Former Philippines President Joseph Estrada has been found guilty of plunder by a special anti-corruption court.
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Estrada sentenced to life imprisonment in Philippines
Former Philippines President Joseph Estrada has been found guilty of plunder by a special anti-corruption court.
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hmmm.. u can't really know what to believe in Philippines. there's poor gov't system that's why there's so much corruption. some gov't officials actually have 1-2years time allowance to liquidate their expenses. how could that be? that's why i'm glad i left phil. i just couldn't take all that news anymore.
Yeah lots of poo doodoo in the Philippines.
Im ashamed to recommend my country, lots of diarrhea there.
There is always death and taxes; however, death doesn't get worse every year.
Originally Posted by ervenescence
Yeah lots of poo doodoo in the Philippines
Im ashamed to recommend my country, lots of diarrhea there.
Well the only difference that I can see is that "British politicians"just know how to get away with it!!..Time and time again..
Presiden..I mean PM Brown would know nothing of national fraud ..Would he??
Erap?? He`s small fry.. Read and weep.
Money growth is simply debt growth. The B of E (Bank of England) provide reserves (lend money) to the banks who then lend much more on to everyone else for a profit. The money is created out of thin air. (Study fractional reserve banking.) Debt = money these days. There is nothing to back it anymore. The ones gaining the greater share of the money, at the expense of savers and those on relatively fixed incomes, are those who borrow it to buy things to sell them at a later date for more money paid for by yet more borrowing by someone else.
Each year more is borrowed and put into assets like houses. (In recent years 2/3rds of all new money has gone into housing.) Those selling take the cash to pay off existing debts and spend the profit in the economy unless they gear up some more for a bigger house. Houses change hands, new houseowners borrow to pay off old houseowners. If lots of borrowing is encouraged, assets rise more quickly and bigger profits are made. But as more cash sloshes around the economy chasing a similar amount of goods and services, the extra money, which is just debt, adds to the pool of existing money and devalues it. More money in the economy (13% in the last 12 months) chasing the same goods means prices rise - by 13% unless more goods and services become available than last year through productivity efficiencies/technology.
At first price rises will tend to be closer to where it enters the economy, i.e. mostly in whatever people selling houses buy, but eventually it spreads itself about so that all prices rise. Those in jobs usually then manage to get their share. Normally in the last year they would get something like 13% (less productivity) but this government is fiddling the inflation figures so they are only getting 2-4% because they don't understand the scam and accept the going rate, but they are starting to realise they are being robbed as only those already on the gravy train can still afford to play now assets prices are so high. Many workers are now threatening strikes since their wages aren't keeping up which is why corporate profits margins have been breaking records - less for workers is more for shareholders. Pensioners and those on fixed incomes can't go on strike, though, so they get poorer as their money is devalued. The biggest beneficiary of debt financed spending is the government. A reckless government borrows far more than it can cope with for short term political gain and then has to encourage borrowing to increase the money supply to devalue its old loans and make the interest payments cheaper.
Gordon has taxed and spent to buy votes with half the country now on some kind of benefit. When he couldn't tax enough, he borrowed. When he borrowed so much he started to struggle with financing, he kept rates low to encourage a debt-fuelled asset bubble to flood the economy with money and generate a feel good factor. He did this by fiddling inflation figures at the same time he was encouraging the banks to pump debt into the economy to lift money supply growth into double figures. Large debts get eroded as money devalues but assets in limited supply hold their value so gain in price in weaker £s. The government's debt gets eroded as it claims more of the weakened £s in taxes but pays the same interest on the old debt. Pensioners and those on fixed incomes get no more money and have higher food and energy bills to pay. (He may give them an extra winter fuel payment or extra old age tax allowance but he gives back less than he takes away as he devalues what they get.) It is fraud.
The biggest problem is this is a game you cannot play long term. Everybody susses it after a bit and all want to borrow to buy assets, which do not produce wealth, instead of borrowing for investment in productive capital (factories, machines, software) that does produce wealth in the form of increased profits and wages that can sustain higher taxes. The latter investment benefits everyone but Gordon's low rates have been robbing the poor and the workers to reward the debt financed speculators at the top of the pile. As the economy doesn't invest it becomes less efficient until all the jobs and wealth go abroad. The debt fuelled party then spirals into a recession which brings money supply growth back down to earth or worse it gets pumped beyond control to maintain the feel good factor until the economy simply collapses like the Weimar Republic or, more recently, Argentina and Zimbabwe. The US is getting dangerously similar to these now and needs to cut rates as little as possible.
