Monday, October 06, 2008

Back to basics, with a vengeance

Our rudderless government continues to look like it has no grasp whatsoever on events.

The free-for-all in savings guarantees amongst our EU "partners" confirms what we all knew about EU unity and solidarity - it is indeed an expensive sham. The hopeless volatility of unfettered electronic trading has turned stock trading into casino gambling, and we can now see the results.

The short selling ban was a start, but we need a period where all stocks have to be held for a minimum of - say - 5 days. And then review the period once we can see how it is working out. If we are not already into that fascinating zone where "things couldn't possibly be any worse", we are pretty damn close to it.

At times like these, only basics can apply: stocks should only be traded on the basis of earnings and prospects for earnings, not as punts on bogus capital appreciation that are hyped by bent brokers.

So new are the rules of this new game that ALL current politicians and their banker chums could be "let go", and there would only be an upside. At the very least, EU-wide elections and referenda should be promised so the people can "have their say" on what they have seen our leaders doing this past month. Edifying it is not.

Al Quaeda must be laughing its head off that our pompous politicians have done their job so well for them. Broon and the rest of his remorselessly inept colleagues in both Westminster and Brussels are a whisker away from being found guilty of treason and terrorism.

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