worldeconomiccrisis

Starving Billionaires

Submitted by Terence Blackett
billionaireWhat Happens When An Unstoppable Force Meets An Immovable Object? Global Collapse Disorder & Destruction of the World’s Economic System
“Sooner or later we will all have to sit down to a banquet of consequences.”Robert Louis Stevenson

Debt has been the wealth of the rich. David Korten warned us of “When Corporation Rule The World” that it would result in an instability that would ruin the lives of many – as major banks like Goldman Sachs, JP Morgan Chase & Barclays have run our world into a colossal derivatives bubble of some $800 trillion and growing. Although most are asking for greater accountability given a market out of control which keeps pressing an ideology of rapacious exploitation of environmental resources, as well as bedeviling the lives of the working poor with a debt mountain to climb – hardly ever seeing any individuals held responsible for their failures and negative outcomes brought about by their gambling actions.

The Apostle James in chapter 5 verse 1 through 6 pens: “A final word to you arrogant, rich (FOLKS): Take some lessons in lamentations. You’ll need buckets for the tears when the crash comes upon you. Your money is corrupt and your fine clothes stink. Your greedy luxuries are a cancer in your gut, destroying your life from within. You thought you were piling up wealth. What you’ve piled up is judgment. All the workers you’ve exploited and cheated cry out for judgment. The groans of the workers you used and abused are a roar in the ears of the Master Avenger. You’ve looted the earth and lived it up. But all you’ll have to show for it is a fatter than usual corpse. In fact, what you’ve done is condemn and murder perfectly good people, who stand there and take it.” (Cited from The Message Bible)

Divine justice served!

In 1720, noted cosmic-classical scientist Sir Isaac Newton bought investment shares in the trading company South Sea Company making him a wealthy man. Like many notable Europeans of his time who became rich off the backs of slavery and the misery of other human beings, as Newton’s wealth grew, his investments increased in the South Sea Company, eventually losing some £20,000 – a king’s ransom for that time, which almost sent him to the poor house.

But there’s a historical lesson here!

In Britain at that time, credit was at such an exorbitant level, with the Bank of England being so overleveraged, that the economy went from BOOM to BUST in 1797 and the bank had to be bailed out. So nothing new under the sun! The same occurrence took place again in 1825 and by 1844 the (BoE) had to receive assistance for the 3rd time.

We are on a similar trajectory in 2016/2017!

Due to Britain’s vast slave, cotton, sugar and mineral wealth from its pillage of its colonial slavery hubs, by the 1860’s, English banks had invested or loaned out so much of its customers’ savings – holding only 10% to 15% of deposits in reserve resulting in a MARKET CRASH by 1866 which almost brought down the entire house of cards and like the collapse of the then Lehman Brothers of the time – the banking house Overend Gurney & Co was the catalyst behind the fall.

Yet the pundits of economic history keep getting blindsided to the cyclical nature of human folly!

By 1873, forty years after the Emancipation Proclamation, ushering in the end of the commercialization of human capital by British Quakers like William Wilberforce et al, Britain was by then the largest economy in the world. Britain’s empire status had been created from the plunder, pillage, poaching and trade in human cargo, creating wealth from misogyny, murder, malfeasance and from ethnic mayhem – wealth which today still props up these beleaguered monolithic nations.

Fast forward 143 years to 2016, Britain’s is the 6th richest nation in the world with a 2.8 trillion GDP according to World Bank figures yet with a DEBT to GDP ratio of 90.6% (Eurostat) with only France higher at 93.5%. Britain’s current DEBT is climbing to £1.7 Trillion with each person carrying a DEBT-LOAD of about £27,000 and DEBT per taxpayer of £46,000. These levels are unsustainable in the current economic climate given the DEBT-CLOCK of all major developed countries.

Here’s why!

The conundrum we face posits the stark reality that the top 1% richest in our world received 95% of all gains in income wealth distribution which included BAIL-INS & BAIL-OUTS and with such profound levels of wealth inequality in the hands of the global ELITE – stashed away to the tune of some $52 trillion in offshore tax havens like Barbados, Bahamas, BVI, Cayman Islands, Panama and other Caribbean financial holding centres as well as other tax exile holding centers around the world, makes for a very polarized world indeed. This concretization of wealth is literally in the hands of 388 richest people in the world who own the same wealth as the poorest 50%.

In a new Oxfam report showing that the 62 richest billionaires own as much wealth as the poorer half of the world’s population but moreover, the wealth of the poorest 50% dropped by 41% between 2010 and 2015, despite an increase in the global population of 400 million in the same period; the wealth of the 62 richest individuals increased their wealth by $500 billion to $1.76 trillion.

Conspiracy or disparity?

