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Montauk

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Posts posted by Montauk

  1. http://news.goldseek.com/GoldSeek/1223913333.php

    From the author of this video: "Inflationary Holocaust. 'Legendary investor Jim Rogers warned during a CNBC interview this morning that global central banks are creating the environment for an inflationary holocaust by their ceaseless overprinting of currency, a measure that isn't even successful in stabilizing the stock market.

    Rogers said that the only solution to the market crisis was to let failing banks and speculators go bankrupt and stop pumping endless amounts of liquidity into the system, labeling it outrageous that responsible investors and taxpayers are being made to bail out crooks on Wall Street.

    "The way to solve this problem is to let people go bankrupt," Rogers stressed, "All of this pumping money into the system is not going to save it - see what the market is saying, it's saying we don't buy that, let people go bankrupt," he added.

    "Then you will hit bottom and then you start over. The people who are sound will take over the assets from the people who aren't sound and we will start over. This is the way the world has worked for a few thousand years," said Rogers.

    Rogers warned that the reliance on governments printing money would not aid a recovery and would only lead to the problem becoming worse in the future.

    "We're setting the stage for when we come out of this of a massive inflation holocaust," he said.

    Rogers said that excesses of credit and people becoming over-leveraged meant that they would now have to take some pain.

    "Never before in world history were people able to buy houses with no money down, many people bought four or five houses with no money down and no job and then they did it with cars and student loans and credit card loans, you just think we say well that's too bad we're gonna start over nobody loses his job, be realistic," said Rogers.

    Rogers said that the G7 leaders, who are meeting this weekend, should "go down to the bar, have a beer and leave the rest of us alone, let the people who are sound succeed and let the other people fail."

    "What I'm afraid of is they're gonna keep doing what they've been doing - which the market hates, you can see the market hates it - because this is going to unleash rampant inflation around the world, rampant confusion in the currency markets and you're gonna have currencies gyrating all over the world," said Rogers, repeating that the central bankers were unleashing an "inflationary holocaust"."

    So then, cgnao was right after all?

  2. Just like everyone French was 'in the resistance', this will be the place to 'have been', after the event. How will we be able to weed out the bluffers in our future pub chats, as we are anonymous?

    I propose a simple test. Ask them what 'TTRTR' stands for. Are there any other tests you can think of?

    Many folks here even today can't tell you that it was a poster whose name was time to.......:)

  3. I disagree. I think the UK has a lot to offer in financial services, and higher quality than the rest of the world has to offer. One doesn't have to have a major industrialization base to maintain an economy, though it's a good idea to do so in tandem. As long as people have confidence in these services, everything will go well, which is why it's of the utmost importance to root out corruption in the financial markets, and to show the world that this has been accomplished.

  4. I am surprised to see an HPCer in favor of interest rate cuts.

    the first problem with them for me is that it assumes that the banks are being irrational by upping their rates.

    as we are heading into one of the biggest recessions of all time, raising rates is the rational and normal thing to do.

    so just the same as with cutting the baserate and housing (it didn't help because the banks still didn't want to make risky loans) it isn't going to work in the wider financial markets.

    the only thing that WOULD help get money flowing is if the gov guaranteed any losses on loans made at the low rates they are wanting.

    but that means that the gov is going to end up paying out significant amounts of money because a lot of those new loans will go bad.

    you basically end up with the gov just dumping money into the economy, and if it ever stops, you are right back where you started, so once they start, it's inflationary until they stop.

    No, raising interest rates in a recession is the worst thing to do.
  5. One thing i can't fathom?

    Mike

    I think people and institutions may be selling gold to raise cash to pay bills. Cash is king at this time. People are desperately trying to settle accounts, so the jewelry and any bullion goes first. The rise in gold may come when this trend is exhausted, is my best guess. Who the heck knows what will happen next. Supply seems to be non-existent according to anecdotal reports, so the price should go up; however, the increases may have already been priced in in the last year, so prices may stabilize. Really I have no idea. :)
  6. The moderator was a complete tool.

