Excellent Davos recap by Simon Johnson. In a nutshell: The world’s largest Banks and Corporations expect governments to slash public spending so that these governments can better absorb the crises that the Financial sector is busy setting up in the wake of the 2007-2009 credit crunch that they themselves created. This is the World we live in folks!
Archive for January, 2011
Or something like that. Didn’t really know much about anything when I made this short in 2001. It sprang whole from my subconscious in the form of a storyboard.
It’s taken awhile but here’s “Hawaii” a short film I wrote, produced, directed and edited in 2005. I worked very hard to get it on the festival circuit but to no avail. I did get it into a France/Quebec short film festival in Trouville, France where it won the prize of Best Quebec short, the first and only time in the festival’s 10 year history that an English language short won that distinction.
I also received a call from one of three Toronto International Film Festival programmers, two weeks before the 2006 edition, to explain to me how much they LOVED the film but alas could not fit it into their festival’s program. That was a hard blow as any film that makes it into TIFF is more than likely to be invited to a dozen festivals around the globe which is very helpful in getting a film career started. I did, however, manage to license it to Moviola, a short film tv network in Canada which has broadcast it a number of times.
Anyway, hopefully posting it to my blog and occasionally reminding people to swing by and have a look will get it seen by a few more eyeballs. If you like it please feel free to pass it on to any producers you know that are looking for fresh talent.
And without further ado: “Hawaii”.
Modern Money Theory is something that I’ve just come across recently. The main tenant of #MMT is that trade surpluses and deficits don’t matter if inflation is measured accurately and government’s are trusted to increase or decrease the money supply directly through equity based money creation as opposed to debt-based money creation. I encourage anyone is who is as perplexed about the nature of money as I am to check out the following post and to research Modern Money Theory further. I don’t know if it really offers all the solutions, I don’t think any system ever will, but the idea of eliminating deposit insurance and allowing private banks to fail while creating government backed banks that offer 100% reserve digital cash storage (i.e. deposited cash is stored and NOT lent out) is compelling. The idea of governments increasing or decreasing the cash supply directly via depositor accounts is counterintuitive but in the context of a system that aims for stable purchasing power (no inflation or deflation) I understand how it would work. It’s not clear to me, however, where interest rates would come into play…If the time value of money is stable how is the cost of money measured for capital investments? Anyway, check this blog out. It’s a nice change from the usual Austrian/Keynsian dialectic which is like a train without wheels and very soon going nowhere.
I’m SORRY. But it’s true. Wish it were not. Read the following re-posted from the excellent www.nakedcapitalism.com and then explain to me why I’m wrong! “Barclay’s Bob Diamond to Non-Bankers: Drop Dead”.
Banks are net extractors of wealth. You know: the fees, the interest rates, the bailouts, the bonuses, the austerity, the union breaking, the China to Walmart conveyor belt, the exporting of jobs… Even in Canada they soak up a lot of resources that would be more useful elsewhere and believe me with the helping hand of the right government they will eventually be allowed to merge and expand and catch up with the Banking Leviathans that are doing everything in their might to keep the World gorging on a mountain of debt. I have no solutions to offer except that being aware of it and being right fucking pissed off about it is a good start.
Have a great day everyone!