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Reading the Telegraph Online, very early this morning I'm sure there was an article from the IMF where Ms Lagarde was calling for banks to write off some peoples debts.
Her reasoning for this was it would allow these feckless squanderers to start spending again.
I've tried a search, but the article has gone. Did anybody else read this? if so, and you can find it post a link. I'm sure it would be very provocative.
Christine Lagarde
Did I dream this?
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#2
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Posted 11 April 2012 - 04:56 PM
Yep, I've had that dream as well... the high heels, the fishnets, the tight leather corset and the riding crop... that stern French look...
Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....
Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....
The success or failure of your deeds does not add up to the sum of your life. Your spirit cannot be weighed. Judge yourself by the intention of your actions and by the strength you faced the challenges that have stood in your way.
The people closest to you have been trying to tell you that you have made a difference. That you did change things for the better. The Universe is vast and we are so small. There is really only one thing that we can ever truly control - whether we are good or evil.
The political triumph of the American Right has been to advance relentlessly the economic interests of the country's richest people, while emphasising a swath of moral, social and foreign policy issues that motivate and certainly distract middle-class and poor voters.
The people closest to you have been trying to tell you that you have made a difference. That you did change things for the better. The Universe is vast and we are so small. There is really only one thing that we can ever truly control - whether we are good or evil.
The political triumph of the American Right has been to advance relentlessly the economic interests of the country's richest people, while emphasising a swath of moral, social and foreign policy issues that motivate and certainly distract middle-class and poor voters.
#3
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Posted 11 April 2012 - 05:42 PM
It is as bad as you fear:
Too fecking right
http://www.herald.ie...bt-3077647.html
Quote
IMF backs scheme to let homeowners write off their debt
By Cormac Murphy
Wednesday April 11 2012
THE IMF's proposal for Great Depression-style debt relief for struggling homeowners has received support.
The fund hopes it could boost growth in countries such as Ireland where the economy is being hampered by huge levels of personal borrowings.
It cited the examples of Iceland today and the US during the Great Depression of the 1930s where massive amounts of mortgage debt was written off.
The action allowed consumers in both countries to spend again, rather than just focusing on reducing their crippling loans, it pointed out.
The IMF made the case in its latest World Economic Outlook report. It argued recessions become drawn out when relief was not applied to households, leaving them to put all their energy into paying off unsustainable borrowings.
"Because debt is acting as a brake on economic growth, it is important to 'unstick' the brake," author Daniel Leigh said.
While the IMF did not specifically refer to Ireland, the country is widely seen as a prime example of the problem.
Finance Minister Michael Noonan is being called on to take radical steps to help families in debt with 13pc of mortgages here in trouble.
At over 200pc of GDP, Irish household debt is the highest of any advanced economy and the property market is stagnant.
The latest effort to spark it into life has come from Bank of Ireland, which has announced that its new business fixed rates for owner occupiers will be reduced by up to 0.41pc. The lender said new mortgage applications on two, three and five-year fixed rate loan terms could avail of the new rates.
The IMF report stated that restructuring of household debt "can significantly reduce debt repayment burdens and the number of household defaults and foreclosures".
Mr Leigh said that in cases such as in Ireland "government debt cannot be increased". He added that restructuring can be effective, "especially if it is done case-by-case in the courts".
DCU senior economics lecturer Tony Foley said a relief scheme could mean a homeowner's mortgage being written down to be more in line with the value of the property. "The IMF argument is that if we transfer money from people who are better off to people who are worse off with negative equity and such like, we will improve expenditure in the economy."
The IMF report said that in Iceland a scheme was introduced where any household whose debt was more than 110pc of its assets was given a write-down.
It acknowledged the pitfalls in that one section of society would have to subsidise another, potentially causing friction.
By Cormac Murphy
Wednesday April 11 2012
THE IMF's proposal for Great Depression-style debt relief for struggling homeowners has received support.
The fund hopes it could boost growth in countries such as Ireland where the economy is being hampered by huge levels of personal borrowings.
It cited the examples of Iceland today and the US during the Great Depression of the 1930s where massive amounts of mortgage debt was written off.
The action allowed consumers in both countries to spend again, rather than just focusing on reducing their crippling loans, it pointed out.
The IMF made the case in its latest World Economic Outlook report. It argued recessions become drawn out when relief was not applied to households, leaving them to put all their energy into paying off unsustainable borrowings.
"Because debt is acting as a brake on economic growth, it is important to 'unstick' the brake," author Daniel Leigh said.
While the IMF did not specifically refer to Ireland, the country is widely seen as a prime example of the problem.
