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  1. The wave of investment from overseas into London is not "funny money". The depreciation of GBP relative to CNY, SGD, MYR etc means London is not expensive to many Asian based investors. Add into the mix the large Asian foreign student population in Lodon Uni's with Tiger mums wanting the best possible housing for their kids as well as those who see UK as a safe haven for wealth diversification and the prices begin to make sense. This is not a short term phenomenum. It is large and growing. Do the math. How many mainland Chinese will be heading out to foreign Uni's over the next 10 years? Answer -a lot. It is not just China, the Asia middle class are growing and there is still a cache about an overseas academic qualification. This is without saying anything about the middle east and Russian money heading to London. London and ripple effect SE region will feel effect for years. HPC is a regional not national likelihood. London is part of a global economy, Much of the rest of UK is not.
  2. Contrary to all advice from IMF, ECB and EU leaders there is a plan B. It has been done before, many, many times but not by an EU member state. So what is plan B? Quite simply default. Default on all sovereign cross border obligations or have them rescheduled after massive haircuts. What about private cross border obligations? Realistically these will be defaulted too. Is this the end of Greece? No - a new beginning - outside the EU - with a drachma - with all the risks and uncertainties this entails. Why do it? The alternative (plan A) is to be the serfs of the EU masterlords for a generation. Turnover a new page. Rebuild Greece on its traditional strengths. Back the Drach
  3. There is no justification for any bonus payment whatsoever at RBS. The engineer on the Titanic did a great job even though the skipper sailed into a berg. Did he ask for a bonus? No, a place on a lifeboat would have been nice but even that was not up available. If the so called talent at RBS are so precious let them leave. My guess is that a huge majority will not want to mark themselves to market for fear of the reality check. Those that do take the plunge - good luck in your new job - but chalk the RBS up to a character forming experience. The wunderkins would have left already if they were any good in the first place...
  4. There is no morally defensible answer to this question. Commercial banks borrow & lend and buy & sell money. When trillions of dollars are moving daily between essentially captive or disadvantaged parties through a few conduits (banks) there is considerable skim. For the investment banks who else are the Govts or M&A customers going to turn to and how can the price be challenged when there is an oligarchy? Big dollar flows and deals = big bonuses. The moral hazard has made it a now a crazier game than ever before - taxpayers are paying the casino operators to take more of their money away.
  5. 1) Bring the troops back from Afghanistan and Iraq 2) Hold a GE with 50% less MP positions 3) Freeze public sector pay for 3 years and reduce total headcount expense by 5% a year 4) Align tax framework to cohesive community goals (hit the individual speculators and the bankster companies) 5) Reduce state benefits for physically fit unemployed by 50% and invest the bbalance in compulsory retraining and community projects 6) Merit based migration based on UK skill gaps - clamp down on economic migration dressed up as asylum seeking 7) Massive stimulus to SME sector 8) Introduce personal financial and community responsibility as a mandatory subject in all schools 9) Let school heads eject repeat disrupters without fear of repercussion from the pc lobby 10) Consign the disaster of comprehensive education to the waste bin of history and put up a headless statue of shirley williams in trafalgar square with the head hung in shame on a bungy cord over the millenium bridge
  6. Open an account with a bank in HK and buy CNY then borrow GBP against the CNY deposit
  7. If depositors were savvy enough to be drawn to those super yields on Icelandic bank depositors they should not be surprised when the bubble burst. It would be madness for Iceland to fall for the creditor biased reparations of the IMF. My bet would be that if Iceland walked away from all of their banks foreign obligations and if necessary rescheduled sovereign debt this would play out much more favourably in the medium term . As for councils and other UK public bodies that put money in Icelandic banks - forget any list of authorised banks - if you are dumb enough to risk public money in this way then take the fall and cut public spending in UK to pay for the idiocy.
  8. Public sector bashing is fun but unproductive - Private sector bashing is fun but unproductive. You get the private and public sector that you deserve as a voting population and when the Govt turns a blind eye to private sector excess to pay for public sector excess you get to where we are today. The "too big to fail" mentality is killing both private and public sector. It is time for addressing the excess in both sectors - not a let's all suffer equally approach. There is good in both sectors - celebrate and support the quality that is there - deal with the dross.
  9. IMHO the market is rising because there has been so much cash sitting on the side for so long at ultra low interest rates that drip feeding money into stocks (particularly those with decent divi) seems like a prudent play. those who got burnt the last time will have blamed their advoisors but have not changed their fundamental beliefs on the long term value of stock market investemnts over cash (provided the entry point is right). The amount of money going in is small realtive to the wall of money that is out there on the sidelines. It may not be on the sidelines from the US and UK consumer but it is out there in Asia.
  10. The oh so arrogant bankster BOD blame all their woes on a global financial crisis and not at all about their total incompetance in allowing greed, short termism , over leverage and rash funding to line their fancy pockets. So far their only pain has been an embarassing session before HOC select committee and perhaps critical AGM but their life style have barely been impacted. An English solution is needed...They have to be sent to Coventry, blackballed, blacklisted, exiled from all aspects of decent UK life Specifically, have their portaits made up for an Iraq style deck of cards of the most unwanted. Stamp it with the words "NOT WELCOME HERE" Put the poster up in all of the places in UK that these teflon Tonies frequent and deny them access to the pleasure of UK life. Theatres, Pubs, clubs, schools, sports and music events.. aim at their favorite haunts .. Twickers, Wimbledon, Henley, Badminton.. Why?? - because the establishment protects its own and there will never be a fair price paid for failure by "one of us"
  11. In a poll of 10 senior asia based managers at a private dinner last night the CNY was identified as the currency with the most potential for appreciation in the next 12mths.. Gradually accumulating CNY looks the play for those with access to offshore FCY accounts (preferably booked in HK). USD & GBP were viewed as the big fallers ahead.. CNY will move towards full convetibility at the pace decided by PRC and noone else. Buy now...
  12. This should be the UK equivalent of Robbens Island and where we send the banksters and their crony establishment losers to live the life of the limpet on a real rock rather than cling forever to the money rock. Sir Fred can be the first sucker to pack his bags for Scullly.
  13. What Peston means is that the banksters have got away with it. The unemployment rate will continue to rise for many months and the man in the street will be seriously hurt. It is a traversty of justice. Not legal justice but common sense. The establishment (politicians, banksters, rating agencies, commercial lawyers, regulators and oh so untouchable serial BOD members live on in pristine state). What if anything does it take to get UK people angry??? This is the biggest financial rape in the history of the UK - what are the abused going to do about it?
  14. Tax revolt is most likely on local authority rates that have gone through the roof and are being used to pay super inflated salaries to adminstrators who could not hack it in the private sector and lord it over their down trodden serfs who one day wont take it anymore. It happened before with Poll Tax .. it just takes a mass response and tax becomes socially and politically unenforceable..
  15. Why would any bailed out banker make risky mortgage loans when they can use the bail out money to buy back heavily discounted bank debt , record a great profit on the deal and probably get a nice bonio too in on improved stock option values? No contest really....sadly
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