CRASH2: the foundations are crumbling. Quick, let’s redecorate the attic

 This morning, a talking-head London based investment banker, discussing the likely US Fed policy on rate rises for 2016, offered the following opinion:

“I don’t think it’s the economic situation that has Yellen worried, I think it’s the markets”

Now you may read that and think ‘So, your point is….?’. My point follows.

This is the idea of ‘the markets’ – although  personally I prefer the term ‘bourse’: to raise capital so that business can invest, do research, grow, employ more people, buy raw materials at the best price and the right time, and allow investors and institutions to share in real wealth creation for the retirement plans of their clients.

In short, if the bourse in any given State doesn’t reflect the economy, it is pointless. And more specifically, if the interest rates, dividends, forecasts and stock growth are not a mirror of life at the sharp end – or can’t give investors a return – then investors and institutions have to look elsewhere….which usually increases the risk.

So here we have a talking head right at the top of his game, and more knowedgeable about this than any of us are ever likely to be; and he blithely mentions the disconnect between markets and economies as if it were an April shower – a bit of an inconvenience if you forgot your brolly, but part of life to be accepted as inevitable.

Various developments in recent decades have brought this about – rigged trackers, lies in Annual Reports, accountancy sleight of hand, over-borrowed traders making margin calls, deliberate directionalising to generate short-term profit, liquidity pools, speed-of-light platforms, complex derivatives, QE, Zirp and Nirp, and now finally – direct intervention to reverse market decisions by central banks.

Thus in 2016, one expert can say “the economy and the markets are strangers to each other, and it’s the latter Yellen’s concerned about”, and four other experts nod sagely…moving swiftly on to the Australian mining sector outlook.

Nobody says, “let’s go back to letting the bourses reflect exactly what’s happening on the ground”, or even “clearly the capital supply sector has lost the plot”. Nope, what happens is that a bunch of monetarists put on their pointy heads back at the central bank, and look at new ways to calm investors down with balm and bollocks.

It’s insane, isn’t it? Yes, it is. But it gets worse. For what we have in the century’s second decade is stimulation of the economy (through central banks) designed to increase confidence on the bourses which on their own admission have nothing to do with reality. And one of these is to drop interest rates to zero and beyond in order to make investors feel happier, and businesses/consumers to borrow…even though the price of credit has nothing to do with their reticence.

At the next level down, banks are supposed to be there to lend customer deposits to medium and smaller businesses. For several years after 2008, banks didn’t lend – in fact, RBS tried to get itself out of a hole by swindling the business borrowers it took on. Now, the money is there to lend in many regions, but entrepreneurs don’t want it at any price. Why? because they don’t trust banks, and they feel sure the economic outlook is poor: they no longer believe the balm and bollocks.

Janet Yellen is therefore in the business not of fixing the economy, but persuading a bunch of people totally unconnected to it that the economy is fixed, so they’ll buy stocks, and then that confidence will feed back into the economy….and fix it.

Imagine that you are a householder wanting to build a large extension on a house in an undesirable neighbourhood in order to work from home…even though the reason you need to work from home is that your income is dwindling and you can’t afford to rent offices.

So you ring an aunt called Janet whose husband is rich, and she persuades hubby to give you an interest-free, unsecured loan to help fund the growth of your expanding business. And because hubby needs to make his capital sweat (because nobody in their right mind wants to borrow, and the bank won’t give him any interest) he agrees.

This, we just know, is going to end in tears. But this is what Janet Yellen thinks will keep the plates spinning.

Today, she hopes, the US non farms payroll data will help her cause by ‘recording’ 200,000 new ‘jobs’. She notes that one PMI study in China ‘shows’ factory output leaping, and this will help her too.

The US jobs will not be real jobs as we understand them, and the Chinese research may well be bent – the politburo has form in this area. But let’s pretend anyway: that’ll fix the economy.

40 thoughts on “CRASH2: the foundations are crumbling. Quick, let’s redecorate the attic

  1. You think it cannot get any worse , then you wake up this morning to the news that the UK government has been blocking EU attempts to raise the imported steel tariff to stop Chinese steel dumping. I may not like the EU much but do I really want to hand back the levers of power to UK governments, especially Tory ones.

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  2. The private banking system does not require deposits to make loans.They create money from thin air using the plus and minus bookkeeping sleight of hand.
    Only Building Society”s and Credit Unions make loans from members deposits, usually based on property and individuals salary collateral criteria.
    The great deception continues.This is why we have a Financial crisis .Banks made loans and derivative bets on risky and faulty collateral and now have a humungus minus on their books.

