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Harry Sacks

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Everything posted by Harry Sacks

  1. " For a change, they may get to feel smug at dinner parties. " Are people really this crass or is it that wankers huddle together or something?
  2. If you are paying 3-4% on your 80% LTV and prices are "broadly flat", that's quite a hit once you factor in RPI.
  3. But it has never happened despite libertarian loons crying out for decades. Most AAA sovereign debt is held in pension funds so to say it is wasted money is debatable. Hedge funds that have basic understanding of MMT have made fortunes when vigilantes short nations that still have the printing press as they know they cannot default. Austerity, as we know it today, has nothing to do with fiscal responsibility. It is to prevent a market attack resulting from a perceived trading opportunity that is the upshot of private banks that are too big to bail. The asset footprint of these institutions is multiples of GDP and many of the are leveraged into sovereign debt at high ratios. This is all underpinned by the same credit rating agencies that triple A rated sub prime. And why are the banks too big to bail? Because successive governments have relied on them to furnish the economy with private debt instead of using public debt. It's come around full circle and chewed their ****. The real wealth has been pawned to private interests and rented back to us and the nation held to ransom while they made off with the cash.
  4. I wonder about this too. I also wonder how many traders/hedge fund managers know their Modern Monetary Theory these days. It seem like the ones who do have made a killing in the past by loading up on sovereign debt with borrowed money when yields were crisis high knowing full well that it's impossible for a sovereign to default while it has its own central bank. This is not the case for most of Europe, of course. One way to look at this maybe the worldwide $14T in QE since 2008..... where's the inflation other than assets? I don't think we can inflate away in isolation in the same way we can't be austere if everyone else is being austere.
  5. If wages had kept pace with inflation that 2018 figure would be £540.
  6. I remember this. I think I posted about it here. He is now Brexit minister. I can't help wondering if he was given that title as some form of punishment for his attempts to highlight the shortcomings of our monetary system.
  7. LOL! It's been corrupted by deregulation. 3-6-3 banking was relatively stable by today's standards. It's not what you use as money it's all about who controls the quantity. The free market has been handed the reins and withing 40 years their asset base is multiples of their sovereign's GDP. They have even managed to socialise the risk, after they completely externalised it, of course.
  8. I agree. In short time their value is eroded anyway. Ultimately this money expands bank balance sheets to the bloated multiples of GDP they are today.
  9. What utter shit that article was. Do they think that TC money disappears out of the country or into a mattress? It is spent almost instantly, usually in local businesses that employ people, pay tax, etc. When will people realise that under the present economic/monetary system a sustained budget surplus is folly for those who don't really understand what money is or what it is for. Yeah, fine. Chase the wet dream of "fiscal responsibility" whatever the ****** that means. You will end up with shops full to the rafters with goods, crops rotting in the field and a population in poverty without sufficient means of exchange. This ******** dogma, dreamed up by US libertarian loonies, is utter fantasy.
  10. You know only sad wankers blame the poor? The real pigs at the trough are in government, The City and industry.
  11. ^This The rest of you can get back to dry humping Paul Joseph Watson.
  12. I saw this coming fifteen years ago when I worked for them. Centrica sold it to CVC Permira who asset stripped it to the bone. All the property, including the training college, Widmerpool Hall, the equipment, vehicles, all of it - gone. They culled all the old guard and pushed performance targets in every dept. They then flipped it to Saga who ended up with a few porta cabins in Six Hill, an asbestos filled liability in Basingstoke and a massive pile of debt. They bet everything on a favorable IPO.
  13. QE for the people, universal income, etc.Very popular ideas, However, I never hear anyone mention how this new money would enter the banking system and be leveraged 40:1, driving up asset prices and the cost of living.
  14. Are you butt hurt because you're not getting the unearned income you think you're entitled to?
  15. The 386 may still work, my wax cylinder player still works, so does my VHS. Should we all be commuting with traction engines? You're talking about Bitcoin as an investment vehicle, cashing out and spending, and as a universal currency. It can't be both. I applaud anyone who has made a killing with Bitcoin but the rest of it is blowing smoke.
  16. Seriously?! The planned obsolescence of consumer durables can't be applied to residential land or the resource and labour intensity of a construction project.
  17. No resentment here. I've had money and property and lost it, and got it back again. To be honest, I've learned that money doesn't make me happy, it has isolated me in the past. Yeah, i could have bought Bitcoin. I was looking into it five years ago but I've been building up a real business with plant and machines, raising a family, that was more important to me. It's the unearned income attached to these financial instruments that I have a problem with. Nothing is being produced for the benefit of society. It's a rentiers paradise, getting rich just by owning stuff. For me, it's indicative of a society in decline.
  18. If Bitcoin is fixed quantity and you start offering Bitcoin mortgages, real estate will devalue in nominal Bitcoin. This will discourage anyone holding an amount of Bitcoin from buying a home, if they wait the house will be cheaper. Will there be an interest rate? Who sets the interest rate? Any interest rate will also have an effect on the purchasing power of Bitcoin. It's the opposite problem with fiat, as regulators have been asleep at the wheel, and allowed banks to direct new money into specific markets which has lead to bubbles. Poor VaR modeling allowed loose lending, etc. There is nothing inherently wrong with fiat. Bitcoin is fiat. It has no intrinsic value, it's a confidence trick like all fiat, except it is not a currency as it cannot expand and allow growth.
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