January 17, 2013

It's the same old record: HMV just failed to change with the times

Posted in Irish Independent · 245 comments ·
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Years ago, in a hot summer of the mid-1980s, I tried to impress a young student who had come over from Dublin on the boat and train to London where I was working in a bar on Kensington High Street. She was already in college and I had just done my Leaving Cert so I was punching well above my weight. The stakes were high.

In the years before texting, mobiles or email, a rendezvous had to be planned in advance and, at the age of 17, the place you chose to meet was a significant marker about the type of person you were. I wracked my brains as to where it might be. Where could I meet that would send a signal I was copped on, cool and worth the effort?

Maybe Camden Market? But you might miss each other there. What about somewhere in Soho, maybe the Coach and Horses pub? But I ran the risk of not getting in and the mortification of being kicked out of a pub for being too young.

Of course there was only one destination. It had to be outside HMV on Oxford Street, where I would wait casually reading a copy of ‘NME’, smoking nonchalantly. HMV was ground zero. It was the hippest place in London that I knew. After all, Dublin didn’t have HMV back then. It was an exotic place we read about in ‘Melody Maker’ with rows and rows of records, 12-inch singles, original coloured vinyl singles, obscure bands, Japanese imports — the lot.

The demise of HMV is a lesson in appalling management and the failure to take new opportunities presented by changing shopping habits. It is the story of the internet and a harsh lesson in disruptive technologies and how they can destroy businesses.

It shows how changes in technology change people’s expectations and even though a company like HMV, with the brand and the resources it has, should wipe the floor with the competition using the new technology; if it chooses not to embrace the change, it will be eliminated.

In economics this process is called “creative destruction” and forms the basis of what is known as the Austrian school. The story of HMV is the story of corporate Darwinism, where only the fittest survive.

Back in the 1980s, in my world of music, HMV was king and that was before the CD revolution. The introduction of CDs heralded the Golden Age for HMV when people replaced entire music collections with these new “unscratchable” CDs. Punters were paying the equivalent of €18 on new CDs in the 1990s.

How many living rooms do you know that were devoted to shiny new CD shelves in the 1990s? These public displays of musical taste and sophistication were a must in any self-respecting new flat. Today the CD collection is such an interiors dinosaur that it will probably become hip again. For fashionistas, the redundant CD holder may become the woolly Christmas jumper of interior design displayed by those in the know with a hipster’s sense of irony.

But for HMV, the collapse of the CD market — driven by downloading — signalled the end. In addition, HMV’s belief that consumers wouldn’t be attracted by the discounting of the likes of Tesco, which sold CDs for half nothing, proved fatal.

But in the 1990s and 2000s, HMV, fat on the proceeds of expensive CDs and DVDs, opened up dozens of shops in cities all over Europe and it also bought up bookshops such as Waterstones. In 2002 it floated on the stock market. Its shares were worth over €2 initially and this valued the company at well over €1bn.

Last year the company was worth a mere €21m. That’s quite a fall. Today of course, it’s worth nothing. Yet it didn’t have to be this way.

Over the past few years, even when it was becoming obvious that people were downloading, the management of HMV did nothing online. Even before Christmas, I went on its website to price the difference between various PlayStation models for my son’s present and it was impossible to navigate. The website was awful.

Here was the company that should have wiped the floor of the competition in the new internet age yet it appeared frozen in time. It was as if by the time the management has cottoned on to the fact that the world had changed, they had decided it was too late and had thrown in the towel.

Yet when you think about it, who was better placed to exploit the internet than HMV with the power of the brand, their heritage in music, their unrivalled access to content from film, game and music companies? Who would have been better placed to take advantage of social media?

Now it’s gone. The biggest brand in music retailing, the company that struck fear in the hearts of record companies such was its dominance in the trade, and the company that young Irish lads associated with the pinnacle of cool in London of the 1980s. Here is the company that was making so much money in the 1990s in CDs that its chief executive was called before a House of Commons select committee in the UK to explain why it was charging so much for CDs.

Its answer then was that that was the price that the market would bear.

Today a new market has given its answer to the company. HMV at any price is more than the market can bear.

The lesson for all of us — all of us who are in any business selling something to someone else — is that there is no comparative advantage. If you are doing well, all you have is a temporary monopoly and soon someone else will come along and grab your market share. That competitor might be driven by technological change or just simply be better than you. This is the nature of corporate Darwinism and it is all around us.

Equally, countries that believed they had a unique advantage, such as a low corporation tax, for example, will be copied by others. Or perhaps their “beggar thy neighbour” approach might become deeply unfashionable as tastes change and global corporate tax avoidance becomes intolerable.

This is the challenge.

HMV should be a warning to the complacent.

Update: By the way, the following weekend, having passed the cool test by meeting at HMV, I brought my teenage love to the Notting Hill Carnival to assure her of my unassailable hip credentials. Not my cleverest moment; before the end of the day she’d gone off with a Trustifarian waving a bong.

Creative destruction anyone?

David McWilliams’ new book The Good Room is out now


  1. Adam Byrne

    Subscribe.

  2. bonbon

    “Creative Destruction” – the motif of the article, is often attributed to Schumpeter, and the Economist Magazine has a Schumpeter Column regularly today.

    While Joseph Schumpeter left Germany in 1932 and lived the rest of his life in the United States, teaching at Harvard, the man who first promoted the concept of “creative destruction” was a died-in-the-wool Nazi named Werner Sombart. Sombart credited Friedrich Nietzsche with the origin of the term and concept, but passed it along to Schumpeter. Sombart, who was denounced by Rosa Luxemburg as a one-time Marxist who became an apologist for German imperialism, was a close friend of both Carl Schmitt (Hitler’s Crown Jurist) and Martin Heidegger (Nazi icon). In the mid-1930s, he wrote a book called Jews and the Economy, in which he wrote that the chief task of German National Socialism was to destroy the “Jewish spirit.” Efforts to rehabilitate Sombart after World War II, like similar efforts to cleanse Schmitt and Heidegger of their Nazi ties, proved futile.

    Greenspan and Summers are devout Schumpeter followers – Greenspan and Summers destroyed Glass-Steagall. Out of this certainly no creativity appeared, rather today’s catastrophe. DMcW is right, complacency in the face of this is fatal.

    The case of Austrian School fanatic Rand Paul
    Rand Paul’s Austrian School: The Hapsburg War Against America shows the link to austerity, and Schumpeter destructiveness.

    In 1876 the Hapsburg Emperor Franz Joseph hired Carl Menger (1840-1921), who would become known as the founder of the Austrian School.

    Now a tech company trying to grow in this environment will tend to embrace this nasty approach. Huge hedge-funded holding companies will actively pursue the policy, make no mistake. The way to deal with this is to take away their fictitious assets with Glass-Steagall, which is why that is so vehemently opposed.

    Glass-Steagall puts global Schumpeter-ians on notice.
    Here one can see the “forces of destruction” already at work in Charlemagne’s time right up to the Austrian School’s Schumpeter.
    THE DESTRUCTION OF THE DESTRUCTION OF THE DESTRUCTION

    • StephenKenny

      So, if we ignore the “two devices that writers often use to make themselves sound very intelligent” for a moment, what actually are you suggesting about the idea of the article, which is that HMV refused to move with the times and so went broke, and that this observation can be used more widely?

    • bonbon

      Ignoring the elephant in the Good room, or as the Venetian gamblers preferred, the Room of Sighs, is a recipe for disaster. Complacency in the face of what is going on is fatal. That much DMcW does point out.

      As for innovation, the example of the CD to be specific, was a difficult effort, involved lots of research, and had a specific mission top-down : Fit Beethoven’s 9th on one CD!. There are still questions on that “something” missing in digital recordings that somehow is present in even scratchy vinyls. Our perception of music is the issue there, a scientific question. The conductor is of paramount importance when he understands the composer – it comes through even bad noise. The CD is not the last word.

      DMcW seems to concentrate on shopkeeper’s wares, sales methods, not the innovation that produced them. Here we have a conundrum – corporate Darwinism applied to retail is bad enough (WalMart…), but when this destroys the very basis for research we have something much more destructive in a society that depends on this. So the really deadly policy is only hinted at.
      Schumpeter’s “gales of innovation” is really a peon against creative reason, so bad today that firms hide their creative teams from the rest.

      In other words creativity is tolerated in small doses, carefully controlled, as Bertrand Russel proposed in his “Impact of Science on Society” and “Scientific Outlook”.

      I strongly suspect this is why firms and nations go under. It is really the destruction of creativity.

      Have a look at Bertrand Russell and the Lethal chamber to see the policy clearly exposed.

      So to survive dump the destruction of creativity, destroy the destruction. This means bucking “the times” where a complete collapse of the economy is being followed by those “with it”.

      • StephenKenny

        You just can’t give up with the “two devices that writers often use to make themselves sound very intelligent”.

        And as for the rest, it is the merest Leninist fantasy of national level planning, democracy of the committed, and a refusal to accept that a modern society can run in any way other than as the direct result of obsessions of a central committee.

        • bonbon

          I’m afraid there is a (Brutish) tendency to follow Adam Smith’s Moral Sentiment on what is the business of people. Letting the decisions and craft of the public good to others more favored, has produced results indeed, hmm? It is indeed a Sentiment of those seeking popularity to appear anti-intellectual, as President Michael D Higgins explained.

          But Ireland was not always so all the time.

          • Tony Brogan

            Speak in logical phrases.