The Oxfam report calls for urgent action to deal with this insalubrious trend showing that 1% of people own more wealth than the other 99% combined. The charity said that, in 2010, the 388 individuals dropped to 85 by 2014, then falling again by 2015 – concentrating greater wealth in fewer hands. The charity further stated that as much as 30% of the Africa’s financial wealth of its billionaires was thought to be held offshore with an estimated loss of some $14 billion in tax revenues – enough to pay for healthcare for mothers and children that could save 4 million children’s lives a year and employ enough teachers to get every African child into school.

This damning report on man’s voracious greed and wanton avarice! Yet if we look at how we got here, it is clear to see the DEVIL is truly in the details.

On 22nd October 1981, the national debt in the United States stood at $1 trillion for the first time in its history, having taken 200 years of US history to reach that staggering figure. However, despite taking 200 years to hit the $1 trillion debt ceiling, it merely took another 27 years to rack up another $9 trillion in debt – a 10-fold increase.

By the 30th September 2008, America’s debt had crossed the $10 trillion mark for the first time.
So in less than 8 years after hitting $10 trillion, the US government reported that it had hit the $19 trillion mark. So by 2008, with a major stock market crash, the banks had to be bailed out, in order to save the world markets from an Apocalypsus.

But where did all that money go?

Only God really knows – as most speculate into the coffers of Goldman Sachs et al.

America’s volatile debt levels are now estimated to reach some $30 trillion by 2026. Given that it took them just 9 years to rack up the last $10 trillion, it’s anyone’s guess how quickly this ceiling will be met.

Canada is not far behind, as it is also carrying historic amounts of debt which Justin Trudeau’s government will have to manage given their exposure. And it’s not just their credit cards and mortgages that are weighing on their wallets and the economy. Combined federal and provincial debt in Canada will top $1.3 trillion this year, according to a new Fraser Institute report. So even with a new government, Mr. Trudeau will find it increasingly difficult to stem the tide of borrowing to pay for essential services given the fragility of their bonds and sovereign wealth funds which does not paint a rosy picture for Canada’s investment & growth climate.

China is also in the dock, as the 2nd largest economy in the world finds its woes in the news of late, as the market is imploding and defaults are going through the roof – fueled by real estate and shadow banking, with property vacancy rates in Zhengzhou at an astounding 23% rate, as the government puts Chinese taxpayers on the hook.

China’s total debt has nearly quadrupled, rising to $28 trillion by mid-2014, from $7 trillion in 2007. At 282% of GDP, China’s debt as a share of GDP, while manageable, is larger than that of the United States or Germany. According to data from the US Geological Survey and China’s National Bureau of Statistics that was compiled by the Financial Times, in just 2 years (2011 and 2012), China produced more cement than the United States produced in the entire 20th century with much of the development in infrastructural projects – bridges to nowhere, zombie train stations, and infamous ghost cities resulting in rescue packages having been launched in large cities such as Wuxi, Nanning, Hangzhou, Tianjin, Tongling and Zhengzhou.

Japan is another JOKER in the house of cards given a budget for the current fiscal year that started in April 2014 totaling some 90.3 trillion Yen with a current debt clock of some $8 trillion and counting and with the current deficit financing bill allowing Japan to sell 38.3 trillion Yen in government bonds to fund the budget with the remainder being funded by taxpayer revenue, non-tax revenue and income from bonds earmarked for public works projects. Government expenditure is forecast to reach 43.9 trillion Yen by the end of September.

Assuming that the deficit financing bill does not pass, the Japanese government would have only 46.1 trillion Yen on hand resulting in the government possibly running out of money by the end of the fiscal year. Japan already has the world’s largest debt burden to GDP ratio, the size of its $5 trillion economy, and a breakdown in fiscal spending could increase skepticism that politicians are losing their grip on public finances where total government debt amounts to over 200% of the country’s entire GDP – a figure so large that the Japanese government spends 51.5% of the 43 trillion Yen ($430 billion) they collected in tax revenue just to pay the interest.

We’ve purposely left out the European Union as the fiscal analysis required for its individual nation states remains complex and to treat it as a whole makes even ECB figures appear doctored.

Finally, in the Caribbean, the situation is even more poignantly austere given that our developing economies – with precious few raw materials, dwindling exports and higher per capita living and income cost, find “a lot of the Caribbean countries are stuck in a classic debt trap,” says Carl Ross of Oppenheimer, a securities firm.“ The result has been a string of sovereign defaults in the region since 2010, in Antigua & Barbuda, Belize, Jamaica, St Kitts & Nevis as well as Grenada. Despite debt restructurings, Jamaica, St Kitts & Nevis still have government debt of more than 1.4 times of GDP. As a result, investors’ appetite for more Caribbean debt remains uncertain given that Barbados had to recently shelve an attempt to raise $500m in international markets.

A January 23rd report in the Wall Street Journal reported that investors pulled $58.7 billion of cash from “developing countries in recent years; particularly vulnerable, in investors’ eyes, were countries that regularly import more goods and services than they sell abroad,” which included Barbados and virtually the entire Caribbean.

