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Nigel Watson

The Financial Crisis

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I teach 6th Formers A Level Economics. Each year I volunteer (unpaid) to run extension classes with some of the more enthusiastic members of the Upper Sixth. The goal is to go beyond the rather simplistic (Keynesian dominated) A Level specification.

 

Today was my first session for this year's Upper Sixth and I opted to show them this: Overdose the next financial crisis

 

http://www.youtube.com/watch?v=4ECi6WJpbzE&feature=player_embedded

 

They loved it, and after we finished watching it we had a useful discussion that went into why the Keynesian policies tried to date have failed.

 

Next week I'm thinking about showing them this: Debtocracy

 

 

I guess at some point I'll also show Inside job

 

 

So what I'd like to ask you is.........................

 

What film or documentary do you think is the most interesting that you've watched on the on-going financial crisis?

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What do your students think should be done?

 

What do they think of the morality of those who took "100% financing" to buy expensive homes?

 

Do they think the current problem will be solved by "raising taxes on the Rich"?

 

aaane.jpg

 

(Actually, I am in favor of a Wealth tax on Net worth above a certain level: $2mn? $5mn? $10mn?

 

But not on its own, The pain needs to be shared widely and fairly.

And I don;t think it is fair to buy votes, by handing out entitlements to people who do not pay tax.

How about two votes: everybody gets one, and only tax payer get the second one.)

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I just saw Margin Call with Kevin Spacey and Stanley Tucci. Thought it was a very interesting perspective, more sympathetic towards the Wall Street side of things. Inside Job would be my top pick.

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Do they listen to Podcasts.

 

THIS ONE (with Dimitri Orlov) might get them thinking...

(Two young guys interview Orlov, asking some good questions along the way):

 

http://www.extraenvironmentalist.com/2012/09/14/episode-49-developing-breakdown/

 

/ Developing Breakdown .

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IMO, you could do much worse than to start by teaching them the history of money & central banking, and the difference between commodity money and fiat money.

 

The crisis, and all the horror stories of bubbles, CDOs and systemic bank failures all arise through the inherent flaws of human nature, couple with a fiat monetary system.

 

Just show them any Peter Schiff youtube video. Perhaps this one..

http://www.youtube.com/watch?v=EgMclXX5msc

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And I don;t think it is fair to buy votes, by handing out entitlements to people who do not pay tax.

 

 

Unfortunately that's the cornerstone of democracy. By the way is that chart what Romney was referring to in that recording the other day?

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Unfortunately that's the cornerstone of democracy. By the way is that chart what Romney was referring to in that recording the other day?

 

Long term impact:

People vote for more and more entitlements, until their government is bust

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He has narrated several documentaries : do a search

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I bumped in to Fred (the shred) Goodwin on the street today.

Turned the corner and there he was walking towards me. A very surreal experience.

Felt a surge of rage and wanted to shout something at him but he ran in to this place before I could get anything coherent:

 

Chartered Banker Institute 38b Drumsheugh Gardens Edinburgh EH3 7SW

 

http://www.charteredbanker.com/home/

 

What the hell is he doing in there?! Surely this pariah should be kept well away from such places!

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I bumped in to Fred (the shred) Goodwin on the street today.

Turned the corner and there he was walking towards me. A very surreal experience.

Felt a surge of rage and wanted to shout something at him but he ran in to this place before I could get anything coherent:

 

Chartered Banker Institute 38b Drumsheugh Gardens Edinburgh EH3 7SW

http://www.charteredbanker.com/home/

What the hell is he doing in there?! Surely this pariah should be kept well away from such places!

 

sir_fred_goodwin_pic_reuters_183929343.jpg

 

Was he smiling ? (Having got away with it? -- so far)

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Oh he was smiling away and the whole experience was frankly nauseating.

How can he be a free man on a 600k+ pension?

 

And more worryingly why was he at this institute? Surely he cant still be onvolved in banking can he?

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Shurely the Chartered Banker Institute is just where he belongs. He is a paid-up member of the fraternity and is no doubt welcomed with open arms.

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Teach your 6th Forms how to make money and avoid the tax system and off shore money. Tell them never to become PAYE. Instead be an employee of an off shore company.

Teach them the rules of how the system works and the rules that the sytem has in place. They with then thank you even more.

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(From JHK's Blog):

What Does It Mean?

 

By James Howard Kunstler .. September 17, 2012

 

In the word-cloud of current events, the phrase "parasitic financial system" billows up to a degree that suggests even so-called thinking persons begin to understand what's happening: that banking shenanigans are sucking the life out of advanced societies. That's why Matt Taibbi's metaphor of Goldman Sachs as "a Vampire Squid jamming its blood funnel into anything that smells like money" remains so potent years after it was minted.

Of course the pervasive accounting fraud and routine swindling that drive the banking "industry" are abetted by the phantom government "policy" of the Federal Reserve, an institution that 99.999 percent of the American public could not explain under threat of water-boarding. The bottom line is political and economic leadership that can only pretend the economy works, and the destiny of such pretense is the death of legitimacy - meaning the public's faith in the system. Sooner or later either the public will revolt against such a system, or the system will just implode and leave the public floundering in a period of dreadful chaos.

Nobody capable of thinking through these rather abstruse matters believes Fed Chairman Ben Bernanke anymore, and his demeanor in public is of a depressed person who has lost belief in himself and what he does.

. . .

My guess is that the euphoria over QE3 has already passed. The Fed actions of last week will mean nothing except the steady erosion of dollar value, higher food and fuel costs for all us muppets, and increased mistrust between crippled banks, further crippling bank activity, including the routine operations that make civilized life possible.

Therefore, uncivilized life is not out of the question.

 

+continues: http://kunstler.com/...es-it-mean.html

=== ===

 

Your students might like his TED Talk:

 

http://www.youtube.com/watch?v=Q1ZeXnmDZMQ

 

Or the Follow-up

 

http://www.youtube.com/watch?v=-zluPQEcK0Y

 

There are a bit old, but have aged well, I think

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