Solon - rhymes with colon, the original defaulter

Apologies in advance. This is another dry and unamusing entry via the serendipity of my private reading and google. Just one of those things that if I don’t do right now, I will never do.

The earlier entry ruminated on the derangement of imaginary money that is not offset by actual capital creation, and the modern heresy of debt default – drilled into us as an unmentionable evil we are prohibited from even thinking about by the Mandarins of Globalisation.

I found some rather relevant blog posts, all revolving around the writings of one of our finest, and appallingly undervalued, contemporary minds, John Ralston Saul (website). This is to extend the previous discussion. These items expand far more competently than I could hope to and I have little to add – (more…)

Caveat: I’m not an economist. I’m a scientist / engineer. I think that gives me an advantage.

I’m sick of this financial crisis. All of us, each and every one of us, bar the financial Mandarins that are “fixing” the mess they created, are being butt-fucked into the ground. “Austerity measures” are sold as some kind of panacea. Our wages are frozen. Inflation outstrips any miserly “indexed” gains grudgingly granted. Meanwhile, reports of “performance bonuses” to our financial overlords are back to pre-meltdown levels, often lump sums far in excess of what any of us will earn in a lifetime.

The approach to remedy this status quo seems an absurdist black comedy. It’s like watching a sinking ship being bailed out with teaspoons. As one example, the poor long suffering Greeks, where “austerity” measures are biting the hardest and, as always, hitting those already on a subsistence existence the worst. (more…)