In an interview with The Sunday Telegraph, Michael Spencer, the chief executive of inter-dealer broker ICAP, former Conservative Party treasurer and all round wanker, launched a passionate defence of the financial services sector and said the constant attacks on it were damaging economic growth:-
“Certainly there was some bad stuff that was promulgated in the banking industry regrettably over a number of years. But it has turned into a witch-hunt with the presumption that all bankers are crooks which is absolutely not true.”
FUCK OFF YOU CUNT, YOU TORY CUNT, THE WHOLE OF THE UK AND THE WORLD IS SUFFERING BECAUSE OF YOU AND YOUR GREEDY, SLOBBERING, OLD SCHOOL TIE CHUMS IN THE ANGLO-AMERICAN BANKING MAFIA. WE WOULDN’T PISS ON YOU IF YOU WERE ON FIRE (BUT WE’D HIDE THE MATCHES)
THE RICH ARE OUR MISFORTUNE.
UPDATED TO ADD:-
‘…because while protests against “austerity” (which as we observed recently has still not been truly implemented in Europe, and certainly not in Portugal or Spain) are a daily event in most PIIGS nations, “you ain’t seen nothing yet.“ The reason: to achieve the unavoidable macroeconomic rebalancing, and to collapse the spread between soaring labor costs in the periphery and those of Germany (see chart below), the bulk of European countries will need to see wages collapse by anywhere between 30% and 50% to compensate for the lack of state-level currency devaluation optionality.’
So 20-25% unemployment is not enough to reduce ‘labour costs’ in Greece, Spain, Italy and the UK? You bet “you ain’t seen nothing yet!” A STORM IS COMING…