According to Gail Hurley of University of Sheffield – she believes that by almost any measure, the Caribbean is one of the world’s most heavily indebted regions in the world. The recent 2008 financial crisis only made a difficult situation worse. Debt-to-GDP in the Caribbean stood at an average of 70.3% in 2012; for the Eastern Caribbean currency union the figure was over 91% in the same year. St. Kitts & Nevis is the most severely indebted country at almost 200% of GDP, closely followed by Jamaica at almost 150% (compare this to Greece with a debt-to-GDP ratio of 160% in 2013 and Portugal at 127%).

In Jamaica, debt service has consumed nearly 50% of total budgeted expenditures over the last 4 fiscal years, while health and education combined have amounted to only 20%. In Grenada, a similar picture can be found: in 2013, debt service consumed about 41% of government expenditures, education and health combined just 16%. At the last count, an incredible 37 debt restructuring programs across 12 Caribbean countries since 1990! That’s more than one per year. Something clearly isn’t working and governments like the Stuart Administration in Barbados needs fresh visionary fiscal thinking if they are to avoid a major devaluation in the dollar.

Conclusion

We have reached the fiscal CLIFF!

It is impossible to continue to restructure DEBT – overleveraging fragile economies and placing greater AUSTERITY upon the shoulders of the poorest in our world.

British PM David Cameron has been the first scalp in this evil process. Unsustainable levels of monetary madness include printing monies out of “THIN AIR” and funnelling vast amounts of pseudo-wealth into the hands of banksters, crony capitalists & evil oligarchs will only be a recipe that fast tracks us into that looming fiscal abyss.

Every government on earth seems impotent to stem the tide! The horses have bolted from the stables. There’s no coming back from this precipice. Collapse protocols will do nothing to help when the house of cards stacked with mindless JOKERS come crashing down.

May God have mercy on the starving billionaires who will one day have to stand in a soup line for a piece of stale bread the Devil kneads and a bowl of porridge brewed in the cauldron of witches.

So while some “trust in horses and others trust in chariots – let us put our trust in the name of the Lord God.” (Psalms 20:7)

Maranatha!

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44 Comments on “Starving Billionaires”

  1. mother sally July 10, 2016 at 6:39 PM #

    True and to the point

    Like

  2. Georgie Porgie July 10, 2016 at 8:32 PM #

    AS USUAL A LOT OF LONG TALK TO ATTEMPT TO SAY WHAT IS MORE ELEGANTLY AND MORE AUTHORITATIVELY DESCRIBED IN REVELATION 18

    Like

  3. Well Well & Consequences July 10, 2016 at 9:00 PM #

    They deserve worse than standing in line at soup kitchens and homeless shelters..,.their greed is a blight on the earth.

    Like

  4. Bush Tea July 10, 2016 at 9:30 PM #

    LOL…
    Don’t be a spoil sport GP….. It is a good read, well presented ..and gripping….AND TRUE.
    Most importantly, the title is succinct and not itself a dissertation.🙂

    One question for any of the bright economists like Terence, Artax or AWTY…
    How the hell does it seem that EVERY country have such a massive national debt….?
    Who is the creditor(s)….?
    Wuh even Saudie Arabia and the wealthy oil countries seems to be scrunting….

    LOL
    Umm like it is the Devil that collecting these debts in truth yuh….

    Like

  5. Georgie Porgie July 10, 2016 at 9:55 PM #

    I REPEAT AS USUAL A LOT OF LONG TALK TO ATTEMPT TO SAY WHAT IS MORE ELEGANTLY AND MORE AUTHORITATIVELY DESCRIBED IN REVELATION 18

    ON BU, LITTLE CREDENCE IS GIVEN TO WHAT THE WORD SAYS……….BUT I WILL STICK TO THE WORD
    YOU THINK THAT WHAT THIS MAN IS MORE GRIPPING THAN THE ACCOUNT IN REVELATION 18?

    Like

  6. Bush Tea July 11, 2016 at 7:16 AM #

    GP
    When Jesus came, he clarified and amplified the old testament during his time. He updated the context of many prophesies, explained many mysteries and added many new dimensions.
    What is wrong with someone, 2000 years later adding context to Revelation?

    Revelation 18 does not detail the national debts of today’s worlds most powerful nations as at 2016 ….with trends and historical background.
    It does not specify the ridiculous situation that capitalists have managed to achieve..of 1% of the world’s population owning 99% of its assets.
    Revelation 18 does not explain the intricacies of brass bowlery or albino-centricity, in terms that resonate with Bajan brass bowls.

    Given its authorship centuries ago, and its uncanny accuracy, the Bible HAS to be credited with super-human origin and sustenance, but BBE has ALWAYS reserved the right to send contemporary prophets to warn brass bowls of impending doom….

    Terence may occasionally get carried away with the academic slant, (Last week for example) but given the great emphasis that we all (and none more than you) place on academics, perhaps Terence’s approach is just what the doctor (or is that the Engineers?) ordered….

