Sacrificing truckdrivers, consumers, and its “fucked” manufacturers as pawns, the recently inaugurated tory UK negotiators also risk sacrificing some of its own royalty, its investors. The brinkmanship of this endgame is causing much suffering even as the UK plans to resort to a some last minute retreats
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On the last day of November, 2018 the centre of the city of Buenos Aires was put on lock-down by the police, the military, and the secret services of twenty nations to protect their top government representatives; men and women […]
This is a new book chapter of mine on the use of local finance in South America to integrate national electrical grids into a UNASUR regional electric GRID which moves to 100% renewable inputs. Tony Phillips (2016), UNASUR-GRID: Financing Sustainable […]
Saturday morning, Buenos Aires; while the city sleeps off a hangover dreaming of a delicious breakfast or nightmare public hospitals full of A H1N1 patients, I read the Financial Times to find out what is really going on in the world.
I do it so you don’t have to!
So I come across this short, dare I say, boring. piece by Ms. Henny Sender, one of the video starlets of the FT.com website. Henny is a dead-pan, middle aged, east-coast financial commentator who spends a lot of time with Private Capital. She says it like it is.
What is Private Capital?
Remember “Mergers and Acquisitions” in the 1980’s? Same thing! They got a bad name for unemployment in the UK so they changed their name. Private Capital buy and sell companies. Henny’s article is about them buying and selling banks.
Sounds boring? Yes I know! But I promise to get right to the point.
Private Capital are just that! They leverage secret multi-billion dollar investments from the very VERY rich by using their executive-level connections with investment banks. This gives them an inflated bag of cash which they use to buy collapsing companies. Once bought. they are dissected, the bad bits thrown to their friends in the government to be “rescued”, then they sell off the juicy bits for a profit which they use to pay off the investment bankers, the private clients and the overpaid executives.
What I like about this short article is its frankness and completely amoral standpoint. It clearly states that “rescued” banks take taxpayers cheap loans and invest them at speculative higher rates for a profit. Meanwhile they resist making productive loans due to uncertainty in the “recovery” (those green shooty darling buds of may (frost-bitten in June).
And guess what? No loans, no recovery! Casino capitalism is left on life support in the public wards of the nations of the world like our A H1N1 patients.
In a nutshell; governments advised by rich investment bankers, are fattening up hopelessly useless parts of a failed capitalist system feeding them a drip of free money so they are beefed up for consumption by the rich. They are then digested and spat out at a profit for those same rich investment bankers. Consolidating capital at the top while taxes rise and jobs are lost for the middle classes.
Is this really the point I ask myself?
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Madam, As a non-resident Irish citizen living in Argentina it is rare that I voice an opinion on the Irish economy. While economic policy affects my family in Dublin directly, it has little effect on me personally. However, as an […]
The rapid fallout from less than a decade of financial speculation has been mind-boggling. Barely legal, the unregulated bubble in “credit derivatives”2 grew from $1 trillion in 2003 to $15 trillion in 20073 to finally burst, leaving the global financial system on life support in the public ward.