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browneconomy

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  1. Just seen TV pages for next week. http://www.channel4.com/programmes/dispatches/episode-guide Episode Monday 8th June, available on demand Where to Save Your Money With interest rates at their lowest for 300 years, Dispatches highlights the crisis facing many of Britain's 40 million savers, and asks: where should you put your money?
  2. Unfortunately you might well be correct. But.......... The Fact is John Major Prime Minister for longer than Gordan Brown and David Cameron combined and unlike GB & DC actually won an election to that office! So he is worth listening to. He has the 'right' sort of connections, in political and economic terms, far more so than any of us knobs on HPC. So isn't it 'good' that there has at least been some political debate about the issue? Not that I'm holding my breath...... I don't subscribe to the view that raising mortgage rates to inflation plus 2% plus (say) 1% would trash the h
  3. Article in Telegraph: http://www.telegraph.co.uk/news/politics/conservative/10439423/Increase-interest-rates-to-5-per-cent-to-help-prudent-pensioners-says-Sir-John-Major.html Quote Increase interest rates to 5 per cent to help prudent pensioners, says Sir John Major Prudent pensioners who have saved carefully for their retirement all their lives are being punished by “cripplingly unfair” low interest rates, Sir John Major has said By Christopher Hope, Senior Political Correspondent 6:00AM GMT 11 Nov 2013 The former Conservative Prime Minister urged the Government to do something “classi
  4. Financial Repression can be compared to 'clipping' coinage. Obviously it is 'unfair' * Thing is what can be done about it? To my way of thinking the 'Powers That Be' are suppressing any public debate on whether or not it is Government policy and perhaps we should try and be proactive in raising the matter. It would be a good 'question' for BBC's Question Time. Ask the panel whether or not Financial Repression is official Government Policy? And if it is justify it! * 'unfair' - unless you are a banker benefiting from borrowing from present and future taxpayers, risk free at 0.5%
  5. http://www.telegraph.co.uk/finance/comment/rogerbootle/10407535/Financial-repression-may-stave-off-default-but-the-cost-to-savers-will-be-high.html QUOTE 'Financial repression’ may stave off default, but the cost to savers will be high Inflation will probably still be higher than the paltry interest rates available on many savings instruments – particularly after tax. All being well, pretty soon workers will start to see the real value of their earnings rise as inflation falls back. And about time, too. But sadly I doubt that savers will have much cause to rejoice. Inflation will probab
  6. You took the words right out of my mouth. I did the same (voted Tory, LIB Dems won constituency) should have voted Liebour, six months after the GE the UK would have been cap in hand at IMF. The resulting austerity would have been the solution to our economic ills rather than kicking the problem down a generation (of taxpayers) or two!. Actually I have to confess my 'guilt' in voting was even greater. I had hoped for a hung Parliament - I didn't want 5 years of Thatcherite Tory rule and honestly thought the Coalition would be the best thing for the UK - an economically right wing (Tory)
  7. Ditto. Leaving aside the 0.5% base rate seemingly the real damage inflicted on savers is the FFL scheme. Banks/Building Societies are using FFL as justification for lowering interest rates. Bllox. the £80bn has hardly been touched. Up to 1st qtr 2013 just £16.5bn has been 'loaned' to participating banks. Thats an average of just £253 for every person in the UK. Peanuts! see http://www.bankofengland.co.uk/publications/Pages/news/2013/070.aspx So how can the availability of this paltry sum result in actual savings interest rates being almost halved in one year? I think the answe
  8. http://www.telegraph.co.uk/finance/economics/10226144/Mark-Carney-is-about-to-make-his-first-mistake-not-raising-interest-rates.html Interesting article by Alistair Heath, editor of City AM. He concludes quote " There is no single solution or explanation, but UK monetary policy is no longer the issue. Rather than dovish forward guidance, what the economy really needs is a symbolic increase in interest rates, and for everybody to start moving on to tackling Britain’s real problems. " end quote. Log onto Telegraph & add your comments. The louder the discussion the more likely it's going
  9. My suggestion: The Great Repression History will judge the decade from 2008 as 'THE GREAT REPRESSION'. A time when the prudent were sacrificed to bail out the reckless and the feckless. A time when the very notion that Britain's was a truly democratic nation was proven to be a sham - Britain is a kleptocracy, a society run by the elite for the elite: Below inflation interest rates for savers - tough. Lousy annuity rates for those prudent enough to save for retirement- tough. House prices being inflated away from affordability by funny money- tough. And perhaps worst of all, mortga
  10. Many a true word is spoken in jest: Winston Churchill on economists, specifically on JMK (John Maynard Keynes) "If you put two economists in a room, you get two opinions, unless one of them is Lord Keynes, in which case you get three opinions." Leo Dumpmen on economists, specifically those on the MPC (Monetary Policy Committee) "If you put the nine members of the MPC in a room, it's irrelevant whether you end up with one opinion or ten because any opinion is just an opinion: the policy they actually adopt has already been decided - by Goldman Sachs!" History will judge the decade from 200
  11. Sorry for the delay, these are the properties that show sales history i.e. have sold more than once since 1999. Looking at the figures some show rises (obviously) but there are plenty of sales going through at 2005/6 (& even earlier) prices! And remember the effect of inflation! Reens Farmhouse, Church Road, Heamoor, Penzance, Cornwall TR18 3JB £295,000 Detached, Freehold 18 Mar 2013 4 bedrooms £285,000 Detached, Freehold 08 Aug 2003 11 Daniel Place, Penzance, Cornwall TR18 4DU £145,000 Terraced, Freehold 13 Mar 2013 2 bedrooms £142,500 Terraced, Freehold 29 Sep 2008 £128,950
  12. It's often a bit depressing reading the thread "Cornwall Watchers"........ some bland bungalow on for £450k coz 'it's within sight of the sea'. But what prices are actually being achieved and are these prices achieved actually going up or down? I have selected one area (Penzance) and done the Rightmove search for ' House Prices in Penzance' . I accept there there are errors / omissions so this is just for fun. This first post lists all properties sold in the last year, for completeness. My second post will list only those properties that show a sales 'history' i.e. have sold more than onc
  13. That I'm not able to comment on with authority - I understand it has just two standalone premises (Leeds & Scotland?). It's staff efficiency (as measured in customers/staff ratio) is I believe the best in the country . As I admit - I'm not an expert but we need a solution, not a sticking plaster for the existing system. Currently our illustrious leaders are treating the symptoms and not the cause of the nations financial malaise. Do you (or anyone else) have a solution to the problem. Perhaps I should re-post my notion in the thread "How would you fix the UK?"
  14. Have I won you over I appreciate my explanation of the concept is a gross simplification - but we need a solution. As others have said the system is bankrupt and we need to press reset. Question: do we do so through 20 plus years of a zombie economy, like Japan, or is there another more subtle way to get the banking system moving without penalising 'little' people ( both savers and borrowers) as the Government/BoE Banking-scum are imposing on us? edit sorry forgot to use multi quote!
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