I started watching “Meltdown”, a US series of 4 programmes about the recessionstarted by the sub-prime loans. It started off as interesting because it contained some facts I didn’t know about, such as the light touch strategy of Gordon Brown competing with Wall Street to increase Britain’s profits in the trading markets. It focussed on names like Hans Poulson – messing it up at the treasury, Alan Greenspan – having absolute control, Adam Applegarth – a chancer in charge of Northern Rock, Jimmy Caine of Bear Sterns – smoking pot, and Richard Fuld of Lehman Brothers – presented as a dictator. And then I realised the programme was “spin”. Rather than pointing the problem at the economic system, they were presenting the Meltdown as a group of individuals who had screwed up and that the system is fine. As soon as I realised this I stopped watching, where was the truth going to be? I think you can get it from here, but I’m not promoting spin.
I had however just watched this clip from Adrian Salbucci:-
He describes the global financial system as a giant Ponzi scheme with these four sides of a pyramid (pyramid selling is one type of Ponzi scheme):-
Planned monetary insufficiency – need to go into debt.
Sounds a pretty clear description of the global economy.
After experiencing Argentina, what was his advice? Get your money out of the banks.