[GJM] Panic time? CITS Debt Watch Alert: RBS issues global stock and credit crash alert

[W. Curtiss Priest]

Subject: Panic time?  CITS Debt Watch Alert: RBS issues global stock and
credit crash alert

Some remember.  Adam Smith was a Scot and RBS is Scotland.  Smith
did not say everything that has been attributed to him.  He lived in
the Age of Enlightenment -- a very more gracious age than ours.  Do
read the Wealth of Nations !  Very sensible.

Adam Smith would be horrified with US America (2008).  Actually,
he would have been horrified with US America (1980).

If you want to know how banks are supposed to know their
customers, please read Roger Ward Babson Banking, "Bond and Stocks:
The Elements of Successful Investing" (1919).  I have an original
copy (lists for sale at Alibris, only $360) -- guess it was
a good investment at $5.  (Babson advised clients to get out
of the market in 1928!  His debates with Irving Fisher of
Columbia University are a tad like someone trying to tackle
Bernanke ... whichever, it won't matter.)

I have visited some banks recently.  An elderly woman was
eager to chat.  She said she couldn't believe what happened
to the laxness in banking since she was a clerk in 1972.
I nodded, knowingly.  I said, "yeah, it is all done with a
single rating score."  By-the-by, speaking of single rating
scores, today's news -- the SAT's -- even the improved SAT's --
only have a 49% predictive relation to actual performance in
college.  Many colleges and universities are dropping them!

Yeah, there's nothing quite like that old-fashioned, "know
your customer."

Whichever, when the Royal Bank of Scotland advises its clients
to brace for a full-fledged crash in global stock and credit markets,
I think it is time to smell the dung heap.

Really!  Think about it.  The writing has been on the wall in
blazing neon for the last ten years and has been plastered on
billboards for the last twenty years.

Did you think it was a fantasy?  "Money for nothing and chicks
for free," (Dire Straits)

W. Curtiss Priest
Editor, CITS (CKL&S) Capital & Debt Watch
-- 

	   W. Curtiss Priest, Director, CKL&S
	 Center for Knowledge, Learning & Progress
    (formerly the Center for Information, Technology & Society)
	 466 Pleasant St., Melrose, MA  02176
   781-662-4044  BMSLIB at MIT.EDU http://Cybertrails.org
-------------- next part --------------
An embedded message was scrubbed...
From: William Tamblyn <wmtamblyn at yahoo.com>
Subject: RBS issues global stock and credit crash alert
Date: Wed, 18 Jun 2008 10:31:26 -0700 (PDT)
Size: 8995
Url: http://globaljusticemovement.net/pipermail/discussion_globaljusticemovement.net/attachments/20080618/bca06b55/attachment.mht