Monthly Archives: December 2011

Inside Job and The Euro

See the documentary Inside Job – a forensically researched, superbly delivered film about the 2008/2009 financial collapse – to see what the Euro leaders really have to deal with, the rating agencies delivering them an ultimatum.

Why haven’t we had a detailed analysis as we see in Inside Job presented to us by big media?

Some empirical facts to ponder: “The financial services industry’s share of profits increased from 10% in the 1980s to 40% in 2007, and the value of its shares (in the overall) went from 6% to 23%, while the industry only accounts for 5% of private sector employment.” Household debt in the U.S. grew from 3% of disposable income in 1998 to 130% in 2008. Prime mortgage delinquency as a percentage of loans increased from 2.5% in 1998 to 118% in 2008 – Manuel Castells.

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Fictional Capital

If you haven’t seen the film Inside Job (by Charles Ferguson) – don’t know him, not connected to him, not selling, just saw it and say, get a DVD and watch the documentary. In the meantime have a look at Castells in London, standing right in the financial heart of (very near to) the City.