The recent discussion of money and its inherent value (only of that for which it can be exchanged) sent me back to my sketchy records of something I read back at the start of the present financial debacle (when the CDO’s first hit the fan so long ago). I posted this way back then on that other awful site, but it is still a good read and even has some familiar seasonal references.
Since ancient times, the notion of debt has been deeply interwoven into our culture, literature and social structure. With the global markets in turmoil, Margaret Atwood looks at the history and meaning of being in hock. Continue reading “Debtor’s Prism”
Letter home from school…
$chool i$ really great. I am making lot$ of friend$ and $tudying very hard. With all my $tuff, I $imply can’t think of anything I need, $o if you would like, you can ju$t $end me a card, a$ I would love to hear from you.
A week later….. a letter from “home”
I kNOw that astroNOmy, ecoNOmics, and oceaNOgraphy are eNOugh to keep even an hoNOr student busy. Do NOt forget that the pursuit of kNOwledge is a NOble task, and you can never study eNOugh.
Yes, I know I went AWOL around the Jurassic era. Rumours of my extinction have been greatly exaggerated, nonetheless.
Why have the banks not been forced to pay bay back their bail-outs before paying themselves bonuses, as if the financial crisis had never happened?
In December 2009 the official cost of the bank bailout was declared to be £850 billion.
Meanwhile bankers’ bonuses have been predicted to run to billions in 2011
Royal Bank of Scotland predict £1bn in bonuses this year, and they paid out £1.3bn in bonuses last year, while Barclays paid £5bn-£6bn in total remuneration.
Even where bonuses have been cut, financial sector salaries have risen by up to 40%.
Why are we letting them get away with this? Why isn’t there a public outcry?