Firstly, here's her post.
Copenhagen Incompetence: Hot Air For Global Cooling
........ and then the link from the Telegraph in the U.K.
Copenhagen climate summit: 1,200 limos, 140 private planes and caviar wedges – Telegraph
Yes, you read that right, these guys are going all out to save the planet.
If limos and private jets are what it takes, then so be it.
This brings me to the main point I want to discuss.
Politicians and government bureaucrats the world over are the same - always attempting to fool all of the people all of the time.
I'm not going to get personal here, but I despise them all equally.
They love summits, conferences & trade talks!
Breaking promises and commitments is just second nature to them, and as for change for the better or the first foot steps in the right direction, well they're just not up for it!
Their performance in the boom time that led to the crisis and the subsequent meltdown and now the ''magical recovery'' tells the whole story.
- Failing to curb, control or regulate a speculative boom in real estate, but instead proclaiming that the whole world had entered a new era of never ending growth. Continuing to lend to sub prime borrowers who would be prime default candidates if things took a turn for the worse. But then why would the government bother, when everyone was getting rich by speculating!
- Post the meltdown, refusing to set up any viable long term solution, but instead looking at short term fixes. Cash for clunkers being a case in point. Why not try setting up cross country railroads instead. Oh wait! I forgot about the automobile lobby!
- Continuing to encourage more borrowings at a time when individual debt levels are rather high. Then resorting to massive increases in money supply and government borrowing, as lenders of the last resort to everything and everyone in the ''free market'' economy.
- Always coming up with solutions that involve decisions that have to be taken immediately. Like the TARP ...........If we don't do it now it will be too late etc etc
- Nevermind that the lines between governments and banks in the west are blurred, but to tamper with accounting practices and then refuse to curb, regulate and control the ginormous derivatives market, well that's just suicidal.
- CHANGE- Well that often means 'more of the same', a plan that usually involves more borrowing and spending. ''Change'' is also used as a general diversionary & distraction tactic. Take Climate Change for example. I know it's a real concern and long term problem, but it's not an issue that came up yesterday. Sadly no long term fixes here, these guys are just using it to divert attention away from other pressing issues - unemployment, banker bonuses, massive massive government debts etc. And once again the public is going to fall for it!
Well that's the end of my rant!
We live in uncertain times, and anyone who advises you to take on more debt or more risk, obviously has pre - planned his own bailout package!
It's actually a time to pay down debt and avoid speculative investments.
Focus on capital preservation and conservative fixed income generating strategies that will stand you in good stead if things take a turn for the worse.