Friday, 5 August 2011

Don't worry: It's just us

Don't get worried about global financial Armageddon; it's just us. We can safely let the banks fail - within hours the People's Bank of Guangzhou will have taken over the Barclay's branches and cash machines, and life will go on as normal. As Al Jazeera reports;
Perhaps for the first time in modern history, the future of the global economy lies in the hands of poor countries. The United States and Europe struggle on as wounded giants, casualties of their financial excesses and political paralysis. They seem condemned by their heavy debt burdens to years of stagnation or slow growth, widening inequality, and possible social strife.
Much of the rest of the world, meanwhile, is brimming with energy and hope. Policymakers in China, Brazil, India, and Turkey worry about too much growth, rather than too little. By some measures, China is already the world’s largest economy, and emerging-market and developing countries account for more than half of the world’s output.


Dudley Finbow said...

Nonsense on stilts. The idea that, in the 4 countries mentioned, all is well in the world and a slowdown/recession/depression in 3/4 of the global economy will have no impact...a lood of ol' cobblers. Meanwhile, say bye-bye to all that 'sovereign' wealth the Doharis have accumulated.


Anonymous said...

Al that Jazz and it's all razzamataz.

Anonymous said...

" the People's Bank of Guangzhou "

Will very likely be bankrupt too.

China has a command economy too you know.

Cascadian said...

Carry on chaps, the foreign minister has donned his pith helmet, (the one with the flowing ostrich feathers) and called a meeting to discuss the economic crisis.

He assures us all that the government is fully functioning 24 hrs/day, in my minds eye I see a room full of telex machines labelled India, Canada, Australia, Rhodesia, Ghana and Nyasaland and pin-striped unflappable civil servants poring over news from the empire. Totally irrelevant, but fully functioning.

Still he assures us without any sense of irony that Britain can still borrow at reasonable rates, the unsaid message that this is required to cover the inevitable budget deficits. Exactly like Greece, Ireland, Italy, Portugal.....

Once safe investments for "widows and orphans" funds-the banks of britain suffer losses of close to 10% in one day-there is confidence for you.

But carry on old chaps, chin up, bloody fine show, your pensions are as secure as the Bank Of England-gulp!