    Liked by 2 people

  3. Still waiting for the next pearl harbour event. You know the one. The one which will get us under martial law before the ponzi scheme collapse.

    Liked by 1 person

  4. In 1989 Francis Fukuyama said it was the end of history.
    What was he smoking?

    We were less than 10 years into another experiment with unfettered Capitalism, this time dressed up in the Emperor’s New Clothes of Neo-Liberal economics.

    Capitalism has already been through numerous versions that have all failed.

    Capitalism mark 1 – Unfettered Capitalism
    Crashed and burned in 1929 with a global recession in the 1930s

    Capitalism mark 2 – Keynesian Capitalism
    Ended with stagflation in the 1970s

    Capitalism mark 3 – Unfettered Capitalism (Part 2)
    Crashed and burned in 2008 with a global recession in the 2010s.

    It has followed exactly the same path as Unfettered Capitalism (Mark 1).

    1920s/2000s – high inequality, high banker pay, low regulation, low taxes for the wealthy, robber barons (CEOs), reckless bankers, globalisation phase

    1929/2008 – Wall Street crash

    1930s/2010s – Global recession, currency wars, rising nationalism and extremism

    We’ve done Neo-Keynesian stimulus.

    After eight years of pumping trillions into the top of the economic pyramid, banks, and waiting for it to trickle down.
    It didn’t work, hardly anything trickled down.

    The powers that be are now for Keynesian stimulus.

    Carry out infrastructure projects that create jobs and wages which will be spent into the economy and trickle up (pumping money into the bottom of the economic pyramid).

    It looks as though we are headed into Capitalism mark 4 – Keynesian Capitalism (Part 2)

    More redistributive Capitalism coming your way soon.

    Get on the Capitalism roller coaster and enjoy the ride.

    End of History?
    I should coco.

    Liked by 2 people

  5. It is hard to remember the old normal.

    Before 2008, we had the “wealth creators” that liked to keep all the rewards from their efforts and pass as little as possible down to employees.

    They were the cause of the boom and they deserved their rewards.

    Markets followed the activity and success of the “wealth creators”.

    After 2008, the easy profits disappeared and so did the “wealth creators”.

    Central Banks had to step into the vacuum and start printing money.

    The markets gradually lost touch with the real economy and started to follow the new “wealth creators”, the Central Banks.

    Later on bad news from the real economy became good news for the markets as the Central Banks would be engaging in new stimulus.

    The markets are now devoid of all reality and are inversely proportional to the real economy.

    What was the point of it all again?
    Can anyone remember?

    Oxford English Dictionary – latest version
    Price discovery – the value markets put on the next stimulus program from the Central Banks.

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  6. Germany recognised the need for special banks to cater for the long term interests of industry.

    Banks have always been short-termist and prefer lending money into real estate and for speculation.

    Almost every nation in the world is in a housing boom or bust with banking taking its traditional role of inflating house prices in low interest rate environments.

    With low interest rates people can afford higher house prices due to lower mortgage payments and bankers lower lending requirements to enable the inevitable boom.

    Your average bank is pretty useless.

    Lending into industry takes time and effort to assess the risks involved. Bankers like easy money and prefer throwing money into whatever speculative boom is taking place at the time.

    The Asian miracles all owe their success to limiting the lending of bankers and keeping them focused on productive areas of the economy whilst prohibiting them from lending for speculation.

    Japan must have relaxed these rules and after huge success fell into the greatest real estate boom of all time. It has never really recovered from the bust which started in 1989.

    For all Japan’s great engineers that fuelled its success, it has the usual stupid bankers that can so easily wreck everything when left to their own devices.

    The banking sector needs to be geared to industry or a special banking sector set up for industry, it’s the only way.

    Liked by 2 people

  7. @salford lad…………….I under stood that…………………How come the banksters aint in nick?
    The bill got two blind eyes now !..so the shits can shaft then rest of us?

    Liked by 1 person

  8. @dofoprnow

    The banksters ‘aint in nick’ because despite having practiced this fraudulent game for centuries, the ability to produce script backed by nothing allows them to buy the protection of both courts and media. What proportion of the population is as informed as Salford Lad?

    In the past, even banking/lending at interest was always considered the sin of usury. The main reason the Medicis were such great patrons of the arts and public works in Florence was an attempt to buy personal salvation. They were aware that their livelihood was derived from sin.

