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Stock market speculators
BillieTheBot
Posts: 8,721 Bot
After seeing the incalculable damage and suffering these surplus leeches can cause to entire countries, from Greece nowadays to Britain and others in the past, can anyone give me a reason why we cannot put them all against a wall and have them shot* like the good-for-nothing parasite cunts they are?
According to a correspondent to The Guardian today, they're even opening the futures market in bonds and sterling at 1 am on the day after the election, to enable bond dealers to speculate on the outcome of the election and to bet on a collapse in sterling- and activity that benefits nobody but themselves. What the fuck?
If this is an integral part of capitalism, then we could review our commitment to the system, or should at least get rid of such odious, useless to society greedy fuckers.
* naturally I am not reallly advocating killing them, but you get the sentiment
According to a correspondent to The Guardian today, they're even opening the futures market in bonds and sterling at 1 am on the day after the election, to enable bond dealers to speculate on the outcome of the election and to bet on a collapse in sterling- and activity that benefits nobody but themselves. What the fuck?
If this is an integral part of capitalism, then we could review our commitment to the system, or should at least get rid of such odious, useless to society greedy fuckers.
* naturally I am not reallly advocating killing them, but you get the sentiment
Beep boop. I'm a bot.
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Comments
The speculation will begin almost 24 hours earlier when some speculators enter the box with their betting slip and enter an x against the name of the person they gamble will benefit nobody but themselves.
I submit the future direction of sterling is a far better bet than the promises of false prophets who can only pick your neighbour's pocket.
However the gamble is for you to take (or not, as the case may be)
Man has traded for millennia. They traded spices for gold; silks for precious stones; bronzes for pottery. Actual, real goods changed hands. Both parties were happy.
These people don't trade in anything really. They gamble, and moreover they gamble on other people's misfortune, and often their actions precipitate or accentuate the misfortune in the first fucking place.
They are the true fucking definition of parasite. Mankind has been able to trade and conduct business very well for thousands of years without this particular industry. They are unnecessary and morally repugnant. We should do away with the it altogether. Fuck them.
Those parasitic cunts as you so impartially refer to them as pay more tax and contribute, at least financially, far more than the lentil-munching hippies of north London will ever do. I suppose it's easier to criticise something about which you know nothing than possbly concede the notion that, were you in a similar situation, you would do exactly the same thing.
Bullshit I would. Some trades are morally indefensable regardless of the tax paid (it all comes down to money to you, does it?).
If you really think there is nothing wrong with betting against economies and currencies, and causing grief to milliions of people purely out of greed, I suggest you take your moral compass to the nearest repair shop.
Unfortunately, they are also weapons-grade cunts of the highest nature who make this country a lot of money and pay a lot in tax.
Given a choice between living in a world full of stock market speculators and living in a world full of the muesli-eating cunts at The Grauniad, I'm afraid the journos at every Leftie's favourite loss-making newspaper would be thrown into that Icelandic volcano. Pollyanna Toynbee can go in first...
Fuck me, since when did all trades done by investment banks have to be morally defensible?!? I clearly slept through that meeting
What I find impossible to reconcile, tio, is your view that all banking and finance, subjects about which it's quite clear you know little, should be morally upright and totally ethical, and the free market capitalism in which we live. I just can't.
Whilts it would be great for all investment banks and funds to be morally squeaky clean and only invest in lentil farmers, green energy and hemp sanitary pads, in a capitalist system whereby profit is the main driver, that simply isn't going to happen.
So take away the banks et al if you want, if it will suit your agenda, but simultaneously take away 10% of this country's GDP and billions in tax revenue. Or, desire the FSA to ensure ethical trading if you want. But wanting all investment banks to act morally all of the time is never ever going to happen. Remember that all morality is relative.
However I believe a number of other aspects of the financial world are completely surplus to the needs and the good of society and its citizens. And in some cases, they are actually detrimental, and in fact often thrive on the misery and misfortune of others.
There are no redeeming qualities to be found in such activities. The only people who ever benefit are the speculator themselves. The effect they can have on companies or even entire nations can be devastating, and they're no more than glorified gamblers.
At least the poor sods spending their time in Ladbrokes are fucking up their finances, instead of those of millions of other people.
If we got rid of speculators and short sellers, the world and indeed capitalism would be far better off for it.
The main problem is automated systems that can cause erratic and sudden movements, but they also cause bubbles and nobody complains when their company suddenly hires 100 new people because it looks like its going good. But there are systems in place to prevent that if its a dramatic movement.
Look, if you get rid of the online speculators betting the price will go one way, you break it down to just a handful of people buying and selling chickens. One person buys a chicken thinking it will be more expensive tomorrow, and sells it on, and makes a nice little profit. Another person thinks it will be cheaper tomorrow, so borrows a chicken off his friend promising to give it back tomorrow evening, sells that on, then buys it tomorrow at a cheaper price.
I simply don't buy the idea that whole economies can be crushed by people speculating, because speculators behaviour surprise surprise is indistinguishable from a random walk. It's a zero sum game - for every trader that makes £x, other traders have 'lost' £x.
The real determinants of prices and how that affects the rest of the economy are the fundamentals - supply and demand. A lot of the speculating is done by funds where people opt-in their money, so it's not your money being gambled. The only exception is banks but as far as I know there are restrictions on the kind of stuff they can do.
Of course if you're the guy who bets that chickens will be more expensive tomorrow, and then there's a chicken shortage - you're quids in and people will resent you for it. Just because you made that profit though, doesn't mean you caused the chicken shortage. That is simply down to the supply of chickens and the demand for chickens.
edit: the 'dodgy' people are the ones with inside knowledge, but insider trading is illegal and quite a lot of effort goes into preventing it.
Last week, a major insider compounded those views.
http://www.youtube.com/watch?v=nlDwqLOOwJk
Worth a look, as he also implies that the global financial (currently up and running but still in first gear) can be attributed to an event that took place almost four decades ago.
Fuck me, since when did investment bankers get exemptions from the requirements of morality? Looks like you're not the only one with difficulty staying awake in meetings.
I love the way you just throw that in there like that's been established now. Er no, no it isn't. Morality is universal. If applies to me and you just as much as it applies to rich corporate bankers. And the biggest con they've pulled is tricking you into thinking they are so indispensable, the requirement to act morally and not fuck people doesn't apply to them. Bollocks.
You speak of morality like it's synonymous with law. It isn't. If I break your nebulous concept of morality (see below), I'm not hauled down the nick, nor will these bankers.
Err, no, morality is not universal. What seems morally correct to you may be morally wrong to me. What do you do for a living incidentally? I may find it morally reprehensible, while you may find what I do equally abhorrent. Morality is relative.
Billions in corporation tax and income tax, 10% of GDP plus providing employment to hundreds of thousands of people may not make investment banks indefensible, but it makes them important.
They lied to get into the Euro, have a vastly inflated public sector and thought collecting taxes was a waste of time...
There is also that. I read somewhere that, prior to the crash, according to the Greek equivalent of the Inland Revenue recorded that, in terms of tax paid, there were only something liek 4 millionaires in Greece. That just shows how bent the country is.
That and the disparity twixt interest rates pre and post accession.
As an aside for you Shyboy here is something you might enjoy(?) listening to. It is the audio recording from the S&P pit yesterday during the freefall.
http://www.archive.org/details/MarketCrash-06May2010-SpPit
Do you really fancy pursuing this vocation ? (Stress balls of steel obligatory