          • bonbon

            Those seeking popularity must appear anti-intellectual as Adam Smith dictated in his book Moral Sentiments, and have no consideration of the effect of their actions. It is but a short step to Hayek’s “unknowable” “spontaneous” economics, dedicated to Mandeville. This is the Elephant in the Good Room.

      • bonbon

        The destruction of creativity, should be obvious to anyone trying to understand why firms fold. Nations too. The uncanny recipe of Russell should be a wake-up call, nothing is hidden.

        Now to hint Russell was intelligent, is a bit batty. He was Mephistopheles himself, he antithesis of intelligent.

        It is I think very disturbing for Tiger’s to suddenly discover they have been following such recipe’s. But that is the only way Tiger’s could have possibly ended up in this mess. Docility, as Bertrand Russell laid out.

        • Tony Brogan

          Creation of cenralization, centralized government, centralized banking, is what kills creativity.

          • bonbon

            No. Bertrand Russell spelled it out. Really worth reading – it would make the hair stand on the head! This policy is actually going on (never mind in banking) and highly destructive, in fact pure Satanic.

          • Tony Brogan

            What did Bertrand Russell spell out

          • bonbon

            The link above has it all. See the bit on loyalty for example. Or the cost of making people believe snow is black or any shade of grey.

            This is the oligarchy speaking – face it.

      • Ambience HAL. Ambience is the quality that was missing.

  3. cathalmelinn

    ha – nice headline

  4. Records & Spuds

    Are you roasting them or boiling them ?

    It’s a business lesson that comes from way back in the old days when record shops were as popular on the high street as a bookie is today. It’s from the band (and business guru) Bananarama…

    “It ain’t what you do, it’s the way that you do it. And that’s what gets results.”

    • happyboy

      I get tired of all this nostalgia!

      Every so often a bookshop closes and we all pine for the good old days of leatherbound books standing in serried ranks on the oak shelves of a local store, all watched by the kindly eye of an avuncular, knowledgeable owner who would point you in the direction of a first edition of The Voyage of the Dawn Treader.

      But somehow we all prefer to go to Amazon and buy our books there or download them on a Kindle!.

      Why? Because it’s cheaper and more convenient!

      Welcome to the free market — in the end it always wins!

      • bonbon

        Some Austrian School’s here bemoan the fact there is no “free-market”, and actually there was never one.
        What about all those new media laws last year alone?

        The media are certainly not free, and rippoff by major labels.

        • StephenKenny

          and another delightful story is that of the incandescent light bulb. Pure market rigging by all the players, to ensure that bulbs last no more than about 1,000 hours – the so-called Phoebus cartel.
          Now they are on the way out, the documents and letters have been released. It should be astonishing.

          • bonbon

            And the original Edison bulb was only turned off last year, I think.
            Now we have Brussels dictating toxic lamps, more expensive (the damned things do not light up when you need them!). Add in Obama’s biofuel quota (43% of corn food goes to ethanol!). Or Michelle Obama’s Low-Cal diners for kids at school.

            Mandeville’s trick is good, it fools the suckers al right.

          • coldblow

            Stephen

            I was thinking about this only the other day. I’d heard it once or twice over the years but assumed since that it was a conspiracy theory. Is there something to it or ar you just joking? In our house bulbs, especially led spotlights and “long lasting” low energy bulbs, don’t last more than a few months.

          • coldblow

            And if it is all just a conspiracy theory then I’d blame the Illuminati.

      • coldblow

        Speaking for myself, I pine for the good old days. I will never buy a kindle. The bookshops that remain have a very poor selection. I wish they were still like those that feature at the end of Wells’ “Kipps” (without wishing to provoke Bonbon!). When I bought our car 12 years ago the salesman was amazed when I asked him to fit a cassette player instead of the CD one. It was obviously pointless trying to explain.

        HMV was one of the few shops I’d go to on my increasingly rarer trips to Dublin. Amazon is good for choice but the cost of postage is ridiculous. (You can often qualify for free postage in Britain.) Can you order from a wide selection of CDs from within Ireland at reasonable postage rates? Also, their staff were sometimes knowledgable and often had good music playing. I first heard the Stones’ Let it Loose there, asked the girl who the group was and then bought it.

        This is the problem with music in Ireland. You have to buy it if you want to hear good stuff as RTE (except for Dave Fanning) are obviously allergic. This morning I drove in to work and just for the last couple of mins turned over to Lyric where I got a twee tuneless song in French by a croonerette. Probably about bearable if you were studying for your French leaving cert. It was followed by the voice of Marty Whelan (so that’s where he goes to during the day) chuckling about how ‘delightful’ it was. Or was it ‘charming’? Probably both.

        It ain’t getting any easier out there.

  5. aidanxc

    I think you are right to raise the issue of low corporation tax. It does not bring Ireland the jobs that common wisdom would have us believe. As a manager of a company I would be happier to pay higher corporation tax if other aspects of the Irish economy were fixed. e.g we need proper and varied sources of credit in Ireland.

    Low corporation tax does not facilitate the creation of new companies, in fact it works against that happening. Given the fact the Ireland Inc has subsidised the operations of multi-nationals here, they can afford to offer higher salaries and thus starve young Irish companies of the bright talent they need to grow. Multi-nationals are continually poaching staff away from Irish start-ups and this is stifling their growth. In the long-term this will prove highly detrimental for the Irish economy.

    To take a football analogy it would be like an up and coming team investing in its training academy and producing really good footballers, only for them to be poached by Manchester United at a moments notice any time during the season…and worst of all with no transfer fee for the poorer club that nurtured and produced the talent in the first place. This is happening constantly in Ireland and it is stifling the ability of Irish companies to grow.

    We need the IDA and the government to rethink their FDI policy. The low corporation tax is distorting our labour market and is actually a barrier to the development of a resilient, indigenous high-growth economy.

  6. happyboy

    Everyone is reminiscing sadly about when they bought their first CD – Bruce Springfields “Nebraska”, HMV , Oxford Street, 1982!

    Or met the opposite sex for the first time as they fiddled through the racks of records or flicked through the posters of Cyndi Lauper!

    But they obviously don’t miss it that much, or they’d have gone there, and bought the stuff!

    Instead we download it from iTunes or stream it on Spotify. Because it’s easier, and cheaper, and there’s more choice.

    “You cannot buck the market”, as a British PM once said – how right she was!

    • bonbon

      I’m afraid you missed the point – the CD bucked the market of the day, the producer firm went against the times! A sign of creativity at work.

      Cars did not evolve from the horses of the time. Motorized flight not from feathered friends. Electric power not from candles.

      Failure to note this is because of the consumer mentality, docility. That PM was speaking to those.

  7. bonbon

    DMcW : “The story of HMV is the story of corporate Darwinism, where only the fittest survive”.

    Darwin plagiarized from Malthus, published “On the Origin of Species by Means of Natural Selection, or the Preservation of Favoured Races in the Struggle for Life”, and nephew Galton carried on the family tradition to eugenics.

    The full title is avoided by the squeamish, but we do see favored global companies, and even entire former nations. The lawful result of this is eugenics for companies and entire nations not favored, in other words “creative destruction”.

    Gives new meaning to “curry favor”? Begging for survival? Beal Bocht.

    • Maybe he did, but who cares. Darwin & Malthus – it is well known that Darwin borrowed from Malthus.

      Best

      David

      • Lord Jimbo

        ‘Borrowing’ without acknowledgement (if that is indeed what happened) is one of the great intellecutal sins, while plagiarism is the greatest academic sin, something which has cost a few with ‘Dr’ before their name (politicians and advisors) their jobs after their past finally caught up with them.

        On HMV, I am interested to know how much of it was ‘appalling management’ or were there other factors at play, given commercial rents could they compete with online sellers who deliver very low priced books and DVDs with no charge, to what extent were they contractually ‘locked in’ to their business model, could they have pushed the online business in the famous of major competitors who not so long ago looked to be in difficulty…………hindsight is 20-20.

        Judging by the article, it would seem some of the business decisions made a few years ago came back to haunt them, as Napoleon said about the battle of Austerlitz, arguably his most famous victory, the battle was won before it was fought, maybe the same can be said for the raft of companies that have hit or will soon hit the financial wall.

        Thoughts go to the dogged employees in all these firms who rarely get a mention, but then the grass always suffers when the elephants fight.

      • bonbon

        Hi DMcW, it does hurt though. In 1846 the Irish were not a “favored race” so were systematically Darwin-ized. I seriously believe the attitude of Leinhan, FF, FG, LP is to be favored (poster boys), is an unthinking reaction to this. In fact the threat is barely hidden – be favored or else! It is an Irish version of the Bettelheim syndrome. To appear “intellectual”, defend ideas will draw “their” wrath. The result of this is catastrophe.

        It does explain a lot of carry-on.

        Best,
        bonbon

  8. miec

    Ah David, as someone of a similar age category and growing up in the age of vinyl, casette, CDs and downloadables (jeez what’s next) reading your blog piece made me sad and nostalgic. I work in an industry that is also dying on its knees due to its inability to face up to the truth and I see it dying in a way like HMV. Management needs to wake up and see who or what is snapping at their heels. I’ve not much more to add only to say I really enjoyed the blog.

  9. Adam Byrne

    HMV – total rip off merchants. What goes around comes around.

    • Dorothy Jones

      Shop stays on premises on most expensive street in Dublin, Shop sells redundant expensive stuff for ages after it’s cheaper/free online elsewhere; Shop doesn’t sell much of this stuff for ‘long time’, appears not to notice what would be clear to a babyinfants class; Shop goes bust. Did I miss something?

  10. Adelaide

    Enjoyed the article.