    Like

  7. Well Well & Consequences July 11, 2016 at 7:57 AM #

    A pity it took scientists who have been around for the same amount of time 2000 years to realize that religion is cancerous and poisonous and should never have been introduced to the people on earth….so is politics.

    People who never went to school can tell ya that.

    Like

  8. Bush Tea July 11, 2016 at 8:40 AM #

    @ WW&C
    So what is wrong with religion?
    How is it any different from everything else that we do? ….like sport, entertainment, music, health, travel, industry etc…?

    Man has ALWAYS taken natural aspects of life and developed them in their own unique ways to socialise themselves, create employment, create wealth, differentiate themselves from others etc.

    What is the surprise that we have subjected people’s natural spiritual thirst to the same?

    ANYONE who seriously thinks that ‘religion’ can IN ANY WAY, be reflective of the Big Boss Engineers (who conceptualised and created project Earth for a precise and SPECIFIC reason) would have to be a big brass bowl joker……not casting aspersions on Vincent🙂 of course..
    Wuh that is like thinking that ‘sport’ – represented by the thousands of different (and some REALLY stupid) games that people play ….is representative of BBE’s idea of recreation.

    Religion is just another social construct ….like sport, politics, music etc……an avenue for albino-centric opportunists to exploit the spiritual weaknesses of brass bowls to make some money; get some power; attain status…. etc.
    There is only ONE plan set out by BBE; …and ONLY one source for that information; …and the final exam results will be based ONLY on that test…

    So your ‘findings’ about religion and its ‘cancerous and poisonous’ influences is EXACTLY correct…. but this surely must be just as obvious as is the danger of sugar in our diets – something that continues to kill our asses…even though we all KNOW it is a lotta shiite…

    Like

  9. lawson July 11, 2016 at 8:48 AM #

    ufc just sold for 4 billion, white folks have figured out a way to make money on what you guys do for free on sat nights.

    Like

  10. lawson July 11, 2016 at 8:50 AM #

    now you have to think how you can package and sell rock throwing

    Like

  11. Georgie Porgie July 11, 2016 at 10:18 AM #

    BUSH TEA
    Revelation 18 TELLS ME ALL THAT I NEED TO KNOW
    IT IS THE FINAL WORD ON THIS MATTER

    THERE ARE MANY FOLK WHO PONTIFICATE ON MONEY MATTERS AND ECONOMIES DAILY AND THEY DO A MUCH BETTER JOB THAN YOUR TERRENCE

    BEEN READING IT FOR YEARS
    THEY GET TO THE POINT AND TELL YOU WHY .e.g the worldwide decline and deaths of the baby boomers

    THE UNGODLY FOLK WHO COME HERE SPOUTING NONSENSE ABOUT RELIGION CAN NOT AND WILL NOT STOP ANY OF THE THINGS PREDICTED BY THE WORD OF GOD

    THE MORON THAT THOUGHT ABOUT WHAT SCIENTISTS HAVE FOUND SEEMS NOT TO KNOW THAT IN THE VERY FIRST CHAPTER OF THE BIBLE THERE IS MUCH SCIENCE THAT THE SCIENTISTS ONLY DISCOVERED IN THE LAST CENTURY

    THE SCIENCE IN GENESIS CHAPTER 1 IS TAUGHT IN LONG CHAPTERS IN BIOLOGY TEXTS ONLY AMPLYFING THE BIBLICAL DICTUM FOUND IN ISAIAH 40 AND 1 PETER 1 WHICH SAYS…………….ALL FLESH IS GRASS

    ON BU IT SEEMS THAT GENERALLY WE CAN DELETE A FEW LETTERS IN THE LAST WORD OF THAT MAXIM

    BY THE WAY THIS STATEMENT IS COMPLETELY FALSE
    When Jesus came, he clarified and amplified the old testament during his time. He updated the context of many prophesies,

    pLEASE KINDLY PROVIDE CHAPTER AND VERSE TO SUPPORT YOUR ERRONEOUS STATEMENT

    Like

  12. dreamstarworld July 11, 2016 at 10:29 AM #

    Dr Philippa Malmgren, economist guru to world leaders, opinion makers and the international business world, confirms that global forces are leading to separatist movements from Catalonia to California. Malmgren explains there are two economic forces at play in the world today.

    This is controversial because most say deflation is the only threat but Malmgren says efforts to deal with the deflation problem are already creating signs of inflation. The debt problem is real and bears down on individuals, nations and everyone in between. The low or no job situation kills faith in the future and compels policy makers to do their utmost to stimulate the return of inflation.

    Malmgren’s new book “Signals” is sounding the alarm on inflation; she is predicting it, explaining world banks are doing everything orthodox and unorthodox to create inflation by keeping interest rates low, thereby encouraging the cost of living to go up. Inflation, she reminds us is a form of default, it is one way governments can deal with their overwhelming debt problems.