    The exponential nature of compound interest and its consequent sucking of all real wealth from a productive economy was well understood by the ancients. It is why a debt jubilee was instituted by both the ancient Babylonians and Sumerians.

    We seem to have forgotten the lessons of history once more.

    http://www.washingtonsblog.com/2011/07/we-have-forgotten-what-the-ancient-sumerians-and-babylonians-the-early-jews-and-christians-the-founding-fathers-and-even-napoleon-bonaparte-knew-about-money.html

    Liked by 2 people

  9. dofoprnow regional commissioners are singular,therefore cheaper to corrupt and easier to control than the costly local government! it a sign that they can’t even keep up there corruption payments! and need to downsize :)

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  10. There also seems some sticking point with Oil prices. Wont you know it, Iran is not playing ball. Maybe there is still time to bomb them. That will ensure a price increase at the taps.

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  11. It seems to me the world is already at war! Western states are financially attacking the East,the East is is attacking the manufacturing of the West using Western ideology against itself! soon coal,steel will be at such low capacities that the East will be able to threaten the west,demanding financial change on it! because the West will have only nuclear weapons to hit back with,because it will be to weak to be able to replace lost infrastructure,shipping tanks,planes etc the problem these western protectionist haven’t understood is having a “free trade” for most sectors and protectionist in others can only lead to such weakness,if war was to escalate anywhere it no longer has the capability to i lay it hands on enough raw materials,ii the know how or capability to put it into mass production iii the ability to defend itself for sustain periods of time,iv in many areas a simple thing like a pump isn’t even on stock let alone rebuild or establish some production at most refineries! or water treatment centres!
    So we are in a position where only a short war is the only chance of the west has of retaining it influence!

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  12. the bourses reflect the amount of QE available around the world. they have zilch to do with markets.. as you say.. the cats out the bag and there is no putting it back in… no going to to how it used to be… we are all in a fix…. somebody elses fix..

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  13. The Current Reality Dictionary definition of “bourse” or “stock market”: A rigged casino run by a cabal of banksters and card sharps enabled by bought and paid for politicians, financed by central bankers. with betting profits going to the operators and house losses paid by the public purse.

    Liked by 1 person

  14. http://www.bbc.com/news/business-17127488

    Off topic, but pertinent to the collapse of the British Steel Industry and the loss of thousands of well paid employment.
    Four Royal Navy tanker ships to be delivered from South Korea shipyards this year. value £462million.
    That is a lot of steel and jobs and material gone down the Swanee.
    Who are the clowns in Govt that make such decisions.?

    Liked by 3 people

  15. Salford Lad

    If only our oh, so wise leaders hadn’t decided price was the only thing worth looking at when buying. Another £150 million, bulding the ships with UK steel at UK shipbuilders (do we have any?) would have provided an excess tax take and welfare saving well in excess of £150 million.

    The really frightening thing? These psychopaths aren’t stupid. They’re psychopaths.

    Liked by 2 people

  16. Stock markets don’t have anything to do with the economy. Stocks rise and fall on liquidity. Now in modern times, post WWII,they used to rise and fall with the economy, with the economy lagging a bit, because the Feds monetary policy was enacted via very short term rates which directly effected credit expansion by the banks and the banks were the dominant source of all credit. Thus when the Fed directly and quickly controlled the pace of bank lending and thus liqudity flowing into the economy. Stocks rose and fell fist because you can buy a stock tomorrow but it takes weeks and months to build a house or a factory of hire someone.

    Now that bank lending is no longer the primary source of systematic credit the relationship between Fed policy and the economy and markets is far less direct. Then too Fed tools are no longer aimed at bank lending but in simply supplying liquidity to financial asset markets. The effects on the economy just a second order phenomena.

    All those old fashioned ideas about stock markets and how they rise and fall on earnings etc. etc. etc seemed to be true but the relationship was just coincidental. Liquidity flowed to the markets and to the economy in fairly equal measure, just quicker into the markets. Now the overwhelming majority of liquidty flows to the financial markets and the markets can rise with a stagnent economy and in fact they can rise or at least stay steady with a shrinking economy. In theory the DOW could be 36000 while millions of American starve. In fact that is the plan Stan.

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  17. Another great slice of reality from JW today and the above contributions.

    The only entities benefiting from the fiat/bourse dystopia is the banking system and the giant corporates who can borrow at 0% and crush any SMEs that dare to have an original idea or product.

