The good news from the economic turmoil? London Banker speaks - HotUKDeals
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The good news from the economic turmoil? London Banker speaks

Liddle ol' me Avatar
8y, 1m agoPosted 8 years, 1 month ago
I'm sure this won't interest 99% of people here - and it hardly interests me - but I came across this positive outlook from a blogger who appears to understand global finance and markets. (I don't understand this stuff well enough to really know if he does, but he reads like the real deal).

See the quote from the end of his most recent blog on the next post. If his assessment is correct - and it seems likely when we think about who the main losers have been to date - this financial meltdown could turn out to be a darn good thing!

May the fat cats have their overstuffed cushions yanked from under their asses!
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Liddle ol' me Avatar
8y, 1m agoPosted 8 years, 1 month ago
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#1
Finally, an optimistic note. I was reminded yesterday that the vast bulk of “wealth” created during the Greenspan/Bernanke bubble years accrued to the very top percentiles of population – with many in the OECD middle class and lower class either stagnating or getting poorer as they mired themselves in unsustainable debt. While opportunity and employment grew strongly in emerging countries, there too the elites gained disproportionately as income inequalities surged. The crash of global financial markets therefore will have disproportionate effect on the elites, impoverishing them to a far greater extent, although it will be felt throughout society as employment, pensions, investments and public services contract.

Once we hit bottom of this downturn, some years hence in all probability, we may experience a democratisation of wealth and opportunity like none seen since the end of World War II when education reforms and unionisation laid the groundwork for the rise of the American and OECD middle classes. Those who have lost economic and political power during the boom years, are likely to organise and retake authority within economic and political systems during the bust years. The collapse of concentrated wealth in Wall Street will spur more collaborative capital formation and investment throughout the economy. This could provide reorientation of economic progress toward more equitable, sustainable and democratic outcomes in coming generations. I hope so, it’s the only bright spot of the week.

http://londonbanker.blogspot.com/
#2
Im afraid he doesnt and his thoughts are flawed

It takes money to make money and although they may have lost some wealth the majority would have hedged themselves in one way or another and will more than make up for their losses once the markets turn

As they say, cash is king and the top percentile will have converted the majority of their holdings in cash well before the markets derailed
#3
£ntere$ting.

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