Ecuador Forum

ainglis
Joined 2013
Posts: 94

11 years ago

Cypriots and sadder

11 years ago

"ainglis, To a certain extent I see your perspective. Certainly concur with the portions discussing the printing of money, the devaluation of currency and the still understated subprime crisis. Despite concurring with all that, I believe your perspective may be more myopic, than what you, in turn, criticized, when stating that ..."Cyprus is getting off lucky." If by "lucky" you mean you´re the fifth man in an execution line, rather than the first...then...well...lucky...I guess? It doesn't lessen the "deadening" effect of what occurred in Cyprus, or the perverse irony of a Federal Government that promises "insurance" against bank held assets, unless, of course, the culprits robbing your money are the same folks overseeing the insurance to protect you. Today...the sheeple of the world willingly accept this as "the new capitalism". Vive la liberté! Hector G. Quintana
===========================

Hi Hector,

:-D I have been called many uncomplimentary things before..but never myopic. (tho...I can admit to a need for reading glasses now.)

Your confusion over parts of my posts is understandable. I have a sad habit of politely pulling my punches depending on the company. The truth is that certain US aligned economic spheres will take decades (if ever) to recover from the US subprime fiasco. In many ways it will be more severe and longer than the effect of the US Great Depression on the world, though this time, non- aligned nations will fare better.

European banks and institutations bought the US mortgages. And they were not restricted to a 10-1 debt to asset ration. They were flying at 20-1 and 40-1. Little european school boards and Universities bought them, pension plans and unions bought them, even little villages in Norway bought them...after all they were all told they were guaranteed by the US gov agencies.

All those institutions cannot be allowed to go under or chaos will result. Would you prefer to lose 25% of your bank deposit or have your deposits be worth nothing at all?

Meanwhile, the US has been borrowing more than ever, and though there has been a momentary respite, it will get worse soon...(baby boomer pension time!). Unlike every other country, the population and politics of the US show no hint whatsoever of an effort to pay their debts, let alone mortgages . In fact, despite the rhetoric, they are lowering their taxes and pushing themselves and their sphere downwards again. The domino effects are endless..again.

Since 2009, I have seen the resultant suffering and dismay close-up in the Euro and US economic theaters. Depressing. Cyprus is doing better than many.

Myopia. That is when someone says "Patriotism is supporting your country all the time, and your government when it deserves it.” something Mark Twain never said. (sad smile)

The opposite of myopia is when you open your eyes wide enough to see what is happening and find a way to live happily despite all. "A happy person is a special gift to the whole world". A Inglis.

William Russell

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William Russell

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