    (Would you consider doing an article on the subject of the petrodollar? A little known subject with big ramifications that is NEVER mentioned in the mainstream.)

    • Adelaide,

      Let me do a bit of digging.

      Best

      David

    • happyboy

      In the mid 1970’s, a deal was struck between the oil producing nations of OPEC and the US and later with other nations.

      According to this agreement every barrel of oil purchased in the global market by any country must be paid for in US dollars

      • bonbon

        Nixon Broke the Bretton-Woods exactly then and produced the petrodollar, the first move to the derivative bubble now avalanching at a bank near you.

        Since the repeal of Glass-Steagall in 1999 Nixon’s treason is forgotten, for the moment. The two treaties best seen as a package, FDR’s genius, must be re-instated.

        • happyboy

          In US$, the price of oil has gone up by 350% in the past decade. In Euros it went up 200%. In the price of gold, it stayed flat.

          It is inflation (the printing of money), that is destroying the value of the US$ and the further the US$ goes down, the higher the price of oil

          • bonbon

            The secret of oil is the transport – a large tanker is bought-sold around 50 times, a speculative market. Underway this product generates no wealth, no economic value. Extraction price has nothing to do with market price. In other words oil is the perfect maritime “free-trade” instrument, separating produce from consumer, a cornerstone of empire.

            The secret of nuclear power is it blows this model literally out of the water. It is local, extreme high density, and generates a wealth of industries.

            So we have now the next imperial move – importing solar and wind power. But there the transport is the Achilles heel, as everyone found out quickly. The density is so low it must be spread out, another painful heel.

            Quantitive Easing is destroying currencies, the ECB and FED policies.

          • Tony Brogan

            Correct!!but gold is now used as the medium of exchange if you really need oil. Iran-India/ Iran-China?

        • Tony Brogan

          Nice to see you finally go back to the final link for the fiat explosion of currency. nixon 1971. Glass Stegall was a hiccup along the road to destruction of the currencies.
          Gold will Rule. It is the money of Rulers!
          The first link is the advent of the fiat only central banking system and the abandonment of gold as money.

        • bonbon

          The hard gold standard was dumped in 1931. Nixon nixed the Bretton-Woods, a reserve standard, not the British Gold Standard.

          No one is going back to a hard gold standard, everyone realizes what that did – massive deflation.

          The combination of Glass-Steagall and national public credit, not private central bank credit, what FDR used to get out of the Great Depression is the way to go. Everyone knows this. The only resistance os from private investment banking, who will lose their access to national bailout insurance. They are moving all their toxic trash onto state banking, but it wll not work. Glass-Steagall will fix that.

          • cooldude

            More ignorance from Mr Bonbon. The only type of gold standard which benefits the people and not the bankers is the classical gold standard where an individual can walk in off the street to any bank and demand a fixed amount of gold (or silver) for his paper note. This system keeps the bankers honest as they need to keep a reserve of around 25% of gold to their paper money. This system, whilst not ideal, worked very well and kept the bankers honest to a large degree. Of course they hated it as it is difficult to flood the market with liquidity and create the boom/bust cycle that these guys thrive on to the detriment of all other sectors of the economy.
            This system came to an end in 1913 as all the main protagonists abandoned it to pay for the upcoming war. If they had stayed on this system the war would have ended after a few months as none of them could afford to pay for it under the classical gold standard. Since then we have had the gold exchange standard, which was inherently deflationary because they fixed the gold price way too low to allow for the vast amounts of new currency that was printed in WW1, and the Bretton Woods agreement where all countries could exchange their US dollars at $35 per ounce. Whilst neither of these systems were very successful they were far better than the current system of floating unbacked paper currencies backed by sweet f a. This system is completely inflationary and being a debt based system unless it keeps expanding the debt it collapses. We are now witnessing this collapse which will probably occur in a bout of extreme inflation.
            The best system of money, in my view, is to let different systems exist side by side and let the people decide which system they want to use themselves. This would bring “creative destruction” into the money market and would be very good for both consumers and business in general. Systems such as Bitcoin, digital commodity systems and paper systems could coexist and people would have a choice to exchange from one to another at their free will. Why have a free market in goods and services but not in money? Because it suits the banksters who are running the whole show.
            Anyway I know none of this interests you Bonbon because all fascist systems confiscate hard assets and force their citizens to use their paper tokens by death. Isn’t that what you have in mind for us along with your 5 year plans. Uno voce, uno duce is your motto i believe.

          • bonbon

            The original central bank, documented above for ll to read themselves, was a private gold backed bank in Amsterdam. The central banks are all private, and based on the Bank of England’s first central bank.

            National banking, Hamilton’s counter to the Empire’s private international finance, is the way to go. We will assert sovereignty OVER this gang of private banksters.

            Lincoln was elected when there were more than 300 different private bank notes which destroyed the physical economy. Every kind of swindle possible with such a gamut of private monetary tokens took place.

            The Greenback was the answer, and with it the Confederacy was defeated. FDR’s RFC enabled the New Deal, which was essential to defeat global fascism again. The Bretton-Woods enabled the greatest reconstruction ever seen then. Nixon’s act was simply treason, impeachment grounds enough. Obama’s bankrupting of the USA with giga-bailouts is impeachment grounds enough, even without Benghazi 9/11 number 2.

          • happyboy

            The world is moving step by step towards a de facto Gold Standard

            The GFMS Gold Survey for 2012 reported that central banks around the world bought more bullion last year in terms of tonnage than at any time in almost half a century.

            They added a net 536 tonnes in 2012 as they diversified fresh reserves away from the four fiat suspects: dollar, euro, sterling, and yen.

            The Washington Accord, where Britain, Spain, Holland, Switzerland, and others sold a chunk of their gold each year, already seems another era — the Gordon Brown era.

  11. george

    Yeah we need creative destruction in the political system, and the social structures that imprison the potential of human goodness and creativity!
    But unfortunately we hear always the same old record:

    -Excessive salaries and conditions in the Public Sector are protected by the Constitution.
    -Excessive wealth in the hands of speculators who doesn’t invest in infrastructure or the productive economy can not be taxed at high rates, and also are protected by the Constitution.
    - People in debt don’t get partial debt forgiveness but most of our political representatives allow Banks to convert their speculative debt, in National Debt. So the constitutional rights of the people are ignored, but the unconstitutional wrongs of the Banks, are paradoxically protected by the Constitution.
    .
    Shouldn’t we have referendums in all of the above, instead of accepting the consolation price that The Gathering, and the Irish Presidency of the EU represent?

  12. BirdCourter

    “The lesson for all of us — all of us who are in any business selling something to someone else — is that there is no comparative advantage”….

    In general David – yes – very very true. However there are always those select few that become so good at what they do that they while they will always respect the competition; they will not, nor should not fear it.

    There will always be a market for the best gamechangers in the world. And how do you become a sustainable gamechanger – you outwork the competition; you out learn the competition; you out focus the competition; you out limit the competition

  13. SLICKMICK

    PRESENTLY 90,00 PEOPLE WORK IN IRELAND’S EXPENSIVE EDUCATION. HOW MANY WILL IT EMPLOY IN 10 YRS TIME ? YOU CAN DO EVERYTHING ON THE WEB, IT’S ONLY A MATTER OF TIME BEFORE IVY LEAGUE COLLEGES OFFER 2 YR DEGREE COURSES FOR 2K. JUST EMPLOY RETIRED LECTURERS TO DO THE WORK. EDUCATION WILL SEE THE SAME SHAKE OUT AS THE MUSIC/BOOK INDUSTRIES. IT WILL SAVE A FORTUNE IN CURRENT AND BUILDING COSTS. WHERE WILL THE REPLACEMENT JOBS COME FROM ? PRODUCTIVITY IS ABOUT USING LESS LABOUR, INCREASING OUTPUT SIMULTANEOUSLY MEANS MORE LEISURE / POVERTY TIME.

  14. Floodzie

    Loved the article David, but a minor point: Darwin didn’t refer to survival of the fittest. He actually said “it is not strongest of the species that survive, nor the most intelligent that survives. It is the one that is most adaptable to change”.

    …which I think reinforces your argument even better.

    Keep up the good work, looking forward to reading your book!

  15. cooldude

    Very interesting article David. There is an awful lot more to Austrian economics than “creative destruction” and all of it very relevant to our current woes but it is good to see you mention this important branch of economic thought. Despite what Bonbon says this concept of creative destruction is a very natural phenomenon in business. When the steam train came along it was the natural end for the popular horse and carriage industry of the time. Those who adapt to the new technology quickest fare the best. Despite Bonbon’s pseudo intellectual claptrap this is a normal part of the advancement of technology.

  16. joe hack

    I’m all right Jack keep your hands off my stack.

    Pink Floyd on money it can be found on a LP on A CD on MP3 on screen here; but not in my wallet

    and some more money for free here yes free money who needs HMV or amazon et al….

    http://www.youtube.com/watch?feature=player_embedded&v=ZwU8QeW4ofU#!

    “Money”

    Money, get away
    Get a good job with more pay and your O.K.
    Money it’s a gas
    Grab that cash with both hands and make a stash
    New car, caviar, four star daydream,
    Think I’ll buy me a football team
    Money get back

    Money it’s a hit
    Don’t give me that do goody good bullshit
    I’m in the hi-fidelity first class traveling set
    And I think I need a Lear jet
    Money it’s a crime
    Share it fairly but don’t take a slice of my pie
    Money so they say
    Is the root of all evil today
    But if you ask for a rise it’s no surprise that they’re
    giving none away

    “HuHuh! I was in the right!”
    “Yes, absolutely in the right!”
    “I certainly was in the right!”
    “You was definitely in the right. That geezer was cruising for a bruising!”
    “Yeah!”

