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House Price Crash Forum

dr ray

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Everything posted by dr ray

  1. The global Ponzi scheme has been kept going for a bit longer by sucking in more punters at the bottom. This time the punters are us - unwilling participants being forced to use our savings to prop it up. Same as the Greenspan boom in 2000-2007 which deferred financial collapse after the dot-com bubble burst, Question is whether we carry on as normal for a few years or a few weeks before this fails. If you think it will take years then the response would be to borrow heavily and buy property and stocks and hope you get out in time. If you think it will pop in weeks then what? Buy beans and gold?
  2. I think you (and other posters on here) are confusing poverty with deflation. Quite possible to have poverty and inflation together - see Zimbabwe and UK in the not too distant future. I see stocks, oil, gold and company profits (Apple, Banks) all rising faster than expected. The situation for UK firms and wages is almost irrelevant as the effect is global. When we had massive inflation in the last few years (HPI and gold up x3) the RPI was low due to falling import prices. Growing economies elswhere will export their high prices to us even while we get poorer due to increased taxes and lower wages.
  3. What- you mean like paid out to bankers as huge bonuses which then get gambled on property and commodities? Nah, that will never happen.
  4. You're welcome. That posting was free on the NHS. Any other sensible postings will need to be paid for at the going rate
  5. It 's going to change now DYIV. Apparently they are going to pay the bankers huge amounts of money to prevent them relocating abroad and I'm betting my pension that they will do the same for NHS doctors. I'm joking of course. UK can manage without doctors but we have to keep our bankers.
  6. You been away a couple of weeks? Did you go to Australia to suss out that job?
  7. Chap on R4 this am - I think they called him Santa, which I thought was appropriate, said half of all mortgages in 2007 were Liar Loans
  8. Get a hold of yourself, man. Taxes are confiscation of peoples wealth. Agreeing with a new or increased tax is agreeing that the government can spend our money more sensibly than we can as individuals. No tax is a good idea except possibly the bare minimum necessary to enforce property rights and national security so that what we earn and own is not stolen from us by force (which is in fact what our government is now doing to its own population so that we have to pay a "tax" to employ accountants and financial advisors to enforce our property rights against taxation!)
  9. No need. We have a top notch police force to do that. Best thing is:. . . . . . . . Its paid for by the taxpayer
  10. The newspapers are saying he is going to hit the banks with a windfall tax to punish them. Obviously this won't affect the employees getting bonuses. It will be paid by the shareholders And who are the banks shareholders? The taxpayers and pension funds who manage our (the taxpayers) pensions. So the banks will be punished by taking more money off the taxpayer. They must be sh1tting themselves . . . . . . . . . . (laughing)
  11. I don't want to seem like one of the bulls posting as a bear that there is another thread about, but two things: It seems a global effect. Nulab doesn't control oil or gold prices or the D-J.index Secondly I think the possiblility that the depression can be deferred hasn't been taken into account in the "are we heading for meltdown/are we back to normal?" debate. Perhaps this is "The Third Way"
  12. A sovereign is 7.98g but its 22 carat so the actual gold content is 7.315 g or 0.2354 oz. (just under 1/4 oz) There are also 1/2, 2 and 5 sovereign coins and this year only a 1/4 sovereign. These are a simple multiple of the sovereign. To work out the gold value just multiply the price of gold by 0.2354 or look at the "buy" price on Hatton Gardens Metals website. The coins in uncirculated condition command a higher price and the older they are the higher the price to a collector. Rare designs like the 2002 and 2005 year designs are also more valuable to a collector. If you get into collecting you will need to buy a book as there are many variants especially of victorian coins. If you are just after the metal and buy an old bullion coin it is likely to be quite worn or even damaged from being mounted in a ring. New "bullion" coins from the Royal Mint are uncirculated but are sold for around £200. A proof coin has a special finish and should be undamaged and also commands a higer price but contains no more metal. All the coins I have had from LMO have been either uncirculated or in almost uncirculated condition (even KG V coins) and more valuable than the usual offering on ebay if you actually want a collectors coin. After buying a few coins you will find yourself paying a little more to get a nicer coin even if this was not the reason you bought in the first place.
  13. http://blogs.mirror....company-th.html .Why is this even worth posting? It doesn't say anywhere on the LMO website that it is a registered charity. If someone canny like me can buy collector grade gold sovereigns off them for less than scrap value it must be obvious that there are less canny buyers paying over the odds. Same in Tescos. Is the chap in the quote so stupid that he had to go and buy the stuff because he got a flyer in the post? I bet you can recognise where he lives from the stone cladding and "realistic" fake cobbled driveway I have dealt with LMO and found them completely above board. No unanswered emails or phones. No delaying postage so that you miss return date (scams pulled by Cash4gold apparently) Never bought anything except gold at below market value though.
  14. Talked to my brother who runs a limo business in London yesterday and asked him about business sentiment. He is run off his feet and there is lots of money sloshing around in the circles he deals with. After the dot-com crash Greenspan stimulated the economy with low interest rates and that created a boom which lasted 8 years. I do agree this "recovery" has no foundations but neither did the recovery from the dot-com crash and I'm beginning to think the Ponzi scheme can be kept going for longer than the next GE in the UK
  15. I think you will find, when you've been posting a bit longer, that Bloo Loo does know what he is taliking about. Many on here consider him one of the more insightful posters. I suspect he was winding you up and seems to have succeeded.