Finance Minister Michael Noonan is being called on to take radical steps to help families in debt with 13pc of mortgages here in trouble.
At over 200pc of GDP, Irish household debt is the highest of any advanced economy and the property market is stagnant.
The latest effort to spark it into life has come from Bank of Ireland, which has announced that its new business fixed rates for owner occupiers will be reduced by up to 0.41pc. The lender said new mortgage applications on two, three and five-year fixed rate loan terms could avail of the new rates.
The IMF report stated that restructuring of household debt "can significantly reduce debt repayment burdens and the number of household defaults and foreclosures".
Mr Leigh said that in cases such as in Ireland "government debt cannot be increased". He added that restructuring can be effective, "especially if it is done case-by-case in the courts".
DCU senior economics lecturer Tony Foley said a relief scheme could mean a homeowner's mortgage being written down to be more in line with the value of the property. "The IMF argument is that if we transfer money from people who are better off to people who are worse off with negative equity and such like, we will improve expenditure in the economy."
The IMF report said that in Iceland a scheme was introduced where any household whose debt was more than 110pc of its assets was given a write-down.
It acknowledged the pitfalls in that one section of society would have to subsidise another, potentially causing friction.
Too fecking right
http://www.herald.ie...bt-3077647.html
Honorary truck driver.
#4
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Posted 11 April 2012 - 05:48 PM
That could lead to the rich taking up arms to rob the poor.
.
See Below:
It looks to me like there is a massive coordinated attempt by the various VIs to engineer a spring bounce by press releases and trolling popular Internet forums such as this.
Following the reported 1.9% monthly rise from a government controlled lender and the (expected) 0.5% rate cut, this forum seems to be targeted by bulls, many joining in the last few day to talk up the market.
The general drift seems to be... 'Savings accounts are paying a pittance so get into property now and pick up a bargain'.
I wonder if the various EA and lenders associations are emailing their members, suggesting that joining this forum to talk up the market would be a good idea.
Note: The above was posted in late January 2009, the following is updated as and when required.
See Below:
It looks to me like there is a massive coordinated attempt by the various VIs to engineer a spring bounce by press releases and trolling popular Internet forums such as this.
Following the reported 1.9% monthly rise from a government controlled lender and the (expected) 0.5% rate cut, this forum seems to be targeted by bulls, many joining in the last few day to talk up the market.
The general drift seems to be... 'Savings accounts are paying a pittance so get into property now and pick up a bargain'.
I wonder if the various EA and lenders associations are emailing their members, suggesting that joining this forum to talk up the market would be a good idea.
Note: The above was posted in late January 2009, the following is updated as and when required.
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Posted 11 April 2012 - 05:50 PM
Frank Hovis, on 11 April 2012 - 05:42 PM, said:
It seems, what I had was a nightmare.
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Posted 11 April 2012 - 05:53 PM
#7
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Posted 11 April 2012 - 05:55 PM
shindigger, on 11 April 2012 - 05:53 PM, said:
Torches.
Honorary truck driver.
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Posted 11 April 2012 - 06:01 PM
Frank Hovis, on 11 April 2012 - 05:55 PM, said:
Torches.
They ******ing know that we, the pasty faced, soft, pliant, middle, won't kick off in sufficient numbers.
That we will be happy with, or scared off by, the demonisation of a few rioters.
What will it take?
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Posted 11 April 2012 - 06:02 PM
The Masked Tulip, on 11 April 2012 - 04:56 PM, said:
Yep, I've had that dream as well... the high heels, the fishnets, the tight leather corset and the riding crop... that stern French look...
Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....
Oops, (cough, cough!)... Yes, I think I read something about personal debts and stuff....
I just had my head in my hands watching prof Robert Winston give a party political broadcast for labour and thinking thats it the first PPB by Celebs, game over.
And you came along and made me smile, very funny my friend that did make me laugh.
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Posted 11 April 2012 - 06:07 PM
Durch, on 11 April 2012 - 05:50 PM, said:
"Load up, load up, load up..." with debt, it seems, is the latest (same) message from our wise overlords.
We are not Ireland, Iceland, Spain or the US. I'm pretty bearish on the amount of crap in the CML mortgage books and we are in a real mess but in each case there is a reason why this is perhaps necessary for the these countries, though not for the UK
Ireland - massive, massive overbuilding, Eurozone
Spain - massive, massive, massive overbuilding, Eurozone
This is really partly an ex-Eurozone Finance Minister saying, "No seriously, it's a great idea, my new friends at the IMF agree!" whilst really angling to keep the Eurozone together at all cost. Vanity is a terrible thing.
