Mar 28

I really can’t separate fact from fiction over Cyprus indeed most people seem to argue both ends against the middle. Like me many argued banks should go bust but now that seems unpalatable to people when they lose out. Instead of arguing Cyprus is better off without such banks before they lost any more money they hold pity parties for the victims of their preferred solution! The modern failure to crack eggs is the harbinger of terrible Govt – see 10% tax rate and covering up its repeal.

Cyprus without its main industry should maybe consider leaving the Euro. There are many advantages to an over valued currency but lower employment and growth are seeming by-products. Then again devaluation has just fed deflation in the UK but that is in the teeth of a Banker supporting monetary policy with the added twist of stupid Austerity.

Regardless. The message of Cyprus is never to put money in a bank. You are better off with it insured under your mattress. Scenarios where bank deposits become worthless may seem far fetched to anyone who cannot understand history. Yet what is the differences in holding currency at 0% or a 0.5% bank deposit in an institution which loses money hand over fist and engages in massive fraud?

Indeed without deposits banks will have to offer interest if the Govt would stop pumping them full of cash. Either way feeding the bottom feeders by putting money on deposit at 0.5% is hardly a thing to admit to.

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Mar 21

Ask a Man United fan why they support the team and they will cite many true things about United. United fans may have a point but those who support political parties don’t. Football fandom may have more differences than the current Punch and Punch show in the Commons. Continue reading »

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Mar 20

It was identified that one of the largest groups of tax avoiders was Buy To Lets. Equally Corporates avoid taxes and Banks’ balance sheets are widely considered to be a load of bollocks and they pay little tax. These are the main groups who benefit from this budget by Osborne. Oh and the breaking of the beer escalator by a whole 1p.

It’s utterly nonsensical to boost the housing market with subsidy. Indeed there is an argument for the state building houses to drive down rents. Subsidised mortgages may safely be said to be among the last things things we need – encouraging rentier incomes. The UK needs investment.

Labour could not win an election off highly paid public servants and I doubt Osborne will off buy to lets and senior bankers. Well let us hope not anyway.

BTW all political parties support this nonsense just only one’s supporters claim to be free marketeers.

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Jan 09

It’s popular on the fringes to suggest buying Gold and Silver as a hedge against QE and year zero economics. What should countries and individuals do I hear you ask.

Take the Swiss everyone wants their currency. They in the face of their currency rising and with all their business threatened started QE and selling their own currency. Bad move? Yet what else do the Swiss do? Let all their business go bust whilst they buy up resources, metals and foreign Capital. Essentially the Swiss would have to use their currency’s strength and create a Sovereign Wealth Fund for the population to live off. They would essentially have to go rent seeking on the rest of the world. This would mean a form of Socialism or alternately Civil Unrest at the unemployment in Switzerland. Then again they could say they were going to do that and the so called “The Markets” would drop the currency for them.

QE is essentially a suicide cult that drags everyone in unless you’re prepared to change your society. Better to end QE and cut off countries who insist on it. It benefits rent seekers and bankers and even they will end up poorer if economic activity is run down as is currently happening.

If I had any capital I would be buying Silver coins as there’s no VAT on coins.

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Sep 23

The latest banker friendly wheeze to borrow even more from our future to try to reflate the holed bubble is this: let people gut their pensions to help their kids buy a house! This is stupid no not stupid but really bloody stupid on so many levels. In no particular order

  • Asset prices like house prices are a bubble being maintained by Govt policy of QE and artificially interest rates
  • Chief losers in all this are the pensioners whose return on savings, investments and pensions are almost nil and unless they’re particularly rich or middle class they really should be joining the Occupy movement.
  • More money into houses would further push up prices that are too high which is the issue.
  • This is mortgage interest tax relief by any other name as pensions are subsidised by the state – another back door subsidy to the financial goons.

The only people this helps short term are

  • Middle class kids who get a house they cannot afford at an unsustainable price so long term their parents money will go up in smoke
  • Bankers get more of the minute %tage of collateral they can call upon’s price upheld and it means more profit for them to deposit abroad.

Long term this policy is madness. Building houses is the answer and the answer to so much more. Even if the UK went bust if it built good quality houses and infrastructure it could bounce back.

Does Clegg see this? Is the banker’s son feathering his nest or just throwing simplistic rhetoric around without a clue?

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Jul 25

I won’t pretend this is accurate or from anything close to a US point of view but I wondered what legacy Obama would leave if by some miracle Mitt the Git, as extremely close friends are allowed to call him, wins. Legacy is of course what the modern vapid front men seem to desire nearly as much as Millions of Dollars. Continue reading »

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Jun 30

Given its proclivity for whining I find the TU movement’s passive acceptance of Banker Kleptocracy baffling. Whilst bus drivers strike over £500 that is not in their contracts they probably lose that and more each year individually and as citizens to fill the ever growing debt void at the heart of Banks that are broke.  Continue reading »

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May 26

Banks exist to allocate capital. They have an important role in the economy to allocate funds to projects that will make money and save poor entrepreneurs from themselves. Or at least they did.

Continue reading »

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Mar 19

Originally privatisation was genuinely at some level about liberating the economy as well as dampening union power. Continue reading »

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Jan 13

Definition of KLEPTOCRACY
government by those who seek chiefly status and personal gain at the expense of the governed

‘Bout’s sums it up?

‘Nough Said.

For the slow this includes politicians of all sides with elections merely deciding who has patronage. Includes Bankers. BAe, Generals, bureaucrats and Admirals who have enriched themselves whilst our soldiers die for lack of decent equipment.

As our Govt fights the Lords for likely faux or Pyrrhic savings of 1.6Bn from the Welfare Budget the part owned banks were warming the Govt up for 30 Bn more toxic debt.  The main people who suffer from the vicious assault on the poor are not the shirkers and black economy cheats but those in need. We end up paying back either through social disorder or through the health system or special needs or education or the justice system. I have come across middle class people who cheer each new attack on some poor people without explaining the gap between unemployment and  vacancies. Between the skills needed and those gained from Labour’s education gimmickry.

In the end we can fight each other. Call each other spongers, flooders etc but it rather misses the point we are being impoverished not by a rogue or even a million rogues getting 60 quid a week but by every Bailout, QE, defense procurement, banker’s bonus, toxic bank debt, HS2 project, derivative trade and election.

Time to fight.

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