UAE oil economy up in smoke; solution to economic crisis?

oil fire middle east

“There was a time when investment in this country meant to borrow money to increase manufacturing capacity, research and development. Now investment funds are used for mergers and acquisitions that create no wealth.”

As long as there is a financial gain associated with a function that should fall under the category of public affairs, there will be a parasitic class and a class of victim. The only sensible solution would be to display a banking system as it is: a necessary evil, and strictly regulate, with absolute transparency. Allowing things remain as they are, it’s like to feel safe in the construction of a donut factory with its doors opening onto Studio Richard Simmons’.

In fact, we need to stop the thugs who trashed our economy, to get the most of our money as we can, and pass a constitutional amendment that provides for life imprisonment for anyone found guilty of attempting to create another “national” bank. Oh, and while we’re at it, abolish the corporate personality, which allows real people to thumb their nose at personal responsibility.

There was a time when investment in this country meant to borrow money to increase manufacturing capacity, research and development, improve distribution, etc. All these efforts have created wealth for business, and ultimately the nation .

Now investment funds are used for mergers and acquisitions that create no wealth. They create enormous wealth for those involved in the process, but nothing for the nation. Our financial statements do not invest more, they play. They make their profits not on growth but by selling high and buying low, manipulation by a short circuit bare mass, the mass trades computer, access to business customers just before execution derivatives and other fraudulent activities and unproductive.

What price an Abu Dhabi bailout?
By Jeremy Warner of the Telegraph November 27 2009

Speculation is growing of an imminent bailout of Dubai by its richer neighbouring emirate, Abu Dhabi. Sources close to Dubai World are confident a deal will be reached shortly. But what pound of flesh will Abu Dhabi demand in return? This being the Gulf, usury is not permitted.

The chat in Dubai is that the famous Palm developments will certainly be going Abu Dhabi’s way, but will Sheikh Mohammed also be forced to give up his prized airline, Emirates, and with it his sponsorship of Arsenal Football Club? We’ll see. Perhaps he’d like to chuck in the QEII – which is owned by the bit of Dubair World threatening to default, Nakheel – and some of his thoroughbreds for good measure?

You can read more at Telegraph

The Economic Crisis and What Must be Done
Richard C. Cook November 28, 2009

The United States does not control its own destiny. Rather it is controlled by an international financial elite, of which the American branch works out of big New York banks like J.P. Morgan Chase, Wall Street investment firms such as Goldman Sachs, and the Federal Reserve System. They in turn control the White House, Congress, the military, the mass media, the intelligence agencies, both political parties, the universities, etc. No one can rise to the top in any of these institutions without the elite’s stamp of approval.

This elite has been around since the nation began, becoming increasingly dominant as the 19th century progressed. A key date was passage of the National Banking Act of 1863, when the system was put into place whereby federal government debt was used to collateralize bank lending. Since then we’ve paid the freight through our taxes for bank control of the economy. The final nails in the coffin came with the passage of the Federal Reserve Act of 1913.

In 1929 the bankers plunged the nation into the Great Depression by constricting the money supply. With Franklin D. Roosevelt as president, the nation struggled through the decade of the 1930s but did not pull out of the Depression until the industrial explosion during World War II.

After the war came the Golden Age of the U.S. economy, when the working man, protected by strong labor unions, became a true partner in the prosperity of the industrial age. That era lasted a full generation. The bankers were largely spectators as Americans led the world in exports, standard of living, science and space exploration, and every measure of health, longevity, and culture.

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