Ha, ha, ha, ha. CDS traders? The arseholes who so spectacularly failed to work out their own risk that they directly caused the 08 financial meltdown?
Pah. Firstly, if there was not (inevitable) massive government debt the the CDS markets and traders would not exist. Secondly they didn't cause the crisis, it was state interference in credit, as I have said before.
Let's look at the bigger picture instead. What do governments do? They either a) fuck about with interest rates and induce boom and bust, b) continually increase their borrowing to pay for the unsustainable growth of the state machine, or, c) print money ('quantitative easing' - ha ha) and devalue everybody's income/savings through inflation. This is all true. That is
all they are capable of.
Meanwhile, the bond markets we were all supposed to be so scared of when their was a hung parliament have now apparently got over their attack of the vapours and stabilised now the coalition's been announced. So which markets are right? The fact is, there is no "the markets" - there's a series of separate trading markets, all of which at any given time have an entirely different take on any given political situation, and as we saw in 08 can and do get it so badly wrong that they need bailing out by the very governments you so despise to save their sorry arses.
Those will be the very governments who 'rectify' the situations - caused by their fuck ups in the first place - with my/our
taxpayers money. You can't have it both ways sunshine. Personally I would like them to fuck off and leave the markets to get on with making money and lending credit at competitive rates to entrepreneurs who need it.
The whole concept of the "Wisdom of Markets" on which the uber-freemarketeers hang their entire philosophy is utter bullshit.
No it isn't. If you look back in history at the times a really free market has been left alone (including most of pre-history) they have been successful.
There's no "Wisdom of Markets", there's a lot of stupid, greedy people chasing their next bonus, entirely unable to properly assess risk because they're so blinded by short-term profit they have no idea what's going on. And no need to. They don't need to sustain an economy, people's jobs, pensions etc all they need to do is turn a short-term profit and fuck the consequences.
You're just jealous because a load of people who are much smarter than you have found a way to make lots of money quickly while you slog away...
But governments do. And it's thanks to successive governments who've bought your The Markets Are God theology that they can take as many risks as they like, knowing us poor schmucks will bail them out when they fuck up as royally as they just did because of the governments you hate so much having to intervene to protect the rest of us who actually work for a living.
That's governments that protect the rest of us "who actually work for a living" right? Like David Cameron and Nick Clegg and Gordon Brown who have never done a proper day's work in their lives? Straight from public school through university and into politics, yes? Like most MPs who are lawyers (read 'leeches')? Like the useless fucks in the FSA? Like the head of the British Potato Council quango? It's all the same. Garbage in, garbage out - as you should know as a software person in the
private sector. They are no more connected with those of us "who actually work for a living" than my dick is connected to Pamela Anderson's front bottom. They live in a bubble that excludes us.
Poll
