Have just read the news and seen that "no drama" Obama has had enough! Never thought I'd say it, but he's got a point. The end of the world is not a natural disaster, it's an economic disaster based on imbalance that we've all let get out of control. I've seen enough "G Whatever", IMF, World Bank or EU conferences that achieve absolutely nothing, when are these guys going to stop taking about it and start doing something. Truth is, they're not going to because they all caused it and it now they don't know what to do about it so they just keep talking and blaming everybody else. In case you think I'm a tree hugging socialist, you couldn't be more wrong. My conscience has finally got the better of me and my laissez-faire brain has just seen it all for what it is - I'm an investment banker and entrepreneur. I've been way over-paid to the extent that I now sit here in tax exile with more than a little guilt hanging over my head an wondering how we can start again and put things back to the way they should be. The future starts here at T0!
Time to wake up, smell the coffee and realize the party is over. Let's start with Europe (I'm from there) - why not face facts and call it what it is, Greater Germany - the only country that works (despite paying the bills for everybody else). Every other economy is in trouble and needs to be bailed out. Why? Too much of the good times and not enough real productive work. Politicians and business leaders are as bad as each other. You think they're not in it together? Just walk around the receptions of Davos - the truth is there in front of you. It's one great big mutual love-in session and yes, I include Bono as one of the establishment. This is corruption on a scale that makes rupert Murdoch look like a side-show. They and we are all responsible for the financial mess we're in today. Nobody can really escape some element of blame.
I'm not going to be popular for pointing out that banks (the supposed common enemy of mankind) only lose money when customer's don't repay their mortgages and credit card loans. Yes, that means it not all down to a maniacal Scottish banker on a mission to rule the world or a mad man on Wall Street on the ego trip of all time. We should all admit that the logic we can only work for half our lives and then live happily to the end of our days just doesn't add up - somebody else clearly has to pay for us unless we give half our earnings away in tax for our entire working lives (and this would still not cover our health costs). AUSTERITY is a reality that places the burden on the average man way more than the celebrities and super-rich who are actually being paid to be what we should detest.
America, the land of the free. Try saying that to the auto workers in Detroit! The largest debt in the world and yet shouldering the burden in more ways than the rest of us can calculate. Don't get me wrong, I know many of the bankers that "caused" the meltdown in the first place. Sorry, no differences to Europe. Too much pay for not enough productive work, corruption on an unbelievable scale and an establishment that wants to protect the status quo. So-called philanthropists that want to save the world with their billions yet want to play God with money they've built up from the hard work of others. Here's an interesting fact, Apple Inc. now has greater operating cash balances than the US Government! Why not acknowledge the role of America in the world by paying for the security provided by the GI's? That said, it really is time they (and the UK, France and rest of the world) kept to their own borders and not being used by the establishment and corporations to secure oil reserves in the name of humanitarianism. You want a war worth fighting? Step into an African country that doesn't have oil.. Ooops, can't do that as there's no oil reserves to book into those oh so important companies owned, sorry managed, by our friends at Davos. You want a laugh, look at Tony Hayward was hung out to dry by his politician "friends" when the oil flowed into the Gulf of Mexico - yes, these were the same people fawning all over him before.
So where is this rant going? Well, here's the nub of it. Enough is enough. Let's just be really honest with ourselves for what is the real truth - THE PARTY IS OVER. We are all to blame in some way or another, that includes me. There you go, you've manned up and thought about it and come out at the other end. Time to re-set the clock and start again. This blog is all about honesty and thinking how we can get it right with a blank sheet of paper. So how do we do it with the least pain and learn from the past so we can get it right going forward. Truth is, we can't listen to our politicians or business leaders as they all have conflicts of interest that go way beyond their objectivity and independence. Let's face it, all politicians want to be re-elected and need businesses and people to fund their election campaigns. Would you trust the geeky, attention grabbing kid at school who always wanted to be the class rep but couldn't play sport or get laid as everybody hated them? They are the same people championing "democracy" now and telling us how to run our lives in a way that gets them re-elected. Nope, neither do I.
