Cylons

The western financial system will collapse within 12 months, its has not got 2 years, sorry When it does, it will not be replaced by a gold standard, it will be replaced by anarchy (and a barter system)

For fans of Martin Armstrong I have followed his work both privately and professionally for a number of years, http://armstrongeconomics.com/armstrong_economics_blog/ take care, and lets come back on the 7th August 2013 and check ! Cylons (Formerly TreasuryDealer, but I retired so I changed the user name to match the picture )

Yes I am and yes they are We only buy vegetables, Rice and Pasta (we are both veggies) much cheaper than Tesco (only other local store), Can't comment on meat or ready meals though.

Its not idiotic, to avoid high salt, high sugar, fatty foods with dubious contents, most previous posters mentioned similar Its cheaper to buy fresh vegetables and pasta, rice and make your own food. quite simple, but obviously beyond you, Now run along and get another spider tattoo on your neck, and finish off you can of Stella, oh and don't forget to feed the Pit bull before you go to bed, and remember to kiss Reece, Morgan, Bailey, and little kylie goodnight. You also have no idea how a meat processing plant works, I can assure you...… nothing is wasted, because fools like you eat it I am vegetarian.

Touch a nerve did I ? £40 was an exaggeration, last week was £36 Enjoy your eyes, lips and arseholes pasty you muppet.

Good lord. Greggs is Disgusting "Chav" food. :angry: Weekly food bill for the Wife and I is only £40.00, we just buy fresh ingredients and make our own dinners, Oh our local supermarket is Waitrose (who are far cheaper than most other stores)

Soc Gen bye bye Rumour only

oooooops http://www.rightmove.co.uk/property-for-sale/property-15813945.html only 25k to you guv'nor ahhhh chavtastic.......... http://www.southendstandard.co.uk/news/8287934.Beach_huts_arson/ fools , money etc.....

Im sure you all saw this, not likely , but monday funtimes anyways (yes its after lunch and im a tad long....) March 15 (Bloomberg) -- The U.S. and the U.K. have moved “substantially” closer to losing their AAA credit ratings as the cost of servicing their debt rose, according to Moody’s Investors Service. The governments of the two economies must balance bringing down their debt burdens without damaging growth by removing fiscal stimulus too quickly, Pierre Cailleteau, managing director of sovereign risk at Moody’s in London, said in a telephone interview. Under the ratings company’s so-called baseline scenario, the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except the U.K., and will be the biggest spender from 2011 to 2013, Moody’s said today in a report. “We expect the situation to further deteriorate in terms of the key ratings metrics before they start stabilizing,” Cailleteau said. “This story is not going to stop at the end of the year. There is inertia in the deterioration of credit metrics.” The pound fell against the dollar and the euro for the first time in three days, depreciating 0.8 percent to $1.5090, while the dollar index snapped a four-day drop, adding 0.3 percent to 90.075. The U.S. government will spend about 7 percent of its revenue servicing debt in 2010 and almost 11 percent in 2013, according to the baseline scenario of moderate economic recovery, fiscal adjustments in line with government plans and a gradual increase in interest rates, Moody’s said. Under its adverse scenario, which assumes 0.5 percent lower growth each year, less fiscal adjustment and a stronger interest-rate shock, the U.S. will be paying about 15 percent of revenue in interest payments, more than the 14 percent limit that would lead to a downgrade to AA, Moody’s said. U.K. Debt Service The U.K. is likely to spend 7 percent of revenue servicing debt this year and 9 percent in 2013, rising to almost 12 percent under the adverse scenario, Moody’s said. Financing costs above 10 percent put countries outside of the AAA category into a so-called debt reversibility band, the size of which depends on the ability and willingness of nations to reduce their debt burden by raising taxes or reducing spending. The U.S. has a 4 percentage-point band, while the U.K. has a 3 percentage-point band. “Those economies have been caught in a crisis while they are highly leveraged,” Cailleteau said, referring to the level of private and public debt as a percentage of gross domestic product. “They have to make the required adjustment to stabilize markets without choking off growth.” The U.S. would be the “most affected” under the adverse scenario, as the only country that would face a downgrade, Cailleteau said. The company’s baseline scenario assumes that all current AAA sovereigns will keep their ratings over the next three years, he said. ‘Warning Shot’ “On balance, we believe that the ratings of all large Aaa governments remain well positioned, although their ‘distance-to- downgrade’ has in all cases substantially diminished,” Moody’s said in the report. None of the current Aaa rated countries are likely to lose their ratings, said Peter Chatwell, a fixed-income strategist at Credit Agricole CIB in London. “This report is a warning shot to governments, setting out the line that they can’t cross with their budgets,” he said. While the U.S. is likely to benefit from economic growth more than other AAA nations, weak public consumption is likely to weigh on GDP this year, the ratings company said. “The pattern of growth and the high rate of unemployment raise the question of how strong the recovery will be going forward,” Moody’s said. “The ability of the U.S. economy to grow more rapidly and, therefore, for government revenues to contribute to fiscal consolidation, will have to depend on a revival in the growth of consumption.” U.S. Growth The U.S. economy will grow 3 percent this year and in 2011 after contracting 2.4 percent in 2009, according to the median estimate of economist forecasts compiled by Bloomberg. Unemployment will average 9.6 percent this year, up from 5.8 percent in 2008, and will fall to 9 percent next year, based on the median estimate. Sales at U.S. retailers unexpectedly climbed 0.3 percent in February, compared with a median forecast for a 0.2 percent contraction, the Commerce Department said on March 12. “The emphasis of the market, and our own, will move increasingly away from public finance developments in 2010, towards medium-term consolidation plans and the credibility thereof,” Moody’s said. Achieving the fiscal consolidation necessary to avert a downgrade will test “social cohesion” and may involve rewriting the “social contract” between governments and their people, Cailleteau said. “People have to decide what level of pain they are willing to accept to have a healthy economy.” U.K. Prime Minister Gordon Brown has clashed with opposition leader David Cameron over the timing and speed of budget cuts as they prepare for an election that must be held by June 3. ‘Very Fragile’ The opposition Conservatives argue that the government should come to grips now with the budget deficit, while Brown’s Labour Party says it’s too soon to remove fiscal stimulus. “Although the economy is now growing, recovery is still in its early stages and remains very fragile,” Brown told business leaders in London on March 10. “We’re not going to withdraw the stimulus until the recovery is assured.” The U.K. economy, which emerged from its longest-ever recession last quarter, is forecast to expand by 1.2 percent this year after a 5 percent contraction in 2009, according to median economist estimates compiled by Bloomberg. Unemployment will average 8 percent this year and 7.9 percent next year, the estimates show. “The question here is less when fiscal retrenchment ought to start, but rather how credible it is that sufficient retrenchment will take place,” Moody’s said. To contact the reporter on this story: Matthew Brown in London at mbrown42@bloomberg.net