    But the combination of low income and rising costs is noxious and makes the public angry; Malmgren believes anger and hidden inflation are the most important economic forces in society today. Central banks say there isn’t any inflation and yet the main topic of conversation around the world is the rising cost of rent, food, rail fares and other life essentials. There is less cereal in the box and everything from candy bars to the size of flats is getting smaller but consumers are being charged the same price, the price per unit is rising.

    Society is a slave to the debt problem. Apparently when Lehman Brothers collapsed in 2008, policymakers realized that nearly every bank in the world was covertly illiquid if not insolvent. Radical action was required. The Americans announced the “Troubled Asset Relief Program (TARP)”which was an injection of capital into the markets. Its size was unprecedented and larger than any wartime budget but it was not enough, the Federal Reserve and the European Central Bank had to cut interest rates to almost zero. The banking system may have been saved but still there is an epic debt problem. This outrages people because it means there is not enough money to fund the Health Services or schools or to finance security, yet the debt cannot be paid down without unacceptable political pain.

    Malmgren says there are a limited number of ways to default, suggesting three simple options (SO) to solve Debt, which are unlikely to work. SO 1: not to pay it back, Iceland and Argentina style, not a very western approach. SO 2: Defer payment over sovereignty, Greek style pay less later. SO 3: The leader of a nation (Prime Minister) can say “we made promises we cannot fulfill” and deliver less for health services, state schools and security but tax citizens more. This is commonly known as austerity, a favorite technique of George Osborne’s.

    All the above are vote losers so option 4, inflation, comes into play, whereby the governments borrows from let’s say China, but this money buys less for the consumer because of the rise in prices. Everybody likes inflation at the beginning, house prices rise and the stock market goes up. But there are social consequences to choosing inflation Malmgren says “Inflation is a tax, an invisible expropriation of earnings.

    The Bank of England says there is no inflation and yet rents are rising, costs are rising. In the UK use of food banks is at a record high, the poor are already hurting even before real inflation kicks in. The rich can survive inflation as they have assets that all rise in value. The reality is there is a gap between what officials at the Bank of England say and what we citizens are experiencing.”

    Malmgren believes China has understood the insidious threat of inflation, they used to invest their profits into Treasuries and European Sovereign Debt to avoid inflation in China, effectively this pushed down Western interest rates and let the West grow businesses and start-ups, consumerism rose, which meant more profits returned to China creating a perfect circle of finance that benefited both sides. But, if the West is choosing inflation it makes no sense to buy bonds, now China wants inflation protected assets in infrastructure. China would like to finance HS2, the high-speed railway planned to link London, Birmingham and beyond. It’s why they like investing in British airports.
    The Federal Reserve and the Bank of England data report no inflation, yet record amounts of cash are being poured into the system with zero interest rates. Malmgren is seeing inflation in all emerging markets, noting rents in Beijing and Shenzen are rising 100% per annum. Pork prices are rising as much as 50% per quarter.

    In response to these higher costs, Chinese workers ask for wage hikes (wages have quintupled in five years), as a result manufacturing in China is becoming less competitive. The Chinese leadership know that if they cannot feed their population for the right price, the people will question their leadership. This explains China’s focus on the South China Sea which contains 10% of the world’s fish supply. The new Chinese military installation at Fiery Cross could be seen as protecting the Chinese protein supply as a result of inflation.

    Similarly Russians are now spending 50% of their income on food; the price of a Norwegian salmon is more than a barrel of oil. Malmgren points out that when Medvedev says the arctic is the Mecca of resources, it is fish not minerals he is talking about, it is not surprising when the Russians show up in the Arctic or the Baltic.

    These hunger games have increased the dangerous near misses between Chinese and US spy planes, to the extent that in December 2015 Obama and Jinping signed a deal prohibiting military pilots on both sides from making obscene hand gestures at each other. For this to be necessary it means the planes are getting within 7 metres of each other, Malmgren worries the public do not understand how close conflict with China is becoming or that it is driven by economic forces.

    Malmgren believes what comes out of the conflict between deflation and inflation is social protest, in the West it emerges through the ballot box (#Brexit), in emerging markets the public take to the street (the Arab Spring).

    On the other hand she says innovation also emerges from these same forces.

    Signals argue that data is backward looking but Malmgren ends on a positive note. Conflicts and bad outcomes, where the few get everything and the many get nothing, can be avoided. Innovation is required in the economy, in politics, in policy. Malmgren says people are building tomorrow’s economy today, already people with practical skills are now being paid more than white collar workers in finance; mining engineers graduating now have higher starting salaries worldwide than MBA graduates from Harvard. That’s a signal. (Cited Sunday Guardian Live By ANTONIA FILMER | London | 7 July, 2016)

    Like

  13. Money Brain July 11, 2016 at 11:01 AM #

    The problem is not Capitalism, it is CROOKED Bankers and CORRUPT Politicians plotting to steal from everybody. How much have they been paying to Crooked Hilary???????????

