Corrupt British establishment

[Invader Zim]

[FONT=Times New Roman]Would you like to tell us what other developments currently in play originated “before the financial crisis” and are now not related to it? Do you really think that the crisis has really ever been off the" radar” as you put it? Do you think the crisis is a separate distinct phenomenon unconnected to other social and political events[/FONT]

Would you like to tell us what other developments currently in play originated “before the financial crisis” and are now not related to it?

The phone hacking scandal is the issue here.

Do you really think that the crisis has really ever been off the" radar” as you put it?

What you think that the crash in the housing market and subsequent massive recession in 2008, was common knowledge and widely predicted in 2001?

Do you think the crisis is a separate distinct phenomenon unconnected to other social and political events

it has nothing to do with the phone hacking scandal. Dumbass.

[Threetune]

Well for a start the scandal at News International Papers is based on practises from years before the financial crisis was even on the radar, and fall out from it, including jailings of a private investigator and journalist who had hacked the phones of members of the royal family, also predated the fall of the housing market. The reason why it has become news again over the past couple of weeks is because other journalists at other papers discovered concrete evidence that the practises went a lot further and subsequently made it public knowledge.

Get a fucking clue, and don't post until then.

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[FONT=Times New Roman]Does it have anything to do with bribing the police and intimidating celebrities and politicians [FONT=Times New Roman]for example [/FONT]which also predated the “fall of the housing market” as most current social and political realities obviously do?[/FONT]
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[FONT=Times New Roman]You appear to be attempting to isolate the “[/FONT][FONT=Verdana]scandal at News International Papers” from everything else. Is that what you are doing? [/FONT][FONT=Times New Roman][/FONT]

[Invader Zim]

[FONT=Times New Roman]Does it have anything to do with bribing the police and intimidating celebrities and politicians [FONT=Times New Roman]for example [/FONT]which also predated the “fall of the housing market” as most current social and political realities obviously do?[/FONT]

[FONT=Times New Roman]You appear to be attempting to isolate the “[/FONT][FONT=Verdana]scandal at News International Papers” from everything else. Is that what you are doing? [/FONT]

Because they have nothing to do with the finanical crisis and only a moron would suggest otherwise, so I guess we have you labelled.

[Threetune]

Because they have nothing to do with the finanical crisis and only a moron would suggest otherwise, so I guess we have you labelled.

[FONT=Verdana]You appear to be confusing the “financial crisis” with “the fall of the housing market” which you should know was only a symptom of the general crisis of ‘overproduction’, particularly the over production of ‘capital’ itself, which you say was not “on the radar” before “the fall of the housing market” in 2007-8.[/FONT]
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[FONT=Verdana]That’s why you think the giant Murdoch propaganda machine and corrupt Metropolitan police, both charged with fighting the “war on terror”, and controlling the rising “anti-cuts” resistance movements, “[/FONT][FONT=Verdana]have nothing to do with the finanical crisis”.[/FONT]
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[FONT=Verdana]What on earth do you think is driving the ‘war on terror’ and the ‘austerity measures’, in every single imperialist centre on earth if isn’t the “financial crisis”? Are you seriously trying to tell us that the ‘City of London’ stockbrokers and international bankers are not leaning on the British government establishment to “clean up its act” or risk a complete exposure of the undemocratic workings of the parliamentary racket? The same bankers who are at the centre of all government ‘quantitative easing austerity’ policy which is the main life and death agenda item of the British capitalist class. [/FONT]
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[FONT=Verdana]If bribing the police and intimidating celebrities and politicians [/FONT][FONT=Calibri]“[/FONT][FONT=Verdana]have nothing to do with the finanical crisis[/FONT][FONT=Verdana]” as you say, do you really think the British government and parliament can push through its anti-working class ‘austerity’ plans without an effective and loyal press and police force? Your avin a laugh.[/FONT]

[Threetune]

[FONT=Times New Roman]Ladbrokes has tightened the price on Cameron's being the next cabinet member to quit the government from 100/1 ten days ago to 12/1 now. Stan James offers 7/1 against Cameron not lasting the year.[/FONT]