Son works at HSBC (regional office) all staff just got called in to say the whole building relocating to Birmingham next year, so they are all out (about 300 people) Some announement due via press release this afternoon Poor sod it was his first job (only 21) still he's got no commitments (unlike his team leader who is married to a girl in another department.... they just completed on a house a few weeks ago....) green shoots ...... do me a favour TD

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Lifted without shame from Tickerforum, NEW YORK (Dow Jones)--For the third straight month, option adjustable-rate mortgages are generating proportionally more delinquencies and foreclosures than subprime mortgages, the scourge of the housing crisis. A further acceleration of troubles among the loans could mean higher-than-expected losses for Wells Fargo & Co. (WFC) and JPMorgan Chase & Co. (JPM), as well as the Federal Deposit Insurance Corp.'s own insurance fund. "The realization of the issues related to option ARMs is just beginning," says Chris Marinac, director of research at Atlanta-based FIG Partners. Known as Pick-A-Pays - a brand name popularized by Wachovia Corp. - the mostly adjustable-rate loans were typically issued to creditworthy homeowners, and allowed borrowers to make a range of monthly payments. The payment options include a partial-interest payment that adds the unpaid interest to the loan's balance. On many of the loans, balances have risen while values of the underlying properties have plummeted amid the nationwide housing crisis. As of April, 36.9% of the loans were at least 60 days past due, while 19% were in foreclosure, according to data from First American CoreLogic, a unit of Santa Ana, Calif.-based First American Corp. (FAF). By contrast, 33.9% of subprime loans were delinquent as of April, while 14.5% were in foreclosure. The loans are heavily concentrated in the worst-hit regions in the housing market, including California and Florida, making option-ARM borrowers inordinately vulnerable to declining property values. Option ARMs account for a much smaller portion of outstanding mortgages than subprime loans, but they occupy substantial tracts of certain banks' balance sheets. San Francisco-based Wells Fargo holds a mountain of Pick-A-Pays, having acquired $115 billion of the loans in its purchase of teetering Wachovia Corp., which it agreed to buy late last year. Due to complicated accounting rules, Wells Fargo assigns the loans a value of $93.2 billion, giving it room to absorb future losses on the loans. The bank, however, won't say whether losses from the loans have risen beyond the firm's original expectations. The firm nonetheless said in May that borrowers accounting for 51% of its outstanding Pick-A-Pay balances made only the minimum payment. "Our Pick-a-Pay customers have been fairly constant in their utilization of the minimum payment option," Wells Fargo said in a corporate filing. Wells Fargo declined to comment further. JPMorgan, for its part, holds $40.2 billion in option ARMs that the bank acquired when it purchased most of Seattle-based Washington Mutual Inc., which collapsed last year. The New York company also said in a filing that it has some exposure to an additional $46.5 billion in option ARMs sitting in complex off-balance-sheet entities. JPMorgan declined to comment. The FDIC could also face future losses due to rising problems with the loans. The regulator agreed to soak up most future losses from about $5 billion in option ARMs once held by Coral Gables, Fla.-based BankUnited, which the FDIC seized and sold to private investors. The FDIC did not respond to a request for comment. Troubles among option ARMs could well get worse, since the bulk are due to "recast" - industry lingo for reset - over the next three years or even earlier. Most of the loans reset to a traditional mortgage after five or 10 years, depending on the contract. But borrowers can trigger an earlier recast if the loan's balance exceeds the property's value by a predetermined ratio - usually 110% or 125%. Whereas subprime delinquencies have started to taper off, option ARMs' worst troubles may yet lie ahead. "We're just beginning to enter the cycle of resets" on option-ARM loans, says Matt Stadler, chief risk officer of National Asset Direct Inc. Senior lawmakers are also taking note of the looming storm. In late June, 20 U.S. senators, including Banking Committee Chairman Christopher Dodd, D-Conn., sent a letter to Treasury Secretary Timothy Geithner to address the issue. The senators asked Geithner whether he could assure the public that loan servicers are prepared for a "potential onslaught of requests for modifications" from option-ARM borrowers.

