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About Modigliani1

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  1. Estimates put the size of the black economy in the UK as 6 to 8%. Italy's black economy is estimated to be around 30%. Having lived and done business in both countries, I can confirm that it feels pretty accurate. This is a country where tax advisors and lawyers encourage tax evasion, go figure.
  2. I agree, screw stats, riding a bike in central London is like playing Russian roulette.
  3. - Stay away from Dalston, in my opinion. Still a rough area despite all the redevelopment projects by Barrat etc. - I currently live in the Bermondsey/Canada Water and I find it extremely pleasant. Everyone who comes visting me points how how peaceful it is compared to other areas. Rather central, good transport links (although the current engineering works in the weekends can be annoying, but they won't last forever obviously). - E14: not *too* bad but a bit too far from the city and overpriced. - Stratford: there is a topic about it, go have a read. - Southwark SE1: I personally like the area, but some parts are rather grim. So be careful. - Camden: full of punks, noisy, a mess.
  4. I see your points about security, pension and freedom to do whatever you want with your house. They are all absolutely reasonable. But they hold true in many other countries, yet I have been in the UK for quite a few years and I keep getting bad looks from people (even friends with a decent amount of financial knowledge) whenever I say I could theoretically buy a property but I don't. It's hard to explain, but at times my brain cannot help but brand their arguments as obsession or even borderline fanatism. It's gotten to a point where I'd rather avoid the subject altogether if I can. You can have a better idea of what I am saying by paying attention to all the property porn programmes on tv. It's like being a tenant is a crime :|
  5. Someday someone will have to explain to me why people in the UK are so obsessed with owning property. I realize all the advantages of not being a tenant, but why is it that everyone who doesn't own his own place is looked at as a lesser being? Please realize I am not really looking for a financially sound rational explanation, but surely something must have happened in British history to justify this
  6. If the buyers are stupid and willing to over pay a house it's their own fault and the lender's. You could blame the education system for failing to provide its citizens with the adequate skills to evaluate assets, if you really really want to stretch it. But surely it's not Rightmove's fault, they are just doing their job.
  7. I am Italian. The whole story has been given, quite surprisingly, exactly zero coverage on the media. Just to give you an idea, it was only briefly mentioned on page 19 of the printed edition of the second biggest national newspaper and I haven't heard anything about it on television. However, the youtube video seems genuine to me (the person who said it looks like a high school prank has no clue). And the article from the Financial Police website confirms the story, so it's a safe bet to say that it did happen.
  8. For those claiming that house prices do not follow cycles and can't be subject to booms and crashes: this is, quite franly, empirically wrong. There have been huge fluctuations in property markets throughout the world over in recent decades. The reasons and context may have been slightly different, but you can't just turn a blind eye on stuff like this: I am well aware that DrBubb has already pointed this out in a much and elaborate better way, but I felt I had to give my two cents.
  9. Have a look at this short clip: http://www.southparkstudios.com/clips/222638 If you like, here is the full episode (it's great, I promise!): http://www.southparkstudios.com/episodes/2...?autoplay=false Enjoy
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