Meerkat

Effectively....

Loved this, for Phil & Krusty: “In E2, the difference between asking and sale price is a staggering 20 percent.”

Not quite... Why not to opt for something more elegant and cleaner such as abandoning the welfare state save for some exceptional situations and let anyone into the country who can support him/herself.

CBs don't make the decisions, the market most often does it for them and they have nowhere to go. The endgame is this as per von Mises (and CBs normally try their best to not lose credibility): "There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved."

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." (Henry Ford) Hence, you generally get useful idiots promoted for public office. Not understanding how monetary system works is almost a prerequisite.

Why do you think taxpayers money should be used to do it when it can be done free of charge? What you don't get there is no difference in principle between whom you think are lefties and righties - they are all philosophically Marxists including Portillo.

It's actually very simple - don't let the state (directly/indirectly) meddle into housing/financing matters, especially using props the purpose of which is to artificially inflate land/housing value.

Yes... not w/o a reason the probability of the rate hike is circa 85% rather than full 100% as of today. It's sort of baked in, but... I would be amazed if they don't do it, but not surprised. Let's see if the majority of the MPC have a deluded sense of grandeur in front of Mr.Market, but speculation is the vote is going to be 7-2 to hike. We shall see...

Check today's move in gilts for some better insights.... the market couldn't care less about the guardian or an odd MPC member.

Possibly.. but if Mr.Market commands - can he refuse? Gilt yields been going up, a decent move also today suggesting the MPC may have little choice.

This the true reason why any government should be heavily restricted. It's incredible that so many on this forum would entrust the same body that has consistently screwed them to solve the problem. A non-problem in the first place. Because government, local or national, shouldn't be involved in housing business or meddling with people's incentives in the first place. Only allow people that can sustain themselves into the country - easily solved if all property were privately owned...

Omg.. an expert in economics? Britain will have to cope - not a choice.

Likewise, signed although thinking along the same lines - no need for more socialism (as it misallocates resources anyway).

“The worst thing that can happen to a socialist is to have his country ruled by socialists who are not his friends.”

Quite. Ratings agencies mark themselves to the market and, to their credit, don't claim any more than that. 0 news, nothing the market did not know or had not priced in as evidenced by the market reaction today. Market had downgraded UK Plc time ago.

And the news is exactly what - events seen in the rear view mirror summarised?

The problem is not him being in a haven and paying too little but the productive part of the economy paying way too much. Ever occurred? Or you need him and everybody else contribute more towards the Treasury so things like housing benefit, HTB and other reckless and feckless redistributions can be not only sustained, but even increased?

Good start, the first sentence. Re the second, no incentives should be administered. Just remove all the intervention; as far as rates are concerned, let them reflect the natural demand and supply for loans/savings. I.e. CBs out and back to sound money.

Two wrongs make it right in your book? You are surely not wrong that these species destroy value. Think about tackling weeds on your lawn with with something that takes out everything. Think about the USSR, Cuba, Venezuela etc - property values were/are surely basement level there. Something to aspire for.

+1.. and some folk here trying to split a hair and busybody how Cons are different from Labs. Less or more disguised Marxists they are all, period. People would do well to go through Marx's 10 tenets from his Communist Manifesto to realise there is practically no difference (to a normal, median citizen of the blighty) in the actual policies of any major political party. Even Thatcher, just like Reagan, masked statist content with free market rhetoric. Ok, sure May is so bad (or honest?) in comparison that there is no masquerade really.

I don't think you got the point then - and it definitely wasn't let's do whatever... the point was not to be hypocritical and arrogant (and if you see the earth is going to be fine, remove it from the BS - focus on the people). I don't want to hijack the thread, but will just add that most of the bureaucratic and state sponsored "save the planet" BS is meant to increase taxes, subsidise cronies and similar stuff. Saving the planet to them is just a nice BS story to sell to the gullible and then rob them blind in broad daylight.

Wow.... well, maybe this may cure you and similarly worried folk: https://www.youtube.com/watch?v=7W33HRc1A6c (George Carlin on Saving the Planet)

This Thewig's "just rent it out, innit" in practice

Which Ponzi scheme has ever sustained itself forever?

Imagine ça... you wd hv converted GBP to the same "worthless" USD at 2.0 or 1.5 more recently. Otherwise, don't forget credit is money. This then wd explain why USD has rallied (and will still do so) against most other currencies over the past 8 years or so. Debt must be repaid and the biggest debt currency is? Answers on the postcard s'il vous plaît . The velocity and all that... We won't be at that some point until after a deflationary collapse when the government proper will take over money supply from the w@nkers.