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House Price Crash Forum


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Everything posted by Setantii

  1. I totally agree with a minimum and maximum wage.
  2. Or perhaps this Wertern consumerist society we've exported throughout the world is the cause of all this shittiness?
  3. Spot on mate! Scrap the minimum wage and let the revolution begin . . . .
  4. First time I've ever seen a 'mainstream' newspaper mention the fractional reserve banking pyramid scam.
  5. Fook me that's bad, real bad. http://money.cnn.com/2009/01/26/news/econo..._cuts/index.htm
  6. ****** Joe the Plumber - this guys the real deal. To quote the superb film Network he's "articulating the rage of the masses" like the "prophet of the airwaves" Howard Beale does in said film. When's the revolution start?
  7. Ok mate, it's just that once the government bailed out the banks they started the ball rolling. Everybody can now turn round and legitimately argue they should get bailed out too, IMO at least.
  8. Credit needs to flow again? Seeing as credit equates to debt and we are in the mother of all bubbles, a global debt bubble, how will taking on more debt help anything? As for spreading your money around it would be nice to have money to spread around! Being a lowly prole I don't have the luxury of spreading money around anywhere. Actually, seeing as the government is willing to protect up to £35,000 of savings' and all my 'savings' are tied into my property, shouldn't my house be secured by the same token? I mean it only cost £30,000 so there should be £5,000 to spare!
  9. If it was up to me there would be no renters - I bould ban BTL. Why should housing, a basic necessity, be monopolised by tosser landlords?
  10. Why should I, as a taxpayer with no savings to speak of, be expected to bail out the savers who in theory should have lost all their money in a banking system collapse that was only averted by taxpayer intervention? Swings and roundabouts mate.
  11. Sell and house and live where exactly?
  12. I tend to agree with the O.P. Using myself as an example the ONLY things I've ever had on tap are my mortgage (which is only £30,000) and a car loan that has now been repayed. (The car was second hand BTW). Now the economy is screwed and I might end up losing my job, which in turn would make it a huge struggle to keep up my mortgage payments. Now if I got turfed out of my house I can't see there being any buyers on the horizon so there will be an empty property lying around and the local council will have to find housing for a family of six. Surely a better scenario would be to 'nationalise' my house and let me stay in it? They've bailed out the fookin banks so if things get tough for me I demand the same treatment! If I become homeless a few molotovs will be going through the windows of the local banking establishments.
  13. Great comment, perhaps you should post it on the Question Time question thread!
  14. Short and to the point. I'd go for something like this. When asked for an opinion I'd argue that the the curent crisis is due to a global debt bubble that can never be repaid primarily due to the way banks create money as debt.
  15. Well thanks for the replies people, much appreciated. Many of the posts have given me food for thought and I will get back to this thread as soon as I have the time.
  16. Yeah I know, another thread about banking but I really need to get to the bottom of this. Even though the banking system is in meltdown I've yet to see any mention in the mainstream media of how our debt based economy actually works. Of course I'm talking about the system known as Fractional Reserve banking. For a mere mortal like me with a basic education the idea that banks create money from nothing seems absurd. In fact until a few years back I stupidly assumed that a £ note equated to an amount of gold in the Bank of England! So I researched this system to try and understand what it's all about and my current conclusion is that banking is just one huge pyramid scam. I'll explain why. http://www.dallasfed.org/educate/everyday/ev9.html http://www.ny.frb.org/aboutthefed/fedpoint/fed45.html Now if I go to a bank and ask for a loan (to pay my taxes) they will deposit an amount of 'money' into my account (which is in fact 'credit' created via the Fractional Reserve System). To be legal tender it must fulfil at least two conditions. One is that it is acceptable for the settlement of debts, and two, that it is acceptable for the payment of taxes. As the government will accept this credit as payment it becomes Legal Tender. As legal tender equates to real money, the bank has just magically conjured up 'money out of thin air'. More important however is this question - If the banks create money (credit) from nothing, yet nobody ever creates the interest needed to repay these loans in full, then how, as a society, can we ever get out of the increasing cycle of debt? Then again perhaps I've got it all wrong. As I said earlier I'm just an Average Joe trying to get my head around this whole concept. Is there any fundamental flaw in my reasoning?
  17. I just find it ironic that all these conspiracy theories rely on the world's passive acceptance of a World Central Bank. It appears their nighmare scenario is coming true.
  18. A few years ago there was a poster on another forum who kept on and on about a global conspiracy, headed by the Freemasons and Bankers, to rule the world. One of the core themes of his premise - the 'elites' would engineer a global economic crash which would lead to a World Central Bank. Oh how we laughed . . . .
  19. http://www.iht.com/articles/2009/01/01/business/col02.php Of course it's a ponzai scheme, known in the trade as Fractional Reserve banking!
  20. "Quantitative easing" - the new buzz phrase following on after the wonderful "credit crunch". Cut the Orwellian ********. Quantitative Easing = Printing Money Credit Crunch = Debt Crisis
  21. A workmate of mine in his fifties has saved nothing of major value and says his pension plan consists of puncihng a copper everytime he gets cold or hungry. He reckons that at in prison at least he'd be warm and get three meals a day . . .
  22. As a nation we're drowning in a sea of debt. This started in th 80's when credit cards became widely available to the masses, around the same time as Thatcher was killing the Unions and steering us towards globalization. We stopped becoming a nation that produced manufactuired goods and many folk ended up working in retail. The destruction of the Unions meant that the workers had no real bargaining power with their employees for better wages. However this was offset by the ability to gain access to easy credit, allowing us to buy all these shiny things from India and China and keeping retail workers in jobs. Also morgages were given out to many aspiring houseowners that were way beyond their means to pay back, this coupled with a BTL bubble that drove prices even higher. Up to the present day and bad loans by the banking sector result in the "credit crunch" (also note the discourse behind this term - sounds far less severe than "debt crisis"). The Government bail out the banks with money they have to borrow (from where?) putting the taxpayers further into debt. There is going to be a big depression - when people stop buying the shiney stuff from India and China millions of retail workers will end up on the dole, costing more money that the Government doesn't actually have. If one section of the economy (the banks) is bailed out whilst all others are allowed to falter and die this could well prove to be an explosive mixture with the potential for huge civil unrest. How the hell do we get out of this mess?
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