  17. Pat Flannery

    Having lived my 70 years grubbing about outside the intellectual milieu it is has been my pseudo-scientific observation throughout my visit to this Galápagos of life that, at least as far as the human species is concerned, that it is the survival of the meanest.

    It has been my pseudo-intellectual observation that one can be the “fittest”, most “adaptable”, most “intelligent”, most “favored”, “strongest” etc. etc. only to be outdone every time by a fellow human meaner than you.

    Maybe it’s because we humans are the meanest animal on the planet that we have succeeded in dominating all the others. Maybe it’s because bankers are the meanest of our species that they have succeeded in domesticating the rest of us into their financial feed lot.

    Cassius had a point: “The fault, dear Brutus, is not in our stars, But in ourselves, that we are underlings.”

    • joe hack

      “Maybe it’s because bankers are the meanest of our species that they have succeeded in domesticating the rest of us into their financial feed lot.”

      But Pat Flannery their are people here that complain about the bankers and then advocate their own greed to stash gold and more…

      It is a grime to put someone else in poverty with the use of greed this is not a issue of freedom as some advocate this criminality
      exploitation is criminal on any scale…. I all right jack keep your hash of my stash….. the result hunger and death for others…

    • bonbon

      It is much better to use the term Brutish, that mode favored by empire. How else do you think that empire enslaved, addicted, sold, looted, cheated, swindled?

      And you are right to quote Shakespeare, he was organizing against that empire’s takeover of England. By 1763 it was intolerable. By 1783 it was defeated. It is now near its goal, exactly as it implodes.

      Underlings, Caesar realized too late, are capable of implanting 12 daggers.

      The only way is to defeat this, take away their fictitious assets. Glass-Steagall is this. It must be quickly without remorse acted upon a.s.a.p.

      • joe hack

        ha ha… Right on cue Bonsai! but why are you stuck on a name “Glass-Steagall” in my opinion it far from enough playing at the edges…

        Some people here are just envious of the greed of the bankers take them off the dole or from their low paid jobs and/or their well paid jobs then put them to work Goldman Sachs and they will be as bad.

        I think these company are having a laugh with their names sacks of man gold – Goldman Sachs there is more..

        • Pat Flannery

          Maybe we should all reread George Orwell’s Animal Farm http://msxnet.org/orwell/print/animal_farm.pdf.

          What the PIIGS need is an Old Major.

          • bonbon

            Animal Farm is the British Empire. The unfortunate subjects, subjugated to bestiality, need to dump complacency.

          • joe hack

            “Twelve voices were shouting in anger, and they were all alike. No question,
            now, what had happened to the faces of the pigs. The creatures outside looked
            from pig to man, and from man to pig, and from pig to man again; but already
            it was impossible to say which was which.”

            Orwell himself was was a face changer….

          • bonbon

            Jonathan Swift’s Yahoo’s judged by Assembly of the Houyhnhnms. Gulliver was rated a Yahoo, by horses that do talk.

    • Good Point Pat. I have come to the same conclusion

  18. joe hack

    we work to make stuff which is then tossed on a dump. we are poisoning ourselves.. sorry we used to, now we export the poison to China. this week the Chinese in Beijing have had to stay indoors some are dying thanks to junk stuff.

    but profit comes first

    • Consumers need educating and made aware of the total cost of their behaviour but educating consumers is bad for profit

      The air quality in Beijing and all the chemicals that are spewed into rivers is just the start. It is hellish and one day mother nature will tell them ‘fuck you’

      Question – Whose planet is it anyway?

      • redriversix

        We are a rash on this Planet and the planet,like many times before shall cure itself of this scurvy.

        The arrogance of humans to think that they can damage this planet with a industrial age less than 300 years old..!

        Humans are a irritant which this Planet will dispense with in good time…

        The planet is fine , it is we Humans who are fucked…………

  19. HMV = Hoover Mooned Vacuumed

    Its amazing . Isn’t it ?

    Hellicopter Economics happened in heart of London on the 7th Day before Full Moon . As I said in an earlier posting last week the Elements of Water and Fire play a pivotal role in this moon and the forthcoming Moon Wobble later in Feb peaking on the eve of the USA cliff Hanger deadline 14th Feb.

    Why did the Hellicopter crash yesterday ? What is evident is heavy clouds ( water ) and explosion ( fire).Exploding in center of London …now thats not common?

    So in the same breath ..HMV shut down also occured on the 7th Day B4 Full Moon.What David has wriiten stands true , But WHY NOW ? Has everything already happened and our opium senses awaken when Crashed ?

    The rest of the week to 24th Jan Full Moon and onwards to 18th Feb (end of Moon Wobble) is going to be an eventful period.

    What words are liken to Fire and Water that we can interpret to a projected event soon eg clouds and explosion = Hellicopter Crash!

    If you can foresee the alchemy of this you will have Banked your Wealth in the weeks ahead.

  20. bonbon

    For those advocating a return to the British Gold Standard, this is a must read – the history of central banking. Absolutely fascinating.

    The Modern AngloDutch Empire:
    its Origins, Evolution, and Anti-Human Outlook

    For instance the modern central banking was started first in Amsterdam, from Venice, and then to England. And it was a private gold based system. There is much more here for anyone willing to look beyond appearances today.

    • Tony Brogan

      It was a fiat paper system and led to all sorts of bubbles
      you misrepresent yet again Mr LaRouche acolyte. You gold hater.

      • Tony Brogan

        Correction and apology. Bank of Amsterdam was a depositry for gold coin against which was issued paper receipts. As such it issued a gold backed currency.
        Depositors were allowed to overdraw their accounts IE there was more paper than gold to back it, and the bank was eventualy closed by the City of Amsterdam.

    • bonbon

      Read further, that history I have never seen all in one place. It is highly relevant today. The modern central banking system you take aim at is exactly described, with many surprises.

  21. bonbon

    “Creative Destruction” ?
    Why Obama Wears the Moustache

    Excerpts :

    “We live in the Age of Creative Destruction, the term coined by the pre-war economist Joseph Schumpeter.”
    –Franklin R. Raines, then-CEO of Fannie Mae

    Larry Summers on the White House Office of Social Innovation and Civic Participation website, which stated, in part:

    “An important aspect of any economic expansion is the role innovation plays as an engine of economic growth. In this regard, the most important economist of the twenty-first century might actually turn out to be not Smith or Keynes, but Joseph Schumpeter. One of Schumpeter’s most important contributions was the emphasis he placed on the tremendous power of innovation and entrepeneurial initiative to drive growth through a process he famously characterized as ‘creative destruction.’ His work captured not only an economic truth, but also the particular source of America’s strength and dynamism.”
    This was a moment when the U.S. economy was shedding jobs at an unprecedented rate…

    GOP Tea Party handler and former House Majority Leader Dick Armey (R-Tex.) :
    “It’s not difficult to be for Adam Smith and Joseph Schumpeter at the same time. The market must clean itself out by taking resources away from the losers, so it creatively destroys the losing companies and reallocates resources to the winning companies. That’s what’s really going on.”

    In “Creative Destruction in Economics: Nietzsche, Sombart and Schumpeter”, authors Hugo Reinert and Erik Reinert thoroughly document the roots of Schumpeter’s work in the overtly fascist writings of Nietzsche, including his “Thus Spoke Zarathustra” :

    “Behind the contemporary highly fashionable Schumpeterian and evolutionary economics towers Nietzsche,” they write, “his Ãœbermensch entrepreneur and his creative destruction.”

    Complacency in the face of this will be fatal.

    • bonbon

      The New York Times promoted the Schumpeter fascist dogma in a May 12, 2010 story, justifying the growing legions of permanently unemployed. “This ‘creative destruction’ in the job market can benefit the economy,” the Times’s Catherine Rampell lied, describing the massive job losses since the 2007 financial blowout, as a healthy “pruning” of the labor force.

      Now what is being practiced by the Troika, and its henchmen?

  22. whirmark

    Nice reminiscence of HMV David.

    At the risk of digging myself a prediction hole, I think we’ll be saying the same thing about Apple in 5 years time (for the second time) & not because of the passing of Steve Jobs (because Jonathan Ive contributed probably more creatively than Jobs) but because their value-add is design (they assemble components developed by other companies), design has a low-barrier-to-entry & tastes change. The positive for them is that they are so cash-rich they can just acquire the next innovation or two if necessary, but this has its limits and the continued attack on an open-source philosophy (through actually trying to control open-source … hmmmm) is undermining their brand I think (deja vu?). Samsung’s R&D is in a different league (… wait for ultra-light, transparent, bendy, unbreakable, graphene devices)

    Most brands have a finite shelf-life unless … maybe they can knock Coca-Cola off the top spot by releasing an iSanta-Claus mini in “lightweight anodized aluminum body available in five stylish colors–silver, gold, pink, blue or green”.

    • StephenKenny

      We’ll see where we get to with graphene, just as we will with carbon nano-tubes and optical computers.
      Samsung are all the rage at the moment, I see that they’ve just released their iPad mini competitor.

      I’m waiting for someone other than Apple to come forth with a product set that is as complete as Apple’s, and at least as good as Apple’s.

      It’s pretty clear that Apple are aiming at being a provider of interacting devices for their of definition of “whole of life”. Microsoft are copying them, step by step, and Samsung are copying bits.

      Someone, maybe Samsung, will set out with their own vision, and offer a real alternative. But not yet.