    If we were in the 60’s I would be far away from the decaying corpse of the NHS as during some of the long, dark teatimes of the soul I have had the odd flash of inspiration and a couple of these have been for marketable gadgets that if the economy was working in the ‘traditional’ way I could have put into production on a small scale and hopefully grown my market.

    Of course you can’t get a bank to lend against a concept these days, however clever it may be, so you are left prostituting your art around the giant corporates who just want it all for as close to nothing as possible.

    Oddly, if you look at this whole ‘economy’ as it stands now with all its interventions, manipulations, forward guidance and as very well outlined by JW – disconnection between the productive economy and the markets – if you squint and close your eyes slightly it looks pretty much the same as the planned economy of the Soviet era.

    Regards from the Gulag

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  18. It’s April Fool’s Day and apart from the usual stupid pranks, I read that the ECB is flushing out plans for digital helicopter money through an ECB-underwritten eternally magic credit card scheme (CABAPP) – and that having opened the floodgates, Angela Merkel now supports Trump’s views on immigration and acknowledges that her policy has been an absolute disaster.

    April Fools, or the planned further descent into insanity ?

    Liked by 1 person

  19. The roots of Bourses go back to the coffee shops of London, where wealthy patrons pooled their money and risked it, in financing , ships trading to Africa,the Indies and Americas, Trinkets and manufactured goods out, spices, tea and tobacco on return,Not forgetting the intermediate trade with slaves from Africa to the Americas.
    Banks are very much risk averse and prefer a quick return on investment. Consequently the majority of capital is misallocated to the unproductive FIRE sector, (Finance, Insurance,Real Estate)
    A bright young spark with a revolutionary idea for a widget, will get short shrift from a Bank manager ,should he seek start-up capital. The outlays in manufacturing are high, premises,utilities, equipment,skilled labour, R&D dept, Human resources ,marketing etc.
    Should a speculator with a patch of ground and planning permission for a multi-storey block of apartments walk thru’ the bank door ,he will be most welcome.
    Reason; the apartments can be completed in less than a year and produce returns and instant collateral. With an immigration figure of 300k per year into the UK, there is a ready demand for accommodation.
    Local councils have a statutory obligation to house these incomers and also pay housing benefit, So the altruistic concerns of the councils benefit the bankers ultimately as does immigration.

    Liked by 1 person

  20. Janet is treading water waiting for the next big thing…….only no one knows what that might be. We do know that only a handful of the 7 billion on this planet will be needed to implement this thing if it is discovered….the rest will get some sort of redistribution. non-violently? perhaps.

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  21. Another disincentive for small businesses borrowing from banks is that you know if times get tough they will put the boot in . As is said ” when it starts to rain they want their umbrella back”.

    Liked by 1 person

  22. Only a few choice words of a parent actually with all the financial manipulations and massaging of figures (and we are not talking Pickles wasitline) … we are on the edge of a depression aren’t we if not already in it?

    Have been for a long time was my reply and the economic tools they have been using to hide it are crumbling and there is no where for them to hide on this one.

    Liked by 1 person

  23. Here in the good old uk we continue the slide into the third world. We manufacture almost nothing. Gemma was correct our entire motor industry consists of foreign owned assembly plants. Almost all our utilities are foreign owned. We ditched our mining industry overnight and replaced it with imported coal from Columbia amongst other places. Whole towns and colliers lives devestated but also the loss of all the associated mining engineering expertise and machine capability. We will probably produce coal in the future but foreign corporations will be doing it – any crumbs going to the corrupt elite.

    We closed down one of the most advanced shipyards in the world at Sunderland. What did we lose – all the accumulated engineering expertise. Now we are about to lose steelmaking. What we lose is not just the plant, it is the generations of accumulated education and expertise to be replaced by what? Low paid unskilled work than can easily be covered by the millions of low skill third world immigrants.

    All we are left with is the core of parasites in the city feeding on the corpse of a once great nation. Like all parasites once they kill the host their fate is assured. Globalism don’t ya just love it!

    Liked by 3 people

  24. Waldgaenger.

    We ditched our mining industry overnight and replaced it with imported coal from Columbia amongst other places. Whole towns and colliers lives devestated but also the loss of all the associated mining engineering expertise and machine capability.

    It is interesting to compare the fate of Sheffield – which in the 80s and 90s looked as dirty and decrepit as Magdeburg in the DDR times – and that of say, Bochum in the Ruhrgebiet.