    The other problem is the Human tendency to be too GREEDY. They purposely Borrow and Lend too much money. We have enough history to know what levels of borrowing work and the levels that Fail.

    It is not that tough to run an INCENTIVE based society if you are honest, professional and eager for the populace to perform. Yes, some Corps will fail because of Tech changes, competition etc but the whole Banking and Financial System should not be imperiled in large diversified economies like the US, Japan, China and Europe. The Financial Crisis we are in that will boil over and hurt the vast majority once more in the near future is due to poor monitoring of existing regulations and the changes that Bill Clinton’s Admin made in 1998 when they repealed several pieces of legislation/ regulations that were instituted after the horrrible Great Depression of the 1930s eg Glass Steagall Act of 1932-33. Surely it is NOT coincidence that within 10 yrs of this repealing we have the major Financial Crisis since the 1930s?

    Worry not for the Billionaires because it is the innocent people in the West and Cbean that will PAY! The Politicians encouraged this obvious nonsense, many who are Globalists and New World Order proponents whose Objective is to destroy business so they can CONTROL the World. This is the exact strategy employed by idiots like Burnham and Manley, destroy business so we can “prove” that Communism is better and we are the Saviours???????
    Life in Guy/ JA has never recovered from this pox or syphilis, if you prefer!

    Like

  14. David July 11, 2016 at 11:05 AM #

    @TB

    Debt is growing to support wars and consumption spending. It also explains why the 1% rich continues to keep their fat wallets.

    Like

  15. Carlos Jordan July 11, 2016 at 11:30 AM #

    As I have alluded to before, we are AT the End Time era of God’s linear time-table for mankind on planet earth. The cyclical patterns of recovery are OVER, DUN WID; and Terence has succinctly given the facts re the global FINANCIAL MESS all countries are IN*.

    The Only answer is to REPENT, all of us, before Almighty God, and receive The Lord Jesus Christ into our lives and hearts, as Saviour and Lord.

    This has NOTHING to do with religion; religion is man/devil made; this IS* to do with RELATIONSHIP, a PERSONAL relationship with God, In, By, and through the Only Saviour there is, Jesus Christ.

    “Nor is there salvation in any OTHER, (than Jesus) for there IS NO OTHER Name under heaven given among men by which we must be saved.” ( Acts. 4:12)

    Like

  16. Bernard Codrington. July 11, 2016 at 11:35 AM #

    We seem to have plenty Jeremiahs. Nothing new same cold soup with a dash of Bonnie pepper.

    Like

  17. Bernard Codrington. July 11, 2016 at 11:42 AM #

    Child birth ,I am told, is painful. The new capitalist system is emerging. What the world economy is going through is disconcerting to most people who are comfortable with the past manifestation of capitalism. But it has always self corrected. There is always a Keynes or rational expectations conceiver to come up with an apparent new idea which we buy into.

    Like

  18. Georgie Porgie July 11, 2016 at 12:09 PM #

    re Bernard Codrington. July 11, 2016 at 11:35 AM #
    We seem to have plenty Jeremiahs. Nothing new same cold soup with a dash of Bonnie pepper.

    there ARE NO JEREMIAHS HERE
    INSTEAD THERE ARE FOLK WHO HAVE READ AND UNDERSTOOD THE WORD OF GOD, AND CAN CLEARLY SEE, BY COMPARING SCRIPTURE WITH SCRIPTURE, THAT THIS IS INDEED THE LAST TIMES

    IT IS CLEAR TO ALL ESCHATOLOGISTS THAT THE RAPTURE AND THE RISE OF ANTICHRIST IS IMMINENT. SCOFFERS AND MORONS CAN REJECT THIS TO YOUR PERIL.

    IT IS CLEAR BY COMPARING SCRIPTURE WITH SCRIPTURE, THAT THESE OCCURENCES COULD NOT HAVE HAPPENED BEFORE.

    AFTER THE THE RAPTURE AND THE RISE OF ANTICHRIST, ACCORDING TO THE HOLY SCRIPTURES THERE WILL BE ABOUT 7 YEARS TO THE EVENTS DESCRIBED IN REVELATION 18

    Like

  19. Money Brain July 11, 2016 at 2:53 PM #

    The fact that more than 25%+ of Government Bonds globally now have negative yields ie you PAY to lend them your money, exhibits very lucidly that the Financial System is likely to collapse very soon.

    This collapse could see wide spread use of Bail-Ins ie the Govt allows the Banks to take a hefty share of your money to bail themselves!!!!!!!!!!!!!!!!!

    We are taking 40% of your Bank Savings like they did in Cyprus!

    Like

  20. Bush Tea July 11, 2016 at 4:03 PM #

    @ GP
    BY THE WAY THIS STATEMENT IS COMPLETELY FALSE
    When Jesus came, he clarified and amplified the old testament during his time. He updated the context of many prophesies
    +++++++++++++++++++++++++++++++++++++
    Skippa, if Bushie still had de old whacker in hand …you KNOW that your ass would be like grass all like now so…🙂
    Fortunately for everyone, umm get tek way. ….so let peace reign…. have it your way.

