DOOM, or The Official 2016 US Election Thread

Mr. Tea

Mr. Tea

Let's Talk About Ceps
baboon2004 said:
It is truly depressing when an actual neo-fascist - Bannon - has been more corruscating about the failures of Wall Street than almost anyone on the Left.
Click to expand...

A bit like the masterful take-down of the fractional reserve banking system by...

...AGW-denying, Nazi-slogan-yelling, palaeo-sexist Ukip loony, Godfrey Bloom:



If a drunk, reactionary embarrassment can come out with this stuff, why isn't Jeremy fucking Corbyn yelling it from the rooftops on a daily basis? :mad:
 
Corpsey

Corpsey

bandz ahoy
I was one of those who joined Labour in order to make Corbyn its leader and since then I've been pretty ambiguous about that. I've been worried that he's not electable. But this American election has made me think that getting behind a proper left wing candidate is possibly the only option for Labour. People don't want the same old politicians, and that could play into the left's hands as much as the right's if its played right, right?
 
Mr. Tea

Mr. Tea

Let's Talk About Ceps
I didn't vote in the recent Labour leadership election (er, either of them) as I don't feel sufficiently qualified to be a part of that decision. I was quite excited when Corbyn first became leader, but I've been rather disappointed since then. The repeated missing of open goals when he could have made major capital out of the government's cock-ups, dogged insistence on his old anti-capitalist anti-EU stance leading to an extremely lukewarm Labour contribution to the Remain campaign, continued dalliance with these SWP/StWC wankers, refusal to unequivocally condemn Assad or Putin, because that would make him a stooge of American imperialism, or something... it just goes on and on.

Labour needs a leader with solid social-democratic principles who isn't stuck in the past and has some clue what's going on in Europe, the Middle East and the wider world. Whether such a person exists, and has sufficient leadership ability and popularity to prevent the party from completely falling apart, I don't know.
 
vimothy

vimothy

yurp
I'm skeptical of anyone complaining about "fractional reserve banking" (which isn't to say that the banking system isn't massively corrupt, of course).
 
luka

luka

Well-known member
I've been trying to get vimothy to say something substantive for years without any success. You won't tempt him out of his cubby hole. He's too shy.
 
vimothy

vimothy

yurp
It's all a bit boring unfortunately which is why no one really cares about this stuff, but in this country banks don't actually operate according a fractional reserve system, and banks wouldn't be broke if they did. Banks don't lend money they don't have (banks create money). There's nothing particularly special about money creation - it's no different to any corporate entity issuing liabilities to fund the acquisition of assets. QE isn't counterfeiting, it's the purchase of different kinds of assets by the central bank. And central banks don't manipulate "interest rates", they manipulate one interest rate, which is the rate they offer on reserve balances.
 
D

droid

Well-known member
Im joining my local anti-fascist group. Been 20 years since I marched with them.

All of you should do the same, for starters.
 
padraig (u.s.)

padraig (u.s.)

a monkey that will go ape
vimothy said:
It's all a bit boring...
Click to expand...

To expound a bit, the point is that all the practices the guy excoriates in the video are totally standard, normal* banking practices, but they sound terrifying to someone (viz. the great majority of people) who don't know anything about banking. Bankers, economists, & anyone else may debate how & whether they should be implemented, but none of them are at all nefarious or criminal of themselves, they're tools a central bank uses to decrease or increase the money supply in the interests of promoting economic stability. You can also object to central banks altogether on ideological grounds, but that dude isn't making some reasoned argument, he's just a fear-mongering crank. Notice how no one is exactly up in arms to shout him down.

*except QE, but it's still just a larger scale, more focused version of a normal central bank policy
 
Mr. Tea

Mr. Tea

Let's Talk About Ceps
In all fairness, this sentence:

"To expound a bit, the point is that all the practices the guy excoriates in the video are totally standard, normal banking practices, but they sound terrifying to someone (viz. the great majority of people) who don't know anything about banking."

doesn't actually mean "totally standard, normal banking practices are perfectly OK and sustainable and definitely don't lead to massive economic crises", does it?

I mean, as a sentence, it'd work just as well if you replaced 'banking' with, say, 'enhanced interrogation' or something equally unpleasant.
 
Leo

Leo

Well-known member
15056470_10154869701658690_1642179795185002712_n.jpg
 
Leo

Leo

Well-known member
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