      It’s also possible that no one company will, but an informal coalescence of specialist providers will find themselves working around a generalised protocol, and produce stuff that, together, make these monoliths look like something out of the steam punk world.

  23. Mick Regan

    Picking up on the earlier comment about incandescent light bulbs, the nephew of a friend worked for a major UK white goods company as a development technician.

    One of their briefs was to design a paint that would yellow after a number of years, the intention being that the lady of the house would perceive the product as ‘getting old’.

  24. dwalsh

    In spite of what some here believe; the central banking system of the Western nations is not publicly controlled. It is either privately owned, as in the case of the Federal Reserve of America; or is privately controlled by mechanisms other than outright ownership.

    The Fed is owned by the private banks of the Federal Reserve System. They control it; not the government in Washington. It is a fact of the Federal Reserve Bill that the Fed is independent of government control:

    http://www.federalreserve.gov/faqs/about_12799.htm

    The TV interview where this is explicitly stated by Greenspan is well known:

    https://www.youtube.com/watch?v=XuT5diLDPpE

    That the Fed returns some profits to the USA treasury is a purely cosmetic irrelevance. What is of significance is who controls its policies; and thereby who controls the American economy and the reserve currency of the world?

    cui bono.

    Anyone who has heard Brian Lenehan’s radio 4 interview about his experiences during the crisis of 2008 when the Irish and European bankers literally held a fiscal gun to the Irish government’s head, will know that the Irish Minister for Finance does not control The Central Bank of Ireland.

    The Central Bank of Ireland is under Irish and European law independent of government control:

    http://www.irishstatutebook.ie/2010/en/act/pub/0023/print.html

    You have to be ideologically blind to examine the actions of the ECB and believe it is either owned or controlled by European governments. The ECB by its actions serves the private banking system (with practically free money) and does nothing to benefit European governments; leaving them to the vagaries of the temples of greed; aka the markets.

    And on what reserve basis is the ECB printing practically free money for the private banking system and financial speculators?

    On the basis of the productive capacity and resources of the European population. That is, you and I as European citizens are the underwriters of the actions of the ECB. But do we get any democratic voice in its actions?

    No. The ECB is independent of government control:

    http://www.ecb.int/ecb/orga/independence/html/index.en.html

    So if the Federal Reserve and the ECB and the Central Bank of Ireland are independent of government or public control, then who is deciding the fiscal future and fate or our world?

    cui bono

    Control of the Western central banking system is neither in public hands nor in the public interest.. However, through the mechanism of various public statutes and treaties the central banking system has the force of national and international law; which means it has the legal fiat of the public at its disposal.

    Just as with a central bank’s money creation power it is we the people who are the underwriters of national and international law. Therefore the public can at any time change this situation, if there is the perception of the true state of affairs, and the popular will to rectify it.

    But for now we are the dupes of the biggest bank heist and governance coup in history; the effect of which is to transfer money and power from democratic nation states to privately controlled transnational financial institutions.

    Sadly it will have to get a good deal worse before people generally will begin to wake-up and demand that sanity and humanity be returned to the public sphere.

    Meanwhile austrian and neoliberal and neoconservative ideologies, which may be summarised in one chilling word — neofascist; will continue to ravage our nations and our nascent global civilization.

  25. Tony Brogan

    http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100022332/a-new-gold-standard-is-being-born/

    Gold is the money of last resort. Those that ignore this trend will like HMV end in the dustbin of history

    • whirmark

      A worrying trend, whatever the flaws of fiat currency, a gold standard is certainly no better (the perceived value of gold is endowed as much by psychological factors as is the social contract underlying fiat currency). In a real global depression, a corn-bushel standard would be more rational.

      Economic power shifting towards the Chinese means an increase in bargaining power and erosion of secular democratic “Western” values globally. Western nations are already learning not to voice criticism of the Chinese in human rights issues if they want beneficial trade relations.

      • Tony Brogan

        Or course gold is a better standard. It has an international demand.
        A fiat standard currency is always a disaster and gold standard never.
        Read up on the history of fiat currerncies. Never one has lasted. Average years to demise 40. Time of this unbacked regime is 42. The end is nigh.

        Western values were based on a Christian concept sdave by Ireland in the 5-7th century saets of learning and re-exported to Europe.
        “How the Irish Saved Civilization”

        http://www.google.ca/url?sa=t&rct=j&q=how%20the%20irish%20saved%20civilization&source=web&cd=2&cad=rja&ved=0CDcQFjAB&url=http%3A%2F%2Fwww.randomhouse.com%2Ffeatures%2Fcahill%2Firish.html&ei=Ym34UOW3H5HhiwLmmoDIBg&usg=AFQjCNH9P31ZkLlcY0i9vogjjk0ieBHD9Q&bvm=bv.41248874,d.cGE

        Take pride in your nation and country.

        Those western values have been abandoned. A civilization rots from within. Moral decay.Emphasized in the economic breakdown today and the absence of moral structure in business and society.

        Until we determine to become a rightous society there will be no salvation.
        Before I am accused of being a religious nut bar, you should know that I consider organized religion to also be devoid of morals or ethics, and thereby lays the problem perhaps. Lack of moral authority.

        I throw that one to you David. Something to ponder.

        • whirmark

          I’ve already read on fiat currencies but thanks for your pompous suggestion. Gold standard is no solution, if you think it is then you need to keep reading (try material which doesn’t confirm your prejudice)

          Sorry, I can’t read a book called “How the Irish Saved Civilisation” even if there does turn out to be some actual interesting facts in it. The best part of Western values came after the Enlightenment anyway (unless the twist to this is that Rousseau was Irish??).

          If you’re that worried about gold, write to the central bank asking them to consider buying gold dec-13 calls at $2000.

          • Tony Brogan

            nothing pompous about it. Thought it may help your understanding. I am not prejudiced. Rather informed.
            I have been reading for ten years to see if there is something I have missed. The only money system that may challenge gold, that I have seen, is Bit Coin.

          • Tony Brogan

            Typical cynical criticism without any knowledge to back it.

            wonderful book. Again just a suggestion.

          • Tony Brogan

            If you’re that worried about gold, write to the central bank asking them to consider buying gold dec-13 calls at $2000

            Stupid idea. another paper dirivative. buy bullion in hand.
            I have no worries about gold. just about the collapse of civil society

        • whirmark

          Tony, that’s nice and a interesting (and pedestrian) point about gold (and thanks for the link to google, what would we do without you) but this conveniently ignores all of the gold standard problems which you can easily find by a simple google …do you need the link? ;-)

          • Tony Brogan

            Thanks
            I have read lots about problems and most are the result of meddling and interference so that what is described as a gold standard really isn’t. Case in point is the Breatton Woods agreement which fixed the currency prices. If the currencies were allowed to float agaist gold then the system would not break down.

            There is a reason why the nations are moving to gold as money. I do not need to understand why but just observe that fact. Then the reasons become apparent.

          • bonbon

            Bretton Woods was nixed by Nixon, opening the door for the petrodollar and derivatives – the Inter-Alpha banking group. During that period we had an incredible post-war boom, Germany rebuilt from rubble – the example to the world of how to deal with the destruction of the physical economy now.

            The scale has changed – we need reconstruction on continental scales now, and we have the projects ready and waiting. Glass-Steagall opens the door to the biggest jump the world has seen, and soon. Only then no more global oligarchy, but sovereignty over that feudal private gang.

    • transitionman

      Tony
      Is Ireland’s Gold all €235 m in safe holding in London?
      Like the Bank debt do 90% of Irish even care?

      From Mark O Byrne Goldcore
      “Ireland’s finance minister, Michael Noonan, has also been asked about the country’s gold vaulted at the Bank of England, such as whether the gold is held in allocated form with a bar list available and whether the gold is leased out into international markets. Answers are as of yet not forthcoming.

      Bankrupt Ireland owns six tonnes of gold, the bulk of which is held at the Bank of England, it has been revealed.

      The Central Bank of Ireland said the value of its gold holdings was €235m last time it checked. This represents just over 1 per cent of its total investments.

      A spokeswoman said the Central Bank was a party to the Washington Agreement on Gold, which recognised gold as an important element of global monetary reserves.

      She said the Central Bank had not entered into any lease arrangements regarding any of its gold but would not provide specific details of its storage arrangements with the Bank of England.

      Goldcore founder Mark O’Byrne said the Irish people had a right to know where Ireland’s gold reserves were stored, how they were stored and whether they were loaned or leased out into the market.

      He said the perception in Ireland that gold was in a bubble was absolute nonsense. Most people in Ireland don’t even know what the price of gold is, he said.

      The real debate we should be having is the risk posed by currency devaluation, said Mr O’Byrne, not just in Ireland with the euro but with sterling, the dollar and every other paper currency in the world.

      He said a slew of people who had warned about the Irish property market were completely ignored and those warning about currency devaluation now were being ignored again.

      While Ireland’s gold reserves aren’t much only six tonnes, the principle is important.

      People in democracies have a right to know where their gold reserves are stored, how they are stored and whether they are loaned or leased out into the market.

      Especially as gold reserves may help protect nation states from systemic and monetary crises and help maintain faith in increasingly debased paper and electronic currencies.”

    • dwalsh

      Gold is not money; it is a commodity.
      Money properly is a token; a utility.
      Commodities – like gold – are wealth.

      Gold is the wealth of Oligarchs.
      The gold market is controlled and manipulated; like all markets are today.

      Remember also what befell citizen gold in the last depression.

      • Tony Brogan

        Gold and silver are both commodities. Best to use a commodity for money as it has a basic value and cannot reduce to zero like our current fiat or digital replacement.

