Unless you get maimed in the losing battle.
Tis but a scratch
1 Like
Italians finally getting around to shoring up the banking system. A few more to follow no doubt.
Classic fudge as well, under new legislation brought in for just this scenario tax payers aren’t supposed to be on the hook, but the Italian banking system is a different beast to most so the government have decided to bailout bondholders. The campaign in Italy has been to save the bondholders not burn them. It’s a funny old World.
1 Like
And I wonder who could have been behind that fudge??
Who are the bond holders in Italy ??
Normal people in Italy own a lot of the senior bank bonds and Italian government debt. It’s helped them avoid the worst of the crisis as retail investors own a larger % of government debt than usual meaning they have borrowed cheaper than if it was just big institutions calling the shots. WRT the bank bonds they were missold (or correctly sold as per the legislation at the time) as being as safe as deposits with slightly higher interest rates to normal folks off the street. Bank bonds are considered better than deposits for the banks balance sheet so they could borrow cheaper from the markets/lend more the more senior bonds they sold.
As a result the government in Italy made a populist decision to save the bond holders even though they didn’t have to.
The Italian banks were doing stuff just as mental as ours, one of them was insisting that people who took out loans bought shares in the bank with some of the money, shit like that.
Italy is different again in that it’s a lot of small banks that are in the shit rather than the larger ones. The bigger ones seem to be in better shape, they didn’t have the same reckless mortgage lending as us but they had their own unique brand of insanity
Are these sold as collateralised products to the average Italian ?
How can they circumvent the no bailout clause ? I assume the deposit guarantee ?
Tis some fuck up all told .
For someone who has a lot of questions and no answers its odd that you have come to a conclusion that its a fuck up
1 Like
The Italians set aside a bailout fund for this purpose before the new legislation came in. They’ve argued that since the whole purpose of the fund is to bailout banks that this should be used before bond holders are burnt.
To quote a certain poster here “sigh” and “deary me”.
What Uber can achieve those is scary to think about.
Amazon might eventually be able to drop from a warehouse to your door everything and anything you want in a few minutes, but at least there will local competitors. People will still walk to the shop or whatever. Not to the same degree but they will.
Uber is just an inevitable total monopoly. Liquidity of drivers and liquidity of customers is meaning everyone is going towards one app, both riders and providers. Once we have driverless cars and they totally control this market, how the hell will anything compete?
Events, dear boy, events.
We won’t want to go anywhere it will all be done on VR from home
1 Like
Uber will go burst long before this…
Burst?
The verb, to burst. As in " I’ll burst your pig head all over the swamp."
6 Likes
Artifical intelligence and 10 billion souls on the earth by 2050 could be grim enough.