So I'm going to take the bull by the horns and make some pretty obvious calls that you may or may not agree with, this is not a popularity contest. I put myself forward as an educated and well travelled citizen of the world who has worked for 23 years and has not had a silver spoon stuck in my mouth. I want the best outcome for all and want to see the world put straight so we can all stop this seemingly never ending spiral of misery we find ourselves in. Medicine is not supposed to be pleasant, but it is supposed to work. So here's a start:
$100 million - that's it folks, once you've got this amount of net worth, you don't need any more! I want to take the rest of that wealth from you and use it productively. With negative savings rates and unemployment at 20% in some countries, you're obviously not using it productively. Don't bore me with taking away your incentives to create value - politicians may buy it, the rest of us don't.
Bankers, actors, sportsmen, other highly paid employees - you can't have more than $5 million of pay a year. You don't need it and you won't stop doing whatever it is you're doing because you're only on $5 million a year. You can still travel first class and have nice homes and buy champagne in the nightclub. But face it, you're employees and work for shareholders (ordinary people who want a pension) and unlike the L'Oreal advert, YOU ARE NOT WORTH IT.
Public sector bosses - precisely why are you paid more than the President or Prime Minister of your country. Get real, you're not the big boss (and yes I include highly over-paid TV presenters).
Public sector pensions - sorry, we can't afford to keep you forever. You want the pension, fine you need to work an extra 10 years. That's just the math.
Students - I hear ya boys and girls, I was one of you. Time to quit the courses that keep you off the unemployment numbers and look at training for real manufacturing jobs that will pay you and the country properly. What happened to you guys? Why can't I hear revolution coming from you? If you really care, stand up and be counted - tell the politicians you want a future and not unemployment. Put the Playstation down and get out there.
Democracy - the real "gorilla" in the corner that nobody wants to tackle. IT'S NOT WORKING! Witness Berlusconi, witness Sarkozy, witness Blair/Brown/Cameron (all the same person)..... Is it an accident that the world's fastest growing and most powerful economies are from the emerging markets where "democracy" is not exactly leading the way. Time to think again, I'm not saying dictatorship is the answer, but we do need a re-think (I'll write more about this later).
Over the coming days/weeks I'm going to let rip on some pretty controversial thoughts, many of which will be based on what I've seen first hand. I know the US and Europe pretty well - I've met many leaders of both businesses and countries. I've sat there with these people, some are impressive and others just left me thinking "wtf". I've seen many people with absolutely zero intellectual ability or talent make more money than most people can contemplate. Why is this important? Simple, I've seen what works and what doesn't work. I don't have all the answers, but I reckon I've got a few thoughts on how I'd put things on an even footing to go forward without killing the average Joe and making people want to get up in the morning and go to work.
Time to wake up, smell the coffee and realize the party is over. Let's start with Europe (I'm from there) - why not face facts and call it what it is, Greater Germany - the only country that works (despite paying the bills for everybody else). Every other economy is in trouble and needs to be bailed out. Why? Too much of the good times and not enough real productive work. Politicians and business leaders are as bad as each other. You think they're not in it together? Just walk around the receptions of Davos - the truth is there in front of you. It's one great big mutual love-in session and yes, I include Bono as one of the establishment. This is corruption on a scale that makes rupert Murdoch look like a side-show. They and we are all responsible for the financial mess we're in today. Nobody can really escape some element of blame.
I'm not going to be popular for pointing out that banks (the supposed common enemy of mankind) only lose money when customer's don't repay their mortgages and credit card loans. Yes, that means it not all down to a maniacal Scottish banker on a mission to rule the world or a mad man on Wall Street on the ego trip of all time. We should all admit that the logic we can only work for half our lives and then live happily to the end of our days just doesn't add up - somebody else clearly has to pay for us unless we give half our earnings away in tax for our entire working lives (and this would still not cover our health costs). AUSTERITY is a reality that places the burden on the average man way more than the celebrities and super-rich who are actually being paid to be what we should detest.
