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24gray24

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Posts posted by 24gray24

  1. 15 minutes ago, TerryBoi said:

    I don't discount what Schiff is saying. Definitely think 5% chance it could happen. I accept that. However the decision whether I should "plan" for it its very simple for me. Basically, if the Fed capitulates and we do get the hyper-inflation scenario where they print to infinity then its mostly game-over.

    I'm too old, too fat, take BP meds and will definitely NOT survive that ensuing chaos easy. So what's the point in me storing up food, water and meds that a meth-pumped 25 year old in an F-150 with a Remington can take from me?

    Its best to be pragmatic about these things.

    Americans always under- estimate the importance of community spirit. 

    Keep the children fed. Find an excuse to feed them every day. Make no comment about it. When you see ribs on their parents, find an excuse to feed them too. 

    Then when the moment comes, you'll be in the line with your community. And you'll be as one. 

  2. 1 minute ago, TerryBoi said:

    Correct.

    I'm a hardcore Republican but I 100% respect the fact that Biden has the balls to do the right thing for the US.

    He's letting Powell run hog-wild regardless of the consequence to his parties electoral chances.

    The subsequent anger in America may well put the Dems out of power for a decade.

    Trump didn't have the backbone to do this despite talking a good game.

    Isn't there some Churchill saying that Americans always end up doing the right thing after first trying everything else.

    That would be noble indeed. I didn't think there was any capacity for noble sacrifice ( ie of yourself) left in Washington. 

    Schiff doesn't either. 

    Only a 100% republican would believe there was?

    Hedge your bets. Get prepping would my my advice. 

  3. 6 minutes ago, TerryBoi said:

    Its the nature of the US system that periods of excessive stability inherently end up in increased volatility that cleanses out the system. Over the next two years we're going to see almost unadulterated brutal Schumpeterian creative destruction over here. Fed was injecting Novocaine between 2008 and 2021 but now its time to go cold turkey and get off the meds.

    Powell will do his job, however painful, because he knows something better lies on the other side of this shit.

    Based on what we're seeing last few weeks it doesn't seem like the BoE intends to follow this model. That doesn't mean the outcome is less painful over there. Just that it might be spread over a much long period and the recovery might be very weak with a final reckoning some day further into the future.

    If he does he'll eviscerate the economy. 

    With an election coming up. 

     

     

  4. On 22/07/2022 at 19:14, Insane said:

    Oh thank you for telling me the real story of my life and my experiences. I must have been dreaming. 

    The property was bought for £150,000 in 1988. It was in a new build block in Surrey Quays London. There was a lot of flipping and fraud going on at the time people would buy and sell on contracts even before they were built. 

    This particular flat was never lived in. I don't know how much was borrowed but ( and something I don't understand ) after the bank sold the property they wrote to the original owner at the address explaining the sale to a company who sold it straight on to me . They sold to the company for £40,000 who sold it straight on to me for £50,000. No interest had been added over the last financial year but the mortgage statement showed a balance of over £160,000. Hence a big lose for the building society . I had this letter and phoned the man who had written it asking if they were selling any other properties like this he denied that they had ever sold any Repossessed Flats in the block. He was lying the agent was not. This was spring 1993.

    THE PERSON WHO OWNED THE FLAT GOT NOTHING BACK BUT MAYBE THEY DID NOT EXIST. 

    There was a big dispute that arose a few years later re service charges and who had owed/paid what. While dealing with the management company the guy there told me that two building society's had been dumped with many flats in this block , much of it due to fraud. They had held them them hoping the market would improve however when Canary Wharf went into liquidation at the end of 1992 they decided to cut their loses and sell. 

    But thank you for explaining all this did not happen and the agent acting on behalf of the company who sold it to me ( they were know as repo bagging companies) was not being truthful. 

    Just to clarify: the original owner still owed the difference. They probably came after them 12 years later. 

  5. 9 hours ago, A.steve said:

    No.  History has not shown that fiat currencies always fail.

    History has shown that some fiat currencies have failed - but history has nothing to tell us about the currencies that have not yet failed.  If you want to make a logically coherent argument for your claim, you need to rely upon more than history.

    A lot of knowledge is based on assuming the vast majority are like the tiny sample.

    And that same causes lead to same effects. 

    Life is probably impossible to navigate without those assumptions.  

    But back on topic: roubini thinks they'll stop raising rates when recession kicks in. Schiff thinks you can't stop inflation without an interest rate that's higher than inflation. 

    Put them together and you've got: high inflation and a collapsing economy at the same time.

     

     

  6. There are 56 MP's under investigation. 

    Anyone who lived through the 70's probably. 

    If hookers can collect twice, once for a trick at the time and a second time for millions years later, then everybody can claim. And no doubt will. 

    Beats working for a living. 

  7. The scale of the bubble is far bigger than 2008. 

    So the assumption the downturn will be about the same as 2008 seems a bit optimistic. 

     the 2008 downturn was arrested by extraordinary measures. They can't arrest the next one by those measures, they've already shot that bolt. There isn't the international co-operation to repeat it either. 

    So imagine 2008 without government intervention. Multiplied by 2 or 3. That's the rough look for an everything bubble collapse. 

    If it happens. 

  8. 11 minutes ago, Flat Bear said:

    You are talking about a 1930s style depression only much much worse and lasting much longer. You could be right and it could be the only way but I hope for all our sakes you are wrong.

    That's on one side. Plus inflation on the other. 

    So house prices, stocks all dropping at the same time as cost of living, everything in supermarket going up steadily. 

  9. 26 minutes ago, Staffsknot said:

    Yep I've given up bothering with him now. Truth is everything is his pension in every thread.

    Just going to correct any nonsense posts that come up and engage with the people actually wanting to talk about the situation and not just shrug and go I'll be ok.

    What I find hillarious is he cited reading Asimov and old scientists holding back thinking - he's an old scientist so clearly he must be a blocker to wiser thoughts / head in the past... sometimes they hoist themselves by their own petard

    There are worse people in the world:  people who are willing to shoot total strangers for money and who think they're entitled to a big fat pension at taxpayers expense at the end. 

    Makes a poor grasp of science look like a trifling fault by comparison. 

    We all know nothing is going to be done about climate change, don't we? 

    So why get upset when some people believe big Corp propaganda because they don't want to pay for it. 

    And other people are willing to shoot total strangers: so theyll be used in the scramble for declining resources. (Which could lead to ww3 and a bronze age collapse.)

    It's the future, isn't it? 

    65 feet of sea level rise, 2 billion people turned into refugees, and nothing much done to stop it. 

    Isn't this just the reality of how history was made? We're  all living through it. 

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