government sponsored theft! How much is your council tax this year? (conveniently, many council taxes frozen this year - I wonder why?)
Appetite for fat cat taxes? 4:12pm on 01 Dec 2009 http://www.telegraph.co.uk/finance/personalfinance/5170719/2.1m-families-struggling-to-pay-council-tax.html

I hear that there is at least one political party leader who wishes to strengthen the 'family'

Isn't it time this council tax rip off got the boot...

'A survey of nearly half of all Local Authorities has indicated that there has been a 22 per cent jump in the number of households claiming Council Tax benefit – a reduction in the bill given to people who are struggling to pay, especially because they have lost their job.

The research suggests that 2.1 million households – nearly one in ten across the country – is now struggling so much that they can not pay this burden.'

>>>>>>>>>>>>>>>
How many millions is this not paying the wretched council tax?
Appetite for fat cat taxes? 4:02pm on 01 Dec 2009 167. At 12:35pm on 01 Dec 2009, ishkandar wrote:

#156 "The community charge poll tax ID card

>>>>>>>>>>>>>>>>>>>>

The biometrics are becoming more advanced and secure:

>>>>>>>>>>>>>>>>>>>

http://www.sourcesecurity.com/markets/banking-and-finance/application/co-1040-ga.50.html

http://www.globalsecurity.org/security/systems/biometrics.htm

>>>>>>>>>>>>>>>>>

An effective poll tax would not be dependent on biometrics/ fingerprinting / dna - just an add on.

Happy council tax payments - just look at how many pay the council tax and see how many pay nothing towards local government services - its a rip off for those owning/renting a house in their own name.
Shouldn't banks work for us? 10:46am on 01 Dec 2009 I think that the Bloomberg article fails to mention that in the USA, many senior bankers were already carrying concealed handguns before the credit crunch/ banking crisis - this has been a cultural thing in some parts of the USA for a long, long time but there may well be a higher take up now.

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