Webdiary - Founded and Inspired by Margo Kingston

So, did anyone think the GFC had gone away? Fess up folks; Geoff Pahoff, any comment?

I guess I'm probably like a lot of other former Webdiarists in that I occasionally clock in to see what is or isn't happening and on this occasion was delighted to see  Margo back; hence my input; in order.

Now Richard, in answer to your question, which I'll give you sufficient credit to assume is rhetorical, (sorry about the cheap shot but times are tough and I simply can't afford the other variety, gentle dig in the ribs with a wink, I'm not that mean, just a pathological smart arse of which you'd be well aware by now,)

bugger all.

Well, that's a simple answer to a simple question but the devil, (as ever,) lies in the detail.

I have a problem, or more realistically other people have a problem with the way I think. Nothing is simple in my mind, All things are interconnected but in this case I'll get straight to the point. Nothing has changed since  before  the GFC. Countries across the globe are all in debt. This isn't rocket science, double entry bookkkeeping tells you the ledger has to be balanced so who are the creditors?

 A couple of weeks ago I had occasion to call one of my cousins in the UK, a retired school ma'am, comfortably middle class, living in what is called the "stock broker belt" married to a former banker. Our conversation turned to finance and I realised I had given no  thought to the question I latterly posed.

This is where my abstract thought processes kick in. Norman Mailer made the statement that Fascism is the natural order of things. I've come to the conclusion he only got it half way right; it's not about Fascism but hierarchy and thus wealth becomes concentrated in the hands of the few. There is however a limit and it is my belief that it has been reached. It has become top heavy to an unstainable level and a correction will happen.

The creditors are private individuals, those that buy bonds as a "safe haven".

The Greek election result and the so called bailouts will only delay the inevitable. Default.

Countries are no different to individuals; can't pay your bills, declare bankruptcy and start afresh. Your creditors take a haircut and there is a redistribution of wealth. The super rich wil (most of'em,) stay just that but not to the same extent.

The conservatives just got in, I'd imagine the next step will be  a big media campaign in Greece to gull the public into compliance.

Living in Adelaide, we know all too well about selective press/media. 

ABC's reporting (4am) that pro and anti austerity groups are nearly dead level!  Anyone know what happens if this second election is also inconclusive?