Tuesday, August 9th, 2011, 5:03 pm
At Times of Unrest
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he United Kingdom has come under a wave of violence. For those who are living under a rock, financial markets all around the world are trembling yet again, just like in October of 2008. A stampede-like motion away from the markets in every country characterises this seemingly-irreversible trend. Here in Manchester we don’t have riots, quite surprisingly in fact as Birmingham and Liverpool joined London in this insanity which is violence against the state. Whether it relates to the markets or not is irrelevant but these two issues are concurrent and there is an atmosphere of emergency here. Even parliament is scrambling to do something. Those whose property got vandalised or looted soon realise that this crisis affects also those who are part of the workforces and are outside the stock market. In a society which is not civilised this becomes just collateral damage and in days to come it will become a little clearer whether those riots are a temporary nuisance (they do not have goals, it is not a protest) and whether the stock markets are poised to suffer the second large dip which mirrors what happened 3 years after the events acting as a precursor to the great depression (1929 was the market crash, but it took a few years more for a total collapse).
People’s greed and endless sense of endless entitlement has had them assume that they can take crazy loans and/or offer crazy loans (the bankers). Now we pay the price for decades of deregulation. In some ways, the so-called ‘stimulus’ (bailout) of 2008 may have made things worse because it assured that the inevitable conclusion would be more severe. But it gave bankers another 3 years to hoard bonuses.