The lions share of the 13% extra money goes to speculators, bankers and others that use debt for business. They are in cahoots with the government. Ordinary workers and savers are losing out. That is why the rich are getting noticeably richer and the poor poorer under this government's reckless economic policies. I'm benefitting from it and so are you from previous postings about your properties but it is unsustainable on this scale. (It is a shame that many other countries are doing similarly although to varying degrees. I doubt the world has ever before seen so many countries committing this fraud on its citizens at the same time. It explains why the price of gold and commodities are rising so much stronger than would be justified by growth in BRIC countries. Many currencies are being devalued together.) Our financial benefits may not compensate for the social cost in years ahead, though. Gordon is making life poorer for future generations as well as some current ones.
And I can assure you I am being logical and not reading what I want into the figures. You know perfectly well that inflation is not 1.9%.
Well the only difference that I can see is that "British politicians"just know how to get away with it!!..Time and time again..
Presiden..I mean PM Brown would know nothing of national fraud ..Would he??
Brown the man who soldthe nations gold reserve for currency which is losing value
This is why I sold out a year ago..Brown the man who sold
I predicted a crash then and I predict a crash now..
I take no pleasure in such predictions.
It is the poor that will pay once again..As always.
We haven't had a crash 'now' only blips, basically back to normal now, overall trend will still be up by Xmas.
Keith - Administrator
Still a little iffy im told by the city boys, the ones suffering are the banks and those in the loan market. They of cause will pass it on to the punter.
Thats why im told the bank of England and other nations equivalents have been pumping billions into the market and offering cheap loans short and long term to cover short falls, which with my limited knowledge of finace does not sound good for the long term.
Corruption in the Philippines, and most other countries is upfront, you know what you need to get something done. In the UK, you have no idea who you can bribe who, and for what, unless you're in the weird handshake business......I prefer the upfront method.
Keith - Administrator
borrowing to buy assets that secure the borrowing (i.e. can be repossessed by the lender ), means - generally - that the borrower will work to repay the debt.
it is in the interests of the government, to keep everybody gainfully employed, until death at least, and pay the taxes to line their grubby pockets.
2quid for a loaf of bread? well if you are retired, you'll take a part time job. if you're not - then take another shift.
I say more fool the borrower.
And gold? If gold were an asset - would you borrow money to buy gold? would the bank take it as security while you paid back the money? - there's some homework for you fred
enjoy working
Depends on how much you borrowed to secure the assets I suppose..borrowing to buy assets that secure the borrowing (i.e. can be repossessed by the lender ), means - generally - that the borrower will work to repay the debt.
it is in the interests of the government, to keep everybody gainfully employed, until death at least, and pay the taxes to line their grubby pockets.
I guess it also depends on if you decide to liquidise those assets while the market is still hyper inflated..(as it is now?) If you bought low and can sell high ,I`d say you could make a real killing..
I wish I could find a decent loaf of bread for £2.00!! ..I`d be happy to pay.2quid for a loaf of bread? well if you are retired, you'll take a part time job. if you're not - then take another shift.
Marmite just aint the same on the stuff they call bread here.
Your Gold is good..And gold? If gold were an asset - would you borrow money to buy gold?
But we prefer cash..
Work!! Ugghh!!..enjoy working
Don't mention that word.
Oh well!! ..I did say I had my doubts about his stay in Muntinlupa! He he.Estrada has been ordered to remain under house arrest on his country estate until further orders.
He is expected to appeal.
I know plenty of Indians (and people of other races)who have found it very useful to have gold (serious amounts not a wedding ring) in times of emgency. When a currency becomes worthless gold tend not to for one reason and another.
When indians and pakistanis had to leave east africa in a hurry they legged it with their gold, not their currency from the storys im told by those there.
Wont help you at the local branch of hsbc to pay of your overdraft.
Might help you if your local/own currency devaules dramtically, trade with those whose currecny it devalued agiasnt.
True Andy, only I took a bar down to our local sari sari to buy a bottle of Red horse but the stupid girl had no change!!..
Think I`ll stick with the cash for now...
Gotta keep the beer flowing if you know what I mean?
Thats one of the arguments in favor of being in debt. When the government devalues (i.e. increases the money supply) it effectively reduces your debt in real terms.
Today for instance, reserves were expanded by 4.4 billion. now because of the reserve banking system - this is probably more like 40billion. this has effectively given everyone in debt a real reduction of something like 4% of their debt outstanding (assuming 1 trillion total debt ).
of course for everyone else - it's just inflationary.
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