US Nationalises Banks while Russia Devalues the Rouble! Total Irony.
US Nationalises Banks
Well nearly – but they’ll never admit it. The headline news in financial markets today (a Saturday! – no co-incidence there then?), is:
Key US lenders to face new curbs BBC News
U.S. Nears Rescue Plan For Fannie And Freddie Washington Post, source story
The two psuedo-companies called Freddie Mac and Fannie Mae are going to be run by Uncle Sam and (hooray!), the top management who fucked up the world’s monetary system are being sacked. Personally, I think they should all suffer the same potential fate as the mentally ill computer cracker, Gary McKinnon, who certain American freedom-loving lawyers and politicians would like to “see him fry“.
In an amazing sleight-of-words, the two companies are going to be nationalised; “put under conservatorship” is the term used, (you couldn’t make it up, could you!) and the common stock hacked down in value…sorry, “diluted, but not wiped out” …
This is state ownership in most people’s language.
Thatcher would have a fit if she knew what was going on! Ha Ha.
Russia Devalues the Rouble
Well not really. They have $582,000,000,000 foreign currency reserves, the third highest in the world!
However, they have been chucking it around because a fair whack of dosh has been pulled from their system by foreign investors. I doubt this will last though, as Russia has all the gas, all the oil, all the wheat, all the cards.
The total irony about this reversal in fortunes of the two major powers of the Cold War is not lost on me though. The archetype of all capitalism is nationalising a major bulwark of it’s finance system while the last bastion of common ownership and central planning is now run by megalomaniac oligarchs who play the financial markets!
Thatcher would have a fit if she knew what was going on! Ha Ha.
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[...] a follow up to my earlier post us-nationalises-banks-while-russia-devalues-the-rouble-total-irony pointing out the sharp reversal in political and economic fortunes of the (former) two world [...]
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