Your problem is that you ARE a cash buyer, they want to sell you a mortgage or even better have a chain where they have sold 2 or three of the houses in it. I am in the same situation, been looking made a few lowball offers, then got ignored because they had offers from people who's houses they sold. I always put my offers in writing to the vendors too, one muppet agent said I couldn't do that...We had an interesting conversation after that I can assure you........... Screw 'em I renewed my rental for another year... TD

http://www.agentsdiary.blogspot.com/ snooze zzzzzzzz Sitting in my casual clothes waiting for the fun to start, Anyway, new agents diary linky above, involves new build flats, social housing etc.... have fun TD

Of course emphasis, his actual reply was far more polite than mine....... I find that most phone conversations these days (not just with EA) are along the lines of "computer says no" then I get "fustrated" and either slam the phone down or begin ranting. It could mean I need anger management of course, but 20 odd yrs on a trading floor leaves you with little sufferance for fools..

This was the same answer I gave my son :angry: TD

File under "no shite sherlock "

In the last few weeks the following situation has sapped my will to live. (rather long but I needed to get this of my chest) My son applied for a job with the DWP (local job centre, as an advisor, they are expecting a few new "customers" soon He applies in Jan, waits a month for a maths and literacy test, waits 2 more weeks for an interview, then another 3 weeks to find out he was succesful, then has to send copies of his entire life to the DWP in Newcastle (I mean a fraudsters dream, P60's P45s, wage slips for 3 years, driving licence, passport etc......) I tell him to send it Recorded, you know, to be careful...... fast forward 10 days later.... (I think you can see where this is going) DWP "no sir no letter from you, so no job for you".... No.1 Son "but, ..... but, .... I sent it recorded, and the Postie has proof you signed for it" DWP "ahh thing is letters take 10 day to get here, out internal mail is like a black hole" No1. Son "but.... but but, you said I ony have 20 days to send the letter back, and for you to complete checks" DWP "thats right" No1. Son "so i can't win can I ? if it takes 10 days for you to open the envelope then by the time you send off for a reference and then get the reply back I am out of time ?" DWP "yes" No1. Son "f**K you, ars*hol* thanks for nothing" DWP " is there anything else I can help you with sir ? " No.1 Son "yes please die " He now works for a local company, time between application and starting work ? .......... a week thanks I'm done now, and I feel better TD Part 2 the story of TD and the wedding booking coming soon..... !!!

As stated, You can't sell someone a house, they (or the wife) like it or they don't, thats it. I wish the average EA would understand that, rather than bombard me with sales talk and bullshite each time I try and make a viewing Seriously, just take my number, confirm my appointment, and leave me alone, dont speak after that, I don't want to know if you think its the best time to buy, or that I might miss out, or that house has 10 offers at full asking price, or any such crap Sadly my experience is exactly the same time after time, They start bullshitting, I tell them to shut the Frack up, and things go downhill from there...... Oh well maybe one day in the future they will get it, I am not optimistic though TD

The US also found this out yesterday..... Yields will keep on moving up

Nice try ! But this sends the currency lower, and lowers demand for bonds, leading to...... etc etc Maybe Merv's caution about the amount of QE was well placed, he is not a fool despite what some of you on here may think.

