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About Drexler

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    HPC Newbie
  1. Just for the record, Vince Cable is my local MP and has stood on my doorstep discussing stuff with me on a couple of ocassions - and I have to say that generally I find ALL politicians self-serving scum, except Vince - he's a nice guy, seems very honest, knows humility and is passionate about what he believes in for the local people and the UK in general. It's a damn shame he won't get much further than where he's at - in opposition.
  2. Bought my first flat in 1987 for £54500. I mortgaged 52k - the repayments were £294 month (+ endowment of about £70 mnth) By 1991 the mortgage repayments had risen to £830 mnth (at the 15% rate peak) and the flat above me sold for £27500. I don't know how we managed, actually. Finally came back into positive equity in about 1996. Sold flat in 1999 for £72000 - rented ever since. Boy, am I longing for a HPC.
  3. and just to add weight to my comment above - here is what's written on the BBC news website under Q&A on NR nationalisation: Q: I'm a saver with Northern Rock. Will anything happen to my money? Back in September last year, when the problems at Northern Rock first emerged, the government stepped in to guarantee savers' deposits as it tried - with considerable success - to stop the run on the bank, the first in over a century. If your money is in a different bank, it is covered by the Financial Services Compensation Scheme (FSCS) which 100% guarantees only the first £35,000 of savings. I
  4. I wonder if the gubmint have shot themselves in both feet now. This could cause the more systemic-bank-collapse literate amongst us to switch our money into the only 'nationalised' bank that seems far safer than any in the private sector - thus causing the dreaded 'run' on BARC, RBS etc etc far sooner than anyone would have liked.
  5. It seems those terribly-clever-financial-egghead-doomsters over at tickerforum have decided it's ultimately to be....deflation, certainly in the US. And most probably here, seeing as they wag our tail. It's the only way the rich can stay rich (of course). http://www.tickerforum.org/cgi-ticker/akcs-www?post=28625
  6. Hypothetically, I think that the big bank may be about to a) massage some quarterly figures; decide amongst the 'central' financial people whether it's time to call it a day, come clean and start the mother of all runs; or c) play dominoes and sing "la-la-la-la-la, we're all alright" until the nastiness passes. I like the way you spelled it out.
  7. July 2007 Iran asked Japan to pay for its oil purchases in Japanese Yen. September 2007 Japan's Nippon Oil has agreed to buy Iranian oil using yen. December 2007 Iran stops accepting U.S. dollars for oil. January 2008 Iran's Finance Minister Davoud Danesh-Jafari told reporters the bourse will be inaugurated during the anniversary of the Islamic Revolution (February 1-11) at the latest. and now this: http://malaysia.news.yahoo.com/afp/2008020...et-558302b.html Sneak attack on Iran, anyone? but unfortunately Iran may have some help: http://www.larouchepub.com/other/2008/3505...s_warn_war
  8. Here's a fascinating comparison between the USSR's collapse in the 90's and the preparedness of the USA (and consequently, I guess, the UK) http://www.energybulletin.net/23259.html and, I have to say, it sounds a very accurate comparison and a very scary read.
  9. http://www.reuters.com/article/companyNews...992092120080129 but then, we all knew it was ******** anyway.
  10. Here's an interesting take on what's happened... although you can't believe everything you read on the internet. I tend towards believing it, though. http://www.financialsense.com/editorials/d.../2008/0128.html This bit rings especially true to me: "According to the note, the only pools of money around the world with enough capital to buy up the seemingly never ending supply of U.S. paper were "mainland Chinese banks, the Chinese government, Taiwanese banks, Korean banks, German banks, French banks, (and) UK banks." I think our UK banks may have some explaining to do in the coming months
  11. Tegan - in all fairness to Robert Peston, I have been commenting at his blog almost daily since the NR story blew - and I haven't minced my words about what our banking system is facing, posting links to various scary spreadsheets (particularly US Treasury ones) and generally prophecising doom - and he has OK'd every single one for publication. I think Peston may be the most clued-up media commentator we have - he's been trying to scream the facts at us, but in a way that means he doesn't lose his job for panicing people.
  12. Sorry to paste such a long piece, but it's hidden here: http://market-ticker.denninger.net/ under Dec 2007 (and isn't that easy to find.) This guy perfectly (to my mind) sums up what is happening in the financial systems of the world. Basically, it's got very little to do with sub-prime, recession etc - these are just words used by the banks, economists and media to soften the truth - that our system of banking is corrupt and is out of control. Though this piece is not strictly about monolines, it demonstrates how the clever banks have sold trillions of dollars of worthless shit (backed by t
  13. To the OP'er - frankly, at this moment, if I had cash, I would buy a house. In 3 or 6 months time your cash, which I assume isn't under your mattress but in an account in a bank, may be gone. Banks, contrary to popular belief, can go bust. And the governments promise to honour £35k in each account will be a memory.
  14. Here's a fascinating, and very long thread from tickerforum about monolines.... You might not want to read it if you want to sleep soundly tonight. http://www.tickerforum.org/cgi-ticker/akcs-www?post=24778
  15. Thanks for the welcome CD. What will I do? Well, I'm piss-poor to start with, money has never been a driving factor in my life. All I have been able to do is withdraw all surplus cash from the bank, which isn't much anyway. My main worry is the collapse of a High Street bank. Or more than one. I don't know the exact figures for how many clients a major bank has, but it has to be in the many millions. Look at the debacle of the Crock - the gov't knows it can't bail them out, yet has to appear to be taking positive action - but it's all a sham. If a major bank went belly-up, the gov't would b
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