  16. Nah, you're all wrong. This is part of the stimulus package. Announce that large TV sales will be banned and everyone rushes out and buys 3 or 4 before the ban comes in. Heinz did it with salad cream about 10 years ago. Said there was no demand and they would stop making it. Everyone went and cleared the shelves and, as far as I know, they are still making it.
  17. I'm not sure its even that. The distinguishing feature of the last 12 years has been the contempt of democracy and individual rights which would have made King John blush at Runneymead. We don't really know what the current Tories will be like but I don't hold any great hopes. Once Europe decides our laws and the IMF runs our economy I dont think the common man will have any rights. We are in the final stages of failure of the democratic model. Edited - looked a bit over pessimistic when I read it. We will still be able to Vote on X-factor so its not all bad.
  18. The main beneficiaries are no longer Nulabour supporters. "Captains of Industry "who licked Browns ar5e for the last 12 years are now lining up to denounce him. The classic Labour supporter have not benefited much. They might have a few more toys but are deeper in debt and working more to maintain their standard of living (not counting London Tube drivers who have blackmailed the nation and won -£60k pa, 35 hr week and 80 days holiday pa) The people who benefitted under Labour will relocate if it gets too uncomfortable for them. The poor cannot be squeezed so it will actually be the typical Tory supporter who is going to carry the can.
  19. Wow I need all of those improvements on my delapidated Grade II mansion. Shame its not in the right area. I would apply like a shot, pay it back at a £1/week and plead poverty because my savings are all buried in the garden and not traceable (unless they come round with a metal detector ) They might even pay for a floor safe!
  20. Thats what I would do if I were Cameron. On the morning after the elections while Brown is still moving his furniture out so that there is no question who caused the problem.
  21. I'm afraid a sovereign is a bit of a disappointment if this is what you want. £150 doesn't buy a very tactile lump of gold. You need a Krugerrand or a gold £5 for this or else some silver dollars or British silver crowns which are a nice chunk of metal with a metal value of around £7-8. Very occasionally you can get them for £10 or less on ebay
  22. Chards p!ss me off. They seem to think they are the only people who should be allowed to sell coins. He rips into the Royal Mint, ebay, London Mint Office and anyone else with the cheek to try and steal his customers. I just bought a rare 4 coin set of 2005 proof sovereigns for several hundreds of £ less than Chard sell them. I never had a problem with London Mint Office. The odd time they did send a second coin I phoned them and they sent me a label for free return special delivery postage. Never any arguement. Even when they found out I had applied half a dozen times they just told me I should't really have done it but sent another to my work address!
  23. Why? Not being critical. Just interested. It will just about buy you a one way airline ticket out of the UK but as a store of wealth one is almost pointless. But you are right to start with one if you might get more. Try London Mint Office - they will sell you one as a loss leader for £139-even a nice 2009 UNC. After you get it email them and tell them you don't want any more otherwise they send you another a month later for £350 odd. Get all your family to do the same (different addresses needed) and you can get more at the same price.
  24. Yes, excellent post. I might add that the process of making gold, were it economical, would destroy the very reason for making it as gold only has value because it is difficult and expensive to mine. If it was a cheap as chips no one would want it as jewelry or investment. It would make a good roofing material but it would need to be a cheap as lead.
  25. Sure there is. Banks have become very profitable*. So they should be with access to free money, their risks underwriten by the taxpayer and able to get a good returm by lending money to the Government or speculating on stocks, commodities or gold. Its like Japan was in the 80s the more banks speculate on their own shares (or using the stockmarket ex banks as proxy) the more "profit" they make * How did JP Morgan earn so much money in such a bad economy? We begin with a bit of scepticism. After all, we know consumers aren’t borrowing. Consumer credit is going down. So they can’t be making money there. And we know businesses aren’t expanding, so they can’t be making money by lending to corporations either. Wait a minute. JP Morgan is a bank, right? Don’t banks make money by lending money? Yes... that’s what we thought. Then who is JP Morgan lending to? The only net borrower is the government. The Financial Times confirms that Morgan’s “ US consumer businesses continued to bleed, with its credit card unit losing $700 million in the quarter and its retail bank... barely breaking even.” It wrote off $7 billion in uncollectible consumer loans – more than twice as much as last year. Its mortgage group lost money too. And it surely didn’t make any money helping US business build new factories and expand payrolls. All the components of the business that have to do with the real economy are losing money or barely breaking even. What’s left? The news reports attribute the huge profits to “trading”. But trading is a broad category. And our guess is that if you look more closely you will find that JP Morgan made its money the old fashioned way – by ripping off the government. ‘You mean, JP Morgan took the feds’ money and is now showing huge profits because it is just lending money back to the people they got it from?’ Yes. But not only that. They’re also probably speculating on gold, oil and stocks... along with everyone else. The feds’ money has pushed all these speculative trades into profit. ‘And now, they’re going to pay themselves big bonuses, aren’t they?’ Yes. The papers tell us that “bonuses explode on Wall Street to a new record”. ‘So, then... when the next crisis comes... they won’t have any money in the banks, will they?’ Nope. ‘So they’ll have to get bailed out again?’ Yep. ‘But maybe the next time the feds will wise up and just let them go broke.’ Not a chance. Wall Street has plenty of friends in the highest places in Washington. A report from today’s media tells us that “Geithner Aides Reaped Millions Working for Banks, Hedge Funds.” The aides earn about $150,000 for their government work. On the side, they advise the financial firms they’re supposed to be regulating – and get paid millions.
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