Comments on: Goldman: Half the World in or on Verge of Recession http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html Mon, 23 Nov 2009 03:10:07 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13979 Anonymous Tue, 02 Sep 2008 20:36:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13979 Britain in recession 2008! Europe, part of the western hemisphere and part of SE Asia in recession 2009! Fully blown world in recession 2010! This seems a fairly confident and predictable outcome considering that our banks, who have caused the worst economic crisis in modern times, now have no real money of their own in reserve. The reason why they cannot lend anymore at the level they could and why the world is heading for the socio-economic turmoil that is clearly upon the horizon now. Many of our banks will undoubtedly go to the wall according to the edicts of capitalism and the market forces dictum. With share losses of western banks, insurance groups and investment institutions of US$2.7 TRILLION over just the last 18 months and bank losses in excess of well over US$1 TRILLION predicted when this is all over, the forecast becomes more-or-less a certainty. Indeed, who would have thought that Europe’s once largest bank UBS (and one of the largest in the world) would have been worth a mere 25% of what it was only a mere 15 months ago. But adding to this many are now worth less than 60% of what they were. Unfortunately the unseen suffering around the world that these great bank losses will cause to all people should be the main point of our anxiety. For in this respect millions will die through a global recession that had nothing at all to do with them. Let us hope that when we are all over this terrible malaise in a decade from now, that governments around the world will make perfectly sure that our banks can never crucify us ever again. Do we really learn is the question?<br/><br/>Dr David Hill<br/>World Innovation Foundation Charity (WIFC)<br/>Bern, Switzerland Britain in recession 2008! Europe, part of the western hemisphere and part of SE Asia in recession 2009! Fully blown world in recession 2010! This seems a fairly confident and predictable outcome considering that our banks, who have caused the worst economic crisis in modern times, now have no real money of their own in reserve. The reason why they cannot lend anymore at the level they could and why the world is heading for the socio-economic turmoil that is clearly upon the horizon now. Many of our banks will undoubtedly go to the wall according to the edicts of capitalism and the market forces dictum. With share losses of western banks, insurance groups and investment institutions of US$2.7 TRILLION over just the last 18 months and bank losses in excess of well over US$1 TRILLION predicted when this is all over, the forecast becomes more-or-less a certainty. Indeed, who would have thought that Europe’s once largest bank UBS (and one of the largest in the world) would have been worth a mere 25% of what it was only a mere 15 months ago. But adding to this many are now worth less than 60% of what they were. Unfortunately the unseen suffering around the world that these great bank losses will cause to all people should be the main point of our anxiety. For in this respect millions will die through a global recession that had nothing at all to do with them. Let us hope that when we are all over this terrible malaise in a decade from now, that governments around the world will make perfectly sure that our banks can never crucify us ever again. Do we really learn is the question?

Dr David Hill
World Innovation Foundation Charity (WIFC)
Bern, Switzerland

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13381 Anonymous Sat, 23 Aug 2008 11:36:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13381 The US Govt. fudges the inflation and GDP numbers as anyone paying a bill or driving a car can attest to. This Govt is in denial. The US Govt. fudges the inflation and GDP numbers as anyone paying a bill or driving a car can attest to. This Govt is in denial.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13372 Anonymous Sat, 23 Aug 2008 00:57:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13372 Lets not use real numbers, OK! Lets not use real numbers, OK!

]]> By: Matt http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13368 Matt Fri, 22 Aug 2008 21:01:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13368 In the US the GDP and inflation numbers have been massaged into complete fictions. If one uses anything like real numbers, the US has been in a recession since last year. In the US the GDP and inflation numbers have been massaged into complete fictions. If one uses anything like real numbers, the US has been in a recession since last year.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13343 Anonymous Fri, 22 Aug 2008 11:45:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13343 "third world countries that don't have [...] lobby groups." Example? “third world countries that don’t have [...] lobby groups.” Example?

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13336 Anonymous Fri, 22 Aug 2008 06:05:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13336 The other half not in headed into recession will be the backward third world countries that don't have synthetic derivatives and lobby groups. The other half not in headed into recession will be the backward third world countries that don’t have synthetic derivatives and lobby groups.

]]> By: Anonymous http://www.nakedcapitalism.com/2008/08/goldman-half-world-in-or-on-verge-of.html#comment-13325 Anonymous Fri, 22 Aug 2008 01:26:00 +0000 http://www.nakedcapitalism.com/2008/08/goldman-half-the-world-in-or-on-verge-of-recession/#comment-13325 The Economist research unit issued a report about a year ago with 3 different cases. It's looking like we are heading for the 10% case... the "oh crap!" worldwide hard landing case. The Economist research unit issued a report about a year ago with 3 different cases. It’s looking like we are heading for the 10% case… the “oh crap!” worldwide hard landing case.

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