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Online usersPollWhat should the government do about ailing financial institutions? Nothing, except to back off and get out—as any Objectivist knows, intervention is treating the disease with the disease 84% Intervene judiciously—enough to avert a catastrophe that is otherwise imminent 3% Intervene massively—as it's doing 3% Nationalize the whole economy and be done with it. Bring on the USSA! 1% Something else (specify) 9% Total votes: 76
 Basic Economics by Thomas Sowell
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Global Meltdown Submitted by Elijah Lineberry on Thu, 2007-11-08 03:54.
George Soros says that a global financial meltdown is not too far fetched. Soros is fairly respected and has spent half a century involved in financial markets, so does know what he is talking about. I cannot help feeling it is reminicent of Sir James Goldsmith forcasting something similar about 15 years, which did not come to pass, and these types of warnings always crop up when markets drop or other situations arise which hurt economies (such as the 'Sub Prime' business in America at the moment). As an opportunist speculator, however, I must say that a financial meltdown would be splendid! It would create havoc around the World, 'force' America to run budget surpluses and cut spending, and the 1000001 resulting bargains would be amazing, and set 'wise' people up for life. Never underestimate the benefits of imploding markets and economies!
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..(it would be almost as good as a massive outbreak of Foot and Mouth disease resulting in a ban on our exports and the collapse of our economy)
No the NZ government doesn't bail
out Finance houses. I'll give you that.
On the other hand, the NZ government goes one better by acting like a Finance house using your money.
Ever heard of State Housing? What about the Accomodation benefit? Then we have Kiwi Bank and Student Loans. What about Jim Neanderton's Department, The Ministry of Business Welfare?
The problem with the NZ Government is that it would like to be the CEO of NZ Inc.
Yes
foot and mouth is no laughing matter, probably not the funniest of jokes I have made.
I was merely visualising popping 'home' to the Deep South for a visit and being able to purchase as much land as I wanted for about $50 per acre
...(rather than the current $1800 per acre)..but yes, gosh.
One thing I have noticed in recent weeks is the difference between Governments.
In America and Britain (and elsewhere?) various Financiers get into trouble we all saw coming, and there is talk of bailouts...(by supposed 'free marketeers').
In New Zealand 10 Finance Houses collapse in a matter of weeks and our Government says "Oh come on, don't be silly, you know the NZ Government does not bail out businesses, you can forget that idea right now!"
The problem...
I agree, businesses melting down because they lent money to people they knew could not repay them would be a good thing!
Unfortunately as the ARI press release points out, allowing such businesses to get their just deserts is not what the Dumblican government is all about.
Foot and mouth disease is no laughing matter. An outbreak in NZ would encourage the government to introduce draconian measures similar to those used to 'contain' the BSE outbreak in the UK.
The government is the worst enemy when it comes to economic disasters.
LOL!!
I was meaning in terms of share prices or real estate going for a song
...but I suppose, yes, impoverished Artists could be flogging off their works cheaply, too! 
Wonderful post Elijah. I
Wonderful post Elijah.
I wonder if it not just a bout of old age grumpiness in Soros?
I enjoy your enthusiasm about possibilities, even through a meltdown. Though, I thought you might like to know, I would die first before I would sell you a painting for five cents on the dollar!
Michael
http://www.MichaelNewberry.com