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Drowning In Debt: 70% Of Britons Are Now In The Red As Increasing Numbers Turn To Gambling In Bid To Solve Their Problems


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#16 okaycuckoo

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Posted 02 March 2012 - 12:22 AM

i cant see wage inflation happening en mass for a few years yet, the very lucky few will get a good payrise, the lucky will not get a pay cut, and the unlucky will get a pay cut/redundancy.

I can't see wage inflation happening at all, on balance. Ever.

Would be interesting to see figures on wage deflation over the past ten years, including the effect of personal borrowing.

#17 SarahBell

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Posted 02 March 2012 - 09:04 AM

Gambling has always done well in a recession.

And now it's easier than ever before.
Whoever you are, I have always depended on the kindness of strangers.

#18 bendy

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Posted 02 March 2012 - 09:18 AM

owe 325 more than they did three months ago
Most are not concerned until they have accumulated an average of 1,247


where do they get these figures from? Where's the pence?

#19 Unsafe As Houses

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Posted 02 March 2012 - 10:39 AM

And if this was a 1 bed flat, 2 bed Semi etc... we could all rejoice that they had gone up 20%, suddenly when it's food it's very bad.

Luckily this isn't the type of inflation Mystic Merv is worried about, when it turns to wage inflation that's when he'll get worried and stamp down on it hard....


Why would wage inflation be bad from Merv's point of view?

#20 Pent Up

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Posted 02 March 2012 - 10:40 AM

Why would wage inflation be bad from Merv's point of view?



Inflation spiral.
Remember that buying a house is a highly leveraged investment and can result in losses that exceed your initial deposit. Buying a house may not be suitable for everyone, so please ensure that you fully understand the risks involved.


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#21 Unsafe As Houses

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Posted 02 March 2012 - 10:46 AM

Inflation spiral.


Yes, I see that. but he hasn't been concerned about high inflation up until now and apparently infaltion in coming fdown in 12-18 months. Wouldn't wage-inflation spiral be a convenient way to reduce government and personal debt and keep the beloved high house prices high? Sorry in advance if that's a stoopid question :D

Edited by Unsafe As Houses, 02 March 2012 - 10:47 AM.


#22 Pent Up

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Posted 02 March 2012 - 11:24 AM

Yes, I see that. but he hasn't been concerned about high inflation up until now and apparently infaltion in coming fdown in 12-18 months. Wouldn't wage-inflation spiral be a convenient way to reduce government and personal debt and keep the beloved high house prices high? Sorry in advance if that's a stoopid question :D


Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher Inflation which in turn cause even higher wages and so on.

Edited by Pent Up, 02 March 2012 - 11:37 AM.

Remember that buying a house is a highly leveraged investment and can result in losses that exceed your initial deposit. Buying a house may not be suitable for everyone, so please ensure that you fully understand the risks involved.


"The time to buy is when blood is running in the streets" Baron Nathan Rothschild

#23 Monkey

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Posted 02 March 2012 - 11:32 AM

Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher which in turn cause even higher wages and so on.


and it also makes getting things done in another country (chindia) better "value"

#24 Unsafe As Houses

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Posted 02 March 2012 - 11:36 AM

Well it would be if it could be controlled. The problem with wage price spirals is that they become out of control very quickly and hyperinflation wouldn't be far away. It's like a nuclear reaction once it starts it's very difficult to stop as the higher wages cause higher which in turn cause even higher wages and so on.


Yes, I see that and know this happended in Zimbabwe and 1920s Germany.

I just thought there may be something I'm missing as to why Merv doesn't want wage inflation. Perhaps it's possible he's not as bothered about wage inflation as he says he is because it would be good from his point of view for a bt of wage inflation in the short-term and he may believe he can control it by say upping interest rates if it looks like getting out of hand.

This is Merv after all.

#25 stoobs

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Posted 02 March 2012 - 01:22 PM

Surely this is a complete non-story:

- "seven out of ten Britons owing money to banks, loan lenders and credit card companies"
So 7 out of 10 Britons possess a credit card. Big deal.

- "one in ten are turning to gambling or the lottery in a desperate bid to to ease their money woes"
1 in 10 people play the lottery. Thought it would be higher.

- "half of all households have seen their debt rise this year and most people owe 325 more than they did three months ago because of overspending at Christmas."
People owe more after Christmas than they did before. Amazing.

- "most are not concerned until they have accumulated an average of 1,247 of debt"
That really doesn't sound like a large debt.

#26 juvenal

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Posted 02 March 2012 - 01:26 PM

The Mail is losing it. Where's the individual story of someone gambling away their "250,000 dream house"?
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#27 MrPin

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Posted 02 March 2012 - 05:25 PM

There used to be one Lottery, now there are millions? :huh:
Ignorance can be cured! Stupidity cannot!




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