The Federal Reserve Bank's announcement of QE2, the second round of American Quantitative Easing, on the 3rd of November, caused a tidal wave of funny money to hit the markets as "investors" decided to place their bets on stocks and commodities. Stock markets around the world climbed by nearly 2% on Thursday, oil broke through $87 a barrel, and a range of other commodities also saw dramatic price increases.
Britain's banks are bankrupt. We have said it many times. They are trading while insolvent, and in this country at least, that is illegal.
Maglev in evacuated tube
China's public transport plans can only be described as impressive.
Honda FCX Clarity Hydrogen Powered Car
The use of batteries alone to power cars is clearly a bit nutty. Poor performance, a short operating range and long recharge times make their practicality limited.
Britain is bankrupt. There's no getting around that fact. We have a national debt of over £900 billion and rising. We have a massive black hole in the public pension pot of £1.2 trillion. We have personal debt of £1.5 trillion. That is a total shortfall, today, of £3.6 trillion.
The banks are back in profit, and the bankers can afford a 25% increase in bonuses. So, all's well that ends well, isn't it? Well, isn't it?
On the 22nd of February, the Register, a UK technology website, published an article entitled "The Myth Of Britain's Manufacturing Decline." What, I wondered, could a publication that focusses on IT and finds "amusing" positions to place Playmobil plastic characters know about British Manufacturing? As I read the article, I realised the answer is, nothing.
As is usual with a Budget, the media concentrates on the nonsense. Stamp duty, drink, cigarettes and petrol are the things the BBC and the rest report on, ignoring the elephant in the room.
Two systems are before the world…. One looks to pauperism, ignorance, depopulation, and barbarism; the other to increasing wealth, comfort, intelligence, combination of action, and civilization. One looks toward universal war; the other to universal peace. One is the English system; the other we may be proud to call the American system, for it is the only one ever devised, the tendency of which was that of elevating while equalizing the condition of man throughout the world. Henry C Carey, The Harmony of Interests (1851)
Smarting from a summer of virulently anti-capitalist, anti-globalist, anti-well-just-about-everything sentiment, the Gods of the free market pantheon gathered at a recent half day seminar on the causes of the financial crisis to discuss and debate their preferred solutions amongst friendly (present) company (accepted).