Friday, Dec 28, 2007
The Hidden Danger Lurking Behind Inflation
BBC: Documents show 1977 police unrest
I personally know of two Police Officers who have second jobs just to keep their heads above water and keep their mortgage payments up. Official records released today under the 30 year rule reveal just what can happen when politicians play with inflation - may this serve as a warning Mr Brown.
Posted by enuii @ 05:42 PM (849 views) Add Comment
13 Comments
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1. jack c said...
I can see the end of this decade being a re-run of the late 1970's with the winter of discontent 1978/1979 being repeated in 2008/09
2. sovietuk said...
A re-run and much worse, debt levels are much higher now so that people have to cope with runaway inflation and service ridiculous levels of debt at the same time. No way out of this mess - 'the Cubbage Stump Olympics'.
3. sovietuk said...
cabbage
4. growler said...
Of course higher inflation will reduce some of the pain of a loan. This is the theory behind house prise inflation essentially. Borrow £100k interest only to buy a house (or whatever), wait 5 years, sell for £200k, pay off your £100k pocket the remaining £100k. All that high inflation does is hammer the savers and Gordons "prudent" people - but it helps the borrowers: the largest of which is the Government.
5. Orwell said...
I agree. IMF here we come again...
6. Cheekie Charlie said...
Higher inflation (for food, fuel goods etc.) will just make matters worse because wages are suffering from low inflation and house prices are in deflation. No crumbs of comfort here.
7. alan said...
@ Enuii,
This is a timely reminder.
Lots of folk are also hoping for inflation to deplete their card debts too
8. renting2 said...
But surely for inflation to reduce the debt burden wages have to inflate as well. The only wages that will be inflated are the already wealthy and politicians.
After the boom the bust has to hurt someone, and I guess the small guy's the target as usual.
9. it_is_going_with_a_bang said...
Inflation will never depleat card debts or any other debt. The interest rate is very high and inflation alone is meaningless in comparison.
The fact that people actually think they can rely on infation to service a debt in the first place is the most alarming thing.
Especially since everyone had the same bright idea of jumping on that bandwagon when interest rates were at a historical low.
I hope the Police stick it to Brown where it hurts. As should everyone else if they have any sense.
10. Scottow said...
If police who start on £21000 can't make it pay what about the rest. Remember this is more than the median salsry in some parts of England.Never mind the massive pension and other perks such as rent allowance.
11. Cheekie Charlie said...
"Of course higher inflation will reduce some of the pain of a loan."
Fools paradise!
12. Urbanbear said...
I know the BNP have pissed-off members in the Police, hopefully they will exploit this for all its worth and force Labour out, before the summer, then maybe we will have a good chance to dump the fraudulent, tyrannical cesspit which calls itself the EU.
13. Beaufoy said...
When I worked for telefusion tv repairs the best engineer left to become a police man because despite taking 15 years to get to the top of his desired proffession,he discovered that after a three month training course he would earn 30% more money,plus better overtime rates,plus better pension .