        You may protest all you like that gold is not money but actions speak louder than words. It is money currently for Iran, Turkey and India and China.The gold dinar was money for Gadaffi and he was murdered for that opinion.

        Others regard gold as money too but not noticed by myself. Germany seems to think gold is money.
        One of the functions of money is to be a store of wealth as you have noted. Portable wealth at that, as land, houses, and other items are not.

        Gold and silver is manipulated as you say, as is the fiat currency you call money today.
        It was only in the US that Gold was confiscated (actually redeemed for Fed Reserve bank notes under duress.)
        There is far less gold in circulation in the west at this time than there was in ’33. Less than 1% of all investment in the US comprises gold or paper gold instruments.
        Those who hold their gold and silver within the banking system in any form are in jeopardy and particularly those holding paper promises to pay. They will never have the bullion available to be shipped.

        Your tokens are no different than paper fiat. Base metals easily replicated and of little intrinsic value. Much like our current coins.

        On the otherhand Bags of “Junk” silver coin dated prior to 1962 contain silver that sells at world prices. They have retained value as money.

        This highlights the problem of denominated values printed on coin and is why a coin is correctly valued by weight as the official value of a silver dollar is currently I troy ounce of fine silver.
        .
        It is easy to understand the relative value of one ounce of silver. In currency it has a different denomination depending on the currency.
        $31.61 CAD; $30.33 AUD; 23.92 Euro, etc.

        In common trade it would soon be easy to understand the value of all goods and services denominated in weight of silver or gold. Also the relative value of silver to gold would also float and not be fixed. a month ago the gold/silver ratio was above 55:1 today it is 52.82:1

        Silver is the money of day to day transactions
        Gold is the standard for all money against which all currencies float. That makes gold the ultimate money.

        • dwalsh

          “Others regard gold as money too but not noticed by myself. Germany seems to think gold is money.”

          This is incorrect Tony. Germany is repatriating a commodity which has great monetary and practical value….gold.

          Commodity money is not the solution for the global crisis.

          Investing in a commodity such as gold is however a possible solution for an individual in uncertain times like these. But remember it did not work out so well during the last depression.

          Your error is to not sse the distinction.

  26. Tony Brogan

    Irelands gold will prove to have been stored in an unsafe

    • So what chance have private investors got if a sovereign nation fails to secure their claim?

      Private Investors are dreaming withh their illusions .Only a few will succeed.

      • Tony Brogan

        Exactly correct.
        how many times have I entreated to hold in your hand the bullion not a paper promise to pay. Any paper promise is an IOU AND CAN BE RENEGED, REVOKED OR FAIL.

        There is no doubt all paper will fail inclusing bonds (especially bonds) bank notes and paper gold and silver.

        • When Gold becomes Power then Private Ownership will be made illegal in most countries and it will be impossible to exchange it for cash unless a permit is issued to the recipient otherwise the recipient will be engaging in Money Laundering in conspiracy with the seller of Gold.

          • Your poor perception of Normalcy during Collective Sovereign Gold Panic Attack is a Market Illusion .

            Striving to make Profit during a collective madness is suicide and it makes more sense to focus on Protection of what you already own even if they are perceived small blessings .

            If you insist on owning Actual Gold then you will have to do it as in the movies and hire an equipped army to protect it .

            Then you are in Real Business .

          • transitionman

            John
            I do nor advocate for a gold backed currency like Tony. However I watch what is going on. China buying big on dips, Germany moving bullion home, price manipulation. The only players with wealth moving towards gold backed currency exchange? The destruction of fiat money is ongoing ,insolvent banking system has to crash.
            Question which would one be better of holding a plastic access card to digital money, paper or gold held in swiss vault that you possibly can convert back to food and energy after the walls come tumbling down? The only movie I saw recently with a future setting that thought things true was” Looper “and the dollar was replaced with chinese paper and exchanged for silver and gold.Then again lots of posters classify me as a Looper LOL

          • Looper

            Be proud that you have an independent mind that knows how to think likewise.

          • Tony Brogan

            Those who run scared run last.
            And you will accept that seisure of private property by the state?

          • @tony brogan

            The Irish State monthly seizes private property from citizens .They do it with chattels too and any gold horder is a suspect always and the law supports that .So attempts to hoard is not avisable .It should carry a government warning like on a cigarette packet ‘ Hoarding Gold is Bad for Your Wealth’.

            Confiscation of Gold will be in the next movies and by then you will have lost all of it ….foolishly.

  27. SMOKEY

    Never heard of HMV, but Ive only been here 9 years so go figure.
    Irish language making international headlines as Killer gets Electrocuted in Va. and final words are in Gaelic!
    Go diaspora!

  28. SMOKEY

    Never heard of HMV, but Ive only been here 9 years so go figure.
    Irish language making international headlines as Killer gets Electrocuted in Va. and final words are in Gaelic!
    Godiaspora! http://www.nydailynews.com/news/crime/killer-vowed-strike-put-death-va-article-1.1241730

  29. Dorothy Jones

    http://www.musicweek.com/news/read/hmv-50-parties-interested-including-game/053224

    Game may purchase some of the HMV stores; seems not the irish ones though.

  30. That was a fine read and brought back memories of England in the 80s. I laughed about the stakes being high and her running off with a Brian Jones type and I liked the last para taking a kick at the gov’t

    Yes HMV is a shocker and it will not be the same walking down Argyle Street in Glasgow and not seeing the famous store. I think they have (had) three stores over there

    Before HMV there were independent record shops across the city. One of them specialised in Jazz and Blues and one was a punk hang out. They were cool but they went the way of the dodo when chains like HMV and Virgin moved in

    HMV’s mistake was to ingore the power of technology. I am not surprised you found there web site impossible to navigavte as there are lots of sites with the same problem and it seems that management just don’t get it. A few bob spent of usability engineering can go a long way

    The number one rule of selling anything online is to make it as simple as possible for a buyer to find the product and allow them to pay for it as swiftly as possible. It should be swift and smooth so that they don’t even have to think about it

    Now that HMV has bitten the dust we are living in the downloadable media age. Just make sure the music you download is DRM Free and that you can play your music on various players. Same with E-Books

    Amazon’s Kindle Swindle
    http://www.defectivebydesign.org/amazon-kindle-swindle

  31. Paris75013

    Not just HMV. The huge Virgin Megastore on the Champs Elysées closed a few weeks ago (once a very trendy place to go to, with its upstairs café & restaurant, and open until midnight).

    I prefer to talk about disruptive technology rather than creative destruction (the economics term).

    It is fascinating to observe everything that is happening on the disruptive technology front. Look at the all sectors and jobs which are being created.

  32. dwalsh

    re central banking & governments 1.

    In spite of what some here believe; the central banking system of the Western nations is not publicly controlled. It is either privately owned, as in the case of the Federal Reserve of America; or is privately controlled by mechanisms other than outright ownership.

    The Fed is owned by the private banks of the Federal Reserve System. They control it; not the government in Washington. It is a fact of the Federal Reserve Bill that the Fed is independent of government control:

    http://www.federalreserve.gov/faqs/about_12799.htm

    The TV interview where this is explicitly stated by Greenspan is well known:

    https://www.youtube.com/watch?v=XuT5diLDPpE

    That the Fed returns some profits to the USA treasury is a purely cosmetic irrelevance. What is of significance is who controls its policies; and thereby who controls the American economy and the reserve currency of the world?

    cui bono.

    Anyone who has heard Brian Lenehan’s radio 4 interview about his experiences during the crisis of 2008 when the Irish and European bankers literally held a fiscal gun to the Irish government’s head, will know that the Irish Minister for Finance does not control The Central Bank of Ireland.

    The Central Bank of Ireland is under Irish and European law independent of government control:

    http://www.irishstatutebook.ie/2010/en/act/pub/0023/print.html

    You have to be ideologically blind to examine the actions of the ECB and believe it is either owned or controlled by European governments. The ECB by its actions serves the private banking system (with practically free money) and does nothing to benefit European governments; leaving them to the vagaries of the temples of greed; aka the markets.

    And on what reserve basis is the ECB printing practically free money for the private banking system and financial speculators?

    On the basis of the productive capacity and resources of the European population. That is, you and I as European citizens are the underwriters of the actions of the ECB. But do we get any democratic voice in its actions?

    No. The ECB is independent of government control:

    http://www.ecb.int/ecb/orga/independence/html/index.en.html

  33. joe hack

    Natural Selection!

    We are of nature therefore everything we do is natural but we have moved on from survival of the fittest to survival of greedy.

    What is the next step?

    Are we mature enough?

    Are we at an evolutionary crossroads? Or do we continue to phrase the values of money god(whatever the money is made of)?
    Should we move to the next logical phase in our evolutionary future or will we self destruct with the Naturally Selective impulse for greed?

    It seems at present we are doomed to destroy ourselves – Naturally?…

    Oh My! I am getting old! Maybe I need hormone replacement, a good dose of testosterone might sort out those natural hippie thoughts – naturally?…

  34. joe hack

    “Twelve voices were shouting in anger, and they were all alike. No question,
    now, what had happened to the faces of the pigs. The creatures outside looked
    from pig to man, and from man to pig, and from pig to man again; but already
    it was impossible to say which was which.”

    Orwell himself was was a face changer….