America, the land of the free. Try saying that to the auto workers in Detroit! The largest debt in the world and yet shouldering the burden in more ways than the rest of us can calculate. Don't get me wrong, I know many of the bankers that "caused" the meltdown in the first place. Sorry, no differences to Europe. Too much pay for not enough productive work, corruption on an unbelievable scale and an establishment that wants to protect the status quo. So-called philanthropists that want to save the world with their billions yet want to play God with money they've built up from the hard work of others. Here's an interesting fact, Apple Inc. now has greater operating cash balances than the US Government! Why not acknowledge the role of America in the world by paying for the security provided by the GI's? That said, it really is time they (and the UK, France and rest of the world) kept to their own borders and not being used by the establishment and corporations to secure oil reserves in the name of humanitarianism. You want a war worth fighting? Step into an African country that doesn't have oil.. Ooops, can't do that as there's no oil reserves to book into those oh so important companies owned, sorry managed, by our friends at Davos. You want a laugh, look at Tony Hayward was hung out to dry by his politician "friends" when the oil flowed into the Gulf of Mexico - yes, these were the same people fawning all over him before.
So where is this rant going? Well, here's the nub of it. Enough is enough. Let's just be really honest with ourselves for what is the real truth - THE PARTY IS OVER. We are all to blame in some way or another, that includes me. There you go, you've manned up and thought about it and come out at the other end. Time to re-set the clock and start again. This blog is all about honesty and thinking how we can get it right with a blank sheet of paper. So how do we do it with the least pain and learn from the past so we can get it right going forward. Truth is, we can't listen to our politicians or business leaders as they all have conflicts of interest that go way beyond their objectivity and independence. Let's face it, all politicians want to be re-elected and need businesses and people to fund their election campaigns. Would you trust the geeky, attention grabbing kid at school who always wanted to be the class rep but couldn't play sport or get laid as everybody hated them? They are the same people championing "democracy" now and telling us how to run our lives in a way that gets them re-elected. Nope, neither do I.
So I'm going to take the bull by the horns and make some pretty obvious calls that you may or may not agree with, this is not a popularity contest. I put myself forward as an educated and well travelled citizen of the world who has worked for 23 years and has not had a silver spoon stuck in my mouth. I want the best outcome for all and want to see the world put straight so we can all stop this seemingly never ending spiral of misery we find ourselves in. Medicine is not supposed to be pleasant, but it is supposed to work. So here's a start:
$100 million - that's it folks, once you've got this amount of net worth, you don't need any more! I want to take the rest of that wealth from you and use it productively. With negative savings rates and unemployment at 20% in some countries, you're obviously not using it productively. Don't bore me with taking away your incentives to create value - politicians may buy it, the rest of us don't.
Bankers, actors, sportsmen, other highly paid employees - you can't have more than $5 million of pay a year. You don't need it and you won't stop doing whatever it is you're doing because you're only on $5 million a year. You can still travel first class and have nice homes and buy champagne in the nightclub. But face it, you're employees and work for shareholders (ordinary people who want a pension) and unlike the L'Oreal advert, YOU ARE NOT WORTH IT.
Public sector bosses - precisely why are you paid more than the President or Prime Minister of your country. Get real, you're not the big boss (and yes I include highly over-paid TV presenters).
Public sector pensions - sorry, we can't afford to keep you forever. You want the pension, fine you need to work an extra 10 years. That's just the math.
Students - I hear ya boys and girls, I was one of you. Time to quit the courses that keep you off the unemployment numbers and look at training for real manufacturing jobs that will pay you and the country properly. What happened to you guys? Why can't I hear revolution coming from you? If you really care, stand up and be counted - tell the politicians you want a future and not unemployment. Put the Playstation down and get out there.
Democracy - the real "gorilla" in the corner that nobody wants to tackle. IT'S NOT WORKING! Witness Berlusconi, witness Sarkozy, witness Blair/Brown/Cameron (all the same person)..... Is it an accident that the world's fastest growing and most powerful economies are from the emerging markets where "democracy" is not exactly leading the way. Time to think again, I'm not saying dictatorship is the answer, but we do need a re-think (I'll write more about this later).
Over the coming days/weeks I'm going to let rip on some pretty controversial thoughts, many of which will be based on what I've seen first hand. I know the US and Europe pretty well - I've met many leaders of both businesses and countries. I've sat there with these people, some are impressive and others just left me thinking "wtf". I've seen many people with absolutely zero intellectual ability or talent make more money than most people can contemplate. Why is this important? Simple, I've seen what works and what doesn't work. I don't have all the answers, but I reckon I've got a few thoughts on how I'd put things on an even footing to go forward without killing the average Joe and making people want to get up in the morning and go to work.
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