[pic: Juvenile banker says "If I can't get rich legally, I'll destroy the whole world economy. So, there!"]You may have been freaked by the trillions flying around the US, but that's only important because the US economy is so large. The real damage was done elsewhere. The next question is which country, or better, which country's companies, benefitted the most. Take a wild guess.
The first point:
HOW MUCH GOVERNMENT HELP WAS NEEDED?
STATED IN % OF GDP
(that's 1 year of the WHOLE economy of the country, folks)
country %
UK 19.8 [The UK government was an 'insider' to the crisis]
Norway 13.8
Canada 8.8
US 6.3
Holland 6.2
Sweden 5.8
Greece 5.5
Austria 5.4
Ireland 5.3
Belgium 4.7
Spain 4.6
Germany 3.7
Portugal 2.4
France 1.5
Italy 1.4
Saudi 1.3
Switzerland 1.2
Hungary 1.1
Australia 0.7
[Data from IMF, "always ready to help, in a crisis"]
You can see how much this scandal has cost some countries. What the stats don't tell you is whether that country is able to PAY for cleaning up the mess.
The first point:
HOW MUCH GOVERNMENT HELP WAS NEEDED?
STATED IN % OF GDP
(that's 1 year of the WHOLE economy of the country, folks)
country %
UK 19.8 [The UK government was an 'insider' to the crisis]
Norway 13.8
Canada 8.8
US 6.3
Holland 6.2
Sweden 5.8
Greece 5.5
Austria 5.4
Ireland 5.3
Belgium 4.7
Spain 4.6
Germany 3.7
Portugal 2.4
France 1.5
Italy 1.4
Saudi 1.3
Switzerland 1.2
Hungary 1.1
Australia 0.7
[Data from IMF, "always ready to help, in a crisis"]
You can see how much this scandal has cost some countries. What the stats don't tell you is whether that country is able to PAY for cleaning up the mess.
Iceland is broke, Hungary and Latvia are on their way to being broke. What about countries with low credit ratings. What will this cost them?
What of other countries not listed? Every country was already heavily in debt. The countries which are in serious trouble will be "saved" by the IMF, and thereafter be enslaved. Was that one purpose of this Big Crash?
The US gets out easily because of its credit rating and its international clout, with army. Nobody will say "no" when the US asks "Ya got a dime?"
Second: the stock market CRASHES
-the percentage fall in stock markets in 2008:
Belgrade 79.3
Belorussia 78.11
Bucharest 70.8
Moscow 70.21
Shanghai 69.47
Athens 66.72
Dublin 66.22
Vienna 61.76
Brussels 55.07
Oslo 54.64
Helsinki 54.5
Czech Rep 53.35
Istanbul 52.79
Budapest 52.72
Amsterdam 52.59
Mumbai 52.28
Buenos Aires 51.75
Jakarta 51.06
Lisbon 50.59
Singapore 50.48
Milan 49.45
Manilla 48.58
Hong Kong 48.04
Taipei 47.53
Copenhagen 47.01
Paris 44.41
Sydney 44.3
NY nasdaq 43.08
Tokyo 43.01
Sao Paolo 42.91
Frankfurt 42.62
NY S&P 500 41.48
You see the NY results are way down the list. Many 'new' democracies had their stock markets largely wiped out. Stock markets are a casino, but many economies need them to show faith in their companies and promote growth of some sort. Now they're decimated and waiting for a rich person to buy up half the country for the price of a carton of milk.
As you'll see below,
What of other countries not listed? Every country was already heavily in debt. The countries which are in serious trouble will be "saved" by the IMF, and thereafter be enslaved. Was that one purpose of this Big Crash?
The US gets out easily because of its credit rating and its international clout, with army. Nobody will say "no" when the US asks "Ya got a dime?"
Second: the stock market CRASHES
-the percentage fall in stock markets in 2008:
Belgrade 79.3
Belorussia 78.11
Bucharest 70.8
Moscow 70.21
Shanghai 69.47
Athens 66.72
Dublin 66.22
Vienna 61.76
Brussels 55.07
Oslo 54.64
Helsinki 54.5
Czech Rep 53.35
Istanbul 52.79
Budapest 52.72
Amsterdam 52.59
Mumbai 52.28
Buenos Aires 51.75
Jakarta 51.06
Lisbon 50.59
Singapore 50.48
Milan 49.45
Manilla 48.58
Hong Kong 48.04
Taipei 47.53
Copenhagen 47.01
Paris 44.41
Sydney 44.3
NY nasdaq 43.08
Tokyo 43.01
Sao Paolo 42.91
Frankfurt 42.62
NY S&P 500 41.48
You see the NY results are way down the list. Many 'new' democracies had their stock markets largely wiped out. Stock markets are a casino, but many economies need them to show faith in their companies and promote growth of some sort. Now they're decimated and waiting for a rich person to buy up half the country for the price of a carton of milk.
As you'll see below,
2008 doesn't even register as a BIG drop for the US.
Here are the worst disasters in percentage terms (big economies):
1 US 1929-32 89%
2 US 2000-02 82% (I'll write about this one later)
3 Japan 1990-2003 79%
4 London 1973-74 73%
5 Hong Kong 1997-98 64%
6 London 2000-03 52%
7 US 1937-38 49%
8 US 1906-07 48%
9 US 1919-21 46%
10 US 1901-03 46%
1 US 1929-32 89%
2 US 2000-02 82% (I'll write about this one later)
3 Japan 1990-2003 79%
4 London 1973-74 73%
5 Hong Kong 1997-98 64%
6 London 2000-03 52%
7 US 1937-38 49%
8 US 1906-07 48%
9 US 1919-21 46%
10 US 1901-03 46%
Alan Greenspan was at the helm when the economic ship went down in the US. His explanation was that for 40 years he had seen that the economic system pretty-much took care of itself without much oversight. If the truth were important, the top 10 above would the nails in the coffin of the good name of AG. He witnessed the 2000 crash (see #2 above). What was that? A wet burp after a bad lunch? 82%
Considered opinion of this author:
The derivative/hedge thing was allowed to happen for US/UK banks to steal money from other rich countries and solve their own balance of payments problems (caused by the disappearing-globalised-factory black hole vortex).
The Crash was a foreseeable result, and it was designed to enslave lots of poor little countries, for a LONG time. Oh, and tax-payers (i.e. the non-rich) of US/UK and eslewhere will be paying for much of this through their taxes and a collapse in their public services like education and health.
Dark ages indeed.
Crescendo:
The Colonialism of the Banks (incl. IMF, WTO, EU).
Does anybody have any proof to the opposite?
-Costick67 ( 8^P
-Costick67 ( 8^P
