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House Price Crash Forum


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Posts posted by Flatdog

  1. By acquiescing at every point?

    Might as well have a shop window dummy in the chair.

    Or an "Inaction Merv" doll.

    What has Merv actually done, other than what he was told/expected to do?

    Yes, he made a comment about house prices, but then again, so did Gordon Brown. Didn't make a ha'porth of difference to real world events in either case.


    This guy is as deserved of a place in the house of lords as that other uselessness Michael Martin.

  2. http://blogs.telegraph.co.uk/finance/jeremywarner/100010510/scandal-of-britains-700bn-overspend/

    Here’s a startling, though depressingly unsurprising, factoid I came across while – sad ******* that I am – digging around in the Office for National Statistics data base. Britain has not had a surplus in trade since 1982, or nearly thirty years, and even back then, it was only the gusher of still relatively new North Sea oil development that sustained it. The current account, which includes income on overseas investment, looks little better. There’s been no current account surplus since 1984.

    I’ve added up the numbers in this sad history of shame, and the brutal truth is that since 1984 Britain has spent a sum more than it has earned equivalent to well over half of the country’s entire national income, or in round numbers, £700bn. I’m reminded of Mr Micawber’s famous recipe for happiness. “Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.”

    In Britain, we long ago forgot about the importance of living within our means. The consequent misery visited on us in the financial crisis is the modern equivalent of the debtors’ prison to which Mr Micawber was eventually condemned. Yet still we don’t seem to have learned our lesson. Despite a near 25pc devaluation in the pound since the start of the financial crisis, one of the biggest devaluations ever – which should in theory make British goods and services more competitive – we are still importing far more than we are exporting. Last year, the current account deficit was again on the increase, to 2.5pc of GDP.

    I'm showing my age here, but can remember when the trade figures, good or bad would be the lead item on the news.

    What an insightful, well written and pertinent post.

    The figures are thoroughly depressing, and 'living within our means' is a phrase that a generation or two consider only as being 'old fashioned'.

  3. The IMF/World bank forced an 'Economic Structural Adjustment Programme' on Zimbabwe in the early 90's..

    Quote from article:

    When at the outset of ESAP in 1991, ZANU (PF) abandoned its mild social welfarism of the 1980s to go into partnership with the World Bank as Africa's newest reform-oriented star performer, the party promised reduced unemployment, less bureaucratic red tape, higher productivity and rapid wealth creation. The price for rapid development, it cautioned, was short-term deepening hardship in the form of social services cutbacks, skyrocketing consumer prices, the swamping of local markets with imports and sharp temporary increases in unemployment.

    But while suffering over the last five years proved even more intense, widespread and chronic than the state initially predicted, the pay-offs did not materialize. Five years on, most of government's promises remain unfulfilled, while the hardship of ordinary Zimbabweans seems without end.

    Despite its comparatively high-performing economy over much of the 1980s, Zimbabwe now appears firmly lodged in a quagmire of mounting debt, generally inadequate growth and plummeting living standards. Most macroeconomic indicators show continued overall decline and little relief on the horizon.

    Sound familiar?

    Full article here:


  4. I once went ski-ing and read "All Quiet on the Western Front" followed by "A Day in the Life of Ivan Ivanisovich" by Alexander Solzhenitsyn and "Wild Swans" by Jung Chang.

    Sort of makes you realise that financial crises and house prices are nothing really. A pretty gorey lot but highly, highly recommended.

    Fair enough, nevertheless, I had never heard of Paul Torday until a few days ago, can't help but feel that he is a kindred spirit.

  5. +1

    From infancy we're conditioned to think in terms of what we're allowed to do. Says who?!?!?

    imo most people aren't averse to some taxes, it's what makes society function but there's a line between 'reasonable' and legalised theft.

    Nice one SM..

    I think that most peeps are reasonably happy with playing the game as long as there is a fair return.

    Times are a changing tho', and I wonder how long peeps in the UK are going to continue putting up with 'legalised theft'.

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