Indeed, Its only one auction, but still significant enough. Imagine the vicious circle, falling GDP, falling Tax revenue, Increased borrowing, Low demand for Bonds(Gilts), higher rates to stimulate demand for bonds, leading to lower GDP, lower tax, higher Borrowing, Higher rates.... so on and so on.......... Answers to this on a postcard to Mr A Darling, 11 Downing Street. Bond markets set Interest Rates , not Government, and not the BOE, those in "power" would do well to remember this.

http://www.bloomberg.com/apps/news?pid=206...&refer=home Gilts Slump as Demand at U.K. 40-Year Bond Auction Falls Short March 25 (Bloomberg) -- U.K. government bonds slumped, extending three days of losses, after an auction of 40-year gilts failed to meet the amount of debt the Treasury offered. Investors bid for 1.63 billion pounds ($2.4 billion) of notes, lower than the 1.75 billion pounds of 4.25 percent notes the Treasury had slated to sell, the U.K. Debt Management Office said today. “Basically it’s the first failed auction,” said John Wraith, head of sterling interest-rate strategy at RBC Capital Markets in London. “They didn’t receive enough to cover it all so the market’s obviously sold off extremely heavily.” U.K. bonds fell, pushing the yield on the 10-year gilt 10 basis points higher to 3.43 percent by 11:02 a.m. in London. The 4.5 percent security due March 2019 slipped 0.82, or 8.2 pounds per 1,000-pound face amount, to 109.04. The yield on the two-year note rose three basis points to 1.29 percent. Yields move inversely to bond prices. Higher rates anyone.............

http://www.bloomberg.com/apps/news?pid=new...id=a5ElP4y2JoH8 March 25 (Bloomberg) -- Japan’s exports plunged by a record in February as deepening recessions in the U.S. and Europe sapped demand for the country’s cars and electronics. Overseas shipments fell 49.4 percent from a year earlier, the sharpest decline since at least 1980, when the government started to keep comparable data, the Finance Ministry said today in Tokyo. Economists predicted a 47.6 percent drop. Shipments to the U.S. tumbled an unprecedented 58.4 percent. Economists say the collapse signals gross domestic product will shrink this quarter at a similar pace to the annualized 12.1 percent contraction posted in the previous three months, the sharpest since 1974. Prime Minister Taro Aso is compiling his third stimulus package as companies from Toyota Motor Corp. to Panasonic Corp. fire thousands of workers. “There’s a still of lot of weakness out there; that’s going to be a big drag on production and most people are looking for the first-quarter GDP to be as bad as the previous quarter,” said David Cohen, director of Asian economic forecasting at Action Economics in Singapore. “Japan is as dependent on exports as anybody.” The Nikkei 225 Stock Average slipped 0.7 percent at 10:47 a.m. in Tokyo. Panasonic and Sony Corp., the world’s biggest consumer electronics makers, led the declines. The yen traded at 97.86 per dollar from 98.25 before the report. The currency has weakened 7.3 percent this year, offering some relief to exporters whose profits were eroded by its 23 percent gain in 2008. Cars, Chips Exports of automobiles tumbled 70.9 percent from a year earlier and shipments of semiconductor parts and devices slid 51.1 percent, the ministry said. Toyota, forecasting its first net loss in 59 years, yesterday said overseas shipments plunged 69 percent in February. Demand fell across all regions. Exports to Europe dropped a record 54.7 percent, shipments to Asia declined 46.3 percent and goods sent to China slumped 39.7 percent. Imports fell a record 43 percent, helping Japan post its first trade surplus in five months. The 82.4 billion yen ($842 million) surplus was still 91.2 percent lower than the same month a year earlier. Sentiment among Japan’s largest manufacturers probably fell to a 33-year low this month, economists predict the Bank of Japan’s Tankan survey will show next week.

I moved from Chelmsford about a year ago, ( I was there for 9 years) First, Its not as nice as people think, Crappy new builds mostly, and plenty of sick/blood and discarded kebabs to walk over in the morning on the way to the station (crap train service in London too, for anyone considering it) Second, its full of people with a face like a smacked ****, who do indeed give the kids pretentious names I will conceed the schools are good. Right, After living there for so long (and because I am a terminal sad case) I still keep track of the housing market. That report is bull shite of the highest order, just a bloody ad for all the god-awful agents in the town (they all congregate in the same road near the Dukes nightclub) Nothing on my old estate has shifted in months, (I mean well over 6 months too) loads of prices have come down, (from an eye watering 300k for a semi to around 225. The only people who can afford live in there work in the city, (the train is 8 deep most mornings), so you can imagine the future effect on prices (which had risen about 50% in 9/10 years) with the current city jobs market When you read the EA comments, you can almost smell the fear......... TD