    Not once did she pull Palin up for avoiding questions, she didn't even TRY and answer some of them for gods sake :rolleyes:

    The moderator has a book coming out on Jan 9th, inauguration day about Obama, her clear choice. The Liberal MSM has failed to get that fact across, obviously, which is why she stated that she was not going to answer the questions in the way that the moderator wanted. Read the New York Post. (.com) I thought she won the debate by a fair margin.
  7. "bad" debts are only those debts which are in negative equity.

    doesn't matter how silly the loan was as long as the bank can sell the asset for at lest the loan amount it is a "good" loan.

    a 5 year income tax rebate would allow people to pay off negative equity and build up some.

    Yes, but there are few such loans. It's a downward spiral. You may be able to slow it down for a while, but it will be persistent in lower values. Property and business values will continue to fall in the next 5 years. Plead as you may, the fundamentals will not allow the majority of businesses in the UK or thew USA or the "West" in general to make a healthy profit. Unpleasant but true.

  8. Just heard on the good 'ol beeb that NR are probably going to get the mortgage book of B&B. Mostly BTL mortgages.

    If NR follow what they have been doing with the mortgages they currently hold, this does not bode well at all for BTL landlords.

    NR are hell bent on reducing the mortgage book by offering very poor mortgage deals, encouraging them to look elsewhere ( like where just now?) or go on crippling SVR. MSE is full of folk in difficulty with this strategy.

    The beeb is far left, no? Do you have any right win choices where you are?

  9. As I've said before, there is no "communism" or "capitalism" there is simply the exploitation of other people by a few, and the various 'systems' they get you to buy into are simply different ways of organising society to those ends. With overt socialism everyone knew they were being f**d so they didn't try so hard, with our present system it is (or was) more subtle, people believed that hard work was genuinely rewarded, despite the fact they were being robbed every second of the day through taxes and the debasement of their labour through fiat money (inflation tax).

    Now they need to come up with a new game for us to believe in, however it has maybe got to the stage where information and communication is too freely available and a large proportion of the population too well educated, so Joseph Schumpeter was right.

    "Schumpeter expounded a theory of democracy which sought to challenge what he called the 'classical doctrine'. He disputed the idea that democracy was a process by which the electorate identified the common good, and politicians carried this out for them. He argued this was unrealistic, and that people's ignorance and superficiality meant that in fact they were largely manipulated by politicians, who set the agenda. This made a 'rule by the people' concept both unlikely and undesirable"

    Bravo.

  10. Everyone on this thread seems to be conveniently forgetting the mass of OTC derivatives which are currently in meltdown.

    The current plan will has no application to these instruments. Already the value of blown up derivatives is at least one order of magnitude larger than the entire world GDP. Those that favor this idea are merely demonstrating their total lack of knowledge concerning what OTC derivatives are.

    So could you explain in layman's terms exactly what OTC derivatives are? Thanks very much.

  11. Livestock does not interest me. But northern rock, or any seaside rock for that matter will be sufficient for me. No, I'm being facetious. I'd just like to see the current faux banks fall on their swords swiftly and be replaced by ones that use good old fashioned balance sheets and accountants as opposed to sweaty cokeheads who apparently currently run our financial institutions according to their gambling needs. Small thing to ask, and I know I'm a fickle customer, but the least they can do is present the outward appearance of having a clue. Until then, let the greedy gits fall one after another as they deserve until all we're left with is the few true rocks.

    Beautiful. So true.

  12. www.stopthehousingbailout.com

    ..is a good site and we need one of those here, because we are going to go through exactly the same process, only here it will be done in an underhand way and neither parliament not the people will be allowed to discuss it, and the BBC and other broadcasters will not (already are not ) be questioning it.

    Strange place, America. On the one hand, absolutely tied to ludicrous patriotism yet there are sufficient cracks for individual action and disobedience. Here, we just quietly tut and sigh but sit back and let it all happen.

    VP

    Oh, but we do that, too. In spades!

  13. Good point, I first heard about HPC when a deluded Times columnist was slating it back in 2005. I remember the day, sitting in the canteen eating chips with the sun shining.

    :ph34r:

    P.S.

    I don't know if it's already been done, but a where did you hear about housepricecrash.co.uk poll would be interesting.

    Can't remember when or why to save my life. Probably an internet search of the "housing bubble" . Or perhaps it was suggested on www.patick.net/wp or www.thehousingbubbleblog.com. Who knows?

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