Queues at the ATM machines

stiglitz_2008.jpg
Le interviste del Blog: Joseph Stiglitz, Nobel per l'economia 2001

This morning a group of people formed a queue in front of an ATM machine. No one was actually making any cash withdrawals. They were simply talking to each other about this and that. Passers-by watched them worriedly, asking each other: “Have you noticed that there is a queue …”. Some of them stopped and diligently joined the queue. Since no one was drawing and money, the queue was getting longer by the minute. As the size of the group grew larger, so the level of fear increased, as did the uncontrolled rumours circulating that the bank had gone bust. Tellers closed, ATM machine empty. However, those at the front of the queue remained calm and continued chatting and cracking jokes. After about half an hour, one lady stepped out of the queue and approached a young man who was leaning up against the ATM machine. Then she asked him why the bank had stopped paying out money. The young man answered that he was not actually there to draw any money, but simply to sow panic.
Fear is affecting everyone, however, the stable door has been open for some time and the horses have long since bolted. Morpheus Napolitano has finally woken up and is now asking for “Ethical rules for the banks”. It’s enough to make one quake with fear. Following the psychdwarf’s reassurances, share values on the Milan Stock Exchange plunged through the floor. Why not shut it down completely for one month, and do the same with the world's most important Bourses? In the interim, meetings could be held with the world’s central banks and the G8, in order to make a number of final, mutually acceptable decisions.
For the investors, the plummeting share prices are tantamount to the holocaust. For how long can this go on? And why should it go on? The person buying the shares has already given his/her savings to a company in which he/she placed his/her trust. He/she is the one that has lost money, not the company in question. What we are witnessing is a game to the death.
Families are the ones going bankrupt, not the banks. Governments cannot make an entire banking system fail. They are in a position to create more money from nothing, and to unload it on the citizens as public debt. Money does not exist, all that there is, is debt. The citizens are the ones that end up bearing the burden of the aid granted to the banks.
When American Treasury Minister Paulson gives the banks a 700 billion dollar gift, what he is doing is dumping every American citizen into debt. They, their children and their grandchildren will continue to repay this debt through their taxes. When Tar Head states that the Italians will not lose even a single Euro, what he conveniently forgets to mention is that the Italians will find themselves indebted to the tune of tens of billions of Euro, purely in order to save the banks.
Ours is a strange society. We are born in debt, we then spend our entire lives paying off debts and then we die, leaving a heredity of debt. Debt that was created by others, namely by governments that never bother to ask for our permission. They spend our debts. Who really stands to gain anythingfrom plummeting share values of the companies quoted on the stock exchange? Perhaps it is those that are in debt and that arrange to eliminate their debts in order to avoid having to repay them?
You should also start forming queues in front of your local ATM machines. Your co-citizen’s adrenalin levels are bound to go clean through the roof.

Posted by Beppe Grillo at 07:51 PM in | Comments (2)
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At present days every one using ATM'S cards,because to save time
__________

timothycrew

Credit Card Debt

Posted by: timothy crew | October 15, 2008 05:48 AM


The devil in the details
It’s an establish fact, that when Wall Street catches the cold around the world everyone start sneezing.
Especially in Italy, since Mr. B. never misses a chance to put his foot in his mouth and with the establish fact that himself never made any of his money earning it, but rather trough Political Business deals.
So trust him, buy ENI or ENEL, both Government run Monopoly enterprises that gauge you on the daily basis with Electric Energy and Oil and gasoline.
Italian banks have and will for the foreseeable future, safer than the rest of the world in respect to the world market, while for the Italian internal market will remain a cartel with complete monopoly over your money (Look-up definition of cartel you’ll find ABI!).
Mr. B. likes to pound his own chest while rightfully proclaiming to be in the G7, although he only does it in Italy, when abroad he acts like the buffoon he is, and also because when the rubber hits the street (Wall or Otherwise!) his input is worthless.
The truth is (The one he is not telling you!) if any Italian Bank fail and goes belly up, the s**t will hit the fan for a simple reason, Italy has no more money.
With 104% debt of GNP, an estimated deficit for 2008 around 2.5% (3% max allowed) and if the Bank should for haven sake be Unicredit (Estimated at about 2 time NGP?) where would Mr. B. get the money to cover the black hole.
Italy can’t print money anymore, Italy can’t devalue the currency anymore, Italy has to issue a slew of paper money of the type IOY (I Owe You, Treasury Notes BOT and on!) and you will have to buy them, because I certainly won’t.
So read his lips while he says, trust me your money is safe, take this promise to your nearest Bank.
Smile the future looks bright wear shades.

Posted by: Giacomo Chiametti | October 11, 2008 11:59 AM


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