August 6, 201113 yr The ratings agencies are just one of the unelected forces which can drive a country towards bankruptcy. Currency speculators can also exercise a lot of power. After all, the collapse of the pound in 1992 was helped on its way by George Soros who made hundreds of million pounds in the process. If an individual or institution uses billions of pounds to bet on a currency falling, that will help to make it happen. They can do the same thing to a company by betting on their shares falling. Wouldn't be at all surprised if there are some people making money off the US being down-graded.... I think we should follow the money, and see if any Republicans or their cronies are coining it in this coming week..... <_< Capitalism is evil, simple as....
August 6, 201113 yr Wouldn't be at all surprised if there are some people making money off the US being down-graded.... I think we should follow the money, and see if any Republicans or their cronies are coining it in this coming week..... <_< Capitalism is evil, simple as.... Please show me your socialist shining success? Of course capitalism increases inequality, but it usually (and almost certainly) increases prosperity - infact in Denmark they have some of the most equal incomes around and they have more free trade than nearly anywhere else - integrated with strong social security.
August 7, 201113 yr Please show me your socialist shining success? Of course capitalism increases inequality, but it usually (and almost certainly) increases prosperity - infact in Denmark they have some of the most equal incomes around and they have more free trade than nearly anywhere else - integrated with strong social security. Free Trade is different to Capitalism.... Capitalists create inequalities and stack the market in their favour, free traders are more honest.... Try reading your Adam Smith sometime, he knew the difference between Trade and unfettered Capitalism.... Cuba's a pretty successful society... And would be a lot more successful if the fukkin Americans would stop trying to undermine it.... Same for Venezuela, Bolivia, etc.... America is the worst example of Capitalist scum on Earth....
August 7, 201113 yr Wouldn't be at all surprised if there are some people making money off the US being down-graded.... I think we should follow the money, and see if any Republicans or their cronies are coining it in this coming week..... <_> Capitalism is evil, simple as.... I don't think there's any doubt that people are making money (and lots of it) by the downgrading. That doesn't make capitalism evil. It just shows that it is seriously flawed. Unregulated capitalism may be evil. Suitably regulated capitalism can be flawed but just about tolerable.
August 7, 201113 yr I don't think there's any doubt that people are making money (and lots of it) by the downgrading. That doesn't make capitalism evil. It just shows that it is seriously flawed. Unregulated capitalism may be evil. Suitably regulated capitalism can be flawed but just about tolerable. To me, it's pretty obvious what's been going on the past 30 years, unaccountable, unelected bankers and other financial institutions have undermined Democracy and Sovereign Governments, politicians have enabled this, and many have been rewarded for their complicity, usually through obtaining positions on boards or large "consultancy" packages... I gave the example of Tony Blair earlier on and how he's now on the board on J P Morgan, but there are many others....
August 8, 201113 yr THe FTSE fell by more than 100 pts for the 4th consecutive session (the first time in its 27-year history), this despite the European bank buying Italian and Spanish government bonds! It looks like it is only going to get much, much worse..
August 9, 201113 yr FTSE 100 4870.87 Down -198.08 -3.91% OMG. This is almost as bad as 2008! Manufacturing production down -0.4% in June now fueling fears of a double-dip recession.
August 9, 201113 yr Would anyone guess how much of an effect the riots will have? Yes I'll guess. None at all.
August 9, 201113 yr Yes I'll guess. None at all. Don't be bloody ridiculous. Civil unrest always has an effect, even if slight, in confidence in markets - confidence in safety in trading in Britain will obviously be lower.
August 9, 201113 yr Don't be bloody ridiculous. Civil unrest always has an effect, even if slight, in confidence in markets - confidence in safety in trading in Britain will obviously be lower. We were asked for guesses so I made mine. Why not make your own instead of rubbishing mine? :rolleyes:
August 9, 201113 yr We were asked for guesses so I made mine. Why not make your own instead of rubbishing mine? :rolleyes: Perhaps you could explain the rationale behind your prediction.