  35. redriversix

    NON-FATAL OFFENCES AGAINST THE PERSON ACT, 1997

    Demands for payment of debt causing alarm, etc. 11.–(1) A person who makes any demand for payment of a debt shall be guilty of an offence if–
    (a) the demands by reason of their frequency are calculated to subject the debtor or a member of the family of the debtor to alarm, distress or humiliation, or
    (b) the person falsely represents that criminal proceedings lie for non-payment of the debt, or
    (c) the person falsely represents that he or she is authorised in some official capacity to enforce payment, or
    (d) the person utters a document falsely represented to have an official character.
    (2) A person guilty of an offence under this section shall be liable on summary conviction to a fine not exceeding £1,500.

    Harassment.

    10.–(1) Any person who, without lawful authority or reasonable excuse, by any means including by use of the telephone, harasses another by persistently following, watching, pestering, besetting or communicating with him or her, shall be guilty of an offence.

    (2) For the purposes of this section a person harasses another where–

    (a) he or she, by his or her acts intentionally or recklessly, seriously interferes with the other’s peace and privacy or causes alarm, distress or harm to the other, and

    (b) his or her acts are such that a reasonable person would realise that the acts would seriously interfere with the other’s peace and privacy or cause alarm, distress or harm to the other.

    (3) Where a person is guilty of an offence under subsection (1), the court may, in addition to or as an alternative to any other penalty, order that the person shall not, for such period as the court may specify, communicate by any means with the other person or that the person shall not approach within such distance as the court shall specify of the place of residence or employment of the other person.

    (4) A person who fails to comply with the terms of an order under subsection (3) shall be guilty of an offence.

    (5) If on the evidence the court is not satisfied that the person should be convicted of an offence under subsection (1), the court may nevertheless make an order under subsection (3) upon an application to it in that behalf if, having regard to the evidence, the court is satisfied that it is in the interests of justice so to do.

    (6) A person guilty of an offence under this section shall be liable–

    (a) on summary conviction to a fine not exceeding £1,500 or to imprisonment for a term not exceeding 12 months or to both.

    Food for thought…?

    Evening All

  36. Tony Brogan

    Undressing glass Steagall

    “In the case of Glass-Steagall, one could argue that it did not appreciably “calm” the markets in the 20th century because the problem it was addressing had to do with Fed overprinting of money, probably on purpose to get rid of the gold standard.

    Thus, what Congress should have removed was the central bank, not the ability of this or that private bank to trade proprietarily, something they’d done successfully for decades”

    http://www.thedailybell.com/28591/Professor-Misstates-Glass-Steagall-History

  37. bonbon

    Dallas Fed President Richard Fisher Calls for End to Bailout of “Shadow Banking”

    In a speech delivered January 16 in Washington, D.C., Dallas Federal Reserve President Richard W. Fisher called for an end to the protection of banks which are “Too Big to Fail” (TBTF), and offered what his office is calling a “common sense approach” to banking reform. His proposal is for a kind of bank separation embodied under Glass-Steagall, although he did not call for it by name:

    “Only the resulting downsized commercial banking operations – and not shadow banking affiliates or the parent company – would benefit from the safety net of federal deposit insurance and access to the Federal Reserve’s discount window.”
    … read further…

    There ye have it a major mood change is underway. What Bernanke is doing is too much for bankers. Glass-Steagall is the destruction of the “creative destruction” touted by many a fanatic.

  38. bonbon

    FDIC Vice-Chair Thomas Hoenig: Remove the Safety Net from Non-bank Activities, Return to Glass-Steagall Framework

    Thomas M. Hoenig, Vice-Chairman of the Federal Deposit Insurance Corporation, urged that the problem of “too big to fail” banks be solved by removing the “safety net” of Federal insurance from non-bank activities, since without it, the largest banks will shrink drastically, as investors demand that these banks hold stronger assets, in an article today in American Banker newsletter.
    here there is more and a link to American Banker.

  39. dwalsh

    In spite of what some here believe; the central banking system of the Western nations is not publicly controlled. It is either privately owned, as in the case of the Federal Reserve of America; or is privately controlled by mechanisms other than outright ownership.

    The Fed is owned by the private banks of the Federal Reserve System. They control it; not the government in Washington. It is a fact of the Federal Reserve Bill that the Fed is independent of government control:

    [The urls were causing a problem to post. Go to the Central Bank sites to read the fact — unacceptable to some - that they are independent of government control]

    The TV interview where this is explicitly stated by Greenspan is well known:

    https://www.youtube.com/watch?v=XuT5diLDPpE

    That the Fed returns some profits to the USA treasury is a purely cosmetic irrelevance. What is of significance is who controls its policies; and thereby who controls the American economy and the reserve currency of the world?

    cui bono.

    Anyone who has heard Brian Lenehan’s radio 4 interview about his experiences during the crisis of 2008 when the Irish and European bankers literally held a fiscal gun to the Irish government’s head, will know that the Irish Minister for Finance does not own or control The Central Bank of Ireland.

    The Central Bank of Ireland is under both Irish and European law independent of government control.

    You have to be ideologically blind to examine the actions of the ECB and believe it is either owned or controlled by European governments. The ECB by its actions serves the private banking system (with practically free money) and does nothing to benefit European governments; leaving them to the vagaries of the temples of greed; aka the markets.

    And on what reserve basis is the ECB printing practically free money for the private banking system and financial speculators?

    On the basis of the productive capacity and resources of the European population. That is, you and I as European citizens are the underwriters of the actions of the ECB. But do we get any democratic voice in its actions?

    No. The ECB is independent of government control.

    So if the Federal Reserve and the ECB and the Central Bank of Ireland are independent of government or public control, then who is deciding the fiscal future and fate or our world?

    cui bono

    Control of the Western central banking system is neither in public hands nor in the public interest.. However, through the mechanism of various public statutes and treaties the central banking system has the force of national and international law; which means it has the legal fiat of the public at its disposal.

    Just as with a central bank’s money creation power it is we the people who are the underwriters of national and international law. Therefore the public can at any time change this situation, if there is the perception of the true state of affairs, and the popular will to rectify it.

    But for now we are the dupes of the biggest bank heist and governance coup in history; the effect of which is to transfer money and power from democratic nation states to privately controlled transnational financial institutions.

    Sadly it will have to get a good deal worse before people generally will begin to wake-up and demand that sanity and humanity be returned to the public sphere.

    Meanwhile austrian and neoliberal and neoconservative ideologies, which may be summarised in one chilling word — neofascist — will continue to ravage our nations and devastate our nascent global civilization.

    • Tony Brogan

      Getting there. good summary
      Except the bit about the austrians for which there is no evidence of your statement.They believe in freedom of action of the individual and limited government. Closer to a libertatian rather than a liberal as described.

      It is the central banking system that as you said must be legislated out of existence. Monetary policy of government if exercised at all should be through treasury as a direct responsibility of government.
      Bankers and there elite controllers have us by the short and curlies.

      • dwalsh

        Hi Tony
        By neoliberal I mean libertarian; not traditional liberal.

        • Tony Brogan

          Good day to Mr Dwalsh

          Sorry I do not see any conection to a Libertarian and a facist.
          Libertarians believe in the less government is the best government. Least regulation and the freedom of the individual, and open markets in all things.

          • bonbon

            I do see the connection, and can, again post the damning facts. But we have had this before. The Neoliberal “conservative revolution” is fascism with a smile. Care to look at the Mont Pelerin Society photos again?

            Here is THE “insider” society, the Mont Pelerin Society of Friedrich. von Hayek, dubbed “Friends of von Hayek”, Austrian School :

            https://www.montpelerin.org/montpelerin/mpsAbout.html

            See the photo’s on that link : Milton Friedman, von Hayek, Karl Popper, von Mises.

            How anyone can try the trick of denying the Milton Friedman Chicago Boys (who gave us Pinochet) link directly to the Austrian School, is beyond me. Popper turning up there is very revealing.

          • Tony Brogan

            you may see connections that do not exist. By usurping words to mean something other than the definition you cloud the meaning and the explanation.

            simply put. The definition of a Libertarian is not the same defintion as a Fascist.
            They are two seprate entities. OOne cannot be both at the same time.

            A libertarian is not a Fascist. A Fascist is not a Libertarian.

            Call a Spade a Spade

    • Pat Flannery

      Dwalsh:

      If you ever start your own blog let me know. You not only understand political economics, you write well.

      Thanks.

    • dwalsh

      Great thinking and delivery .Well Done.

      I still believe that the ‘Enarchy’ ie aluminae of Ecole National Administrif ( France ) are central to the Private Club behind this bank heist .

  40. Tony Brogan

    How the system really works.From
    http://www.realityzone.com/currentperiod.html

    ————————————-
    Curtis & Leroy saw an ad in the Starkville Daily in Starkville, MS, and bought a mule for $100. The farmer agreed to deliver the mule the next day. The next morning the farmer drove up and said, “Sorry, fellows, I have some bad news, your mule died last night.”

    Curtis & Leroy replied, “Well, just give us our money back.” The farmer said, “Can’t do that. I spent it already.” They said, “Then, just bring us the dead mule.”

    The farmer asked, “What in the world ya’ll gonna do with a dead mule?” Curtis said, “We gonna raffle him off.” The farmer said, “You can’t raffle off a dead mule!” Leroy said, “We shore can! Heck, we don’t hafta tell nobody he’s dead!”

    A couple of weeks later, the farmer ran into Curtis & Leroy at the Piggly Wiggly grocery store and asked, “What’d you fellers ever do with that dead mule?” They said, “We raffled him off like we said we wuz gonna do.” Leroy said, “Shucks, we sold 500 tickets fer two dollars apiece and made a profit of $898.”

    The farmer said, “My Lord, didn’t anyone complain?” Curtis said, “Well, the feller who won got upset. So we gave him his two dollars back.”