    Bushie will thus NOT point you to Matthew 22, where Jesus referred to the Old Testament in his dismissal of the Pharisees on the Poll tax and on which were the greatest commandments; and the Sadducees on the issue of marriage in the resurrection….
    He then yorked then all with his OWN question about who HE was…..and the reference ‘

       ...how does David in the Spirit call Him ‘Lord,’ saying,
    ‘The Lord said to my Lord,
        “Sit at My right hand, until I put Your enemies beneath Your feet” ’?
    If David then calls Him ‘Lord,’ how is He his son?”
    

    LOL
    …as verse 46 says, “men middle stump brek back” and they dun playing cricket ‘fuh good’
    (or words to that effect) LOL

    Bushie will also NOT raise the point in Matthew 5 where he explained “Do not think that I came to abolish the Law or the Prophets; I did not come to abolish but to fulfill,”

    NOR will the Bushman dwell on the instance….after his resurrection, (Luke 25-27).
    Did Jesus not admonish his followers as follows:
    “How foolish you are, and how slow to believe all that the prophets have spoken! Did not the Messiah have to suffer these things and then enter his glory?”

    Read this last part SLOWLY GP….
    “….and beginning with Moses and all the Prophets, he explained to them what was said in all the Scriptures concerning himself.”

    Exactly how then….was the statement ‘COMPLETELY FALSE”?

    Like

  21. Georgie Porgie July 11, 2016 at 5:45 PM #

    Really really. Is that the best that you can do?

    Is this how he “clarified and amplified the old testament during his time. He updated the context of many prophesies, explained many mysteries and added many new dimensions” ? .

    Like

  22. Lawrence James Bauer, CFA July 11, 2016 at 11:03 PM #

    I don’t have the time or adequate space to refute the RIDICULOUS financial figures that articles (and even books) like this article quotes. All of them mix up various figures and ascribe them to a small group of people, which MASSIVELY distort the income and wealth of wealthy people.

    Most corporations are majority owned by government-sponsored retirement funds (for ordinary people), and by the mutual funds that are, in turn, owned by ordinary people’s personal retirement funds (401-k, IRA, etc plans in the US).

    For example, the retirement funds of US states, cities and counties hold about $6 trillion in diversified assets to fund the eventual retirement of millions of school teachers, firemen, police, social service, and various administrative staff. (They are also substantially underfunded; they should hold $trillions more.) US Federal employees are also covered by retirement funds that are also invested in corporate stocks valued in the $trillions.

    In the US, corporate-sponsored & union-sponsored retirement funds, 401-k, IRAs, etc own multiples more in $trillions, much of which is also invested in the common stock of publicly traded shares of all (and especially the larger) business corporations. Charities, foundations and university endowments, similarly, hold $trillions of common stock of the leading publicly-traded corporations.

    It is NOT the handful of truly wealthy (the so-called 1%) that own the majority of the shares of all these companies. Most of this wealth (including $trillions in corporate cash held overseas), is held indirectly for the benefit of hundreds of millions of ordinary people.

    Stop listening and believing such NONSENSE.

    Like

  23. Money Brain July 11, 2016 at 11:43 PM #

    LJB,
    Dont confuse them with the facts, it is damned inconvenient!

    Like

  24. Georgie Porgie July 12, 2016 at 11:01 AM #

    you are 100% correct MB and LJB

    Like

  25. David July 12, 2016 at 11:40 AM #

    @Lawrence James Bauer, CFA

    What you neglected to address is how power is acquired and wielded in the system. How the rich and powerful are able to wield, maintain and grow its power base. Power in this world is defined by many factors. o not confuse income stream with wealth.

    Like

  26. Lawrence James Bauer, CFA July 12, 2016 at 10:05 PM #

    David, I agree that there is a lot more that could be said. I don’t have time. The Left loves to mix income and wealth ideas, double-count the same items. totally ignore the tremendous wealth that working people have amassed, and then offer their solution of them taking control of everything for Guess Who’s benefit (hint: not the poor). It’s all about their grabbing the power, income and wealth for themselves. Read history.

    Like

  27. Bush Tea July 13, 2016 at 2:52 PM #

    When these various writers speak of the “1% owning 90%” of the world’s resources Bushie never thought that this was a simplistic count of share value held; or of value created by individuals.
    Surely this is about CONTROL of assets.

    Take CLICO as an example.
    Thousands of policy holders contributed to the multiple millions of assets of that entity. But a casual look at the REALITY of the situation shows that a VERY FEW individuals exercised almost ABSOLUTE CONTROL of ALL those assets.
    The same situation applies with commercial Banks, groups like Saricor, churches and many other organisations….and even MORE SO with PUBLIC (national /Government-owned) assets.

    The ONLY exceptions to this trend are with privately owned entities like BushTea Inc.- whose wealth was privately and legitimately accumulated , …and with Co-operatives – which BY DESIGN, maintains the collective interest of ALL shareholders in the affairs of the organisation.

