This bailout of banks is insane. We could create a new money system tomorrow and let the lot go under. RBS has £1trn debts – is the UK taxpayer

going to underwrite what should in reality be cancelled (derivatives, hedge funds, private equity- all should be wiped out) and see our public

services shredded for the benefit of a tiny number of Anglo-American financial oligarchs?

here

http://www.feasta-

multimedia.org/2008/Chris_Cook.mov

and here

http://www.slideshare.net/ChrisJCook/equity-shares-a-solution-to-the-credit-crash-

presentation

My thinking, based upon a career reaching top level in financial markets (and I am increasingly being consulted by governments

looking for solutions), is that rather than addressing the Quantity of financial claims over assets, we should have a new look at the nature, or

Quality, of the claims, by literally reinventing what we mean by “Equity”.

So I’m advocating a “Debt/Equity swap” on a large scale through

unitisation of property (land) rentals…just not equity as we know it….

There isn’t very much equitable about a limited liability

corporation as an enterprise model, after all…

just 5 million people, 5,000 are being laid off every week. In October there were 260,300 claimants on a seasonally adjusted basis, up by a mammoth

57.1% on a year earlier, and by 6 .5% on the previous month (the largest ever monthly jump in claimant numbers.)”” [...]

price of that money? Because I agree with you Ann that is what has happened.

I have seen it happen in many contexts; for example, a

charitable foundation I once ran always made the best decisions when its resources were low and needed to be rationed rather when they were high.

But it would be interesting to see if someone has worked out the psychological/social mechanisms that make this so.

Thanks for this comment….I see things the other way around; we’ve got too many cars, and too

much over-capacity because of too much, too easy credit was issued recklessly by the finance sector, and with government and central banks

conveniently turning a blind eye……But now that credit has inflated these markets to bursting point, there is a mess to clear up, and the

issuers of credit – the private finance sector – are reluctant to clear it up. Instead they are simply raising the borrowing costs of

companies/households already overburdened by debt….by excessive inventories, and by workers that now must be made redundant so that creditors can

be repaid….That is how it looks from my perspective.

Aren’t

there additional issues beneath the surface, such as the shift to Asian manufacturing and the general overcapacity in the world economy (eg too

many car manufacturers)?

In that context, isn’t the credit crunch the straw that is breaking the camel’s back, already weighed down as it

is by these other problems?

Shouldn’t we be discussing these other issues to a greater extent?

well. In Ireland for example, Debtonation comments that One newspaper headline declared yesterday that in this country of just 5 million [...]

another wasteful level of costly uneeded bureaucracy.

secure footing, a solid foundation to secure their future, Ireland Inc’s future.

Now wouldn’t it be great for the Taoiseach, The Minister of

Finance, the Tanaiste to be able to stand up, deliver a speech that not only acknowledged this…

but had a solution
….a solution that

saved jobs
….a solution that started to give hope

Because, we know deep down, we as a nation deserve this – it’s our heritage

As you will see I am passionate to see Ireland succeed – as are the huge team of
business experts who have already joined us – who will roll

up their sleeves and
work with the banks to create this foundation, this foundation for success – we just
need help to give it a push, some

momentum and with momentum we can be off – why

because we can, yes we can!