David Cameron has told the Davos summit that to be even considering a Tobin tax is "madness".
Quite right!
Showing posts with label davos. Show all posts
Showing posts with label davos. Show all posts
Thursday, January 26, 2012
Madness
David Cameron has told the Davos summit that to be even considering a Tobin tax is "madness".
Quite right!
Wednesday, January 25, 2012
George Soros Speaks
George Soros is making an opening speech at the Davos summit.
Faisal Islam quotes him:
"outlook is truly dismal. EU.. is undemocratic to the point where the electorate is disaffected and ungovernable."
That dear readers is why, in a nutshell, the Euro will fail!
Faisal Islam quotes him:
"outlook is truly dismal. EU.. is undemocratic to the point where the electorate is disaffected and ungovernable."
That dear readers is why, in a nutshell, the Euro will fail!
Friday, January 29, 2010
Don't Feel Sorry For Yourselves
I cannot but help chuckle at Alistair Darling's comments directed to the bankers (ex "Masters of The Universe"), where he told them "don't feel sorry for yourselves".
Before he went into a meeting at Davos, with eight UK and foreign-owned banks, he held a press conference at which he said:
"My message to the banks is that it is in their interests to get off the front pages.
The banks should do what they are supposed to do, provide credit to the economy. They must know that changes are necessary. They can all see that the regulatory regime needs to be more robust and more intrusive.
Don't feel sorry for yourselves. Work with the government to see how you can improve the situation."
That almost is an admission that the tripartite system set up by Brown hasn't worked!
Regarding the banks, he is to some extent correct. Wallowing in self pity is not a pleasant spectacle to behold, not least when the "wallowers" are universally despised (rightly or wrongly).
The banks, like it or not, need to address their lamentable reputations if they are to have any hope of trying to set the agenda for regulatory changes etc.
It seems, for the moment, that the banks haven't quite realised that yet. They exclude themselves from being taken seriously at the discussions at their own peril.
Before he went into a meeting at Davos, with eight UK and foreign-owned banks, he held a press conference at which he said:
"My message to the banks is that it is in their interests to get off the front pages.
The banks should do what they are supposed to do, provide credit to the economy. They must know that changes are necessary. They can all see that the regulatory regime needs to be more robust and more intrusive.
Don't feel sorry for yourselves. Work with the government to see how you can improve the situation."
That almost is an admission that the tripartite system set up by Brown hasn't worked!
Regarding the banks, he is to some extent correct. Wallowing in self pity is not a pleasant spectacle to behold, not least when the "wallowers" are universally despised (rightly or wrongly).
The banks, like it or not, need to address their lamentable reputations if they are to have any hope of trying to set the agenda for regulatory changes etc.
It seems, for the moment, that the banks haven't quite realised that yet. They exclude themselves from being taken seriously at the discussions at their own peril.
Thursday, January 28, 2010
"Secret" Meeting
Hush whisper it softly, The Times reports that Alistair Darling will meet the heads of top British and American banks (including HSBC, Barclays, Standard Chartered, JP Morgan and Morgan Stanley) at a secret meeting in Davos tomorrow.
How can this meeting be described as "secret", if it is publicised a day in advance in a national newspaper?
The purpose of the "secret" meeting is for the bankers to express their feelings to Darling about the possibility of new sanctions against the banking sector.
The banks, quite rightly, are concerned that attempts to curtail their activities may well negatively impact the global economy.
However, be that as it may, the bankers need to recognise that on some occasions politics (even if it is emotionally charged) outweighs economics. Were Darling, and indeed any other politician, to ignore the wave of public hostility and revulsion towards bankers they would be signing their own political death warrants.
Like it or not we live in a democracy and, on occasions, the will of the people (no matter how misguided that may be) has to count more than the will of the "Master of The Universe".
That being said the near failure of the banking system took place on Darling's watch, under the tripartite system created by Brown. Blaming the bankers has provided useful cover for Brown and Darling.
True political leaders would step forward and highlight the failures of both the banks and regulations, and come up with a route map for the future whilst explaining to the electorate that the bankers were not entirely to blame.
We await the coming of these "true political leaders" with baited breath.
How can this meeting be described as "secret", if it is publicised a day in advance in a national newspaper?
The purpose of the "secret" meeting is for the bankers to express their feelings to Darling about the possibility of new sanctions against the banking sector.
The banks, quite rightly, are concerned that attempts to curtail their activities may well negatively impact the global economy.
However, be that as it may, the bankers need to recognise that on some occasions politics (even if it is emotionally charged) outweighs economics. Were Darling, and indeed any other politician, to ignore the wave of public hostility and revulsion towards bankers they would be signing their own political death warrants.
Like it or not we live in a democracy and, on occasions, the will of the people (no matter how misguided that may be) has to count more than the will of the "Master of The Universe".
That being said the near failure of the banking system took place on Darling's watch, under the tripartite system created by Brown. Blaming the bankers has provided useful cover for Brown and Darling.
True political leaders would step forward and highlight the failures of both the banks and regulations, and come up with a route map for the future whilst explaining to the electorate that the bankers were not entirely to blame.
We await the coming of these "true political leaders" with baited breath.
Wednesday, March 11, 2009
Brown's Vanity Project
Despite the fact that the UK is suffering the worst recession in decades, and the government is effectively broke, Gordon Brown is determined to spend money hosting his personal vanity project.
World leaders, 22 are expected, will attend a conference organised by Brown at the ExCel Centre on April 2. The purpose of the conference is to revive the world economy.
All very well, but here is why it is a waste of time and merely a vanity project designed to project Brown as a "leader":
1 It will cost the British taxpayer £50M.
2 The recession has been "in play" for quite some time now. World leaders and their finance ministries ought to have already formulated plans for stimulating the economy.
3 A one day networking event in London will make not the slightest difference.
4 The leaders and their advisers have other opportunities to discuss and brainstorm, eg Davos and via phone and video links.
All in all this event is a waste of time and money, and fools no one.
World leaders, 22 are expected, will attend a conference organised by Brown at the ExCel Centre on April 2. The purpose of the conference is to revive the world economy.
All very well, but here is why it is a waste of time and merely a vanity project designed to project Brown as a "leader":
1 It will cost the British taxpayer £50M.
2 The recession has been "in play" for quite some time now. World leaders and their finance ministries ought to have already formulated plans for stimulating the economy.
3 A one day networking event in London will make not the slightest difference.
4 The leaders and their advisers have other opportunities to discuss and brainstorm, eg Davos and via phone and video links.
All in all this event is a waste of time and money, and fools no one.