[FONT=Times New Roman]Of the frontrunners to replace Cameron, David Davis represents "outstanding value" at 33/1, and Smithson has put some money down. Boris Johnson is top of the heap at 4/1, despite his not being an MP. Paul's own tip to replace Cameron would be William H[/FONT][FONT=Times New Roman]ague, whose reputation and image as a statesman have steadily and markedly improved since he was last Tory leader. [/FONT]

[FONT=Times New Roman]Back in the Commons, two Labour MPs have now said that David Cameron should resign. Sir Gerald Kaufman said Cameron should "consider his position". And Dennis Skinner said "dodgy Dave" should "do the decent thing and resign".[/FONT]


MPs Kaufman and Skinner are playing out the parliamentary charade to give Labour some ‘left’ credibility but they all know that there job is to prop-up the parliamentary rotten racket first and foremost.

And its this whole gang that has been entrusted by the ruling class to drive through the “austerity” measures. It’s not the Olympic Games they need the top Met Commissioners to police, it’s the workers reaction to the cuts program resulting from the ever deepening economic crisis. It’s the disastrous crisis that really governs everything now.

[Vladimir Innit Lenin]

[FONT=Verdana]You appear to be confusing the “financial crisis” with “the fall of the housing market” which you should know was only a symptom of the general crisis of ‘overproduction’, particularly the over production of ‘capital’ itself, which you say was not “on the radar” before “the fall of the housing market” in 2007-8.[/FONT]]

Sorry?

The fall of the housing market was not merely a 'symptom of the general crisis of overproduction'. The fall of the housing market, in the US, is what led to the financial crises around the world.

Prime and sub-prime loans had default figures of 20+% on them, far more in the sub-prime category. When these defaults happened and it was realised that there'd be more, and that the banks had been packaging these mortgages and selling them as securities between themselves at ever increasing, artificially high prices, the banks faced a liquidity crisis because they had to write off an inordinate amount of these mortgage-backed securities - the so-called 'collateralised debt obligations'.

YOU seem to be confusing the liquidity crisis that faced the banked (the financial crisis) with the current economic crisis that has developed as a result of the financial crisis and the actions taken by governments to prop up the financial system.

[Threetune]

[FONT=Verdana]The entire world financial system, especially the US, has been generating increasingly worthless ‘capital’ since the end of WWII. That surplus capital had to be invested somewhere, even in “highly speculative” ventures like lending to poor people for housing who eventually were unable to repay. [/FONT]


[FONT=Verdana]That’s not a course, that’s a symptom. Agreed it then boomeranged the world money markets leading to the specific form of the crisis that is till causing chaos but the [/FONT]
[FONT=Verdana]real cause, is the ‘overproduction’ of everything especially capital itself. [/FONT]

[FONT=Verdana][FONT=Verdana]Edit: Each enterprise is in competition and has to invest its capital profitably in order to survive. The millions of trillions washing round the markets are more than can be invested profitably without further screwing the working class and the world’s poor generally AND/OR destroying others surpluses in war along with their capacity for generating capital.[/FONT]
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[Vladimir Innit Lenin]

Well, no, it was a cause.

Of course, you're right to an extent, the various housing bubbles beyond their intrinsic value is, essentially, worthless capital, but overall, Capitalist economies in the run up to the financial crash were not suffering from excess inflation nor a massive increase in worthless capital created during the boom.

Indeed, your point (about worthless capital) is something that comes straight out of Hayek's Fatal Conceit.

I have a feeling that, in the long run, you may be right, but for me the main cause of this was the 'loan shark' behaviour of the banks, and a secondary cause was the way that banks interact economically with the rest of the economy. The worthless mal-investments made on the stock market should never be mistaken for real, creatable capital. In that respect you're right, but don't underestimate the difference between a sensible loans policy and a policy of making loans to people who cannot afford to make the repayments.

[Threetune]

[FONT=Verdana]My sick leave is now over now. Nice talking to you all. [/FONT]
[FONT=Verdana]Do try reading some Lenin if you can. [/FONT]
[FONT=Verdana]Cheers.[/FONT]