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Harry Sacks

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Everything posted by Harry Sacks

  1. Commercial banks are the primary creator of fiat currency when they make a "loan" against the future returns on your labour or the combination of natural resources and labour that constitute a piece of real estate.
  2. Massively deluded. There is only natural resources and labour. Bitcoin burns resources, the market produces nothing. How will Bitcoin finance anything ? It's worse than a speculative derivative, it derives its price (in fiat currency) based on the number of suckers it can reel in, not an underlying commodity of means of production. It's very clever marketing. I can see how it appeals to a generation who believe they are excluded from social mobility and live life online. It's another fairy tale, like the fairy tale of everyone going to Uni and getting fabulous jobs. The past 40 years has been about globalising capital and labour markets. The price of money and graduates has fallen significantly.
  3. I wouldn't bother, he is just repeating stuff he clearly doesn't understand. Total crap about "penetrating the economy", yeah right, after it's been sold for fiat. An Easter Island scenario is more likely. Cheerleading Bitcoin is just as insidious as ramping up house prices.
  4. We did all that stuff to death on here in 2004. Seriously mate, you've been listening to vested interests and libertarian cranks in the US. That link "New Austrian school of Economics" lol! I'm embarrassed for you.
  5. I'm not sure how old you are but I'm guessing fairly young. I've seen it all before. 70s stagflation, 80s big bang, early 90s crash, ERM debacle, 15% mortgages, dot com bubble, property bubble, gold bubble and now this. Had the same arguments over again with different people at different times. They all said "it's different this time". Good luck.
  6. Thanks for the standard Youtube explanation of money, really no need. You're wrong. Many developed economies don't experience property bubbles because their banking systems are encouraged to lend into productive enterprise, which is deflationary. The cost of production falls as new tech increases productivity. It's not what is used as money it's who controls the quantity. Fixed quantity money, as far as I know, has never been implemented successfully.
  7. You're very wrong here, I thought you understood money? Money and savings do not flow into property, banks create new credit against these assets. They direct new capital into specific markets, driving up prices. This encourages more participants in the market, and so on. It is the same with Bitcoin.
  8. It won't flow into the productive economy, you're dreaming. It will flow into something unproductive and speculative, like..................property! But before that happens the smart money will cash out (into fiat lol!) and all the young mugs will take a massive haircut. Look at the chart, it is a screaming bubble! Innovation and productivity can take care of themselves, look at Tesla, no shortage of capital.
  9. I'm far from happy with it. The same Libertarian crowd that were all over gold prior 2008 are now on the Bitcoin bandwagon. They were so sure the bond market vigilantes would dump sovereign debt in the aftermath, yet the total opposite happened while the printing presses went into overdrive. The fiat system is massive and has a symbiotic relationship with The City and industry. It will take a lot more than Bitcoin to change that.
  10. It's very similar to fiat as it hands over massive amounts of unearned income to those closest to its original source. "The dollar has lost 97% of its value, 80% of the in the last 30years. That's value stolen from savers, pensions and future generations. Children yet to be born will pay back that theft and will be born into debt. It's a criminal system of debt slavery. Is that what you are advocating ?" Bitcoin completely relies on successive generations to buy into the ponzi scheme, it is worse than the current system. It's also relies on mass delusion. Fair play to anyone that got in early and made a killing. At least it doesn't deprive anyone of anything.
  11. It's my most productive time. I don't stop all day long for three weeks, not even a tea break. This year has been insanely busy.
  12. So Bitcoin calls itself a currency with its biggest selling point being its fixed quantity, which then makes it useless as a currency, inherently deflationary so no one wants to spend it. On top of that it burns real world resources, on a massive scale, and remarkably, has nothing to show for it at the end. This must be the most absurd bubble to date?
  13. They're just up the road from me, I have mutual friends and will be there if the thugs from the local pig trough get heavy. "Planning officer Mike Kelly said the authority was "supportive of sustainable development" but it "does not mean allowing people to develop wherever they wish" unless they're a big house builder and can give us a decent bung. Eat a dick Mike Kelly.
  14. Tax credits are basically quantitative easing for the people. It adds to the pool of money in circulation. Remove tax credits and it would be yet another austerity measure that would make the problem they're trying to fix worse. Sales would fall and unemployment would rise. Debt defaults would increase. People in this country want a very high standard of living but would rather not do anything for it.
  15. 8. Explain why house prices are high. Banks creating new money against homes, higher income multiples combined with externalised risk and securitisation.
  16. At least in 2008 there was room to maneuver. This is catastrophic. Own goal for many today. Not us, however lol!
  17. I believe the vultures are circling for brexit. Everything will be shorted.
  18. Economics has more in common with organised religion than science. Creating and directing credit into a specific market. The outcome is obvious. The solution is to stop banks monetising homes.
  19. Yields low on other investments, property providing a roof over your head, potential capital gains and a yield which might cover a substantial proportion of the repayment. However, this only works while credit is cheap.
  20. Wealth is shared all the time through production efficiency and innovation. Look at the products the majority of people use, cars, Internet, electronics. All these things are affordable. However, the banks and policy makers have ensured that the cost of housing yourself remains crippling, totally against the trend of all other material goods. Ci is treating the symptoms, it's not a solution.
  21. Why dik around with CI? Why not do it right and have sovereign money and real free market capitalism? All these problems can be traced directly to commercial bank credit. Innovation and production create wealth. Handing out money to meet the high cost of living, caused by frb, won't work.
  22. It won't end well in a debt money system. The basic income will be used as leverage for more debt and higher living costs. Is that not bleeding ******ing obvious?
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