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Blanchflower advanced a specious argument. On one hand he says that savers who lost out only have themselves to blame; on the other hand he played a part in interfering with interest rates to protect borrowers who made the wrong choices. So the borrowers are blameless? Enough of central planners - let the market decide interest rates and let individuals take responsibility for their own actions.
If U are unable to access Report 545. Don't click on it from the home page. Click on "Shows" and select Keiser Report from the list.
Most people don't even know what equities are, let alone follow them.
Richard, Neter, Tim said much of what I wanted to express. Branchflower offered the typical view of those in te financial tribe who have converted human beings into commodities that can be used and profited from.
Blaming thre victims is the usual rationalization used by pick pockets..... ".....the purse was right there with none watching.... the woman was asking for it to be stolen by leaving it there"
This encapsulates the financial community's sick mentality. "If you don't see how I am robbing you, then you deserve to be robbed"
I don't consider Branchflower's position "out of touch", but shameless.
So central banks decided to reduce all investment to Ponzi financial markets, so that the ingnorant sheeps can be skinned at will by fat speculators, and everybody should be happy about it, and willfully go to the slaughter.
Hey! "We" decided that it's the way to go, and that "We" will force everyone to do so...
Who are you to disagree, miserable peasant?!
W ho are you to expect that central banks should serve the interests of common people rather than those of fat speculators, you miserable serf?!
I agree with both Simon and Tim, his comment about you should have known to switch into equities is crass. Rich people can afford to take risks, most can't. I'm not stupid, so most of my money was locked into 5 year deals three years ago (despite the advice of the banks who said I was stupid) averaging about 4 1/2 %. The money I have ( I am ill) has to last till my pension clicks in. If I could afford to take risks I could take the City to the cleaners on average, but unlike the City or rich people I can't afford the downside risk.
Hi Max, I agree with Simon that Branchflower saying "not my problem" showed how out of touch he is. That people who are retired, or busy working two jobs should somehow know what the banking community is up to (especially when said banking community lies to the public) shows he has no idea what life for ordinary people is like. It is not that ordinary people are stupid, they just don't know who is telling the truth - and 90% of financial advise these days is from charlatans.
Branchflower's comment 'not my problem' is typical of the divorced reality of the finance community from the real economy. To expect pensioners or those close to retirement to have put their life savings into risky equities rather than safe savings accounts is completely unrealistic - particularly given the equities meltdown witnessed in 2008. To those with insider information, privileged understanding of QE, or those able to afford to take financial risk it makes sense, but that isn't many of the population. Furthermore, who can trust 'professional' financial advisers, in the news daily for fraud and mis-selling?
I really appreciate all that you and Stacey do and I have learned a lot about banksterism which I did not know before, but an irony is that I've come to see everything as fundamentally flawed and irrecoverable.
On the other hand it is implicit in your arguments that gold, silver and bitcoin could restart what is a proven failure, such as the infinite exploitation of finite resources to sustain a shop-'til-you-drop mentality.
Why do you want to preserve the existing system, in one form or another?
Sorry Max, but you seem to be stuck in the monetarist/Chicago/F reidman School, in which only interest rates matter, as contrasted with economic thinking of the J K Galbraith variety, i.e. FISCAL policies which enabled reconstruction after WW2.
I am 70 and so I remember the effects of the Marshall Plan and tax/fiscal policies which gave everyone a chance,
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