August 10, 201113 yr Considering that the recent civil unrest has likely cost the economy billions, I honestly cant see how it can fail to have an effect on the markets.....
August 10, 201113 yr A big effect - today, the FTSE fell over 3% to 5,007. The Dow in the US fell over 4%. V. disappointing, will be selling my shares now - cash in £4,200 though :)
August 11, 201113 yr Free Trade is different to Capitalism.... Capitalists create inequalities and stack the market in their favour, free traders are more honest.... Try reading your Adam Smith sometime, he knew the difference between Trade and unfettered Capitalism.... Cuba's a pretty successful society... And would be a lot more successful if the fukkin Americans would stop trying to undermine it.... Same for Venezuela, Bolivia, etc.... America is the worst example of Capitalist scum on Earth.... Why don't we all ditch the UK, US, Germany, France, and move to the beautiful prosperous beacons of drug-torn, corrupt Venezuela, poor, poverty-ridden Bolivia, corrupt, censored Cuba?
August 12, 201113 yr S&P under investigation over US downgrade Source - Russia Today Following a series of attacks from filmmaker Michael Moore and Senator Al Franken, the US Securities and Exchange Commission is now investigating allegations of illegal practices from within the wall of Standard & Poor’s. A week after downgrading the United States’ credit rating, Standard and Poor’s is now facing scrutiny from the SEC over allegations that S&P’s employees conducted insider trading before the US debt downgrade was officially announced On Monday, Michael Moore tweeted that President Barack Obama should “show some guts” and arrest the CEO of S&P, writing that “these criminals brought down the economy in 2008” and warning that they “will do it again.” That same day, Sen. Al Franken (D-Minn.) gave an interview to The National Memo in which he said that misconduct happening within the ratings agencies served as a catalyst for the catastrophe that came following S&P’s downgrade of the US debt Now it looks like Obama might have listened to them, as the SEC is now investigating if members of S&P received prior knowledge of the downgrade before it was published to the public last Friday, allowing them to participate in financial transactions before what turned out to be a week of bizarre market fluctuations. As part of their probe, the SEC is asking to see a list of S&P employees who were made aware of the downgrade before it happened Should the SEC determine that Standard and Poor’s officials were given notice of the downgrade ahead of time, it would still be difficult for them to prove that they conducted illegal insider trading, reports The Financial Times. Given threats of a downgrade during the weeks prior, many on Wall Street were anticipating a downgrade whether or not Congress could reach a decision of the debt ceiling by last Tuesday’s deadline Should the SEC find evidence of wrongdoing among members of S&P, the credit rating agency could stand to face serious repercussions. The Credit Rating Agency Reform Act of 2006 states that an agency faces revocation of its license if it leaks information about a downgrade decision before it is made available to the public. Furthermore, an agency, such as S&P, must have policies and procedures set to prevent a disclosure from happening. S&P, however, fire back that an 18-page section of its code of conduct clearly outlines such policies, which makes it illegal for its employees to trade what they rate. On Monday of this week, the Senate Banking Committee revealed that they were beginning an investigation of their own regarding the debt downgrade --------------------------------------------------------------------------------------------------------------------- Hmmm, interesting... Obama actually beginning to grow a pair...?
August 14, 201113 yr FTSE rose to 5320 on Friday, up over 3%, as tensions softened. Please may I ask which moron said if you lose 50% in the crash and you're lucky Grimly? Sensationalism at its best.
August 15, 201113 yr FTSE rose to 5320 on Friday, up over 3%, as tensions softened. Please may I ask which moron said if you lose 50% in the crash and you're lucky Grimly? Sensationalism at its best. I said nothing of the sort... WTF are you talking about...? And in case you hadn't noticed, this thread is actually chiefly about the US downgrade....
August 16, 201113 yr I said nothing of the sort... WTF are you talking about...? And in case you hadn't noticed, this thread is actually chiefly about the US downgrade.... Your title has 'lose 50% and you're lucky' in it - I was asking you who said that?
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