    As you say, the heavy industries in South Yorkshire were killed off almost overnight. When you mention Austin & Pickersgill, the Sunderland shipbuilders with extensive engineering expertise – and no small amount of innovation too – there was Hadfields in Sheffield. Whilst their products weren’t as identifiable as an SD 14, the expertise and innovation in modern engineering was at a comparable level. Swept away in a blaze of anti-union anti-heavy industrial fervour.

    Because in places like Bochum, much the same has happened – only it’s happened in the space of three decades. Furthermore, this slow rationalization of obsolescent capacities has allowed the more competitive of these industries to cling to the cliff-face whilst the others locked the factory gates. The other aspect to this was to allow the slow draining of jobs in coal mining to be taken up in other areas – that it didn’t happen overnight means that workers could find other jobs.

    If only Thatcher had used a little foresight! Only, as with so many things, it was just such a good idea…

    [Just as a side note, those little boys who are offended by this kind of thinking should comment wearing shorts, not skirts. I know mummy’s lipstick tastes funny, but boys blotching their faces with it only makes them look silly. When it’s a grown man playing at being a girl in the privacy and anonymity of the internet, it’s a tragedy. So please, act your age and not your shoe size. What’s more, be proud of the fact that you are a man, for goodness sake!]

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  25. My Old Boy and I were musing tonight on all the machinations that ‘The Haves’ get up to to increase their already overly large stash and just exactly how much is ‘enough’. It would seem it is never ‘enough’ and the tale is as old as mankind, pure unadulterated greed and lust for power accompanied by an utter lack of moral compass.

    We consoled ourselves with the thought of how much effort they must expend in maintaining their wealth and wondered what the rate of heart failure and stroke might be. Bollocks to the lot of ’em!

    Liked by 1 person

  26. @Gemma
    I can remember at the time the mining industry was being shut dow an interview on the BBC Today programme with a German minister for the same industry. He was aghast at what whas happening here, explaining that they would run down the German coal mines over at least 30 years to allow everyone to adapt.

    I have also spent most of my life in the oil industry. I can remember in the the late seventies and early eighties we were told that our (uk) ship building was uncompetetive because our wage levels were to high. At that time I worked on several rigs which were built in Finland which, at the time had the highest wages in the western world.

    Having worked in many places around the world I have come to recognize the difference between the first world and the third.
    Firstly in the third world there is massive inequality and the elite have no fellow feeling toward their less fortunate countrymen this is propped up by massive corruption. In the first world there is a lesser disparity between the lower orders and the elite.

    For instance the most civilized countries I have worked in were Denmark, Norway and Holland. I won’t describe the most uncivilized, but you can guess. I contend that we are way down the scale toward third world status

    Liked by 1 person

  27. Waldgaenger, “I contend that we are way down the scale toward third world status” – my contention is that without the banks to create the economic figures for you, the reality of Britain’s economy would lie somewhere between Romania and Mali.

    As to Finland, they weren’t making common or garden ships, were they? Which is the key to keeping one’s status as a developed nation – in short, they were producing things that the Chinese couldn’t. Take a look at what Japan has achieved – and has achieved through mercantilist policies consciously driven by the government. They were often given the technologies by the US and the government then subsidised particular industries to allow them to get a foothold. Once they’d developed the technology past the point where anybody could compete, those industries stood alone and profitable.

    Today, Britain fights with China to impose cheap, subsidized steel on Europe – hence my wish to rid Europe of this Anglo-Saxon monster. America put up trade tarrifs against China, and the European Union would, but for laissez-fair Britain! Laissez-fair in this case being a way for the élites to profiteer… when if they truly wanted to profiteer, they would be leading Germany and Japan in technological thinking.

    But then, with Britain as it is, the brightest British engineers are to be found in Europe, doing the things Europeans find challenging.

    Liked by 1 person

  28. On reading the Torygraph this morning, it is interesting to note the following:

    “This scenario in turn could lead to the creation of a 20 million tons high quality steel producer in Europe, and the eventual exit of steel for Thyssenkrupp,” said the Swiss bank.

    Tata’s only existing European steel production outside of the UK is in the Netherlands, which remains profitable despite a collapse in global prices caused by huge overproduction emanating from China.

    http://www.telegraph.co.uk/business/2016/04/01/tata-in-talks-over-german-buy-out-after-quitting-britain/ [Own emphasis].

