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House Price Crash Forum


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Everything posted by _w_

  1. http://www.bloomberg.com/news/2011-11-12/petrus-1982-sells-for-62-200-at-sotheby-s-london-as-bordeaux-demand-drops.html
  2. That's not quite true though is it? I reckon the agent is just repeating a mantra he doesn't understand, liquidity has only benefited banks and didn't translate in wage rises or more loans to the public. So no impact whatsoever on rental market.
  3. Have a heart. All that corrupting and destruction of democratic and social values does take you down.
  4. Fancy that! Sky high prices reduce demand. Who would have thought... Some agents now beginning to cold call us (prospective tenants) in sunny Fulham. We told them to call us back when prices are reasonnable.
  5. There is one precedent worthy of consideration I think, the successful ostracising of Austria by the EU when one if its extreme right parties came to power. That these are coups I think is undeniable. The Austrian precedent indicate that this may be an EU 'political' coup if one can say such thing rather than a coup by the bankers.
  6. What is an investment banker nowadays? My guess is they're now salesmen for the banks' funds working on comission, does anyone know?
  7. Or even now. With 40% of our GDP consisting of finance real estate and construction we should have collapsed by now. Just imagine what's left when you remove puclic sector activities. The fact that we haven't gives the now very powerful speculators and related government handlers room to argue that the situation is sustainable. So they are still printing causing further harm rather than start tackling the structural damage than has been done to our economy.
  8. In my opinion it's a no brainer. If it hadn't been for North Sea oil we'd be poorer than Greece by now. Being a petro-state for a while has hidden a lot of problems.
  9. http://www.bloomberg.com/news/2011-11-10/merkel-s-taboo-breaking-gambit-opens-pandora-s-box-as-euro-exit-is-mapped.html I don't think Europe ever stopped talking about a two speed Europe in the last ten years. But this is now so unexpected.
  10. There's one thing I'm noticing that will compound the problem: more and more people in their early forties are downsizing or selling 'assets' as they see their future employment prospects to be very dim because of their age. They're not waiting to reach their mid fifities anymore. But I agree with Injin that this only works in real term, the formerly independent BOE can always print the pound to oblivion to keep those nominal prices up.
  11. I think ZH is narking up the wrong tree. Italy's own banks and CB is where they should look. That's how Italy has always managed to finance its deficits.
  12. If it annoys you when some people tell you these banks are insolvent you could do worse than read this article from beginning to end. These banks make stupendous bonus generating profits right until they go bust. There is no mystery there. http://www.bloomberg...efine-risk.html
  13. It should go straight to France from Italy.
  14. Sorry for carrying on with this theme as it's a bit OT, but this article shows what dangers we face. These people now control those who make our laws. http://www.bloomberg...efine-risk.html
  15. I agree, some balance is needed. Although, I wouldn't mind Greece being 100% forbidden from buying BMWs and French frigates for a while.
  16. The debt is becoming mandatory though. Even now, you are loaded with debts that were accumulated by successive governments and on the hook for the trillions of debts our banks have accumulated for their own profit, £1.3 trillions explicitly and probably about £3 trillion implicitly. The way forward is towards debts that are imposed on us by law.
  17. My worry is that if commercial bankers are in charge, the credit bubble will be further inflated over the next ten twenty years. At some stage, when students carry £500k non dischargeable student debts at RPI + 4% and all other segments of the population have been subjected to similar debt peonage made mandatory by bank controlled governments, whatever happens won't be pretty. This is happening now, only this week a cabinet composed of bankers decided to end the BOE's short lived (and largely ineffectual) independence ! Isn't that something to be welcome as an automatic stabilisation mechanism in a way? Non credit worthy borrowers are not allowed to spend?
  18. I'm starting to agree with you. The only guys who could have stopped it where the CBs IMO but it looks like they are losing this war.
  19. That one is even worse. The amount of direct lending in Italy by French banks is amazing.
  20. At the end of the day, a debt peddler (France in the case of Italy) helps someone finance consumption they can't afford. Then the debtor can't pay his debts and the peddlers hold trillions of debts as assets on their books (their own 'savings') that are worthless. Stop the excesssive debt peddling and the situation becomes sustainable.
  21. It's getting confusing. Perhaps we should have one mega giant Europe thread?
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