Bank Of England Says Downturn Will Be Identical To Victorian ‘Long Depression’

BBC show making fun of ‘Wife Swap’, showing how Victorian workers lived with humor, of course.

Long ago, I pointed out an obvious historical fact about bubbles: they always destroy social systems and bankrupt entire nations, they take twice as long to recover from the bubble as it took to grow in the first place and thirdly, the main reason why bubbles are so very destructive is because people love bubbles and do everything possible to restore the status quo of an infinity bubble rather than to balance things and make they operate on a sustainable, sane level.  We see this yet again, as history runs in circles like a dog chasing its own tail.

 

This news does not surprise me at all, I can hear the Bank of England governor, King clearing his throat before delivering his speech because he knows ever bit as I know, there is NO easy exit from a bubble blow up.  It is like expecting to walk away from this:  Ferrari crash: Akshay Panducherry dies from injuries sustained in high-speed crash.  His first car, an expensive birthday present from his international finance parents.  Dead as a doormat.  Quickly, too.  The higher speed the gift, the quicker the death.

 

More than one spawn of these super elite rich has annihilated themselves this way and it is rough justice, I expect most of them to die young due to extreme high money with no labor involved.  Back to King:  Downturn to continue for a generation, Bank of England governor warns

 

In a speech delivered in Cardiff, Wales, on Tuesday evening, King said that after a period of “lopsided” expansion marked by growing trade deficits, increased debt levels and a collapse of their banking systems, “advanced economies across the world are facing a huge adjustment.” The scale of the shift meant that the generation coming into the workforce “may live under its shadow for a long time to come.”
King warned that over the past year “the economic sky has darkened.” The clouds coming from the euro area had not lifted and new ones had developed with China, Brazil and India, the three largest “emerging market economies”, all slowing. According to the latest International Monetary Fund projections, output will fall in no less than 10 European economies this year.

 

Like other central banks around the world, the Bank of England has engaged in its own version of “quantitative easing”, cutting the bank rate to its lowest level ever and purchasing £350 million of financial assets in order to inject money into the economy. But while this policy could ease the pace of “adjustment”, it would not continue indefinitely and there were “limits to its ability to stimulate private sector spending,” King insisted.
“In the long run, we will need to rebalance our economy away from domestic spending and towards exports, to reduce our trade deficit, to repay our debts, and to raise the rate of national saving and investment,” he said. King did not spell out the implications of this “adjustment” but it means a further significant lowering of living standards in order to make British capitalism more internationally competitive.

 

This is the end result of free trade which I detailed over and over again over the years.  After destroying even the most feeble of protections for homebase workers, the elites got filthy rich moving jobs offshore and pocketing the profits when reimporting goods once manufactured at home.  They did this relentlessly, constantly and with full force.

 

The US is on the verge of electing one of these creeps who make multimillions doing exactly this. And he is appealing to workers to fix the job losses while having zero intention of doing anything of the sort.  Jobs will come home but only when wages here drop below wages of the poorest communist nation such as say, Cambodia or Vietnam.

 

So, are the Brits anxious to match Asian lifestyles?  Now, in Asia, people live with no heating thanks to the planet being fairly warm. In England, they will die of the cold or be forced to live like Victorian labor in tiny tenements ten to a room with no heat.  Here is another Horrible Histories parody of a TV ad for Victorian Servants for the busy elite housewife:

Here is the modern take on controlling maids so they work even harder than ever:  In Hollywood Hotel, Maids are Watched by a Dog Named Rex as a  Federal Agency Seeks to Halt Hyatt’s use of Housekeeper Tracking Device.  Anyone who thinks Romney won’t heartily endorse this is nuts.

 

Of course, this has been predicted by science fiction writers.  I can’t recall which book this was in, but I remember clearly a story about a young man who has a computer talking in his ear while monitors track his every movement in a store and he notices over time, he is more and more like a robot with no free will whatsoever and furthermore, isolated while surrounded by others who are equally isolated as they listen to the detailed instructions of the monitors in their ears.