    Please bear in mind that the industries in the successful NordEurozone will be strictly regulated. Britain’s are not. Indeed, it is Britain’s lax labour laws that allow foreign car makers to work around European Union tariffs on motor vehicles. It does mean poor efficiency and poor profit margins for the British arms of the car makers – but the lack of regulation means they can drop tools in an instant and pull out if things get bad. Thus Britain has been hoist with its own petard: any change for the worse in EU regulations and Britain’s economy takes a hit.

    Not for nothing is Tata Steel wishing to withdraw to the safety of tightly-regulated countries that put their workers first!!

    I’m just sorry for the guys in Britain whose prime minister and chancellor have loosened their belts to shine moonies at them.

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  29. Yes Gemma your right GREAT Britain was built on standardization regulation highly trained highly educated people!
    Low Productivity

    Low productivity seems to be bemusing economist politicians and some business people,but it isn’t difficult to understand why! Affiliation in the past companies had sales teams that were educated in the company they worked for,had an understanding of the time certain problems caused and if other (time delay on parts) affected this process and the down time.
    Affiliation doesn’t the affiliate is has much in the dark has the customer and information isn’t forthcoming,they have little or no product knowledge,no understanding of the company they are advocating,this detachment from the company may be more profitable for some but reduces productivity and customers experience vastly.

    Zerohours
    Once again the worker receives very poor training! Often word of mouth in working conditions best working practises are if any by those in charge & have never been subjected to time & motion studies and workers have to pick it up day by day & chargehand dispense these practises daily to more & more people court in the flexibility trap since they may well be in a totally different factory or workplace tomorrow,totally different type of work different hours that affect their own performance & safety.

    Communication of what companies want is eroding best practises are thrown out the window & the fitness of the work force are all compromised in the pursuit of flexibility,down time rises,production levels drop standards drop,even apprenticeships are now not indentured but exam based,this narrows the education of the apprentices they’re are more of them but they get less actual work experience in a broader skill set to the level of those passed & this also affects productivity

    Terminology one reason trade chambers/associations and training was set up was to unify terminology it may not seem much but when ordering equipment what something is called is important if something as another meaning within different companies or individuals then it can cost productivity dearly a simple thing like a shifter can mean nothing to some and a multitude of things,i personally asked a trainee to get a shifter from the van and he returned with stilsons and many other parts had changed their meaning! Differentiating a heart from the liver is important in medicine but in engineering this muddling of some parts names and purpose does lead to lost productivity,longer down time this terminology isn’t just internal or individuals giving their own name to tools and equipment ,sometimes their names changed to market the equipment,so the loss of professional associations in the name of profiteering has lead to poorer standards and lower productivity!

    Accountancy many companies including corporations do not hold repairs on stock on site,so when a part fails it has to be transported in,few SME can hold expensive stock for long periods without going bust therefore parts can be on the other side of the world again this obviously affects productivity and costs,down time in the pursuit of profit has made efficiency inefficiency,productivity less productive and training totally inadequate and the work force demoralised insecure and uninterested .

    These are not thoughts these are observations from working in such places & under such conditions,listening to other workers from all parts of the economy from the worker lining up to see if they get picked for work,to the managers under pressure to increase productivity from such workers under those circumstances,neoliberal profiteering is solely to blame.it destroys standards in a chaotic madness of chickens with no heads,dumb down all methods of lifting standards.

    The difference between China (which is less regulated in certain areas) is job security(or was) training and understanding what was expected of them and at hand spares or spare capacity to keep production going and if not , a sales team that could be informed of possible difficulties with orders to not lose custom.

    The ideology behind flexibility is totally flawed it hinders productivity at all stages one of the reasons it was outsourced abroad,but many misunderstood that it was the working practises of profiteering that was the real problem that makes it too costly by increasing dramatically poor productivity.

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  30. @salford lad
    Local councils have a statutory obligation to house these incomers and also pay housing benefit, So the altruistic concerns of the councils benefit the bankers ultimately as does immigration.

    You sure hit the nail on the Head
    What a terrible third world nightmare ………….on the way!

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  31. I’ve got it!!! We have a fundamental “Fundamental Reality” mismatch. Using all the available analysis on every area of our amassed knowledge, It is totally obvious that reality is having problems keeping up with our cognitive models…

    Rather than rearrange all our amassed shared common knowledge & the structures they reinforce, we just have to implement a correction to reality & we can carry on as is.

    There you go, simple, just like me.

    Like

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