    Curtis and Leroy now work for the government. They’re overseeing the Bailout & Stimulus Programs.

    • dwalsh

      So, one could say that the ECB; its premises and activities; have the independent status of a sovereign state?

      Thanks for that link.

      • bonbon

        The ECB is a private firm, subordinating all former nation-states. In Lisbon I “creative destruction” is explicitly state as the objective and method of the Euro.

        The Euro is a private currency. Now look what that means.

  41. dwalsh

    @ Tony Brogan

    To my perception libertarians are a grassroots manifestation of neoliberalism.

    The main funders & organisers of the libertarian movement in the USA are billionaires such as the Koch brothers, Peter Peterson and others. They are neoliberals; free marketeers.

    Their intention is not the liberty of the human individual; it is the liberty of the legal persons known as corporations they are really promoting.

    They would not fund and promote a movement which would threaten their corporate possessions or elite privileges.

    In the transnational new world order which the corporate elites are constructing, corporate liberty will trump national sovereignty and human liberty.

    • Tony Brogan

      Thanks for that explanation. Those described I would not call libertarian. Ron Paul I would.
      Sounds like corporatism verging toward facsim as they merge intentions and operations with government policy.

    • bonbon

      See the Mont Pelerin Society manifesto above for clarity on this issue.

      No need for guessing here. The intention is fully laid out.

      Complacency would be fatal.

  42. Tony Brogan

    Silver bullion scarce. US mint has suspended sales of silver eagle.
    Gold bullion still available

    http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/1/18_Greyerz_-_We_Are_Now_Seeing_Massive_Shortages_Of_Silver.html

  43. goldbug

    CORPORATE FASCISM IS A USEFUL MASK.

    NO PUBLICLY TRADED HERE.

    BIGGEST CORPORATIONS ARE INVISIBLE PRIVATE EMPIRES.

    SECRET MEETINGS SECRET OATHS.

    A CORPORATION IS JUST A VEHICLE.

    SOON TO BE ABOVE SOVEREIGNTY.

    WHO IS IN THE DRIVING SEAT?

  44. bonbon

    “Creative destruction”? What does it mean?

    Martin Luther King : “I have a Dream”.

    Obama : “I have a Drone”.

    The destruction of creativity has led to this.

    Obama will be “inaugurated on the MLK holiday, the spirit of Dr. King will be elsewhere” headlined Huffington Post blogger Norman Solomon on Jan-16th.

    • dwalsh

      Good one bonbon :)

    • joe hack

      the spirit of Dr. King will be elsewhere

      Obama : “I have a Drone” technologically the Nazi have moved along way on from V2 rockets

      Obama one of the most deceitful presidents in the USA history he is certainly not Martin Luther King or Lincoln

      David McWilliam is a fan he queed up to laud Obama like teenager might have during the Beatlemania era

      • bonbon

        The V2 “Wunderwaffen” was indeed a terror weapon, and not a war winning strategy. Obama’S Drones have created more enemies of the USA than ever before. Permanent was after all is the Empire’s strategy and always was since Troy. In our age of thermonuclear submarine arsenals, the Troy Option is ruled out. So no we finally see the empire’s anti-human strategy fully exposed.

  45. dwalsh

    @ Tony Brogan

    Exactly right Tony. What is unfolding is a transnational corporate coup. Not so much a merge of corporations & government as a usurpation of government by a transnational elite.

    Check out the Trans-Pacific-Partnership. It is a so-called free trade treaty being constructed by the elite Corps which when/if implemented will seal the deal; and be the death knell for the era of the nation state.

    We are exiting the era of the sovereign nation state.

    • bonbon

      The “elite” of private property may think so, but the floor is falling out from under. Imperial economics cannot work, never did. It is being exposed by the day.

      The problem is essentially Transatlantic, and APAC sees things much differently.

    • Tony Brogan

      Maybe, maybe not.
      The larger entities may devolve to smaller.
      Ireland can easily dump the EURO.
      Reclaim its own 200 mile ecconomic zone.
      Just need the guts to do it.
      All I hear at the moment is “It’s not my fault, he made me do it!”

    • Tony Brogan

      There is nothing wrong with trade deals. What is wrong is the giving away of soereignty to make a deal

  46. I do not believe France will part with any Gold repatriation to Germany and instead will delay the request by obfuscation and blind issues and red herrings relating to outstanding compensation relating to WW2.

    • bonbon

      This is from Jan 9 2013 : a major fight broke out into the mainstream press.
      Wirtschaftswoche Continues Attack on ECB and Banque de France, Questions Currency Union

      At least 3 public attacks on what France is doing with the ECB. Yet the ECB is a private unaccountable firm and now a Bad Bank anyway. This open attack on what Draghi is doing is totally surprising from Germany. There was also a TV slot, absolutely stunningly truthful. I’ll get the link soon.

      • Elysee

        Monsieur Hollande seen talking to his secretary who asked what will happen to the German Gold we hold?

        His response was : ‘ alors alors alors ‘, while lifting his hands in the air and looking at the French Flag .

        Pardon , she says , ‘ je ne comprend ‘, ‘please explain I am confused’ .

        This time in a Corrieze accent ( his local village in central massif area ) he responds louder and this time lifting his hands higher towards the French Flag and both eyes wide open says: ‘a L’Or a L’Or a L’Or’.

        Merci Monsieur President

  47. joe hack

    Does the depression of 1929 look worse than the 2008 depression colour photography is less dramatic than black and white

    John Steinbeck- The grapes of wrath part 2 is coming soon to a cinema near you in glorious digital wide screen and in 2d, 3D, and at 48 frames per sec. with 7:1 surround sound.

    Now out on XBox and PlayStation with multi player online versions, you can control the money and eviction notices.

    • bonbon

      Any option there for Franklin Roosevelt’s step-by-step resolution and successful transformation of a nearly dead nation-state to the greatest recovery ever seen?

      Now we need immediately the full recovery program : Restoring the American Credit System

      There you will find a beautiful video presentation of what we will do. 4 Phases.

    • Hey Joe

      I was listening to Bill Broonzey while reading your comment. A synchronicity possibly

      Black and white photography is different from colour because it strips layers away and gets to the essence of a person, place or thing. I love it

      When we swap the electric guitar and heavy backing of an Eric Clapton recording and listen to depression era recording of the same song from Robert Johnson we get to the knuckle of life

      The Graped of Wrath is an unforgettable novel and like The Blues it will last forever

      Have a great day friend

      • Saturday night, Weihenstephaner beer and blues. Perfect.

        http://www.youtube.com/watch?v=O8hqGu-leFc

        • After another beer, ramp up the electrics and listen to a modern protege keeping the message alive

          http://www.youtube.com/watch?v=moAR4Bb2QHI

          Music is best consumed with headphones and good volume.
          Beer is best consumed moderarely warm.

          Enjoy

          • These two guys genuinely humble me and I have been listening to them since I was 17. When listening to them the outside world evaporates and means little. The only thing that matters is what you think and feel until it’s time to get back to real life and it’s worries and challenges

            What they sing about is universal and crosses all boundaries of class, ethnicity and skin colour. People know the blues everywhere and it unites us

            A dude having a beer in Mississippi can relate to a bro in Belfast who likes beer and blues and it is fitting that Ireland produced some fantastic blues guitarists such as Gary Moore and Rory Gallagher

            We could start an annual blues festival and people would come from all over the world based on the rep of these two guys alone. Pity there is no great craft beers to impress them with apart from a few rare exceptions to the usual cartel controlled mass produced shite

            Blues is reliable and it makes us reach deep into the one universal thing all humans posess – soul. Remember The Committments?

            And from The Blues came Soul and Rock and Roll and all it’s orphans but The Blues is King and will get us through the day because it banishes bad feelings

            All the while the world is turning to shreds and we look on in stunned amazement at the fall of western empires. But The Blues is always there, immediate and reliable as ever

            We look to our politicians and advertising sponsors but they play the same old tune and The Blues keeps us sane and knowing

            We switch on the media and hear the same old dried up voices but The Blues makes us think ‘fuck you, I ain’t buying it’.

            The Blues is part of our heritage and any switched on entrepreneur with an eye for a profit will realise the potential. Ireland is a country famous for music and rebellion and it’s musical reputation is second to none

            Trouble is too many people see music as a gig to earn a buck but hey it is money that makes the economy go round

            Let us remind ourselves of what art this little island is capable of producing. It’s not Blues but it is pure art that lasts. Great song but extremely ugly video:

            Genius!

            Boomtown Rats, Eva Braun (1979)

            http://www.youtube.com/watch?v=9g5vmfwphQQ

          • Next time I hear some Irish gob decrying foreigners I will point them to Eva Braun by the Boomtown Rats and would ask all right thinking people to do the same

            If it does not have a lasting effect them I will assume that their ignorance is incurable

  48. joe hack

    Does the depression of 1929 look worse than the 2008 depression, colour photography is less dramatic than black and white photography.

    John Steinbeck’s – The grapes of wrath part 2 is coming soon to a cinema near you in glorious digital wide screen and in 2d, 3D, 48 frames per sec. with 7:1 surround sound.

    Now out on XBox and PlayStation with multi player online versions, where you can control the money and eviction notices special discounts for the dispossessed

  49. joe hack

    Back the HMV;
    It seems they took people’s money in gift “VOUCHERS” over the Christmas period then they went bankrupt and it is the banks they get the people’s money again.

    VOUCHER; modern definition:
    A worthlessness piece of paper in exchange money work done by fool or the fooled???

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