 

They even are told what to say, when and are not allowed to deviate from this or are fired and a mob out back is begging for jobs so everyone is scared and don’t resist.  Sort of like how travelers must live with Homeland Security treating us like we are prisoners.  This is a reality that is right on the horizon and increasing in power.

 

Like so many other social forces, the robot assassin to the robot auto welder, there is increasingly a sense that workers are not needed except they are cheap robots requiring no repairs, just throw them out if they are injured.  Then there is one place robots can’t go: nuclear disasters.  This requires humans.  Who die.

 

Now on to nonhumans, the gnomes who run our banking system and wrecked it to the point, we have to beggar workers to fix the mess these greedy creeps created:  Former Goldman Sachs director gets 2 years for inside trades | The Raw Story

 

US District Judge Jed Rakoff in New York cited Gupta’s “extraordinary” contribution to humanitarian and educational causes during his climb to the pinnacle of the US business world as the reason for rejecting the 10-year sentence sought by prosecutors.

 

So, if you give some pennies to the poor, it is OK to wreck the economy?  Commit whatever economic crimes you wish, then you don’t go to prison if you give Tiny Tim a penny for being a good boy?  The loot these gnomes give to schools is so their own spawn, if they don’t die in fast car crashes, can laze their way to a degree in legacy spots a la George Bush Jr.

 

Then there is this monster:  Goldman Sachs CEO On CNBC: ‘Nobody Can Flagellate Themselves As Well As Goldman Sachs’.  The AIG boss that had fake insurance with less than 1% capital support and who went bankrupt when derivative swap bets came in, these jerks who we, the taxpayers and retirees bailed out, are all snarling at us about how they feel degraded and punished.  While stuffing 1% loans from the central banks in their fat wallets, they whine.

 

Meanwhile, my savings returns me nearly exactly zero while inflation rages and my energy, food and other bills shoot upwards.  These entitled jerks really think they are better than us and their buddy running for office agrees…we peons should shut up, work harder, not complain and above all, pay more taxes especially the 47% who are lower class workers, retirees and the disabled, etc.

 

To this end, thanks to the Supreme Court’s Catholics dictating that all election laws restricting money is illegal, we now have a very stupid US election with advertising increased twofold from 2008, research shows | World news | guardian.co.uk

 

The research also found that the record number of ads is concentrated on fewer states than in 2008 – meaning a small number of Americans in the swing states are being bombarded with campaign messages on a scale never seen before.

Anecdotal evidence, not in the survey, suggests that some viewers now mentally switch off when political ads appear. But the same anecdotal evidence also suggests that many voters, when asked for their views, tend to reiterate ad messages.

 

Hello?  How does propaganda work?  Ah!  Repeat, repeat, repeat and hope people do NOT listen but sit passively waiting for the propaganda to finish!  So of course, the victims of this sort of mind rot will loudly declare, they don’t listen to it and then faithfully, mindlessly like Pavlov’s dog, repeat these subliminal messages word for word.

 

And this is why it pays to spend money, if you are very, very rich, to advertise during elections. You are fixing the serfs so they don’t go after you, the rich guy, and instead, kill the poor, minorities and foreigners.

 

One last thing, the Iran oil boycott is causing a lot of the latest downturn. Always, always, always, when the price of oil goes up, first world economies die and this is no exception and Zionists will die rather than tell anyone this obvious informations.  Examples abound:  Ford to Cut 5,700 Jobs With Three European Plant Closings while everyone is told, they should work for more exports and where do these go?  China?  HAHAHA.  Japan??? No way!  The one goal remains, the US and it is dying rapidly due to the huge push to beggar the working class, that unionized group that made out like bandits thanks to FDR to LBJ.  Dead as possums in a hot pot cooking on a pile of used tires.

Email:

emeinel@fairpoint.net

MAILING ADDRESS:

EMS NEWS

P.O. BOX 483

BERLIN, NY 12022

Make checks out to ‘Elaine Supkis’

Click on the Pegasus icon on the right sidebar to donate via Paypal.