Latvia shows New Labour the way!

LATVIA has gone to unusual lengths to help to protect itself from instability in the global financial meltdown. Its counterespionage agency arrested a university professor for being too gloomy about the country’s economic prospects.

The Latvian security police, who usually track down spies and terrorist threats, detained Dmitrijs Smirnovs, a 32-year-old economist, for questioning the stability of Latvia’s 26 banks and its currency, the lats. Freed after two days of questioning, he is still under investigation for spreading “untruthful information” and has been ordered not to leave the country.

“All I said was what everyone knows,” he said. He is not alone. A popular musician was also recently hauled in for questioning after cracking a joke about the banks’ stability at one of his concerts.

Latvia has long been prickly about financial stability. In 1995, when the country’s biggest bank collapsed, depositors lost £500m and its senior executives were imprisoned.

Last year there were rumours that the lats was about to be devalued, prompting a rush into the euro. The security police were called in to investigate the source of the rumours and the culprit turned out to be a drunk, who was released after questioning.

This prompted calls for tougher penalties against “reckless” financial chatter and the law was amended to allow jail terms of up to six years for disseminating false information about the financial system.

When that system began to crumble in the autumn, police agents began scanning internet chatrooms, newspapers and telephone text messages for economic pessimism. Smirnovs got into trouble for predicting serious problems for Latvia, telling a local newspaper in October: “All I can advise is: don’t keep money in banks and don’t keep money in lats.”
Latvia has long been prickly about financial stability. In 1995, when the country’s biggest bank collapsed, depositors lost £500m and its senior executives were imprisoned.
Now that's something that would prove hugely popular in the UK, I'm sure. :D

About time too. Having followed the stockmarket and currency exchanges for a wee while now, the whole system seems to be based on rumours and untruths, any little blimp in the calendar seems to force up the price of oil.
Few years back the king of Saudi Arabia died, the price of oil shot up, was there any instability to cause this? Short answer, No, he had been incapacitated for many years and his brother had been at the helm all that time, so no change, just the price of oil shot up.
same with the commodities market, we get fed the bull, the Chinese are buying everything, forcing the prices up, we couldn't buy steel or copper, why, the Chinese, strange when they are laying people off in the steel mills.
Same with the credit crisis, they would like us to believe ti is people defaulting on their house payments, it is a bit hard to swallow, when they are talking in sums of hundereds of billions, somehow I don't think so.
Dodgy deals to major corporation and no collateral to back it up more likely to be the cause.
Might have the Latvian police on my case now.
Frankly, is there any real difference between the way this government and their wholly 'right on' political police farces across the country and the way the Latvians approach things? No, I thought not.

For years we used to say: "Who really won the War", now I reckon we can start shouting: "Who really won the Cold War".

My belief that it is the embedded Marxist-Leninists who have infiltrated every aspect of public life under the cloak of the grinning spiv Bliar's so called 'New Labour'.

'Twas 'new' alright it was communist!

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