Moving along...
US - massive overbuilding in some states, non-recourse lending - if you lean to hard they'll just walk
Iceland - great deals on prawns, debts outrageous compared to GDP and well who cares, it's Iceland.
Look at this way, be careful what you wish for, you may get it...
If the UK crash goes too far too fast - i.e. 75% off in a year - you create the need to consider bailing everyone out. I've been reflecting of late that the UK builders were actually quite cautious, and more cautious people who didn't leverage up may yet have much to thank them for on that account.
This post has been edited by ChairmanOfTheBored: 11 April 2012 - 06:07 PM
Wendell: It's a mess, ain't it, sheriff?
Ed Tom Bell: If it ain't, it'll do till the mess gets here.
Ed Tom Bell: If it ain't, it'll do till the mess gets here.
#11
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Posted 11 April 2012 - 06:12 PM
This usury debt system is truly disgusting.
Not only is it rotten at the core...it favours the reckless!
Criminal.
Not only is it rotten at the core...it favours the reckless!
Criminal.
"We must not let our rulers load us with perpetual debt" Thomas Jefferson.
"The modern banking system manufactures money out of nothing" Josiah Stamp.
"The modern banking system manufactures money out of nothing" Josiah Stamp.
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Posted 11 April 2012 - 06:20 PM
shindigger, on 11 April 2012 - 06:01 PM, said:
They ******ing know that we, the pasty faced, soft, pliant, middle, won't kick off in sufficient numbers.
That we will be happy with, or scared off by, the demonisation of a few rioters.
What will it take?
That we will be happy with, or scared off by, the demonisation of a few rioters.
What will it take?
FUUUUUUUUCCCCCCCCCCKKKKKKKKKKKKKKKK!!!!!!
If they do this and use my money to bail out some self entitled short sighted Labour voting new car every three year two holidays credit card maxing fecking feckless gobshitte kunting kuntfaced KUNT!! Then I will be ....
But..... What do I do, refuse to pay my taxes and go to jail???
Punch a government minister in the face and go to jail???
Vote for UKIP and have absolutely zero impact on anything.
FUUUUUUCK THIS SHITTE!!!!!
The truth is that the economies of rich countries, including the UK, are being kept alive by another and astonishingly under-reported bull market — in government debt. This is the bond bubble; and when it bursts, as it surely will, the result will be a recession far deeper than the crash from which we are trying to recover.
Allister Heath
17 September 2011
Allister Heath
17 September 2011
#13
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Posted 11 April 2012 - 06:30 PM
1. Hide all your money somewhere, probably abroad. A Virgin Islands company, say.
Don't be ashamed, you're in "good" company.
2. Max out on debt of all sorts, property and otherwise.
3. Await the outcome of this disgusting debate on whether the feckless should be paid for by the prudent.
4. If debtors are forgiven, you win although your stash is devalued.
5. If not, declare yourself bankrupt and skip the country to your stash.
Don't be ashamed, you're in "good" company.
2. Max out on debt of all sorts, property and otherwise.
3. Await the outcome of this disgusting debate on whether the feckless should be paid for by the prudent.
4. If debtors are forgiven, you win although your stash is devalued.
5. If not, declare yourself bankrupt and skip the country to your stash.
If you want to know what the next political move will be, ask yourself what will suit the banks, and behold, the answer will come to you.
The Credit Crunch :
The logical financial outcome is deflation. The logical political outcome is inflation. (Thanks to Injin 21st Sept 2008)
The Credit Crunch :
The logical financial outcome is deflation. The logical political outcome is inflation. (Thanks to Injin 21st Sept 2008)
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Posted 11 April 2012 - 06:33 PM
swissy_fit, on 11 April 2012 - 06:30 PM, said:
1. Hide all your money somewhere, probably abroad. A Virgin Islands company, say. In Gold and bury deep in the garden
Don't be ashamed, you're in "good" company.
Don't be ashamed, you're in "good" company.
fixed.
The truth is that the economies of rich countries, including the UK, are being kept alive by another and astonishingly under-reported bull market — in government debt. This is the bond bubble; and when it bursts, as it surely will, the result will be a recession far deeper than the crash from which we are trying to recover.
Allister Heath
17 September 2011
Allister Heath
17 September 2011
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Posted 11 April 2012 - 06:40 PM
people have been allowed to write off personal debt for years, only a matter of time till it was expanded to secured debts...
At the moment that happens i'll assume that this country is anything goes and its every man for himself.
At the moment that happens i'll assume that this country is anything goes and its every man for himself.