Lending at Interest: Economic Implosion?

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Re: Lending at Interest: Economic Implosion?

#21  Postby jamest » Oct 29, 2022 1:12 am

Oh, I should of course mention that the recent political/economic debacle in the UK was a consequence of 'the markets' knowing that a growth mentality in the UK was utterly unrealistic. So much so that if the Bank of England hadn't intervened and created another £65 billion (iirc) out of thin air to buy the UK gilts that were being sold-off like ice-cubes in the Antarctic, that the UK economy itself may have imploded, otherwise.

It boggles my mind that such stupid/inept people can attain such power in my country. Even Biden commented [to the effect] that Truss was an idiot, enough said.

I only added this to the previous post to highlight the desperation and difficulties all governments and central banks now face. They are ALL on the back foot now, and this recent fiasco with the UK shows just how precarious the situation is becoming.
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Re: Lending at Interest: Economic Implosion?

#22  Postby THWOTH » Oct 29, 2022 7:38 am

The End is Nigh. And always has been.
"No-one is exempt from speaking nonsense – the only misfortune is to do it solemnly."
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Re: Lending at Interest: Economic Implosion?

#23  Postby Thommo » Oct 29, 2022 7:45 am

jamest wrote:Oh, I should of course mention that the recent political/economic debacle in the UK was a consequence of 'the markets' knowing that a growth mentality in the UK was utterly unrealistic. So much so that if the Bank of England hadn't intervened and created another £65 billion (iirc) out of thin air to buy the UK gilts that were being sold-off like ice-cubes in the Antarctic, that the UK economy itself may have imploded, otherwise.


Just FYI, this is basically incorrect in every detail.

One example:
https://fullfact.org/economy/bank-of-en ... ni-budget/
The Bank of England announced on 28 September that it was prepared to spend up to £65 billion on long-dated UK government bonds over the course of 13 days, amounting to £5 billion each day. At the time of writing it has spent around £3.7 billion over five days.
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Re: Lending at Interest: Economic Implosion?

#24  Postby aufbahrung » Nov 04, 2022 8:14 am

Capitalism is a self-contradictory system. Without occasional train-wrecks to allow the pieces to be rejigged and some crime to grease the wheels it wouldn't work. If it isn't working now, that's not caused by too little honesty but too much tying its wheels to the tracks...what we need is deregulation, economic boom then bust followed by a world war to rejig the sorry system, the only one that half works, the human monkey depends upon...and set it all going again...
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