    It therefore seem quite reasonable, in the context of the control and manipulation of wealth, to speak in terms of the “1% having 90%” etc.

    Like

  28. Money Brain July 13, 2016 at 3:03 PM #

    Bushie,
    Clico should have been stopped in their tracks because the products were poorly designed and not fit for human consumption. One of the major risks in investing is being taken in because a Corp or entity offers ridiculously high “guaranteed” returns. One MUST smell a rat very quickly in such situations. Why are big banks not offering such rates? Why are these people so much cleverer?

    Like

  29. Bush Tea July 13, 2016 at 4:09 PM #

    Money B
    CLICO could have been stopped in their tracks if we had A SINGLE HONEST person with balls in ANY area of responsibility … From Minister in Charge (OSA) to an ordinary Board member.
    …but that is a different topic..

    The point here is that people like your dad made MILLIONS of the backs of ordinary Bajans and then you ran off to Canada to avoid making a fair and reasonable contribution to society as determined by Tom in his tax rates….

    How does it feel to be part of the 1%?

    Like

  30. Money Brain July 13, 2016 at 5:23 PM #

    Bushie,
    Do you have to practice or does chatting nonsense come naturally?

    My Dad did not make $ millions. He paid excessive Taxes because only about 12% of the population were in the net back then. I did not run off to Canada, I refused to pay 70% Tax rates as I deemed that to be SLAVERY. This reckless adoption of a 70% Tax rate proves that many highly educated people like Tom with a degree in PPE from Oxford (or similar Unis) have absolutely no common sense whatsoever. Killing the geese that can lay the Golden Eggs is almost as stupid as so called leaders can get!

    The epitome of “leadership” stupidity was teefing Forbes Burnham and Mikey Manley who thought they could completely control the populace with their desire to ruin businesses and thereby present their SocioCommie crap as a solution. This swill was imbibed from an educated idiot named Harold J Laski, their PolSci Prof at London U, but not by the great EWB.

    Burnham and Manley ruined their Nations and drove away a very high percentage of their best business and educated Professional people. TOTAL FAILURES!

    Why do you hate FREEDOM so much?

    OR is it that you like the concept of having White Slaves?

    Pity! If only I was a DumbAss like some people, you fellas could a had some fun, nuh.

    Like

  31. Kiki July 13, 2016 at 6:57 PM #

    Spiritual Healing Economic Crisis

    Like

  32. Bush Tea July 13, 2016 at 9:49 PM #

    @ Money B
    …OR is it that you like the concept of having White Slaves?
    ++++++++++++++++++++++++++++++++++++++++++++++++
    LOL
    White slaves shiite!!!
    Wunna ain’t able….
    All o’ wunna woulda died out within 20 years.

    Besides, a leopard cannot change its spots. No one expects you to willingly part with your lifeblood…You would die of a broken heart … if you were ever separated from your money

    All we ever asked of you was to cease and desist from this ridiculous claim of yours …that you ‘understand black “peeps”‘ because GP and Hants was your school friends…
    Man stop trying to defend the indefensible do!! Wunna people have a LOT of answering to do when the second-bell rings ….and the first-ring is already under way….

    Like

  33. Money Brain July 13, 2016 at 10:07 PM #

    LOL Bushie!
    I will take my chances with The big Guy Upstairs!

    Like

  34. Bush Tea July 13, 2016 at 10:24 PM #

    @ Money B
    I will take my chances with The big Guy Upstairs!
    ++++++++++++++++++++++++++++++++++++++++
    LOL
    …hope you know that he is dark as brass….and CANNOT be brought with cash.
    His currency is righteousness….. Got any of THAT in the bank…?🙂

    Like

  35. Money Brain July 14, 2016 at 9:29 AM #

    Bushie

    U have cast me as a Greedy Money guy.

    WHY?

    It suits your agenda and what you WANT to believe.

    True Christians dont judge.

    Like

  36. Bush Tea July 14, 2016 at 10:10 AM #

    @ Money B
    WHY?
    …because Bushie calls it as he sees it…and as you paint it 🙂

    True Christians don’t judge, …but ex-whacker-owners do ….all the time
    to whack or not to whack – THAT is the question.

    Tek it easy MoneyB
    …for an albino-centric by birth, you ain’t a bad fellow at all….
    You got TWO main faults…
    1 … yuh like money TOO much …(dat in the genes)
    2 … yuh HATE (repeat HATE) being proven to be wrong …(dat from HC)

    …part from dat …You cool!!!

    Like

  37. Money Brain July 14, 2016 at 11:02 AM #

    Bushie wrote,
    …because Bushie calls it as he sees it

    Bushie, you bin by the Optometrist for a checkup recently? Blurred vision needs to be dealt with! U cant see the TRUTH —ALL races have GreedyAss people that is not a White characteristic.

    Like

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